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850 Avenue K Boulder City, NV 89005

2 Beds 1 Baths 1,242 sqft Built 1950

$409,900

List Price

$1,410

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

December 22, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1950
  • Price/Sqft : $330.03
  • 7 Days on Market
  • MLS # : 2251386
  • Updated Date : 12/25/2020 at 12:31
CONSTRUCTION
  • Beds : 2
  • Floor Size : 1,242 sqft
  • Baths : 1 full
Listing Agent

Desert Sun Realty

Listing Agent's Description

If you have been looking for a turn-key historic home to call your own, with modern touches, this is the house for you! This is a very thoroughly remodeled, single story home located on a large, corner lot. Beautiful kitchen with extra-tall, shaker style cabinets, with crown molding; gorgeous granite counters; and new, upgraded stainless steel appliances. Porcelain tile flooring in living room, kitchen, bathrooms and traffic areas with plush carpet in bedrooms. Professionally upgraded electrical with flush mount LED lighting throughout. Spa-like bathrooms with subway tile surrounds, glass enclosures, custom lighting, high-end Kohler and Moen fixtures, granite counters, and matching cabinets. The main/hall bathroom features a cast iron, Kohler tub, while the master bathroom has a full size shower. Extra large walk-in master closet. New roof & facia. New paint in & out. Separate laundry and storage off of patio. Large backyard with potential for RV, garage or access to alley.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Zip Code: 89005

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $123k362k

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

Zip Code: 89005

ZipNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800Rent in $10241875

* 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
Martha P. King Elementary School Primary Regular 427 23 8
Elton M. Garrett Junior High School Middle Regular 470 22 NA
Boulder City High School High Regular 618 31 8

Martha P. King Elementary School

  • Education Level: Primary
  • # of students: 427
  • # of teachers: 23
8
GreatSchools Rating

Elton M. Garrett Junior High School

  • Education Level: Middle
  • # of students: 470
  • # of teachers: 22
NA
GreatSchools Rating

Boulder City High School

  • Education Level: High
  • # of students: 618
  • # of teachers: 31
8
GreatSchools Rating
 

$368,910$450,890$409,900

PURCHASE PRICE

$1,269$1,551$1,410

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,410
EXPENSES Loan Payment -$1,512
Property Tax -$95
Property Insurance -$51
Property Management Fees -$119
CASH FLOW
-$367

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.

$409,900

PROJECTED PRICE

$1,410

PROJECTED RENT

0.34%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.05%
Appreciation Year (1-5) 7.3%
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$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$114,374

INVESTMENT

$114,374

Down Payment
$102,475
Rehab Estimate
$5,750
Closing Costs
$6,149

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,512

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $102,475
Loan Amount $307,425
See What Happens When You Reinvest Cash Flow

2.08

YEARS SAVED

$6,418

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,410

    LIST RENT
  • $1.14

    LIST RENT PER SQFT
  • $1,205

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,295
1$1,2952$1,410
$1,410
RENT COMPS ANALYSIS
  • 850 Avenue K Boulder City, NV 2
    • 2 beds 1 baths ∙ 1,242 Sqft ∙ Built 1950 2 beds 1 baths ∙ 1,242 Sqft ∙ Built 1950
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,410
    • $1.14
    •  
  • 607 Avenue G Avenue Boulder City, NV 1
    • 2 beds 1 baths ∙ 1,332 Sqft ∙ Built 1939 2 beds 1 baths ∙ 1,332 Sqft ∙ Built 1939
    property image
    LEASED 12/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.97
    •  
PROPERTY LISTING DETAILS
Bret Runion
1.702.293.0000
Desert Sun Realty
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2251386
Last Updated: 12/25/2020
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