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11242 Alga Court Las Vegas, NV 89178

3 Beds 3 Baths 2,320 sqft Built 2002

$350,000

List Price

$1,400

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

November 03, 2020 RECENTLY ADDED
FACTS
  • Built In 2002
  • Price/Sqft : $150.86
  • 6 Days on Market
  • MLS # : 2244404
  • Updated Date : 11/05/2020 at 11:59
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,320 sqft
  • Baths : 2 full , 1 half
Listing Agent

Signature Real Estate Group

Listing Agent's Description

Located in the Southwest this two story home offers 3 bedrooms with a den downstairs. Loft upstairs large open area. Master bedroom with walk in closet. Master bath has separate shower and tub with dual sinks. Kitchen is open leads to the family room. Tile flooring and lots of cabinets. Living room is at the front of the house with living and dining room combo. Large size backyard with outdoor patio space.

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
Dennis Ortwein Elementary School Primary Unknown NA
Lois And Jerry Tarkanian Middle School Middle Regular 1,739 71 NA
Desert Oasis High School High Regular 2,417 102 5

Dennis Ortwein Elementary School

  • Education Level: Primary
  • # of students:
  • # of teachers:
NA
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

$1,260$1,540$1,400

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,400
EXPENSES Loan Payment -$1,291
Property Tax -$221
Property Insurance -$72
Property Management Fees -$119
CASH FLOW
-$303

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

$1,400

PROJECTED RENT

0.40%

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

PROJECTED ANNUAL CASH FLOW

11530-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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 60% 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

2

YEARS SAVED

$5,079

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,400

    LIST RENT
  • $0.6

    LIST RENT PER SQFT
  • $1,572

    COMP ESTIMATED VALUE
  • $0.68

    COMP AVG. RENT PER SQFT
Comps Range
$1,400
1$1,4002$1,5453$1,6504$1,7005$1,710
$1,710
RENT COMPS ANALYSIS
  • 11242 Alga Court Las Vegas, NV 1
    • 3 beds 3 baths ∙ 2,320 Sqft ∙ Built 2002 3 beds 3 baths ∙ 2,320 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.60
    •  
  • 11241 Arcangelo Court Las Vegas, NV 2
    • 4 beds 3 baths ∙ 2,490 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,490 Sqft ∙ Built 2003
    LEASED 11/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,545
    • $0.62
    •  
  • 11240 Arcangelo Court #na Las Vegas, NV 3
    • 4 beds 3 baths ∙ 2,320 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,320 Sqft ∙ Built 2003
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.71
    •  
  • 11243 Tuscolana Street Las Vegas, NV 4
    • 4 beds 3 baths ∙ 2,490 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,490 Sqft ∙ Built 2004
    LEASED 04/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.68
    •  
  • 11015 Fintry Hills Street #0 Las Vegas, NV 5
    • 3 beds 3 baths ∙ 2,459 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,459 Sqft ∙ Built 2004
    LEASED 07/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,710
    • $0.70
    •  
PROPERTY LISTING DETAILS
Xiao Qing C Lu
1.702.582.5788
Signature Real Estate Group
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2244404
Last Updated: 11/05/2020
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