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1108 Mineral Springs Court Las Vegas, NV 89128

3 Beds 2 Baths 1,761 sqft Built 1989

$389,900

List Price

$1,610

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

February 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1989
  • Price/Sqft : $221.41
  • 3 Days on Market
  • MLS # : 2269717
  • Updated Date : 02/12/2021 at 23:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,761 sqft
  • Baths : 2 full
Listing Agent

Swg Realty Group

Listing Agent's Description

Beautifully Renovated 1-Story 3 Car Garage with DOUBLE RV parking at the end of the Culdesac. Vaulted Ceilings pouring in natural light, open floor plan. White Shaker Cabinets. Frameless shower glass. Granite countertops and Stainless appliances. Freshly painted inside and out. New carpet and padding. 5" Modern baseboards throughout. New light fixtures, faucets, door handles, shelves.. Covered patio. RV pad with 50amp plugin. No HOA!

SEE MORE

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: Summer Springs

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280kPrice in $60k296k

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

Neighborhood: Summer Springs

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2110011501200125013001350140014501500155016001650Rent in $10761667

* 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
Edythe And Lloyd Katz Elementary School Primary Regular 711 36 4
Walter Johnson Junior High School Middle Regular 1,102 50 NA
Palo Verde High School High Regular 3,024 114 9

Edythe And Lloyd Katz Elementary School

  • Education Level: Primary
  • # of students: 711
  • # of teachers: 36
4
GreatSchools Rating

Walter Johnson Junior High School

  • Education Level: Middle
  • # of students: 1,102
  • # of teachers: 50
NA
GreatSchools Rating

Palo Verde High School

  • Education Level: High
  • # of students: 3,024
  • # of teachers: 114
9
GreatSchools Rating
 

$350,910$428,890$389,900

PURCHASE PRICE

$1,449$1,771$1,610

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,610
EXPENSES Loan Payment -$1,354
Property Tax -$222
Property Insurance -$61
Property Management Fees -$119
CASH FLOW
-$146

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.

$389,900

PROJECTED PRICE

$1,610

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 12.4%
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$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$109,074

INVESTMENT

$109,074

Down Payment
$97,475
Rehab Estimate
$5,750
Closing Costs
$5,849

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,354

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $97,475
Loan Amount $292,425
See What Happens When You Reinvest Cash Flow

3.92

YEARS SAVED

$14,016

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,610

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,479

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,5003$1,5004$1,5155$1,610
$1,610
RENT COMPS ANALYSIS
  • 1108 Mineral Springs Court Las Vegas, NV 5
    • 3 beds 2 baths ∙ 1,761 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,761 Sqft ∙ Built 1989
    • Rent
    • Rent Per SQFT
    •  
    • $1,610
    • $0.91
    •  
  • 7720 Leavorite Drive Las Vegas, NV 1
    • 3 beds 3 baths ∙ 1,878 Sqft ∙ Built 1989 3 beds 3 baths ∙ 1,878 Sqft ∙ Built 1989
    LEASED 02/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.80
    •  
  • 7745 Rockfield Drive Las Vegas, NV 2
    • 3 beds 3 baths ∙ 1,730 Sqft ∙ Built 1994 3 beds 3 baths ∙ 1,730 Sqft ∙ Built 1994
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.87
    •  
  • 7705 Haskell Flats Drive Las Vegas, NV 3
    • 3 beds 3 baths ∙ 1,731 Sqft ∙ Built 1994 3 beds 3 baths ∙ 1,731 Sqft ∙ Built 1994
    LEASED 12/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.87
    •  
  • 7804 Leavorite Drive #- Las Vegas, NV 4
    • 3 beds 2 baths ∙ 1,858 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,858 Sqft ∙ Built 1988
    LEASED 04/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,515
    • $0.82
    •  
PROPERTY LISTING DETAILS
Casey Ryan
1.702.583.7887
Swg Realty Group
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2269717
Last Updated: 02/12/2021
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