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2557 Monarch Bay Drive Las Vegas, NV 89128

3 Beds 3 Baths 3,151 sqft Built 1991

INVESTimate

$695,000

List Price

$2,580

$2,330 - $2,830

Rent Est.

$754,075  ( +8.50%)   1 YR EST. FORECAST

PROPERTY INFO

August 23, 2020 RECENTLY ADDED
FACTS
  • Built In 1991
  • Price/Sqft : $220.56
  • 4 Days on Market
  • MLS # : 2224285
  • Updated Date : 08/24/2020 at 13:15
CONSTRUCTION
  • Beds : 3
  • Floor Size : 3,151 sqft
  • Baths : 2 full , 1 half
Listing Agent

Homesmart Encore

Listing Agent's Description

A custom Desert Oasis within the magnificent Desert Shores Community! This wonderful home sits on CORNER lot within the luxurious gated community of Ritz Cove, just across the street from the beach of Desert Shores! This 3,151 Sqft, 1 story home has Grand vaulted ceilings with incredible Natural light throughout the home. With a covered patio, private pool and spa and a beautiful gazebo you will never want to leave!

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: Desert Shores

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $119k362k

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

Neighborhood: Desert Shores

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2110012001300140015001600170018001900Rent in $10761945

* 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
Dorothy Eisenberg Elementary School Primary Regular 609 33 6
Ernest Becker Middle School Middle Regular 1,392 56 NA
Cimarron Memorial High School High Regular 2,541 102 3

Dorothy Eisenberg Elementary School

  • Education Level: Primary
  • # of students: 609
  • # of teachers: 33
6
GreatSchools Rating

Ernest Becker Middle School

  • Education Level: Middle
  • # of students: 1,392
  • # of teachers: 56
NA
GreatSchools Rating

Cimarron Memorial High School

  • Education Level: High
  • # of students: 2,541
  • # of teachers: 102
3
GreatSchools Rating
 

$625,500$764,500$695,000

PURCHASE PRICE

$2,322$2,838$2,580

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-$15k-$10k-$5.0k$0.0$5.0k$10k$15k

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 $2,580
EXPENSES Loan Payment -$2,564
Property Tax -$459
Property Insurance -$88
HOA -$155
Property Management Fees -$119
CASH FLOW
-$805

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.

$695,000

PROJECTED PRICE

$2,580

PROJECTED RENT

0.37%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.05%
Appreciation Year (1-5) 8.50%
Maintenance Year (1-5) 8.00%
Vacancy 7.57%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$189,925

INVESTMENT

$189,925

Down Payment
$173,750
Rehab Estimate
$5,750
Closing Costs
$10,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$2,564

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $173,750
Loan Amount $521,250
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$2,097

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,580

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $2,615

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$2,350
1$2,3502$2,4003$2,5804$2,7005$3,000
$3,000
RENT COMPS ANALYSIS
  • 2557 Monarch Bay Drive Las Vegas, NV 3
    • 3 beds 3 baths ∙ 3,151 Sqft ∙ Built 1991 3 beds 3 baths ∙ 3,151 Sqft ∙ Built 1991
    • Rent
    • Rent Per SQFT
    •  
    • $2,580
    • $0.82
    •  
  • 8224 Ocean Terrace Way Las Vegas, NV 1
    • 4 beds 2 baths ∙ 3,099 Sqft ∙ Built 1990 4 beds 2 baths ∙ 3,099 Sqft ∙ Built 1990
    LEASED 05/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.76
    •  
  • 8433 Bay Point Drive Las Vegas, NV 2
    • 4 beds 3 baths ∙ 3,152 Sqft ∙ Built 1994 4 beds 3 baths ∙ 3,152 Sqft ∙ Built 1994
    LEASED 10/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.76
    •  
  • 7636 Genesis Court #0 Las Vegas, NV 4
    • 4 beds 2 baths ∙ 3,157 Sqft ∙ Built 1990 4 beds 2 baths ∙ 3,157 Sqft ∙ Built 1990
    LEASED 04/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $0.86
    •  
  • 2740 Lakecrest Drive Las Vegas, NV 5
    • 3 beds 2 baths ∙ 3,178 Sqft ∙ Built 1992 3 beds 2 baths ∙ 3,178 Sqft ∙ Built 1992
    LEASED 12/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $0.94
    •  
PROPERTY LISTING DETAILS
Todd R Tolliver
1.702.875.6621
Homesmart Encore
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2224285
Last Updated: 08/24/2020
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