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1605 Palmales Court Las Vegas, NV 89128

3 Beds 3 Baths 1,858 sqft Built 1989

$339,000

List Price

$1,710

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

December 24, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1989
  • Price/Sqft : $182.45
  • 5 Days on Market
  • MLS # : 2257333
  • Updated Date : 12/24/2020 at 01:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,858 sqft
  • Baths : 2 full , 1 half
Listing Agent

Simply Vegas

Listing Agent's Description

MOVE-IN READY!!! DON'T MISS OUT!!! beautiful 3 bedroom + 1 Den; 3 bath HOME near Summerlin! home featuring a living room with vaulted ceilings and attached dining room. custon kitchen with granite countertops and Stainless Steel Appliances, Master bedroom and closet is over-sized tiled master shower with linear wood-look tile in the baths and wet areas. Large two car garage! private backyard and lot of upgrades!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Pioneer Park

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $84k296k

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

Neighborhood: Pioneer Park

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000105011001150120012501300135014001450150015501600Rent in $9551606

* 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
Edythe And Lloyd Katz Elementary School Primary Regular 711 36 4
Ernest Becker Middle School Middle Regular 1,392 56 NA
Cimarron Memorial High School High Regular 2,541 102 3

Edythe And Lloyd Katz Elementary School

  • Education Level: Primary
  • # of students: 711
  • # of teachers: 36
4
GreatSchools Rating

Ernest Becker Middle School

  • Education Level: Middle
  • # of students: 1,392
  • # of teachers: 56
NA
GreatSchools Rating

Cimarron Memorial High School

  • Education Level: High
  • # of students: 2,541
  • # of teachers: 102
3
GreatSchools Rating
 

$305,100$372,900$339,000

PURCHASE PRICE

$1,539$1,881$1,710

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,710
EXPENSES Loan Payment -$1,251
Property Tax -$182
Property Insurance -$63
Property Management Fees -$119
CASH FLOW
$95

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.

$339,000

PROJECTED PRICE

$1,710

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 11.5%
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

PROJECTED ANNUAL CASH FLOW

11530$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$95,585

INVESTMENT

$95,585

Down Payment
$84,750
Rehab Estimate
$5,750
Closing Costs
$5,085

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,251

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $84,750
Loan Amount $254,250
See What Happens When You Reinvest Cash Flow

7.5

YEARS SAVED

$37,579

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,710

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $1,812

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,5503$1,7004$1,7105$2,000
$2,000
RENT COMPS ANALYSIS
  • 1605 Palmales Court Las Vegas, NV 4
    • 3 beds 3 baths ∙ 1,858 Sqft ∙ Built 1989 3 beds 3 baths ∙ 1,858 Sqft ∙ Built 1989
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,710
    • $0.92
    •  
  • 1820 Bunny Run Drive Las Vegas, NV 1
    • 4 beds 3 baths ∙ 1,663 Sqft ∙ Built 1993 4 beds 3 baths ∙ 1,663 Sqft ∙ Built 1993
    property image
    LEASED 03/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.90
    •  
  • 909 Rainbow Meadows Drive #0 Las Vegas, NV 2
    • 3 beds 3 baths ∙ 1,684 Sqft ∙ Built 1994 3 beds 3 baths ∙ 1,684 Sqft ∙ Built 1994
    property image
    LEASED 12/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.92
    •  
  • 1205 Tenaya Way Las Vegas, NV 3
    • 3 beds 1 baths ∙ 1,699 Sqft ∙ Built 1981 3 beds 1 baths ∙ 1,699 Sqft ∙ Built 1981
    property image
    LEASED 08/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.00
    •  
  • 7424 Queen Palm Drive Las Vegas, NV 5
    • 4 beds 3 baths ∙ 1,858 Sqft ∙ Built 1989 4 beds 3 baths ∙ 1,858 Sqft ∙ Built 1989
    property image
    LEASED 07/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.08
    •  
PROPERTY LISTING DETAILS
Yamit Ozana
1.702.587.5677
Simply Vegas
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2257333
Last Updated: 12/24/2020
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