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1400 Padre Bay Drive Las Vegas, NV 89108

3 Beds 2 Baths 1,069 sqft Built 1993

$279,900

List Price

$1,190

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 25, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1993
  • Price/Sqft : $261.83
  • 5 Days on Market
  • MLS # : 2272597
  • Updated Date : 02/25/2021 at 07:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,069 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Premier

Listing Agent's Description

CHARMING 3 BEDROOM, 2 BATH HOME WITH OPEN SPACIOUS FLOOR PLAN NESTLED AT THE END OF A CUL DE SAC. VLT CEILINGS IN MAIN LIVING AREAS AND KITCHEN, SKYLIGHTS, SLIDERS TO BACK YARD WITH PATIO AND ARTIFICIAL TURF, LARGE SIDE YARD. PRIMARY BEDROOM WITH 2 CLOSETS, NEW BATH COUNTERTOP, LOTS OF STORAGE CABINETS, SECONDARY BEDROOMS WITH CLOSETS AND GUEST BATH. NEW CARPET, NEW A/C & WATER HEATER, NEW PAINT. 2 CAR GARAGE AND ADDITIONAL EXTENDED DRIVEWAY WITH AMPLE PARKING FOR UP TO 5 CARS. CONVENIENTLY LOCATED WITH ACCESS TO 95, SHOPPING, AND DINING!

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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

Zip Code: 89108

ZipNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $83k296k

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

Zip Code: 89108

ZipNIR Market*CityMarket2010Year20002019 Q29501000105011001150120012501300135014001450150015501600Rent in $9121603

* 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
Wing And Lilly Fong Elementary School Primary Regular 867 43 6
Frank F. Garside Junior High School Middle Regular 1,209 52 NA
Western High School High Regular 2,534 112 2

Wing And Lilly Fong Elementary School

  • Education Level: Primary
  • # of students: 867
  • # of teachers: 43
6
GreatSchools Rating

Frank F. Garside Junior High School

  • Education Level: Middle
  • # of students: 1,209
  • # of teachers: 52
NA
GreatSchools Rating

Western High School

  • Education Level: High
  • # of students: 2,534
  • # of teachers: 112
2
GreatSchools Rating
 

$251,910$307,890$279,900

PURCHASE PRICE

$1,071$1,309$1,190

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,190
EXPENSES Loan Payment -$972
Property Tax -$151
Property Insurance -$48
Property Management Fees -$119
CASH FLOW
-$100

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.

$279,900

PROJECTED PRICE

$1,190

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 11.7%
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

PROJECTED ANNUAL CASH FLOW

11530-$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$79,924

INVESTMENT

$79,924

Down Payment
$69,975
Rehab Estimate
$5,750
Closing Costs
$4,199

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$972

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $69,975
Loan Amount $209,925
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$9,078

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,190

    LIST RENT
  • $1.11

    LIST RENT PER SQFT
  • $978

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,125
1$1,1252$1,1903$1,250
$1,250
RENT COMPS ANALYSIS
  • 1400 Padre Bay Drive Las Vegas, NV 2
    • 3 beds 2 baths ∙ 1,069 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,069 Sqft ∙ Built 1993
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,190
    • $1.11
    •  
  • 1900 Torrey Pines Drive #111 Las Vegas, NV 1
    • 3 beds 2 baths ∙ 1,227 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,227 Sqft ∙ Built 1995
    property image
    LEASED 09/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,125
    • $0.92
    •  
  • 1104 Greystone Drive Las Vegas, NV 3
    • 3 beds 1 baths ∙ 1,373 Sqft ∙ Built 1985 3 beds 1 baths ∙ 1,373 Sqft ∙ Built 1985
    property image
    LEASED 12/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.91
    •  
PROPERTY LISTING DETAILS
Natalya Kattau
1.702.249.0211
Coldwell Banker Premier
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2272597
Last Updated: 02/25/2021
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