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3083 Congress Avenue Las Vegas, NV 89121

3 Beds 1 Baths 1,688 sqft Built 1963

$269,999

List Price

$1,450

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 03, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1963
  • Price/Sqft : $159.95
  • 5 Days on Market
  • MLS # : 2274105
  • Updated Date : 03/04/2021 at 16:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,688 sqft
  • Baths : 1 full
Listing Agent

Renaissance Realty Inc

Listing Agent's Description

Large lot with no HOA! Home has an extra room that can be used as oversized 4th bedroom, HUGE great room, 3x18 panic closet. New flooring, newly remodeled bathrooms and kitchen with large pantry and upgraded appliances. Large living space with LOTS of storage. Backyard has area set up for outdoor kitchen and sun room.

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: 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
 

$242,999$296,999$269,999

PURCHASE PRICE

$1,305$1,595$1,450

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,450
EXPENSES Loan Payment -$938
Property Tax -$108
Property Insurance -$60
Property Management Fees -$119
CASH FLOW
$225

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.

$269,999

PROJECTED PRICE

$1,450

PROJECTED RENT

0.54%

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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$77,300

INVESTMENT

$77,300

Down Payment
$67,500
Rehab Estimate
$5,750
Closing Costs
$4,050

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$938

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $67,500
Loan Amount $202,499
See What Happens When You Reinvest Cash Flow

9.58

YEARS SAVED

$37,838

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,450

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,625

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$1,395
1$1,3952$1,4503$1,4504$1,8005$1,950
$1,950
RENT COMPS ANALYSIS
  • 3083 Congress Avenue Las Vegas, NV 3
    • 3 beds 1 baths ∙ 1,688 Sqft ∙ Built 1963 3 beds 1 baths ∙ 1,688 Sqft ∙ Built 1963
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.86
    •  
  • 3220 Heritage Way Las Vegas, NV 1
    • 3 beds 2 baths ∙ 1,655 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,655 Sqft ∙ Built 1971
    property image
    LEASED 11/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.84
    •  
  • 3176 Carmelita Circle Las Vegas, NV 2
    • 3 beds 3 baths ∙ 1,697 Sqft ∙ Built 1983 3 beds 3 baths ∙ 1,697 Sqft ∙ Built 1983
    property image
    LEASED 08/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.85
    •  
  • 3000 Liberty Circle Las Vegas, NV 4
    • 3 beds 1 baths ∙ 1,645 Sqft ∙ Built 1971 3 beds 1 baths ∙ 1,645 Sqft ∙ Built 1971
    property image
    LEASED 12/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.09
    •  
  • 2686 Vegas Valley Drive Las Vegas, NV 5
    • 4 beds 2 baths ∙ 1,817 Sqft ∙ Built 1971 4 beds 2 baths ∙ 1,817 Sqft ∙ Built 1971
    property image
    LEASED 01/14/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $1.07
    •  
PROPERTY LISTING DETAILS
Terri A Rioux
1.702.429.6582
Renaissance Realty Inc
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2274105
Last Updated: 03/04/2021
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