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10995 Santorini Drive Las Vegas, NV 89141

3 Beds 2 Baths 1,920 sqft Built 2002

$350,000

List Price

$1,620

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

November 21, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $182.29
  • 3 Days on Market
  • MLS # : 2246123
  • Updated Date : 11/21/2020 at 15:56
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,920 sqft
  • Baths : 2 full
Listing Agent

O48 Realty

Listing Agent's Description

Beautiful 3 bedroom & 3 bathroom home with a pool & hot tub located in the wonderful Southern Highlands community. The stunning kitchen features custom, soft closing cabinets, large island, farmhouse sink, granite countertops & stainless steel appliances. The downstairs has real wood floors, a bathroom with a shower, a formal dining room & a den/office which could be converted into a 4th bedroom. The primary bedroom features amazing mountain views, his and hers closets & the primary bathroom has dual sinks, tile countertops, a garden tub & a separate shower. All bedrooms have ceiling fans & the laundry room is conveniently located upstairs. There is a small loft and new carpet upstairs. The backyard is highlighted by the pool, hot tub, mature landscaping and a paver patio & walkway. The home is located 15 minutes to the LV Strip, Raiders Stadium & T Mobile Arena. The master planned Southern Highlands community has great schools, multiple parks & plenty of shopping & restaurants

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: Southern Highlands

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380k400kPrice in $119k410k

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

Neighborhood: Southern Highlands

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
Charles And Phyllis Frias Elementary School Primary Regular 802 41 10
Lois And Jerry Tarkanian Middle School Middle Regular 1,739 71 NA
Desert Oasis High School High Regular 2,417 102 5

Charles And Phyllis Frias Elementary School

  • Education Level: Primary
  • # of students: 802
  • # of teachers: 41
10
GreatSchools Rating

Lois And Jerry Tarkanian Middle School

  • Education Level: Middle
  • # of students: 1,739
  • # of teachers: 71
NA
GreatSchools Rating

Desert Oasis High School

  • Education Level: High
  • # of students: 2,417
  • # of teachers: 102
5
GreatSchools Rating
 

$315,000$385,000$350,000

PURCHASE PRICE

$1,458$1,782$1,620

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,620
EXPENSES Loan Payment -$1,291
Property Tax -$223
Property Insurance -$64
Property Management Fees -$119
CASH FLOW
-$78

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.

$350,000

PROJECTED PRICE

$1,620

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.05%
Appreciation Year (1-5) 8.0%
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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$98,500

INVESTMENT

$98,500

Down Payment
$87,500
Rehab Estimate
$5,750
Closing Costs
$5,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,291

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $87,500
Loan Amount $262,500
See What Happens When You Reinvest Cash Flow

5

YEARS SAVED

$20,917

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,620

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $1,718

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,620
1$1,6202$1,6253$1,6954$1,8005$1,800
$1,800
RENT COMPS ANALYSIS
  • 10995 Santorini Drive Las Vegas, NV 1
    • 3 beds 2 baths ∙ 1,920 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,920 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $1,620
    • $0.84
    •  
  • 10946 Salernes Street Las Vegas, NV 2
    • 3 beds 3 baths ∙ 1,930 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,930 Sqft ∙ Built 2001
    LEASED 01/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $0.84
    •  
  • 10964 Salernes Las Vegas, NV 3
    • 3 beds 2 baths ∙ 1,858 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,858 Sqft ∙ Built 2001
    LEASED 04/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.91
    •  
  • 11022 Santorini Drive Las Vegas, NV 4
    • 3 beds 2 baths ∙ 1,920 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,920 Sqft ∙ Built 2002
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.94
    •  
  • 10825 Vestone Las Vegas, NV 5
    • 4 beds 2 baths ∙ 2,021 Sqft ∙ Built 2005 4 beds 2 baths ∙ 2,021 Sqft ∙ Built 2005
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.89
    •  
PROPERTY LISTING DETAILS
James Martin
1.702.340.5935
O48 Realty
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2246123
Last Updated: 11/21/2020
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