Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

300 Wallace Drive Las Vegas, NV 89107

3 Beds 1 Baths 1,663 sqft Built 1963

$249,000

List Price

$1,310

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

November 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1963
  • Price/Sqft : $149.73
  • 4 Days on Market
  • MLS # : 2247083
  • Updated Date : 11/12/2020 at 12:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,663 sqft
  • Baths : 1 full
Listing Agent

Keller Williams Southern Nevada

Listing Agent's Description

Beautiful remodeled single-story home with new paint, cabinets, stainless steel appliances, and laminate flooring throughout. Centrally located with easy freeway access and NO HOA! Spacious and private backyard. The garage was converted to a huge bonus room for extra space with double doors.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Pittman

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280kPrice in $80k296k

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

Neighborhood: Pittman

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29501000105011001150120012501300135014001450150015501600Rent in $9391603

* 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
Vail Pittman Elementary School Primary Regular 616 33 3
Frank F. Garside Junior High School Middle Regular 1,209 52 NA
Western High School High Regular 2,534 112 2

Vail Pittman Elementary School

  • Education Level: Primary
  • # of students: 616
  • # of teachers: 33
3
GreatSchools Rating

Frank F. Garside Junior High School

  • Education Level: Middle
  • # of students: 1,209
  • # of teachers: 52
NA
GreatSchools Rating

Western High School

  • Education Level: High
  • # of students: 2,534
  • # of teachers: 112
2
GreatSchools Rating
 

$224,100$273,900$249,000

PURCHASE PRICE

$1,179$1,441$1,310

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,310
EXPENSES Loan Payment -$919
Property Tax -$103
Property Insurance -$59
Property Management Fees -$119
CASH FLOW
$109

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.

$249,000

PROJECTED PRICE

$1,310

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 11.0%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$71,735

INVESTMENT

$71,735

Down Payment
$62,250
Rehab Estimate
$5,750
Closing Costs
$3,735

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$919

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,250
Loan Amount $186,750
See What Happens When You Reinvest Cash Flow

7.83

YEARS SAVED

$29,529

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,310

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $1,439

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,310
1$1,3102$1,3503$1,4004$1,4905$1,495
$1,495
RENT COMPS ANALYSIS
  • 300 Wallace Drive Las Vegas, NV 1
    • 3 beds 1 baths ∙ 1,663 Sqft ∙ Built 1963 3 beds 1 baths ∙ 1,663 Sqft ∙ Built 1963
    • Rent
    • Rent Per SQFT
    •  
    • $1,310
    • $0.79
    •  
  • 6225 Rassler Avenue Las Vegas, NV 2
    • 4 beds 2 baths ∙ 1,663 Sqft ∙ Built 1964 4 beds 2 baths ∙ 1,663 Sqft ∙ Built 1964
    LEASED 02/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.81
    •  
  • 5701 Ridgegrove Avenue Las Vegas, NV 3
    • 3 beds 2 baths ∙ 1,619 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,619 Sqft ∙ Built 1976
    LEASED 11/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.86
    •  
  • 5805 Iris Las Vegas, NV 4
    • 4 beds 2 baths ∙ 1,570 Sqft ∙ Built 1963 4 beds 2 baths ∙ 1,570 Sqft ∙ Built 1963
    LEASED 05/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,490
    • $0.95
    •  
  • 6221 Factor Las Vegas, NV 5
    • 4 beds 1 baths ∙ 1,770 Sqft ∙ Built 1963 4 beds 1 baths ∙ 1,770 Sqft ∙ Built 1963
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.84
    •  
PROPERTY LISTING DETAILS
Maxine Peck
1.702.326.0934
Keller Williams Southern Nevada
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2247083
Last Updated: 11/12/2020
BESbswy