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609 Callahan Point Drive Las Vegas, NV 89145

3 Beds 3 Baths 1,200 sqft Built 1990

$235,000

List Price

$1,290

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1990
  • Price/Sqft : $195.83
  • 3 Days on Market
  • MLS # : 2262031
  • Updated Date : 01/16/2021 at 02:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,200 sqft
  • Baths : 2 full , 1 half
Listing Agent

Simply Vegas

Listing Agent's Description

Beautiful single story home in desirable location! This home features an open floor plan with vaulted ceilings in the living room and kitchen. Galley kitchen is equipped with loads of cabinet space, newer stainless steel appliances, and quartz countertops. Large Primary bedroom is located away from other bedrooms for extra privacy. Primary en suite includes newly renovated shower. Guest bathroom also comes with newly renovated shower as well. Additional bedrooms have been converted to one large bedroom to maximize space, but can easily be converted back to 2 separate bedrooms if you desire. Enjoy the quiet relaxation or entertain your guest in your private backyard. Plenty of parking with 2 car covered carport. Quiet neighborhood with community pool and park area. Home is conveniently located within minutes of great shopping at Downtown Summerlin, Tivolli Village, Boca Park and has easy freeway access. This home is a must see!

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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: Angel Park Lindell

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $91k296k

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

Neighborhood: Angel Park Lindell

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29501000105011001150120012501300135014001450150015501600Rent in $9111606

* 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
Walter Jacobson Elementary School Primary Regular 592 32 7
Walter Johnson Junior High School Middle Regular 1,102 50 NA
Bonanza High School High Regular 2,003 83 3

Walter Jacobson Elementary School

  • Education Level: Primary
  • # of students: 592
  • # of teachers: 32
7
GreatSchools Rating

Walter Johnson Junior High School

  • Education Level: Middle
  • # of students: 1,102
  • # of teachers: 50
NA
GreatSchools Rating

Bonanza High School

  • Education Level: High
  • # of students: 2,003
  • # of teachers: 83
3
GreatSchools Rating
 

$211,500$258,500$235,000

PURCHASE PRICE

$1,161$1,419$1,290

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,290
EXPENSES Loan Payment -$816
Property Tax -$119
Property Insurance -$50
Property Management Fees -$119
CASH FLOW
$185

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.

$235,000

PROJECTED PRICE

$1,290

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 11.1%
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$200k$400k$600k$800k$1.0M

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$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$68,025

INVESTMENT

$68,025

Down Payment
$58,750
Rehab Estimate
$5,750
Closing Costs
$3,525

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$816

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $58,750
Loan Amount $176,250
See What Happens When You Reinvest Cash Flow

10

YEARS SAVED

$33,503

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,290

    LIST RENT
  • $1.08

    LIST RENT PER SQFT
  • $1,335

    COMP ESTIMATED VALUE
  • $1.11

    COMP AVG. RENT PER SQFT
Comps Range
$1,290
1$1,2902$1,3753$1,4504$1,5005$1,550
$1,550
RENT COMPS ANALYSIS
  • 609 Callahan Point Drive Las Vegas, NV 1
    • 3 beds 3 baths ∙ 1,200 Sqft ∙ Built 1990 3 beds 3 baths ∙ 1,200 Sqft ∙ Built 1990
    • Rent
    • Rent Per SQFT
    •  
    • $1,290
    • $1.08
    •  
  • 8452 Boseck Drive #238 Las Vegas, NV 2
    • 3 beds 1 baths ∙ 1,258 Sqft ∙ Built 1997 3 beds 1 baths ∙ 1,258 Sqft ∙ Built 1997
    LEASED 12/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $1.09
    •  
  • 8012 Mt Harris Court Las Vegas, NV 3
    • 3 beds 1 baths ∙ 1,322 Sqft ∙ Built 1994 3 beds 1 baths ∙ 1,322 Sqft ∙ Built 1994
    LEASED 10/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.10
    •  
  • 8008 Tribal Circle Las Vegas, NV 4
    • 3 beds 2 baths ∙ 1,322 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,322 Sqft ∙ Built 1993
    LEASED 10/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.13
    •  
  • 8125 Redskin Circle Las Vegas, NV 5
    • 3 beds 3 baths ∙ 1,374 Sqft ∙ Built 1992 3 beds 3 baths ∙ 1,374 Sqft ∙ Built 1992
    LEASED 10/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.13
    •  
PROPERTY LISTING DETAILS
Leila W Mingarelli
1.702.445.1943
Simply Vegas
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2262031
Last Updated: 01/16/2021
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