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3875 Eastern Avenue Las Vegas, NV 89169

3 Beds 2 Baths 3,006 sqft Built 1964

$750,000

List Price

$2,020

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 21, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1964
  • Price/Sqft : $249.50
  • 8 Days on Market
  • MLS # : 2271833
  • Updated Date : 02/27/2021 at 03:44
CONSTRUCTION
  • Beds : 3
  • Floor Size : 3,006 sqft
  • Baths : 1 full , 1 half
Listing Agent

Platinum R.e. Professionals

Listing Agent's Description

Midcentury dream featured on RTL TV. Property is zoned commercial and residential. The guest house can be used as an office or 2 bedroom apartment. Currently generating $1000.00 in monthly rent. Could get more! The owner truly put her heart into this home. Carrara marble kitchen backsplash and fireplace. There are 7 hardwired security cameras that come with the house. Whole-home energy-saving LED lights throughout. Smart home technology. Electronic locks and Nest thermostats/smoke detectors. Dusk til dawn exterior lighting and motion detectors. Energy-saving window film and preserved original mid-century windows. The guest house has 2 bedrooms, a bathroom, and a kitchen. Mid-century style pool in the backyard with poolhouse. Beautiful deck with adorable hanging swing and gorgeous lighting off of pool. Views of the stratosphere from loft. Beautiful views from owners tub as well.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
 

$675,000$825,000$750,000

PURCHASE PRICE

$1,818$2,222$2,020

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,020
EXPENSES Loan Payment -$2,605
Property Tax -$179
Property Insurance -$85
Property Management Fees -$119
CASH FLOW
-$968

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.

$750,000

PROJECTED PRICE

$2,020

PROJECTED RENT

0.27%

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$500k$1.0M$1.5M$2.0M$2.5M

PROJECTED ANNUAL CASH FLOW

11530-$15k-$10k-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$204,500

INVESTMENT

$204,500

Down Payment
$187,500
Rehab Estimate
$5,750
Closing Costs
$11,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$2,605

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $187,500
Loan Amount $562,500
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$429

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,020

    LIST RENT
  • $0.67

    LIST RENT PER SQFT
  • $2,270

    COMP ESTIMATED VALUE
  • $0.76

    COMP AVG. RENT PER SQFT
Comps Range
$1,925
1$1,9252$1,9753$2,0204$2,1705$2,900
$2,900
RENT COMPS ANALYSIS
  • 3875 Eastern Avenue Las Vegas, NV 3
    • 3 beds 2 baths ∙ 3,006 Sqft ∙ Built 1964 3 beds 2 baths ∙ 3,006 Sqft ∙ Built 1964
    • Rent
    • Rent Per SQFT
    •  
    • $2,020
    • $0.67
    •  
  • 2960 Bel Air Drive Las Vegas, NV 1
    • 3 beds 3 baths ∙ 2,746 Sqft ∙ Built 1975 3 beds 3 baths ∙ 2,746 Sqft ∙ Built 1975
    LEASED 09/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,925
    • $0.70
    •  
  • 3016 Bel Air Drive Las Vegas, NV 2
    • 3 beds 3 baths ∙ 2,746 Sqft ∙ Built 1975 3 beds 3 baths ∙ 2,746 Sqft ∙ Built 1975
    LEASED 07/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $0.72
    •  
  • 3377 Dakota Way Las Vegas, NV 4
    • 4 beds 2 baths ∙ 3,165 Sqft ∙ Built 1962 4 beds 2 baths ∙ 3,165 Sqft ∙ Built 1962
    LEASED 05/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,170
    • $0.69
    •  
  • 1040 Pinehurst Drive Las Vegas, NV 5
    • 3 beds 3 baths ∙ 3,188 Sqft ∙ Built 1980 3 beds 3 baths ∙ 3,188 Sqft ∙ Built 1980
    LEASED 05/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $0.91
    •  
PROPERTY LISTING DETAILS
Amanda Bolton
1.702.528.6596
Platinum R.e. Professionals
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2271833
Last Updated: 02/27/2021
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