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172 Wellspring Avenue Las Vegas, NV 89183

5 Beds 3 Baths 4,334 sqft Built 2007

INVESTimate

$679,900

List Price

$3,120

$2,870 - $3,370

Rent Est.

$746,462  ( +9.79%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 2007
  • Price/Sqft : $156.88
  • 15 Days on Market
  • MLS # : 2221233
  • Updated Date : 08/18/2020 at 18:00
CONSTRUCTION
  • Beds : 5
  • Floor Size : 4,334 sqft
  • Baths : 3 full
Listing Agent

General Realty Group Inc

Listing Agent's Description

Strip views! This incredible home starts with a 1,000+ sqft master retreat & private balcony. Also included is a 17'x14' office/sitting room, his/her closets, dual sink vanity, huge walk-in shower & soaking tub. Massive kitchen w new quartz counters & full-height tile backsplash, beautiful island chandeliers, featuring high-end GE Cafe appliances. Off the kitchen is another 17'x14' office w french doors and access to the backyard. Downstairs is an en-suite bedroom for guest or extended family. The 7+ car garage is bigger than most houses at 1,475 sqft with tons of storage. Backyard features RV parking for 45'+ vehicles and still room for a resort pool. Upstairs is 3 guest bedrooms with their own bathroom & a full-size laundry room. Other features: new 75 gal water heater, water softener system, LED lights t/o, NEST suite, gas fireplace, ceiling fans in nearly every room, custom built in 2006 using engineered lumber and 2x6 construction

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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

Neighborhood: Enterprise

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $119k362k

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

Neighborhood: Enterprise

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800Rent in $9981875

* 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
John R. Hummel Elementary School Primary Regular 776 40 7
Charles Silvestri Junior High School Middle Regular 1,748 68 NA
Liberty High School High Regular 2,496 105 5

John R. Hummel Elementary School

  • Education Level: Primary
  • # of students: 776
  • # of teachers: 40
7
GreatSchools Rating

Charles Silvestri Junior High School

  • Education Level: Middle
  • # of students: 1,748
  • # of teachers: 68
NA
GreatSchools Rating

Liberty High School

  • Education Level: High
  • # of students: 2,496
  • # of teachers: 105
5
GreatSchools Rating
 

$611,910$747,890$679,900

PURCHASE PRICE

$2,808$3,432$3,120

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k$15k$20k$25k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,120
EXPENSES Loan Payment -$2,509
Property Tax -$631
Property Insurance -$111
HOA -$120
Property Management Fees -$119
CASH FLOW
-$370

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.

$679,900

PROJECTED PRICE

$3,120

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.05%
Appreciation Year (1-5) 9.79%
Maintenance Year (1-5) 8.00%
Vacancy 7.57%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$185,924

INVESTMENT

$185,924

Down Payment
$169,975
Rehab Estimate
$5,750
Closing Costs
$10,199

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,509

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $169,975
Loan Amount $509,925
See What Happens When You Reinvest Cash Flow

2.92

YEARS SAVED

$18,684

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,120

    LIST RENT
  • $0.72

    LIST RENT PER SQFT
  • $3,120

    COMP ESTIMATED VALUE
  • $0.72

    COMP AVG. RENT PER SQFT
Comps Range
$2,845
1$2,8452$3,0003$3,1204$3,295
$3,295
RENT COMPS ANALYSIS
  • 172 Wellspring Avenue Las Vegas, NV 3
    • 5 beds 3 baths ∙ 4,334 Sqft ∙ Built 2007 5 beds 3 baths ∙ 4,334 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $3,120
    • $0.72
    •  
  • 9875 Gold Thorn Street #- Las Vegas, NV 1
    • 5 beds 3 baths ∙ 4,058 Sqft ∙ Built 2001 5 beds 3 baths ∙ 4,058 Sqft ∙ Built 2001
    LEASED 11/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,845
    • $0.70
    •  
  • 289 Great Duke Avenue Las Vegas, NV 2
    • 5 beds 3 baths ∙ 4,058 Sqft ∙ Built 1998 5 beds 3 baths ∙ 4,058 Sqft ∙ Built 1998
    LEASED 06/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $0.74
    •  
  • 9173 November Breeze Street Las Vegas, NV 4
    • 5 beds 4 baths ∙ 4,569 Sqft ∙ Built 2002 5 beds 4 baths ∙ 4,569 Sqft ∙ Built 2002
    LEASED 06/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,295
    • $0.72
    •  
PROPERTY LISTING DETAILS
Vicente Delgadillo
1.702.321.5312
General Realty Group Inc
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2221233
Last Updated: 08/18/2020
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