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1816 Lexington Street Las Vegas, NV 89106

3 Beds 2 Baths 1,157 sqft Built 1964

$209,999

List Price

$1,130

$1K - $1.2K

Rent Est.

PROPERTY INFO

November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 1964
  • Price/Sqft : $181.50
  • 8 Days on Market
  • MLS # : 2244554
  • Updated Date : 11/06/2020 at 09:15
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,157 sqft
  • Baths : 1 full , 1 half
Listing Agent

Park Place Realty

Listing Agent's Description

Great home with spacious yard and fully fenced front wall and car port! Home has been recently touched up and cleaned up and it looks beautiful! Very easy to show, seller is always home! Make your appointment today!

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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: West Las Vegas

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280kPrice in $67k296k

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

Neighborhood: West Las Vegas

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29009501000105011001150120012501300135014001450150015501600Rent in $8971603

* 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
Matt Kelly Elementary School Primary Regular 314 19 1
West Preparatory Instititute School For Academic Excellence Middle Regular 1,353 64 7
West Preparatory Instititute School For Academic Excellence High Regular 1,353 64 7

Matt Kelly Elementary School

  • Education Level: Primary
  • # of students: 314
  • # of teachers: 19
1
GreatSchools Rating

West Preparatory Instititute School For Academic Excellence

  • Education Level: Middle
  • # of students: 1,353
  • # of teachers: 64
7
GreatSchools Rating

West Preparatory Instititute School For Academic Excellence

  • Education Level: High
  • # of students: 1,353
  • # of teachers: 64
7
GreatSchools Rating
 

$188,999$230,999$209,999

PURCHASE PRICE

$1,017$1,243$1,130

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,130
EXPENSES Loan Payment -$775
Property Tax -$90
Property Insurance -$50
Property Management Fees -$119
CASH FLOW
$96

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.

$209,999

PROJECTED PRICE

$1,130

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 12.1%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$61,400

INVESTMENT

$61,400

Down Payment
$52,500
Rehab Estimate
$5,750
Closing Costs
$3,150

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$775

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $52,500
Loan Amount $157,499
See What Happens When You Reinvest Cash Flow

7.92

YEARS SAVED

$25,232

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,130

    LIST RENT
  • $0.98

    LIST RENT PER SQFT
  • $1,134

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$1,130
1$1,1302$1,1953$1,1994$1,2755$1,450
$1,450
RENT COMPS ANALYSIS
  • 1816 Lexington Street Las Vegas, NV 1
    • 3 beds 2 baths ∙ 1,157 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,157 Sqft ∙ Built 1964
    • Rent
    • Rent Per SQFT
    •  
    • $1,130
    • $0.98
    •  
  • 1925 Lawry Avenue North Las Vegas, NV 2
    • 3 beds 2 baths ∙ 1,269 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,269 Sqft ∙ Built 1964
    LEASED 02/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $0.94
    •  
  • 1353 Lawry Avenue Las Vegas, NV 3
    • 3 beds 2 baths ∙ 1,308 Sqft ∙ Built 1950 3 beds 2 baths ∙ 1,308 Sqft ∙ Built 1950
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,199
    • $0.92
    •  
  • 893 West Carey Avenue #0 Las Vegas, NV 4
    • 4 beds 1 baths ∙ 1,320 Sqft ∙ Built 1971 4 beds 1 baths ∙ 1,320 Sqft ∙ Built 1971
    LEASED 08/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,275
    • $0.97
    •  
  • 213 Elliott Avenue Las Vegas, NV 5
    • 4 beds 1 baths ∙ 1,329 Sqft ∙ Built 1962 4 beds 1 baths ∙ 1,329 Sqft ∙ Built 1962
    LEASED 08/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.09
    •  
PROPERTY LISTING DETAILS
Cesar Gamboa
1.702.241.4173
Park Place Realty
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2244554
Last Updated: 11/06/2020
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