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10735 Iona Island Avenue Las Vegas, NV 89166

4 Beds 3 Baths 2,328 sqft Built 2007

$375,000

List Price

$1,760

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 11, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $161.08
  • 5 Days on Market
  • MLS # : 2277616
  • Updated Date : 03/13/2021 at 00:44
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,328 sqft
  • Baths : 2 full , 1 half
Listing Agent

Love Local Real Estate

Listing Agent's Description

BEAUTIFUL HOME LOCATED IN THE HIGHLY COVETED MASTER PLANNED COMMUNITY OF PROVIDENCE! THIS 2 STORY SPLIT LEVEL HOME HAS 4 BEDROOMS, 2.5 BATHS AND A 2 CAR GARAGE. THE KITCHEN HAS GRANITE COUNTERTOPS AND STAINLESS STEEL APPLIANCES, ALONG WITH A BALCONY OFF OF THE DINING ROOM. THE BACKYARD HAS A COVERED PATIO AND IS SUPER LOW MAINTENANCE WITH DESERT LANDSCAPE AND ARTIFICIAL GRASS. THIS HOME IS CLOSE TO SCHOOLS, SHOPPING, DINING AND ACCESS TO THE 215 AND 95.

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: 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
 

$337,500$412,500$375,000

PURCHASE PRICE

$1,584$1,936$1,760

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,760
EXPENSES Loan Payment -$1,303
Property Tax -$286
Property Insurance -$72
Property Management Fees -$119
CASH FLOW
-$19

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.

$375,000

PROJECTED PRICE

$1,760

PROJECTED RENT

0.47%

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

PROJECTED ANNUAL CASH FLOW

11530$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$105,125

INVESTMENT

$105,125

Down Payment
$93,750
Rehab Estimate
$5,750
Closing Costs
$5,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,303

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $93,750
Loan Amount $281,250
See What Happens When You Reinvest Cash Flow

5.5

YEARS SAVED

$22,465

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,760

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $1,897

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,760
1$1,7602$1,7753$1,7954$2,0005$2,100
$2,100
RENT COMPS ANALYSIS
  • 10735 Iona Island Avenue Las Vegas, NV 1
    • 4 beds 3 baths ∙ 2,328 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,328 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $1,760
    • $0.76
    •  
  • 10652 Cumberland Creek Avenue Las Vegas, NV 2
    • 4 beds 3 baths ∙ 2,136 Sqft ∙ Built 2013 4 beds 3 baths ∙ 2,136 Sqft ∙ Built 2013
    LEASED 07/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,775
    • $0.83
    •  
  • 7823 Brodie Castle Court Las Vegas, NV 3
    • 4 beds 3 baths ∙ 2,296 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,296 Sqft ∙ Built 2007
    LEASED 08/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.78
    •  
  • 10381 Pima Crossing Avenue Las Vegas, NV 4
    • 4 beds 3 baths ∙ 2,426 Sqft ∙ Built 2013 4 beds 3 baths ∙ 2,426 Sqft ∙ Built 2013
    LEASED 09/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.82
    •  
  • 10548 Laurel Mountain Lane Las Vegas, NV 5
    • 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
    •  
PROPERTY LISTING DETAILS
Kelli Mccrimmon
1.702.324.1471
Love Local Real Estate
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2277616
Last Updated: 03/13/2021
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