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3473 Spencer Street Las Vegas, NV 89169

3 Beds 1 Baths 1,344 sqft Built 1963

$280,000

List Price

$1,360

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

November 21, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1963
  • Price/Sqft : $208.33
  • 3 Days on Market
  • MLS # : 2249890
  • Updated Date : 11/21/2020 at 15:03
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,344 sqft
  • Baths : 1 full
Listing Agent

Select Properties Group

Listing Agent's Description

Come see this 1963 built mid-century modern home in Paradise Palms with lots of original features still intact! On a big corner lot with private, enclosed backyard with swimming pool and outside shower. Lots of outdoor space for entertaining! Home gets plenty of natural light thanks to skylights throughout. Living room features a wood burning fireplace plus a wall of floor to ceiling windows. Kitchen has the original counters and breakfast bar counter. Bathrooms have original sunken bathtub, original sinks, and original toilets with the inside hardware replaced. House painted in 2019. Carport structure was reinforced in 2019, also has lots of enclosed storage space. Landscaping is drought resistant plants and cactus.

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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: Paradise Palms

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300kPrice in $84k301k

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

Neighborhood: Paradise Palms

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9651752

* 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
Ruby S. Thomas Elementary School Primary Regular 817 44 2
William E. Orr Middle School Middle Regular 933 36 NA
Valley High School High Magnet 2,826 123 2

Ruby S. Thomas Elementary School

  • Education Level: Primary
  • # of students: 817
  • # of teachers: 44
2
GreatSchools Rating

William E. Orr Middle School

  • Education Level: Middle
  • # of students: 933
  • # of teachers: 36
NA
GreatSchools Rating

Valley High School

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

$252,000$308,000$280,000

PURCHASE PRICE

$1,224$1,496$1,360

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,360
EXPENSES Loan Payment -$1,033
Property Tax -$129
Property Insurance -$53
Property Management Fees -$119
CASH FLOW
$26

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.

$280,000

PROJECTED PRICE

$1,360

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 10.6%
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-$2.0k$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$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$79,950

INVESTMENT

$79,950

Down Payment
$70,000
Rehab Estimate
$5,750
Closing Costs
$4,200

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,033

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $70,000
Loan Amount $210,000
See What Happens When You Reinvest Cash Flow

6.33

YEARS SAVED

$23,046

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,360

    LIST RENT
  • $1.01

    LIST RENT PER SQFT
  • $1,381

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$1,050
1$1,0502$1,3603$1,3954$1,4505$1,500
$1,500
RENT COMPS ANALYSIS
  • 3473 Spencer Street Las Vegas, NV 2
    • 3 beds 1 baths ∙ 1,344 Sqft ∙ Built 1963 3 beds 1 baths ∙ 1,344 Sqft ∙ Built 1963
    • Rent
    • Rent Per SQFT
    •  
    • $1,360
    • $1.01
    •  
  • 1455 Katie Avenue #l15 Las Vegas, NV 1
    • 3 beds 2 baths ∙ 1,266 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,266 Sqft ∙ Built 1980
    LEASED 09/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,050
    • $0.83
    •  
  • 3124 Burnham Avenue Las Vegas, NV 3
    • 3 beds 1 baths ∙ 1,215 Sqft ∙ Built 1962 3 beds 1 baths ∙ 1,215 Sqft ∙ Built 1962
    LEASED 02/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.15
    •  
  • 1528 Cayuga Pw Parkway #0 Las Vegas, NV 4
    • 3 beds 3 baths ∙ 1,520 Sqft ∙ Built 1960 3 beds 3 baths ∙ 1,520 Sqft ∙ Built 1960
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.95
    •  
  • 2963 Berman Street Las Vegas, NV 5
    • 3 beds 2 baths ∙ 1,275 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,275 Sqft ∙ Built 1963
    LEASED 08/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.18
    •  
PROPERTY LISTING DETAILS
Brian Moy
1.971.222.8326
Select Properties Group
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2249890
Last Updated: 11/21/2020
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