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1004 Spanish Needle Street Henderson, NV 89002

3 Beds 2 Baths 1,951 sqft Built 2005

INVESTimate

$450,000

List Price

$1,820

$1,638 - $2,002

Rent Est.

$491,490  ( +9.22%)   1 YR EST. FORECAST

PROPERTY INFO

August 23, 2020 RECENTLY ADDED
FACTS
  • Built In 2005
  • Price/Sqft : $230.65
  • 5 Days on Market
  • MLS # : 2222944
  • Updated Date : 08/24/2020 at 16:01
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,951 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Premier

Listing Agent's Description

Situated on a corner lot in Mission Hills. This single story has an open and spacious floorplan with a 3 car garage and pool. Some features are, vaulted ceilings, fireplace, kitchen island & breakfast bar, stainless appliances, refrigerator, washer and dryer. There have been many little extras added throughout the home such as pocket doors, extra cabinets, ceiling fans, drawer inserts, medicine cabinets and many more items. The pool has a waterfall and gas heater. The yard has a shed for all your pool & gardening tools. There is a large covered patio with added rain gutter. All of this and low HOA fees at $26.00 a month. (There is a gas line behind the stove)

SEE MORE

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: Paradise Hills

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $123k393k

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

Neighborhood: Paradise Hills

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800Rent in $10801875

* 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
James E And A Rae Smalley Elementary School Primary Regular 878 40 10
Jack And Terry Mannion Middle School Middle Regular 1,523 62 NA
Foothill High School High Regular 2,883 109 7

James E And A Rae Smalley Elementary School

  • Education Level: Primary
  • # of students: 878
  • # of teachers: 40
10
GreatSchools Rating

Jack And Terry Mannion Middle School

  • Education Level: Middle
  • # of students: 1,523
  • # of teachers: 62
NA
GreatSchools Rating

Foothill High School

  • Education Level: High
  • # of students: 2,883
  • # of teachers: 109
7
GreatSchools Rating
 

$405,000$495,000$450,000

PURCHASE PRICE

$1,638$2,002$1,820

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,820
EXPENSES Loan Payment -$1,660
Property Tax -$279
Property Insurance -$65
HOA -$26
Property Management Fees -$119
CASH FLOW
-$329

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.

$450,000

PROJECTED PRICE

$1,820

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.05%
Appreciation Year (1-5) 9.22%
Maintenance Year (1-5) 8.00%
Vacancy 7.57%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$125,000

INVESTMENT

$125,000

Down Payment
$112,500
Rehab Estimate
$5,750
Closing Costs
$6,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,660

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $112,500
Loan Amount $337,500
See What Happens When You Reinvest Cash Flow

2.42

YEARS SAVED

$9,257

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,820

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,824

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,545
1$1,5452$1,6953$1,7004$1,7005$1,820
$1,820
RENT COMPS ANALYSIS
  • 1004 Spanish Needle Street Henderson, NV 5
    • 3 beds 2 baths ∙ 1,951 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,951 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $1,820
    • $0.93
    •  
  • 128 Beach Oak Avenue Henderson, NV 1
    • 3 beds 2 baths ∙ 1,802 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,802 Sqft ∙ Built 1997
    LEASED 01/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,545
    • $0.86
    •  
  • 53 Pangloss Street #na Henderson, NV 2
    • 3 beds 2 baths ∙ 1,767 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,767 Sqft ∙ Built 2002
    LEASED 10/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.96
    •  
  • 51 Blaven Drive Henderson, NV 3
    • 3 beds 2 baths ∙ 1,767 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,767 Sqft ∙ Built 2003
    LEASED 01/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.96
    •  
  • 786 Wigan Pier Drive Henderson, NV 4
    • 3 beds 2 baths ∙ 1,767 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,767 Sqft ∙ Built 2002
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.96
    •  
PROPERTY LISTING DETAILS
Tricia L Kiefer
1.702.506.2231
Coldwell Banker Premier
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2222944
Last Updated: 08/24/2020
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