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1324 Colorado Street Boulder City, NV 89005

3 Beds 1 Baths 1,544 sqft Built 1932

$736,000

List Price

$1,560

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 21, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1932
  • Price/Sqft : $476.68
  • 2 Days on Market
  • MLS # : 2280363
  • Updated Date : 03/21/2021 at 05:30
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,544 sqft
  • Baths : 1 full
Listing Agent

The Russell Group

Listing Agent's Description

Rare find of 2120 sq ft of living space with this little piece of heaven in the historic district of charming Boulder City. Only one block from the main street shops and dining. Come enjoy the simple lifestyle with a gated front porch for sipping lemonade, 3 parks including a dog park cap, one end of this tree lined street and the other end holds an outdoor art park and community garden! Main house is 1544 sq ft with 2 large bedrooms, 2 baths, one of which holds a large claw foot jacuzzi tub! The 576 sq ft garage/casita with permitted ¾ bath can be used as a combo 1 car garage/guest suite, office, 2 car garage, or studio. On this large lot, Between the matching shed and garage with concrete siding you will find a smooth slab for your boat or RV parking behind the rod iron gate off this huge alley with extra parking behind the house. The home has been meticulously maintained, renovated and restored to honor its historic integrity while still offering modern convenience. Must see!

SEE MORE

MARKET HIGHLIGHTS

  • Las Vegas metro's economy was worth $124.9 billion in Gross Metro Product in 2018 and projected to grow to $133.2 billion in 2019 (USMayors.org, 2018)
  • As the largest share, Las Vegas metro contributes to 75.1% of Nevada state's economy i.e. Gross State Product (USMayors.org, 2018)
  • Las Vegas metro has 61.2% labor force participation rate (USMayors.org, 2018)
  • Las Vegas metro's employment growth was at 2.6% in 2018 and predicted to grow at the rate of 1.7% in 2019 (USMayors.org, 2018)
  • A $7.5 billion mixed-use 6-year project known as Bleutech Park Las Vegas is starting in December 2019. The project will incorporate environmental and technological features such as water purification, on-site waste treatment and localized air cleaning. Described as an “insular mini-city,” the plan calls for use of autonomous vehicles, AI, augmented reality, robotics and other advanced technologies. (reBusinessOnline - France Media, 2019)
  • Las Vegas metro's major employers include: MGM Resorts International, Caesars Entertainment Corporation, Stations Casinos, LLC., Wynn Resorts, Boyd Gaming Corporation, Las Vegas Sands Corporation, Walmart Stores, Cosmopolitan of Las Vegas, The Valley Health System and Supervalu (Las Vegas Sun, 2019)

PRICE & RENT TRENDS

Zip Code: 89005

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $123k362k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Zip Code: 89005

ZipNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800Rent in $10241875

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Martha P. King Elementary School Primary Regular 427 23 8
Elton M. Garrett Junior High School Middle Regular 470 22 NA
Boulder City High School High Regular 618 31 8

Martha P. King Elementary School

  • Education Level: Primary
  • # of students: 427
  • # of teachers: 23
8
GreatSchools Rating

Elton M. Garrett Junior High School

  • Education Level: Middle
  • # of students: 470
  • # of teachers: 22
NA
GreatSchools Rating

Boulder City High School

  • Education Level: High
  • # of students: 618
  • # of teachers: 31
8
GreatSchools Rating
 

$662,400$809,600$736,000

PURCHASE PRICE

$1,404$1,716$1,560

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,560
EXPENSES Loan Payment -$2,556
Property Tax -$117
Property Insurance -$57
Property Management Fees -$119
CASH FLOW
-$1,290

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 16% of earned rent to cover both maintenance and periods of vacancy.

$736,000

PROJECTED PRICE

$1,560

PROJECTED RENT

0.21%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.05%
Appreciation Year (1-5) 7.3%
Maintenance Year (1-5) 8.00%
Vacancy 7.57%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

11530-$20k-$15k-$10k-$5.0k$0.0$5.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$200,790

INVESTMENT

$200,790

Down Payment
$184,000
Rehab Estimate
$5,750
Closing Costs
$11,040

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$2,556

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $184,000
Loan Amount $552,000
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$64

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $1,560

    LIST RENT
  • $1.01

    LIST RENT PER SQFT
  • $1,544

    COMP ESTIMATED VALUE
  • $1

    COMP AVG. RENT PER SQFT
Comps Range
$1,375
1$1,3752$1,5603$1,650
$1,650
RENT COMPS ANALYSIS
  • 1324 Colorado Street Boulder City, NV 2
    • 3 beds 1 baths ∙ 1,544 Sqft ∙ Built 1932 3 beds 1 baths ∙ 1,544 Sqft ∙ Built 1932
    • Rent
    • Rent Per SQFT
    •  
    • $1,560
    • $1.01
    •  
  • 520 Hopi Place Boulder City, NV 1
    • 3 beds 2 baths ∙ 1,658 Sqft ∙ Built 1942 3 beds 2 baths ∙ 1,658 Sqft ∙ Built 1942
    LEASED 12/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.83
    •  
  • 624 6th Street Boulder City, NV 3
    • 3 beds 3 baths ∙ 1,411 Sqft ∙ Built 1947 3 beds 3 baths ∙ 1,411 Sqft ∙ Built 1947
    LEASED 11/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.17
    •  
PROPERTY LISTING DETAILS
Joyce Bosen
1.702.727.7182
The Russell Group
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2280363
Last Updated: 03/21/2021
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