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3604 South Rio Paloma Court Las Vegas, NV 89031

4 Beds 3 Baths 2,283 sqft Built 2005

INVESTimate

$345,000

List Price

$1,630

$1,467 - $1,793

Rent Est.

$382,295  ( +10.81%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 2005
  • Price/Sqft : $151.12
  • 5 Days on Market
  • MLS # : 2224182
  • Updated Date : 08/22/2020 at 14:30
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,283 sqft
  • Baths : 3 full
Listing Agent

Golden River Realty

Listing Agent's Description

great location, Vaulted ceiling, 4 bed room 3 baths with 3 car garage. tone paint, tile thru out all area except carpet in bed room. kitchen with huge granite countertop, breakfast nook, separate laundry room, huge yard, near school, park and shopping. Low HOA fee.

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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: Fiesta del Centro

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320k340kPrice in $84k349k

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

Neighborhood: Fiesta del Centro

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
Eva G. Simmons Elementary School Primary Regular 742 37 6
Brian And Teri Cram Middle School Middle Regular 1,568 65 NA
Legacy High School High Regular 2,819 119 3

Eva G. Simmons Elementary School

  • Education Level: Primary
  • # of students: 742
  • # of teachers: 37
6
GreatSchools Rating

Brian And Teri Cram Middle School

  • Education Level: Middle
  • # of students: 1,568
  • # of teachers: 65
NA
GreatSchools Rating

Legacy High School

  • Education Level: High
  • # of students: 2,819
  • # of teachers: 119
3
GreatSchools Rating
 

$310,500$379,500$345,000

PURCHASE PRICE

$1,467$1,793$1,630

RENT

DOWN PAYMENT
FINANCING

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-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,630
EXPENSES Loan Payment -$1,273
Property Tax -$301
Property Insurance -$71
HOA -$30
Property Management Fees -$119
CASH FLOW
-$164

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.

$345,000

PROJECTED PRICE

$1,630

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 10.81%
Maintenance Year (1-5) 8.00%
Vacancy 8.50%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$97,175

INVESTMENT

$97,175

Down Payment
$86,250
Rehab Estimate
$5,750
Closing Costs
$5,175

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,273

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $86,250
Loan Amount $258,750
See What Happens When You Reinvest Cash Flow

3

YEARS SAVED

$9,592

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,630

    LIST RENT
  • $0.71

    LIST RENT PER SQFT
  • $1,649

    COMP ESTIMATED VALUE
  • $0.72

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,6303$1,6454$1,6505$1,777
$1,777
RENT COMPS ANALYSIS
  • 3604 South Rio Paloma Court Las Vegas, NV 2
    • 4 beds 3 baths ∙ 2,283 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,283 Sqft ∙ Built 2005
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,630
    • $0.71
    •  
  • 5721 Leonidas Street Las Vegas, NV 1
    • 4 beds 3 baths ∙ 2,262 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,262 Sqft ∙ Built 2006
    property image
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.71
    •  
  • 3305 Amish Las Vegas, NV 3
    • 4 beds 2 baths ∙ 2,202 Sqft ∙ Built 2005 4 beds 2 baths ∙ 2,202 Sqft ∙ Built 2005
    property image
    LEASED 07/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.75
    •  
  • 5833 Gentle Creek Lane North Las Vegas, NV 4
    • 5 beds 3 baths ∙ 2,444 Sqft ∙ Built 2003 5 beds 3 baths ∙ 2,444 Sqft ∙ Built 2003
    property image
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.68
    •  
  • 3517 Amish Avenue #0 Las Vegas, NV 5
    • 4 beds 3 baths ∙ 2,362 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,362 Sqft ∙ Built 2005
    property image
    LEASED 11/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,777
    • $0.75
    •  
PROPERTY LISTING DETAILS
Karen Tam
1.702.338.9818
Golden River Realty
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2224182
Last Updated: 08/22/2020
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