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6122 Galileo Drive Las Vegas, NV 89149

4 Beds 3 Baths 2,545 sqft Built 2003

$649,900

List Price

$2,280

$2.1K - $2.5K

Rent Est.

PROPERTY INFO

January 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $255.36
  • 3 Days on Market
  • MLS # : 2263068
  • Updated Date : 01/23/2021 at 19:40
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,545 sqft
  • Baths : 3 full
Listing Agent

Cambridge Realty

Listing Agent's Description

NORTHWEST SUPER STUNNER ** COMPLETELY REMODELED ** NEW CARPET ** FRESH PAINT ** NEW TILE / BASEBOARDS ** SHUTTERS ** ATTACHED 3 CAR GARAGE & DETACHED 2 CAR GARAGE (COOLED) W/KEY LESS ENTRY ** TWO RV GATES/ACCESS ** RV PARKING W/50 AMP SERVICE & WATER ** STUNNING KITCHEN W/GRANITE SLAB, BREAKFAST BAR & SKYLIGHT ** CRISP WHITE CABINETS W/MOLDING & GORGEOUS NEW PULLS ** WALK IN PANTRY ** NEW LIGHT FIXTURES ** TWO MASTER BEDROOMS IN THIS HOME ** 1st MASTER BATH W/NEW GRANITE VANITY, SINKS & LIGHT FIXTURES ** SPRAWLING MASTER W/In CLOSET W/SKYLIGHT ** ALL WINDOW TREATMENTS STAY ** SOLAR PANELS ** ALARM SYSTEM W/SIMPLY SAFE ** COVERED PATIO SPANNING ENTIRE LENGTH OF THE HOME W/STAINED CONCRETE ** COMPLETE LANDSCAPE RENOVATION IN FRONT & BACK ** LIFE SOURCE WATER FILTER SYSTEM ** WATER SOFTENER AND SO MUCH MORE ** THIS INCREDIBLE HOME WILL NOT LAST!! COME SEE IT TODAY!!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Zip Code: 89149

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $119k362k

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

Zip Code: 89149

ZipNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800Rent in $10761875

* 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
Marshall C. Darnell Elementary School Primary Regular 793 40 6
Edmundo Eddie Escobedo Sr Middle School Middle Regular 1,171 47 NA
Centennial High School High Regular 3,055 124 6

Marshall C. Darnell Elementary School

  • Education Level: Primary
  • # of students: 793
  • # of teachers: 40
6
GreatSchools Rating

Edmundo Eddie Escobedo Sr Middle School

  • Education Level: Middle
  • # of students: 1,171
  • # of teachers: 47
NA
GreatSchools Rating

Centennial High School

  • Education Level: High
  • # of students: 3,055
  • # of teachers: 124
6
GreatSchools Rating
 

$584,910$714,890$649,900

PURCHASE PRICE

$2,052$2,508$2,280

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,280
EXPENSES Loan Payment -$2,257
Property Tax -$392
Property Insurance -$76
Property Management Fees -$119
CASH FLOW
-$565

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.

$649,900

PROJECTED PRICE

$2,280

PROJECTED RENT

0.35%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.05%
Appreciation Year (1-5) 9.8%
Maintenance Year (1-5) 8.00%
Vacancy 7.57%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$177,974

INVESTMENT

$177,974

Down Payment
$162,475
Rehab Estimate
$5,750
Closing Costs
$9,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$2,257

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $162,475
Loan Amount $487,425
See What Happens When You Reinvest Cash Flow

1.58

YEARS SAVED

$5,868

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,280

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $1,921

    COMP ESTIMATED VALUE
  • $0.76

    COMP AVG. RENT PER SQFT
Comps Range
$1,700
1$1,7002$1,7953$1,8854$2,1005$2,280
$2,280
RENT COMPS ANALYSIS
  • 6122 Galileo Drive Las Vegas, NV 5
    • 4 beds 3 baths ∙ 2,545 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,545 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $2,280
    • $0.90
    •  
  • 10738 Leatherstocking Las Vegas, NV 1
    • 4 beds 3 baths ∙ 2,443 Sqft ∙ Built 2008 4 beds 3 baths ∙ 2,443 Sqft ∙ Built 2008
    LEASED 06/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.70
    •  
  • 6747 Sumatra Street Las Vegas, NV 2
    • 4 beds 3 baths ∙ 2,443 Sqft ∙ Built 2008 4 beds 3 baths ∙ 2,443 Sqft ∙ Built 2008
    LEASED 10/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.73
    •  
  • 6454 Dunns River Street Las Vegas, NV 3
    • 3 beds 2 baths ∙ 2,328 Sqft ∙ Built 2017 3 beds 2 baths ∙ 2,328 Sqft ∙ Built 2017
    LEASED 09/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,885
    • $0.81
    •  
  • 6635 Rego Park Court Las Vegas, NV 4
    • 3 beds 3 baths ∙ 2,709 Sqft ∙ Built 2013 3 beds 3 baths ∙ 2,709 Sqft ∙ Built 2013
    LEASED 10/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.78
    •  
PROPERTY LISTING DETAILS
Stephanie Phillips
1.702.339.6436
Cambridge Realty
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2263068
Last Updated: 01/23/2021
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