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1563 Tulita Drive Las Vegas, NV 89123

3 Beds 3 Baths 1,976 sqft Built 1980

$525,000

List Price

$1,970

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

February 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1980
  • Price/Sqft : $265.69
  • 3 Days on Market
  • MLS # : 2269254
  • Updated Date : 02/14/2021 at 02:25
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,976 sqft
  • Baths : 2 full , 1 half
Listing Agent

Bhhs Nevada Properties

Listing Agent's Description

Beautifully remodeled home set in the desirable gated community of Frontier Estates featuring tennis courts, grassy park, and community RV parking. Extensive updates deliver a contemporary flair throughout. Remodeled kitchen features soft close cabinetry, quartz counters, full tile backsplash to ceiling, and state of the art Samsung stainless steel appliances including double ovens. Family room is perfect for relaxing as well as entertaining and offers a wood burning fireplace highlighted by travertine and two French doors looking out to the pool. Tastefully updated decor is enhanced by wood plank tile, two-tone paint, updated interior doors, upgraded baseboards, stylish fixtures, shutters, and many fine finishes. Convenience items include LED lighting, newer AC units, newer water heater, and inline water filter. Impressive backyard consists of a fully remodeled pool including all updated equipment, covered patios, sun patios, sitting areas, large side yards, and expansive grassy area.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Paradise

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $112k296k

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

Neighborhood: Paradise

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001150120012501300135014001450150015501600Rent in $10761606

* 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
Louis Wiener Jr Elementary School Primary Regular 701 39 7
Jack L. Schofield Middle School Middle Regular 1,332 51 NA
Silverado High School High Regular 2,263 94 5

Louis Wiener Jr Elementary School

  • Education Level: Primary
  • # of students: 701
  • # of teachers: 39
7
GreatSchools Rating

Jack L. Schofield Middle School

  • Education Level: Middle
  • # of students: 1,332
  • # of teachers: 51
NA
GreatSchools Rating

Silverado High School

  • Education Level: High
  • # of students: 2,263
  • # of teachers: 94
5
GreatSchools Rating
 

$472,500$577,500$525,000

PURCHASE PRICE

$1,773$2,167$1,970

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,970
EXPENSES Loan Payment -$1,824
Property Tax -$209
Property Insurance -$65
Property Management Fees -$119
CASH FLOW
-$247

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.

$525,000

PROJECTED PRICE

$1,970

PROJECTED RENT

0.38%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 9.4%
Maintenance Year (1-5) 8.00%
Vacancy 7.63%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$144,875

INVESTMENT

$144,875

Down Payment
$131,250
Rehab Estimate
$5,750
Closing Costs
$7,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,824

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $131,250
Loan Amount $393,750
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$16,153

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,970

    LIST RENT
  • $1

    LIST RENT PER SQFT
  • $1,966

    COMP ESTIMATED VALUE
  • $1

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,7953$1,9704$1,9755$2,195
$2,195
RENT COMPS ANALYSIS
  • 1563 Tulita Drive Las Vegas, NV 3
    • 3 beds 3 baths ∙ 1,976 Sqft ∙ Built 1980 3 beds 3 baths ∙ 1,976 Sqft ∙ Built 1980
    • Rent
    • Rent Per SQFT
    •  
    • $1,970
    • $1.00
    •  
  • 7465 Falcon Rock Drive Las Vegas, NV 1
    • 3 beds 2 baths ∙ 1,883 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,883 Sqft ∙ Built 1990
    LEASED 03/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.90
    •  
  • 1572 Yellowwood Drive Las Vegas, NV 2
    • 3 beds 2 baths ∙ 1,877 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,877 Sqft ∙ Built 1989
    LEASED 07/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.96
    •  
  • 1560 Rosita Drive Las Vegas, NV 4
    • 3 beds 3 baths ∙ 1,896 Sqft ∙ Built 1979 3 beds 3 baths ∙ 1,896 Sqft ∙ Built 1979
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $1.04
    •  
  • 1608 Sandinista Drive Las Vegas, NV 5
    • 3 beds 2 baths ∙ 2,024 Sqft ∙ Built 1986 3 beds 2 baths ∙ 2,024 Sqft ∙ Built 1986
    LEASED 06/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $1.08
    •  
PROPERTY LISTING DETAILS
Leslie S Carver
1.702.436.3615
Bhhs Nevada Properties
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2269254
Last Updated: 02/14/2021
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