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10132 Middle Ridge Drive Las Vegas, NV 89134

2 Beds 1 Baths 1,519 sqft Built 1994

$330,000

List Price

$1,630

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

January 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1994
  • Price/Sqft : $217.25
  • 6 Days on Market
  • MLS # : 2261426
  • Updated Date : 01/15/2021 at 21:16
CONSTRUCTION
  • Beds : 2
  • Floor Size : 1,519 sqft
  • Baths : 1 full
Listing Agent

Barrett & Co, Inc

Listing Agent's Description

MULTIPLE OFFERS RECEIVED/HAVE ACCEPTED 1 OFFER / WAITING FOR SIGATURES/INSPECTION RELEASE BEFORE CHANGING STATUS. Property was appraised in September 2020 for $340,000 / Owner is marketing for $330,000 for quick sale. Property is in the process of being emptied of remaining personal property.

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

Neighborhood: Sun City Summerlin

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $119k328k

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

Neighborhood: Sun City Summerlin

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21100115012001250130013501400145015001550160016501700Rent in $10671706

* 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
William Lummis Elementary School Primary Regular 555 27 7
Ernest Becker Middle School Middle Regular 1,392 56 NA
Palo Verde High School High Regular 3,024 114 9

William Lummis Elementary School

  • Education Level: Primary
  • # of students: 555
  • # of teachers: 27
7
GreatSchools Rating

Ernest Becker Middle School

  • Education Level: Middle
  • # of students: 1,392
  • # of teachers: 56
NA
GreatSchools Rating

Palo Verde High School

  • Education Level: High
  • # of students: 3,024
  • # of teachers: 114
9
GreatSchools Rating
 

$297,000$363,000$330,000

PURCHASE PRICE

$1,467$1,793$1,630

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,630
EXPENSES Loan Payment -$1,146
Property Tax -$222
Property Insurance -$57
Property Management Fees -$119
CASH FLOW
$86

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.

$330,000

PROJECTED PRICE

$1,630

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 9.1%
Maintenance Year (1-5) 8.00%
Vacancy 7.63%
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$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$93,200

INVESTMENT

$93,200

Down Payment
$82,500
Rehab Estimate
$5,750
Closing Costs
$4,950

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,146

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $82,500
Loan Amount $247,500
See What Happens When You Reinvest Cash Flow

7.25

YEARS SAVED

$29,319

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,630

    LIST RENT
  • $1.07

    LIST RENT PER SQFT
  • $1,633

    COMP ESTIMATED VALUE
  • $1.08

    COMP AVG. RENT PER SQFT
Comps Range
$1,550
1$1,5502$1,6303$1,6954$1,6955$1,700
$1,700
RENT COMPS ANALYSIS
  • 10132 Middle Ridge Drive Las Vegas, NV 2
    • 2 beds 1 baths ∙ 1,519 Sqft ∙ Built 1994 2 beds 1 baths ∙ 1,519 Sqft ∙ Built 1994
    • Rent
    • Rent Per SQFT
    •  
    • $1,630
    • $1.07
    •  
  • 10033 Cresent Creek Drive Las Vegas, NV 1
    • 2 beds 1 baths ∙ 1,388 Sqft ∙ Built 1994 2 beds 1 baths ∙ 1,388 Sqft ∙ Built 1994
    LEASED 11/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.12
    •  
  • 9817 Button Willow Drive Las Vegas, NV 3
    • 2 beds 1 baths ∙ 1,653 Sqft ∙ Built 1993 2 beds 1 baths ∙ 1,653 Sqft ∙ Built 1993
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.03
    •  
  • 2737 Lotus Hill Drive Las Vegas, NV 4
    • 2 beds 1 baths ∙ 1,653 Sqft ∙ Built 1992 2 beds 1 baths ∙ 1,653 Sqft ∙ Built 1992
    LEASED 10/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.03
    •  
  • 10316 Georgetown Las Vegas, NV 5
    • 2 beds 2 baths ∙ 1,519 Sqft ∙ Built 1996 2 beds 2 baths ∙ 1,519 Sqft ∙ Built 1996
    LEASED 05/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.12
    •  
PROPERTY LISTING DETAILS
Lee K Barrett
1.702.460.7355
Barrett & Co, Inc
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2261426
Last Updated: 01/15/2021
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