Las Vegas was probably the epicenter of recent years’ speculative residential building and investing. Not surprisingly, lots of newer houses (5 years old or younger) are on the REO lists now. This 2-bedroom Spanish Colonial Revival (yes, calling it that is a bit of a stretch, but it does have two stories and has a stucco exterior so it kind of fits the bill) in a 2004 development is now listed for $99,900; that’s less than half of its previous selling price of $225,000 (10/11/2005). Zillow.com estimates this house to be worth $185,500. This house, like those in so many of the recently developed tracts of the city, sits on a tiny lot; unlike many newer houses in this type of development, however, it has a 2-car garage (big selling point in a city where the sun can turn a car into an oven on wheels).This REO is in overall good shape, and would need just minor cosmetic updating before moving in or renting the house to a new tenant. $2,500 to $5,000 would cover the cost of new carpeting, paint, and general cleaning. The house could rent for $1,000 per month, give or take a little, which would easily cover the mortgage and possibly even provide positive cash flow (especially if the buyer manages it himself). There are a lot of rental properties on the market presently, but vacancies do get filled in this city, largely because so many people are rejoining the ranks of renters as they face foreclosure (or just walk away from their houses because they’re so far upside-down). This house could be a great opportunity for an owner-occupant or investor who is willing to buy now and wait out the market for a few years while the tenant foots the mortgage bill!
The basics...
Address: 3668 Moonlit Beach Avenue, Las Vegas NV 89115
Current Listing Price: $99,900
PREVIOUS Sale Price: $225,000 (10/11/2005)
Size: 2 Bedrooms, 2.5 Bathrooms; 1,418 square feet
Lot: .05 acres
http://www.realtor.com/realestate/las+vegas-nv-89115-1097400374/
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