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10509 Sparks Summit Lane Las Vegas, NV 89166

4 Beds 3 Baths 2,515 sqft Built 2017

$530,000

List Price

$2,100

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2017
  • Price/Sqft : $210.74
  • 13 Days on Market
  • MLS # : 2266360
  • Updated Date : 02/13/2021 at 15:54
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,515 sqft
  • Baths : 3 full
Listing Agent

Urban Nest Realty

Listing Agent's Description

AMAZING HARD TO FIND TWO STORY POOL HOME WITH ALL THE EXTRAS!! LOCATED IN NORTHERN TERRACE OF PROVIDENCE THIS 2,515 sqft, 4 BED(1 DOWN) 3 FULL BATH(ONE DOWN), LOFT HOME WITH TONS OF NATURAL LIGHT HAS IT ALL!! CUL DE SAC LOCATION, GREAT CURB APPEAL,VAULTED ENTRY CEILINGS, UPGRADED HANDRAIL, WOOD LIKE TILE DOWNSTAIRS, SHUTTERS, SOLAR SCREENS WITH A CHEFS KITCHEN AND LARGE PANTRY. CHEFS KITCHEN HAS GRANITE COUNTERS, TILE BACKSPLASH, BRUSHED NICKEL HARDWARE, UNDER CABINET LIGHTING, UPGRADED LG STAINLESS APPLIANCES, PENDANT LIGHTING, AND PLENTY OF SEATING!! 2ND FLOOR PRIMARY SUITE WITH. SEPARATE TUB AND SHOWER W/ TILE SURROUNDS, DUAL SINKS, 2 CLOSETS. CUSTOM REAR YARD FEATIRES POOL / SPA WITH WATER FEATURE, SOAKING DECK, SOLAR HEAT, TILE PATIO, ARTIFICIAL TURF AND CYPRESS TREES. THIS HOME TRULY HAS IT ALL. THIS HOME WONT DISAPPOINT! NORTHERN TERRACE IS THE ONLY PROVIDENCE COMMUNITY WITH 3 POOLS, OUTDOOR SPA, EXERCISE ROOM, MEETING ROOM, PLAYGROUND AND MORE!!

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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: Cliffs Edge

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $119k362k

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

Neighborhood: Cliffs Edge

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800Rent in $10761875

* 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
Henry And Evelyn Bozarth Elementary School Primary Regular 905 40 8
Edmundo Eddie Escobedo Sr Middle School Middle Regular 1,171 47 NA
Arbor View High School High Regular 2,878 116 9

Henry And Evelyn Bozarth Elementary School

  • Education Level: Primary
  • # of students: 905
  • # of teachers: 40
8
GreatSchools Rating

Edmundo Eddie Escobedo Sr Middle School

  • Education Level: Middle
  • # of students: 1,171
  • # of teachers: 47
NA
GreatSchools Rating

Arbor View High School

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

$477,000$583,000$530,000

PURCHASE PRICE

$1,890$2,310$2,100

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,100
EXPENSES Loan Payment -$1,841
Property Tax -$366
Property Insurance -$76
Property Management Fees -$119
CASH FLOW
-$302

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.

$530,000

PROJECTED PRICE

$2,100

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.05%
Appreciation Year (1-5) 7.9%
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$20k

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$146,200

INVESTMENT

$146,200

Down Payment
$132,500
Rehab Estimate
$5,750
Closing Costs
$7,950

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,841

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $132,500
Loan Amount $397,500
See What Happens When You Reinvest Cash Flow

2.92

YEARS SAVED

$11,951

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,100

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $2,113

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,1003$2,1004$2,1755$2,300
$2,300
RENT COMPS ANALYSIS
  • 10509 Sparks Summit Lane Las Vegas, NV 3
    • 4 beds 3 baths ∙ 2,515 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,515 Sqft ∙ Built 2017
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.83
    •  
  • 10548 Laurel Mountain Lane Las Vegas, NV 1
    • 4 beds 3 baths ∙ 2,516 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,516 Sqft ∙ Built 2017
    LEASED 03/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.83
    •  
  • 10120 Nash Peak Avenue Las Vegas, NV 2
    • 5 beds 3 baths ∙ 2,591 Sqft ∙ Built 2012 5 beds 3 baths ∙ 2,591 Sqft ∙ Built 2012
    LEASED 01/21/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.81
    •  
  • 10150 Tarbell Grove Avenue Las Vegas, NV 4
    • 4 beds 3 baths ∙ 2,535 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,535 Sqft ∙ Built 2014
    LEASED 05/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,175
    • $0.86
    •  
  • 10665 Scorched Skye Las Vegas, NV 5
    • 4 beds 4 baths ∙ 2,669 Sqft ∙ Built 2020 4 beds 4 baths ∙ 2,669 Sqft ∙ Built 2020
    LEASED 10/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.86
    •  
PROPERTY LISTING DETAILS
David B Longworth
1.702.738.9244
Urban Nest Realty
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2266360
Last Updated: 02/13/2021
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