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1316 Rainy Sky Avenue North Las Vegas, NV 89030

3 Beds 3 Baths 2,195 sqft Built 2007

$320,000

List Price

$1,500

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $145.79
  • 3 Days on Market
  • MLS # : 2273286
  • Updated Date : 02/27/2021 at 01:30
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,195 sqft
  • Baths : 2 full , 1 half
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

This North Las Vegas two-story cul-de-sac home offers a patio, granite countertops, and a two-car garage.

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: Starwood

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $84k296k

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

Neighborhood: Starwood

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600Rent in $8381603

* 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
H.p. Fitzgerald Elementary School Primary Regular 431 29 3
Cheyenne High School High Regular 2,212 91 2
Cheyenne High School High Unknown NA

H.p. Fitzgerald Elementary School

  • Education Level: Primary
  • # of students: 431
  • # of teachers: 29
3
GreatSchools Rating

Cheyenne High School

  • Education Level: High
  • # of students: 2,212
  • # of teachers: 91
2
GreatSchools Rating

Cheyenne High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$288,000$352,000$320,000

PURCHASE PRICE

$1,350$1,650$1,500

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,500
EXPENSES Loan Payment -$1,111
Property Tax -$232
Property Insurance -$70
Property Management Fees -$119
CASH FLOW
-$32

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 17% of earned rent to cover both maintenance and periods of vacancy.

$320,000

PROJECTED PRICE

$1,500

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 9.1%
Maintenance Year (1-5) 8.00%
Vacancy 8.50%
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-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

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$90,550

INVESTMENT

$90,550

Down Payment
$80,000
Rehab Estimate
$5,750
Closing Costs
$4,800

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,111

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $80,000
Loan Amount $240,000
See What Happens When You Reinvest Cash Flow

4.67

YEARS SAVED

$15,321

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,500

    LIST RENT
  • $0.68

    LIST RENT PER SQFT
  • $1,652

    COMP ESTIMATED VALUE
  • $0.75

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,5003$1,5654$1,5955$1,600
$1,600
RENT COMPS ANALYSIS
  • 1316 Rainy Sky Avenue North Las Vegas, NV 2
    • 3 beds 3 baths ∙ 2,195 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,195 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.68
    •  
  • 1655 Marion Bennet Drive Las Vegas, NV 1
    • 4 beds 3 baths ∙ 1,868 Sqft ∙ Built 2002 4 beds 3 baths ∙ 1,868 Sqft ∙ Built 2002
    LEASED 10/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.72
    •  
  • 1824 Pinsky Lane North Las Vegas, NV 3
    • 3 beds 3 baths ∙ 2,037 Sqft ∙ Built 2018 3 beds 3 baths ∙ 2,037 Sqft ∙ Built 2018
    LEASED 03/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,565
    • $0.77
    •  
  • 340 Burgos Avenue North Las Vegas, NV 4
    • 4 beds 2 baths ∙ 2,020 Sqft ∙ Built 2018 4 beds 2 baths ∙ 2,020 Sqft ∙ Built 2018
    LEASED 03/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.79
    •  
  • 2448 Englestad Street North Las Vegas, NV 5
    • 4 beds 3 baths ∙ 2,182 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,182 Sqft ∙ Built 2004
    LEASED 12/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.73
    •  
PROPERTY LISTING DETAILS
Alexis M Rogers
1.702.710.3787
Opendoor Brokerage Llc
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2273286
Last Updated: 02/27/2021
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