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2990 Carnelian Street Las Vegas, NV 89121

5 Beds 2 Baths 2,168 sqft Built 1970

$370,000

List Price

$1,640

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

November 29, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1970
  • Price/Sqft : $170.66
  • 4 Days on Market
  • MLS # : 2250831
  • Updated Date : 11/28/2020 at 16:33
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,168 sqft
  • Baths : 2 full
Listing Agent

Re/max Central

Listing Agent's Description

*** NO HOA***CENTRAL LOCATED 2,168 SF 5 large Bedrooms "REMODELED COZY HOME" seating on 7,405 SF LOT AND A LARGE SPARKLING POOL, LOVELY 565 SF COVERED PATIO FOR ENTERTAINING, Marble Countertops in the Kitchen, Stainless Steel appliances. ***FREE ONE YEAR HOME OWNERS WARRANTY AT CLOSE OF ESCROW***

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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: Winchester

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280kPrice in $80k296k

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

Neighborhood: Winchester

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000105011001150120012501300135014001450150015501600Rent in $9651603

* 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
Will Beckley Elementary School Primary Regular 943 47 3
K O Knudson Junior High School Middle Magnet 1,362 61 NA
Valley High School High Magnet 2,826 123 2

Will Beckley Elementary School

  • Education Level: Primary
  • # of students: 943
  • # of teachers: 47
3
GreatSchools Rating

K O Knudson Junior High School

  • Education Level: Middle
  • # of students: 1,362
  • # of teachers: 61
NA
GreatSchools Rating

Valley High School

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

$333,000$407,000$370,000

PURCHASE PRICE

$1,476$1,804$1,640

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,640
EXPENSES Loan Payment -$1,365
Property Tax -$149
Property Insurance -$69
Property Management Fees -$119
CASH FLOW
-$63

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.

$370,000

PROJECTED PRICE

$1,640

PROJECTED RENT

0.44%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 10.1%
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$1.0M$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

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$103,800

INVESTMENT

$103,800

Down Payment
$92,500
Rehab Estimate
$5,750
Closing Costs
$5,550

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,365

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $92,500
Loan Amount $277,500
See What Happens When You Reinvest Cash Flow

4.83

YEARS SAVED

$21,495

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,640

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $1,583

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$1,400
1$1,4002$1,4003$1,4954$1,6405$1,650
$1,650
RENT COMPS ANALYSIS
  • 2990 Carnelian Street Las Vegas, NV 4
    • 5 beds 2 baths ∙ 2,168 Sqft ∙ Built 1970 5 beds 2 baths ∙ 2,168 Sqft ∙ Built 1970
    • Rent
    • Rent Per SQFT
    •  
    • $1,640
    • $0.76
    •  
  • 3117 Kennewick Drive #0 Las Vegas, NV 1
    • 4 beds 3 baths ∙ 1,960 Sqft ∙ Built 1988 4 beds 3 baths ∙ 1,960 Sqft ∙ Built 1988
    LEASED 07/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.71
    •  
  • 3123 Congress Las Vegas, NV 2
    • 4 beds 2 baths ∙ 1,913 Sqft ∙ Built 1963 4 beds 2 baths ∙ 1,913 Sqft ∙ Built 1963
    LEASED 04/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.73
    •  
  • 2557 Boise Street Las Vegas, NV 3
    • 4 beds 1 baths ∙ 2,013 Sqft ∙ Built 1971 4 beds 1 baths ∙ 2,013 Sqft ∙ Built 1971
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.74
    •  
  • 2561 Palma Vista Avenue Las Vegas, NV 5
    • 5 beds 1 baths ∙ 2,239 Sqft ∙ Built 1965 5 beds 1 baths ∙ 2,239 Sqft ∙ Built 1965
    LEASED 01/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.74
    •  
PROPERTY LISTING DETAILS
Olga M Kokubu
1.702.964.5425
Re/max Central
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2250831
Last Updated: 11/28/2020
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