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10724 Paradise Point Drive Las Vegas, NV 89134

2 Beds 1 Baths 1,388 sqft Built 1995

$359,000

List Price

$1,480

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

November 01, 2020 RECENTLY ADDED
FACTS
  • Built In 1995
  • Price/Sqft : $258.65
  • 3 Days on Market
  • MLS # : 2243902
  • Updated Date : 11/01/2020 at 12:30
CONSTRUCTION
  • Beds : 2
  • Floor Size : 1,388 sqft
  • Baths : 1 full
Listing Agent

Award Realty

Listing Agent's Description

DARLING SUN CITY SUMMERLIN PROPERTY IN A GREAT LOCATION AND MOVE-IN READY, FRESHLY PAINTED INTERIOR & CABINETRY W/ UPDATED LIGHTING AND FANS, APPROXIMATELY 1388/SF, 2 BED, 2 BATH, KITCHEN W/ NOOK, FAMILY & DINING RMS, PORCELAIN TILE, WOOD LOOK LAMINATE FLOORING, SECURITY DOOR, ENTRY DOOR W/ SIDELIGHT, LARGE DECK, COVERED PATIO, ROLLER SHADE, 2 CAR GARAGE, AND INCLUDES ALL THE AMENITIES OF 4 COMMUNITY & FITNESS CENTERS, THEATRE, 3 GOLF COURSES, AND MUCH MORE!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
 

$323,100$394,900$359,000

PURCHASE PRICE

$1,332$1,628$1,480

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,480
EXPENSES Loan Payment -$1,325
Property Tax -$216
Property Insurance -$54
Property Management Fees -$119
CASH FLOW
-$234

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.

$359,000

PROJECTED PRICE

$1,480

PROJECTED RENT

0.41%

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-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$100,885

INVESTMENT

$100,885

Down Payment
$89,750
Rehab Estimate
$5,750
Closing Costs
$5,385

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,325

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $89,750
Loan Amount $269,250
See What Happens When You Reinvest Cash Flow

2.75

YEARS SAVED

$9,166

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,480

    LIST RENT
  • $1.07

    LIST RENT PER SQFT
  • $1,482

    COMP ESTIMATED VALUE
  • $1.07

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,4803$1,5004$1,5505$1,600
$1,600
RENT COMPS ANALYSIS
  • 10724 Paradise Point Drive Las Vegas, NV 2
    • 2 beds 1 baths ∙ 1,388 Sqft ∙ Built 1995 2 beds 1 baths ∙ 1,388 Sqft ∙ Built 1995
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,480
    • $1.07
    •  
  • 2713 Hanging Rock Las Vegas, NV 1
    • 2 beds 2 baths ∙ 1,402 Sqft ∙ Built 1994 2 beds 2 baths ∙ 1,402 Sqft ∙ Built 1994
    property image
    LEASED 05/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.03
    •  
  • 2549 Banora Point Drive Las Vegas, NV 3
    • 2 beds 2 baths ∙ 1,388 Sqft ∙ Built 1995 2 beds 2 baths ∙ 1,388 Sqft ∙ Built 1995
    property image
    LEASED 08/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.08
    •  
  • 10033 Cresent Creek Drive Las Vegas, NV 4
    • 2 beds 1 baths ∙ 1,388 Sqft ∙ Built 1994 2 beds 1 baths ∙ 1,388 Sqft ∙ Built 1994
    property image
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.12
    •  
  • 2828 Faiss Drive Las Vegas, NV 5
    • 2 beds 1 baths ∙ 1,533 Sqft ∙ Built 1995 2 beds 1 baths ∙ 1,533 Sqft ∙ Built 1995
    property image
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.04
    •  
PROPERTY LISTING DETAILS
Karen Bye
1.702.429.9190
Award Realty
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2243902
Last Updated: 11/01/2020
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