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10227 Lazy Bear Street Las Vegas, NV 89131

4 Beds 3 Baths 2,357 sqft Built 2006

$475,000

List Price

$1,810

$1.6K - $2K

Rent Est.

PROPERTY INFO

January 30, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $201.53
  • 3 Days on Market
  • MLS # : 2265456
  • Updated Date : 01/30/2021 at 06:25
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,357 sqft
  • Baths : 3 full
Listing Agent

Exp Realty

Listing Agent's Description

Backyard oasis! Amazing 1 story home located in NW Las Vegas community of Log Cabin Ranch. 4 Bedroom plus Den (could be utilized as bedroom 5 (currently set up as an exercise room) 3 full baths with a 3 car garage. An open great room floorplan plus a dining area. Kitchen with granite countertops, breakfast bar opens to the huge family room. Tile in walkways and kitchen and engineered hardwood floors in family room. Large primary bedroom separate from the secondary bedrooms. Primary bath with dual sinks, separate tub and shower and large walk in closet. The backyard is amazing with covered patio across the entire length of the home. Massive palm trees and sago palms. Lounge in front of the gas firepit. Relax in the above ground spa located under a large gazebo. A must see beauty!

SEE MORE

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

Neighborhood: Tule Springs

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $119k391k

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

Neighborhood: Tule Springs

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800Rent in $10761890

* 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
Thomas O'roarke Elementary School Primary Regular 817 42 9
Ralph Cadwallader Middle School Middle Regular 1,480 63 NA
Arbor View High School High Regular 2,878 116 9

Thomas O'roarke Elementary School

  • Education Level: Primary
  • # of students: 817
  • # of teachers: 42
9
GreatSchools Rating

Ralph Cadwallader Middle School

  • Education Level: Middle
  • # of students: 1,480
  • # of teachers: 63
NA
GreatSchools Rating

Arbor View High School

  • Education Level: High
  • # of students: 2,878
  • # of teachers: 116
9
GreatSchools Rating
 

$427,500$522,500$475,000

PURCHASE PRICE

$1,629$1,991$1,810

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,810
EXPENSES Loan Payment -$1,650
Property Tax -$346
Property Insurance -$73
Property Management Fees -$119
CASH FLOW
-$378

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.

$475,000

PROJECTED PRICE

$1,810

PROJECTED RENT

0.38%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.05%
Appreciation Year (1-5) 8.7%
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$1.4M$1.6M

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$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$131,625

INVESTMENT

$131,625

Down Payment
$118,750
Rehab Estimate
$5,750
Closing Costs
$7,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,650

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $118,750
Loan Amount $356,250
See What Happens When You Reinvest Cash Flow

1.83

YEARS SAVED

$5,479

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,810

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $1,785

    COMP ESTIMATED VALUE
  • $0.76

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,7503$1,7954$1,8105$1,875
$1,875
RENT COMPS ANALYSIS
  • 10227 Lazy Bear Street Las Vegas, NV 4
    • 4 beds 3 baths ∙ 2,357 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,357 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $1,810
    • $0.77
    •  
  • 9020 Wolf Dancer Avenue Las Vegas, NV 1
    • 3 beds 3 baths ∙ 2,316 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,316 Sqft ∙ Built 2004
    LEASED 02/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.76
    •  
  • 8829 Reining Spur Avenue Las Vegas, NV 2
    • 3 beds 3 baths ∙ 2,378 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,378 Sqft ∙ Built 2003
    LEASED 11/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.74
    •  
  • 9718 Red Deer Las Vegas, NV 3
    • 4 beds 2 baths ∙ 2,437 Sqft ∙ Built 2004 4 beds 2 baths ∙ 2,437 Sqft ∙ Built 2004
    LEASED 01/16/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.74
    •  
  • 8928 Saddle Red Avenue Las Vegas, NV 5
    • 4 beds 3 baths ∙ 2,387 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,387 Sqft ∙ Built 2003
    LEASED 06/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,875
    • $0.79
    •  
PROPERTY LISTING DETAILS
Joe Paul May
1.702.491.9601
Exp Realty
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2265456
Last Updated: 01/30/2021
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