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1410 Covelo Court Las Vegas, NV 89146

5 Beds 3 Baths 3,292 sqft Built 1995

$740,000

List Price

$2,700

$2.5K - $3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 1995
  • Price/Sqft : $224.79
  • 42 Days on Market
  • MLS # : 2265670
  • Updated Date : 03/12/2021 at 17:09
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,292 sqft
  • Baths : 2 full , 1 half
Listing Agent

Gk Properties

Listing Agent's Description

A family dream home situated in a highly desirable, centrally located gated neighborhood. This stunning two-story house and detached casita sit on 1/2 acre. The main house features 4 bedrooms and 2.5 baths with a downstairs bonus room that could serve as a 5th bedroom, plus a large Casita with a private bath. The spacious kitchen is a chef’s fantasy with custom cabinetry, a walk-in pantry, and tons of counter space. The entire home has an open, relaxing feel with big skylights, big windows, and high ceilings throughout. Detached casita is climate controlled and newly renovated which makes for a perfect work-from-home escape. A covered patio provides ample space for large gatherings. The lush, green backyard features mature fruit trees and custom landscaping. Backyard setup maximizes privacy and enjoyment. The large in-ground pool and lawn are well-maintained and perfect for recreating. RV parking available on the side of the property accessed through a large gate.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Zip Code: 89146

ZipNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $84k296k

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

Zip Code: 89146

ZipNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9651768

* 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
Doris Hancock Elementary School Primary Regular 552 29 2
Hyde Park Middle School Middle Magnet 1,699 69 NA
Bonanza High School High Regular 2,003 83 3

Doris Hancock Elementary School

  • Education Level: Primary
  • # of students: 552
  • # of teachers: 29
2
GreatSchools Rating

Hyde Park Middle School

  • Education Level: Middle
  • # of students: 1,699
  • # of teachers: 69
NA
GreatSchools Rating

Bonanza High School

  • Education Level: High
  • # of students: 2,003
  • # of teachers: 83
3
GreatSchools Rating
 

$666,000$814,000$740,000

PURCHASE PRICE

$2,430$2,970$2,700

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,700
EXPENSES Loan Payment -$2,570
Property Tax -$394
Property Insurance -$91
Property Management Fees -$119
CASH FLOW
-$474

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 17% of earned rent to cover both maintenance and periods of vacancy.

$740,000

PROJECTED PRICE

$2,700

PROJECTED RENT

0.36%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 8.5%
Maintenance Year (1-5) 8.00%
Vacancy 8.50%
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-$10k-$5.0k$0.0$5.0k$10k$15k$20k$25k

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$201,850

INVESTMENT

$201,850

Down Payment
$185,000
Rehab Estimate
$5,750
Closing Costs
$11,100

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$2,570

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $185,000
Loan Amount $555,000
See What Happens When You Reinvest Cash Flow

2.33

YEARS SAVED

$11,379

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,700

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $3,119

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$2,700
1$2,7002$2,9003$3,0004$3,0005$3,500
$3,500
RENT COMPS ANALYSIS
  • 1410 Covelo Court Las Vegas, NV 1
    • 5 beds 3 baths ∙ 3,292 Sqft ∙ Built 1995 5 beds 3 baths ∙ 3,292 Sqft ∙ Built 1995
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $0.82
    •  
  • 3175 South Torrey Pines Drive Las Vegas, NV 2
    • 4 beds 3 baths ∙ 3,041 Sqft ∙ Built 1977 4 beds 3 baths ∙ 3,041 Sqft ∙ Built 1977
    property image
    LEASED 03/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $0.95
    •  
  • 2938 Duneville Street Las Vegas, NV 3
    • 4 beds 3 baths ∙ 3,478 Sqft ∙ Built 1977 4 beds 3 baths ∙ 3,478 Sqft ∙ Built 1977
    property image
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $0.86
    •  
  • 6545 Palmyra Las Vegas, NV 4
    • 5 beds 1 baths ∙ 3,129 Sqft ∙ Built 1978 5 beds 1 baths ∙ 3,129 Sqft ∙ Built 1978
    property image
    LEASED 06/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $0.96
    •  
  • 1555 Duneville Street Las Vegas, NV 5
    • 4 beds 3 baths ∙ 3,448 Sqft ∙ Built 1980 4 beds 3 baths ∙ 3,448 Sqft ∙ Built 1980
    property image
    LEASED 09/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.02
    •  
PROPERTY LISTING DETAILS
Ricardo Ruiz
1.702.290.4663
Gk Properties
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2265670
Last Updated: 03/12/2021
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