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5018 Rainbow Boulevard #104 Las Vegas, NV 89118

2 Beds 1 Baths 1,091 sqft Built 1987

$175,000

List Price

$1,170

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

January 17, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1987
  • Price/Sqft : $160.40
  • 3 Days on Market
  • MLS # : 2262136
  • Updated Date : 01/17/2021 at 04:46
CONSTRUCTION
  • Beds : 2
  • Floor Size : 1,091 sqft
  • Baths : 1 full
Listing Agent

Rhome

Listing Agent's Description

WHAT A BEAUTY!! Lovely 2 Bedroom, 2 Bath condo, downstairs unit features large living room w/ gas fireplace, tons of counter space in kitchen, large walk in closet in master. This condo is adjacent to the pool and tennis areas inside a gated community in the desirable southwest part of the valley, close to all the action. Las Vegas Strip, TMobile Arena and Allegiant Stadium all a short drive away…The location is perfect, convenient and right in the heart of Spring Valley, close to shopping and restaurants. Perfect investor buy with solid tenants in place…

SEE MORE

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: Spring Valley

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $119k296k

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

Neighborhood: Spring Valley

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2105011001150120012501300135014001450150015501600Rent in $10381606

* 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
Marion B. Earl Elementary School Primary Regular 727 38 6
Grant Sawyer Middle School Middle Regular 1,308 52 NA
Durango High School High Regular 2,302 95 5

Marion B. Earl Elementary School

  • Education Level: Primary
  • # of students: 727
  • # of teachers: 38
6
GreatSchools Rating

Grant Sawyer Middle School

  • Education Level: Middle
  • # of students: 1,308
  • # of teachers: 52
NA
GreatSchools Rating

Durango High School

  • Education Level: High
  • # of students: 2,302
  • # of teachers: 95
5
GreatSchools Rating
 

$157,500$192,500$175,000

PURCHASE PRICE

$1,053$1,287$1,170

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,170
EXPENSES Loan Payment -$608
Property Tax -$71
Property Insurance -$48
Property Management Fees -$119
CASH FLOW
$324

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 16% of earned rent to cover both maintenance and periods of vacancy.

$175,000

PROJECTED PRICE

$1,170

PROJECTED RENT

0.67%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 9.9%
Maintenance Year (1-5) 8.00%
Vacancy 7.63%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$52,125

INVESTMENT

$52,125

Down Payment
$43,750
Rehab Estimate
$5,750
Closing Costs
$2,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$608

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $43,750
Loan Amount $131,250
See What Happens When You Reinvest Cash Flow

14.33

YEARS SAVED

$40,632

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,170

    LIST RENT
  • $1.07

    LIST RENT PER SQFT
  • $1,173

    COMP ESTIMATED VALUE
  • $1.08

    COMP AVG. RENT PER SQFT
Comps Range
$995
1$9952$1,0503$1,0504$1,1255$1,170
$1,170
RENT COMPS ANALYSIS
  • 5018 Rainbow Boulevard #104 Las Vegas, NV 5
    • 2 beds 1 baths ∙ 1,091 Sqft ∙ Built 1987 2 beds 1 baths ∙ 1,091 Sqft ∙ Built 1987
    • Rent
    • Rent Per SQFT
    •  
    • $1,170
    • $1.07
    •  
  • 5050 Rainbow Boulevard #104 Las Vegas, NV 1
    • 2 beds 1 baths ∙ 949 Sqft ∙ Built 1987 2 beds 1 baths ∙ 949 Sqft ∙ Built 1987
    LEASED 12/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $995
    • $1.05
    •  
  • 5028 Rainbow #203 Las Vegas, NV 2
    • 2 beds 1 baths ∙ 949 Sqft ∙ Built 1987 2 beds 1 baths ∙ 949 Sqft ∙ Built 1987
    LEASED 10/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,050
    • $1.11
    •  
  • 5052 Rainbow Boulevard #104 Las Vegas, NV 3
    • 2 beds 1 baths ∙ 949 Sqft ∙ Built 1987 2 beds 1 baths ∙ 949 Sqft ∙ Built 1987
    LEASED 07/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,050
    • $1.11
    •  
  • 5020 Rainbow #104 Las Vegas, NV 4
    • 2 beds 2 baths ∙ 1,091 Sqft ∙ Built 1987 2 beds 2 baths ∙ 1,091 Sqft ∙ Built 1987
    LEASED 09/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,125
    • $1.03
    •  
PROPERTY LISTING DETAILS
Jason E Ledell
1.702.334.2110
Rhome
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2262136
Last Updated: 01/17/2021
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