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22 Garden Rain Drive Las Vegas, NV 89135

4 Beds 3 Baths 4,172 sqft Built 2018

$1,750,000

List Price

$6,900

$6.7K - $7.2K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2018
  • Price/Sqft : $419.46
  • 6 Days on Market
  • MLS # : 2262151
  • Updated Date : 01/16/2021 at 23:30
CONSTRUCTION
  • Beds : 4
  • Floor Size : 4,172 sqft
  • Baths : 2 full , 1 half
Listing Agent

Christopher Homes Realty

Listing Agent's Description

A true Sterling Ridge masterpiece in the Ridges! A Gem with panoramic strip views that won't disappoint! Spacious and luxurious, yet cozy and comfortable. This floor plan is by far William Lyon's most sought after floor plan. 3 secondary en-suites (two with amazing views) and a master bedroom and bathroom with strip and mountain views. Gorgeous kitchen with SS Appliances, formal dining room, expansive family room with wet bar designed for entertaining. Two way fireplaces at family room/courtyard and master bedroom/sitting room. The primary bedroom is separate from the others and primary bathroom is luxury at its finest (breathtaking mountain views from the master tub) with beautifully crafted floating cabinets and spacious closets with custom built-ins. Enjoy summer nights in the oversized spa/spool under the stars. The home shows pride of ownership, is vacant and could be yours. If you're looking for an amazing home with strip views in the Ridges, look no further, You Are Home!

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: The Ridges

NeighborhoodNIR Market*CityMarket2010Year20002019200k400k600k800k1000k1200k1400k1600kPrice in $119k1710k

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

Neighborhood: The Ridges

NeighborhoodNIR Market*CityMarket2010Year20002019 Q22000300040005000600070008000Rent in $10768996

* 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
Judy And John Goolsby Elementary School Primary Regular 807 42 10
Victoria Fertitta Middle School Middle Regular 1,472 60 NA
Durango High School High Regular 2,302 95 5

Judy And John Goolsby Elementary School

  • Education Level: Primary
  • # of students: 807
  • # of teachers: 42
10
GreatSchools Rating

Victoria Fertitta Middle School

  • Education Level: Middle
  • # of students: 1,472
  • # of teachers: 60
NA
GreatSchools Rating

Durango High School

  • Education Level: High
  • # of students: 2,302
  • # of teachers: 95
5
GreatSchools Rating
 

$1,575,000$1,925,000$1,750,000

PURCHASE PRICE

$6,210$7,590$6,900

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $6,900
EXPENSES Loan Payment -$6,078
Property Tax -$1,024
Property Insurance -$108
Property Management Fees -$119
CASH FLOW
-$429

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.

$1,750,000

PROJECTED PRICE

$6,900

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.75%
Appreciation Year (1-5) 1.8%
Maintenance Year (1-5) 8.00%
Vacancy 7.56%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$1.0M$2.0M$3.0M$4.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$20k$40k$60k$80k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M$3.5M$4.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$469,500

INVESTMENT

$469,500

Down Payment
$437,500
Rehab Estimate
$5,750
Closing Costs
$26,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$6,078

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $437,500
Loan Amount $1,312,500
See What Happens When You Reinvest Cash Flow

5.17

YEARS SAVED

$95,662

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $6,900

    LIST RENT
  • $1.65

    LIST RENT PER SQFT
  • $6,967

    COMP ESTIMATED VALUE
  • $1.67

    COMP AVG. RENT PER SQFT
Comps Range
$4,500
1$4,5002$6,9003$7,0004$9,040
$9,040
RENT COMPS ANALYSIS
  • 22 Garden Rain Drive Las Vegas, NV 2
    • 4 beds 2 baths ∙ 4,172 Sqft ∙ Built 2018 4 beds 2 baths ∙ 4,172 Sqft ∙ Built 2018
    • Rent
    • Rent Per SQFT
    •  
    • $6,900
    • $1.65
    •  
  • 72 Grey Feather Las Vegas, NV 1
    • 4 beds 3 baths ∙ 4,172 Sqft ∙ Built 2016 4 beds 3 baths ∙ 4,172 Sqft ∙ Built 2016
    LEASED 08/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $1.08
    •  
  • 6 Garden Shadow Lane Las Vegas, NV 3
    • 5 beds 3 baths ∙ 4,172 Sqft ∙ Built 2016 5 beds 3 baths ∙ 4,172 Sqft ∙ Built 2016
    LEASED 09/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $7,000
    • $1.68
    •  
  • 26 Midnight Ridge Drive Las Vegas, NV 4
    • 4 beds 3 baths ∙ 4,013 Sqft ∙ Built 2007 4 beds 3 baths ∙ 4,013 Sqft ∙ Built 2007
    LEASED 08/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $9,040
    • $2.25
    •  
PROPERTY LISTING DETAILS
Mark A Stuhmer
1.702.210.9672
Christopher Homes Realty
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2262151
Last Updated: 01/16/2021
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