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1602 East Phillips Avenue Las Vegas, NV 89104

3 Beds 3 Baths 1,566 sqft Built 1956

$250,000

List Price

$1,280

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1956
  • Price/Sqft : $159.64
  • 10 Days on Market
  • MLS # : 2242271
  • Updated Date : 10/28/2020 at 12:30
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,566 sqft
  • Baths : 2 full , 1 half
Listing Agent

Realty Executives Of Snv

Listing Agent's Description

This home has been upgraded with new flooring, new kitchen, new bathrooms and new roof, NO HOA. ALL APPLIANCES STAY. SHED IN THE BACKYARD WILL STAY.

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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

Neighborhood: Francisco Park

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $81k296k

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

Neighborhood: Francisco Park

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29501000105011001150120012501300135014001450150015501600Rent in $9481603

* 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
Crestwood Elementary School Primary Regular 679 44 4
John C. Fremont Middle School Middle Regular 873 41 NA
Valley High School High Magnet 2,826 123 2

Crestwood Elementary School

  • Education Level: Primary
  • # of students: 679
  • # of teachers: 44
4
GreatSchools Rating

John C. Fremont Middle School

  • Education Level: Middle
  • # of students: 873
  • # of teachers: 41
NA
GreatSchools Rating

Valley High School

  • Education Level: High
  • # of students: 2,826
  • # of teachers: 123
2
GreatSchools Rating
 

$225,000$275,000$250,000

PURCHASE PRICE

$1,152$1,408$1,280

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,280
EXPENSES Loan Payment -$922
Property Tax -$93
Property Insurance -$58
Property Management Fees -$119
CASH FLOW
$88

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.

$250,000

PROJECTED PRICE

$1,280

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 14.6%
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$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$72,000

INVESTMENT

$72,000

Down Payment
$62,500
Rehab Estimate
$5,750
Closing Costs
$3,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$922

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,500
Loan Amount $187,500
See What Happens When You Reinvest Cash Flow

7.5

YEARS SAVED

$27,606

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,280

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,315

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,280
1$1,2802$1,2953$1,3954$1,3955$1,525
$1,525
RENT COMPS ANALYSIS
  • 1602 East Phillips Avenue Las Vegas, NV 1
    • 3 beds 3 baths ∙ 1,566 Sqft ∙ Built 1956 3 beds 3 baths ∙ 1,566 Sqft ∙ Built 1956
    • Rent
    • Rent Per SQFT
    •  
    • $1,280
    • $0.82
    •  
  • 2019 Beverly Way Las Vegas, NV 2
    • 3 beds 1 baths ∙ 1,560 Sqft ∙ Built 1955 3 beds 1 baths ∙ 1,560 Sqft ∙ Built 1955
    LEASED 01/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.83
    •  
  • 1527 Chapman Drive Las Vegas, NV 3
    • 3 beds 2 baths ∙ 1,626 Sqft ∙ Built 1947 3 beds 2 baths ∙ 1,626 Sqft ∙ Built 1947
    LEASED 12/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.86
    •  
  • 2033 Wengert Avenue Las Vegas, NV 4
    • 4 beds 1 baths ∙ 1,745 Sqft ∙ Built 1960 4 beds 1 baths ∙ 1,745 Sqft ∙ Built 1960
    LEASED 03/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.80
    •  
  • 674 Oakey Boulevard Las Vegas, NV 5
    • 3 beds 1 baths ∙ 1,756 Sqft ∙ Built 1950 3 beds 1 baths ∙ 1,756 Sqft ∙ Built 1950
    LEASED 10/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.87
    •  
PROPERTY LISTING DETAILS
B Monique Wilson
1.702.682.1731
Realty Executives Of Snv
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2242271
Last Updated: 10/28/2020
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