5250 S Rainbow Boulevard 1040, Las Vegas, NV 89118, Las Vegas, 89118 - 2 bed, 2 bath
5250 S Rainbow Boulevard 1040
Las Vegas, NV 89118
Property Price
SUMMARY
Analysis of 5250 S Rainbow Boulevard 1040, Las Vegas, NV 89118 is currently available with a list price of $249,500. The property maintains a Fair Condition Rating (50/100), suggesting the property is in acceptable condition with potential for value enhancement through selective updates and improvements. Located in a high-demand neighborhood within the Las Vegas Unified School District, this asset is categorized as a low-risk, high-reward acquisition suitable for both Buy-and-Hold Investors and Owner-Occupants willing to undertake light renovation work.
Condition Analysis
OVERALL CONDITION SCORE
Property is moderate renovation needed.
Built in 1997 (27 years old), the property falls within the 25-40 year age bracket for 'Fair' condition. While the community is well-maintained and the unit is functional and tenant-occupied, there is no mention of recent major renovations to the kitchen or bathrooms, suggesting original or dated finishes and systems.
PROSSTRENGTHS & OPPORTUNITIES
- Rare Attached 2-Car Garage
The property features a rare attached two-car garage with direct interior access, providing exceptional convenience, storage, and security seldom found in the Las Vegas condominium market.
- Resort-Style Guard-Gated Security
Located in the highly desirable Spanish Palms, the community offers 24-hour guard-gated security and premium amenities including a waterfall pool, fitness center, and lush landscaping.
- Functional Split Floor Plan
This downstairs residence boasts a highly sought-after layout with bedrooms separated for maximum privacy, a cozy fireplace, and a private patio, making it ideal for roommates or guests.
CONSRISKS & DEFICIENCIES
- High Association Fees
The monthly HOA fee of $432 is relatively high for this price point, which may impact the overall monthly affordability and debt-to-income ratio for potential buyers.
- Tenant Occupancy
The property is currently occupied by a month-to-month tenant, which could complicate scheduling for showings and may delay immediate possession for owner-occupant buyers.
About 5250 S Rainbow Boulevard 1040
Spanish Palms Condominiums is a highly desirable, resort-style, guard-gated community with 24-hour security, featuring a stunning pool area with a waterfall, lush landscaping, and BBQ facilities. Residents also enjoy access to a fitness center and beautifully maintained parks. Ideally situated in a central Las Vegas location, the community offers convenient access to major employment hubs, dining, shopping, and entertainment. This downstairs 2-bedroom, 2-bath residence features a highly sought-after floor plan with bedrooms separated for privacy. The spacious family room includes a fireplace and opens to a private patio. A rare attached 2-car garage with direct interior access adds exceptional value and convenience. Tenant is month to month.
Property Details
Public Facts
- Property Type
- Condominium
- Year Built
- 1997
- Lot Size
- 23,308 Sq. Ft.
Interior
- Total Bedrooms
- 2
- Total Bathrooms
- 2 (2 Full, 0 Half)
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $432 / Month
Neighborhood Insights
Las Vegas Unified Schools
Marion B Earl Elementary School
Grades PK-5 • 0.3 mi
Grant Sawyer Middle School
Grades 6-8 • 0.3 mi
Durango High School
Grades 9-12 • 0.4 mi
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 2.0 | 2.0 | 50% |
| Baths | 2.0 | 2.0 | 50% |
| Square foot | 1,034 | 1,053 | 49% |
| Lot Size | 23,308 | - | 96% |
| Price | $249.5K | $172.0K | 78% |
| Price per sq ft | $241 | $196 | 82% |
| Built year | 1997 | 1995 | 57% |
| HOA | $432 | $221 | 91% |
| Days on market | 36 | 570 | 1% |
Pricing History
Listed for Sale
Jan 30, 2026
$249,500
Initial Listing