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225 Icy River Avenue North Las Vegas, NV 89031

5 Beds 2 Baths 2,148 sqft Built 2009

$320,000

List Price

$1,630

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

November 28, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2009
  • Price/Sqft : $148.98
  • 3 Days on Market
  • MLS # : 2250331
  • Updated Date : 11/28/2020 at 10:32
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,148 sqft
  • Baths : 2 full
Listing Agent

Realty One Group, Inc

Listing Agent's Description

Beautifully upgraded two-story home, with 5 bedrooms and 3 bathrooms. It offers an open concept kitchen that features stainless steel appliances, quartz countertops, upgraded espresso cabinets, and a walk-in pantry. Also, includes a bedroom and updated custom walk-in shower downstairs. Upstairs you’ll find the master suite with a walk-in closet, dual sinks, and a separate tub and shower. Upgraded ceiling fans in every room. Separate laundry area and sink. The backyard offers a nice covered patio, fenced dog run, and desert landscaping. Front landscaping maintenance is all included in the HOA. New water heater replaced in 2018 and new stove in 2019. Situated in a family-friendly neighborhood near the Community Park and schools. This home is a must-see!!!

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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: Sierra Racnch Villages

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300kPrice in $84k312k

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

Neighborhood: Sierra Racnch Villages

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000105011001150120012501300135014001450150015501600Rent in $9651603

* 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
Fredric W Watson Elementary School Primary Regular 648 36 2
Clifford O. Findlay Middle School Middle Regular 1,372 59 NA
Legacy High School High Regular 2,819 119 3

Fredric W Watson Elementary School

  • Education Level: Primary
  • # of students: 648
  • # of teachers: 36
2
GreatSchools Rating

Clifford O. Findlay Middle School

  • Education Level: Middle
  • # of students: 1,372
  • # of teachers: 59
NA
GreatSchools Rating

Legacy High School

  • Education Level: High
  • # of students: 2,819
  • # of teachers: 119
3
GreatSchools Rating
 

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

PURCHASE PRICE

$1,467$1,793$1,630

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,630
EXPENSES Loan Payment -$1,181
Property Tax -$263
Property Insurance -$69
Property Management Fees -$119
CASH FLOW
-$2

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

$1,630

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 10.0%
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$0.0$5.0k$10k$15k

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.

$1,181

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $80,000
Loan Amount $240,000
See What Happens When You Reinvest Cash Flow

5.33

YEARS SAVED

$21,352

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,630

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $1,590

    COMP ESTIMATED VALUE
  • $0.74

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,6303$1,6504$1,6755$1,895
$1,895
RENT COMPS ANALYSIS
  • 225 Icy River Avenue North Las Vegas, NV 2
    • 5 beds 2 baths ∙ 2,148 Sqft ∙ Built 2009 5 beds 2 baths ∙ 2,148 Sqft ∙ Built 2009
    • Rent
    • Rent Per SQFT
    •  
    • $1,630
    • $0.76
    •  
  • 116 Palatial Pines Avenue North Las Vegas, NV 1
    • 4 beds 3 baths ∙ 2,325 Sqft ∙ Built 2010 4 beds 3 baths ∙ 2,325 Sqft ∙ Built 2010
    LEASED 03/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.69
    •  
  • 630 Blossom Berry Court North Las Vegas, NV 3
    • 4 beds 2 baths ∙ 2,240 Sqft ∙ Built 2000 4 beds 2 baths ∙ 2,240 Sqft ∙ Built 2000
    LEASED 08/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.74
    •  
  • 6416 Setting Moon Street North Las Vegas, NV 4
    • 4 beds 3 baths ∙ 2,315 Sqft ∙ Built 2010 4 beds 3 baths ∙ 2,315 Sqft ∙ Built 2010
    LEASED 09/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.72
    •  
  • 520 Cowboy Cross Avenue North Las Vegas, NV 5
    • 4 beds 3 baths ∙ 2,344 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,344 Sqft ∙ Built 2004
    LEASED 09/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.81
    •  
PROPERTY LISTING DETAILS
Zain F Burke
1.702.250.2077
Realty One Group, Inc
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2250331
Last Updated: 11/28/2020
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