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321 Duke Avenue North Las Vegas, NV 89030

3 Beds 2 Baths 1,663 sqft Built 1964

INVESTimate

$249,999

List Price

$1,130

$1,017 - $1,243

Rent Est.

$278,899  ( +11.56%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 1964
  • Price/Sqft : $150.33
  • 6 Days on Market
  • MLS # : 2224068
  • Updated Date : 08/25/2020 at 15:57
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,663 sqft
  • Baths : 2 full
Listing Agent

Motion Properties

Listing Agent's Description

Gorgeous REMODEL!! BRAND NEW PLANK TILE!! BRAND NEW CARPETING!! UPGRADED GRANITE COUNTER TOPS IN THE KITCHEN PLUS STAINLESS STEEL APPLIANCES!! NEW LIGHTING FIXTURES!! DECORATOR PAINT THROUGHOUT!! BOTH BATHROOMS HAVE BEEN REMODELED WITH NEW DESIGNER TILES AND GRANITE SINK COUNTERS!! NICE SIZE LOT WITH A BIG BACK YARD!! NO HOA...

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MARKET HIGHLIGHTS

  • 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)
  • As the largest share, Las Vegas metro contributes to 75.1% of Nevada state's economy i.e. Gross State Product (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Regal Estates

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280kPrice in $64k296k

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

Neighborhood: Regal Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q28009001000110012001300140015001600Rent in $7851603

* 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
Jo Mackey Elementary School Primary Magnet 561 32 9
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

Jo Mackey Elementary School

  • Education Level: Primary
  • # of students: 561
  • # of teachers: 32
9
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
 

$224,999$274,999$249,999

PURCHASE PRICE

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

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,130
EXPENSES Loan Payment -$922
Property Tax -$95
Property Insurance -$59
Property Management Fees -$119
CASH FLOW
-$66

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.

$249,999

PROJECTED PRICE

$1,130

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 11.56%
Maintenance Year (1-5) 8.00%
Vacancy 8.50%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$72,000

INVESTMENT

$72,000

Down Payment
$62,500
Rehab Estimate
$5,750
Closing Costs
$3,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$922

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,500
Loan Amount $187,499
See What Happens When You Reinvest Cash Flow

4.5

YEARS SAVED

$12,776

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
  • $0.68

    LIST RENT PER SQFT
  • $1,226

    COMP ESTIMATED VALUE
  • $0.74

    COMP AVG. RENT PER SQFT
Comps Range
$1,000
1$1,0002$1,1303$1,2004$1,2505$1,400
$1,400
RENT COMPS ANALYSIS
  • 321 Duke Avenue North Las Vegas, NV 2
    • 3 beds 2 baths ∙ 1,663 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,663 Sqft ∙ Built 1964
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,130
    • $0.68
    •  
  • 2708 Joust Street North Las Vegas, NV 1
    • 3 beds 1 baths ∙ 1,508 Sqft ∙ Built 1964 3 beds 1 baths ∙ 1,508 Sqft ∙ Built 1964
    property image
    LEASED 01/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,000
    • $0.66
    •  
  • 2129 Travis Street North Las Vegas, NV 3
    • 4 beds 2 baths ∙ 1,664 Sqft ∙ Built 1963 4 beds 2 baths ∙ 1,664 Sqft ∙ Built 1963
    property image
    LEASED 04/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.72
    •  
  • 710 Count Las Vegas, NV 4
    • 3 beds 2 baths ∙ 1,510 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,510 Sqft ∙ Built 1984
    property image
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.83
    •  
  • 2712 Royal Street North Las Vegas, NV 5
    • 4 beds 2 baths ∙ 1,892 Sqft ∙ Built 1963 4 beds 2 baths ∙ 1,892 Sqft ∙ Built 1963
    property image
    LEASED 12/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.74
    •  
PROPERTY LISTING DETAILS
Teresa A Soldo
1.917.250.6204
Motion Properties
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2224068
Last Updated: 08/25/2020
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