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2588 Sun Reef Road Las Vegas, NV 89128

4 Beds 3 Baths 3,601 sqft Built 1993

$717,000

List Price

$2,950

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

November 14, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1993
  • Price/Sqft : $199.11
  • 2 Days on Market
  • MLS # : 2248329
  • Updated Date : 11/14/2020 at 11:18
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,601 sqft
  • Baths : 3 full
Listing Agent

Luxe Estates & Lifestyles Llc

Listing Agent's Description

Spectacular gated Ritz Cove located in Desert Shores just steps away from the lake and entertainment. This beautiful home features 3,600+ sqft with four bedrooms, four baths, and a three-car garage. Waltz through the front door to a bright, open living area with vaulted ceilings. The living room features vaulted ceilings with a fireplace, family room features a wet bar alcove overlooking the bright open kitchen. Downstairs master retreat featuring a fireplace, two large walk-in closets, and a large bath with patio access to the backyard. Two main floor en-suite bedrooms, one with a private patio and a separate master retreat upstairs with a private balcony. Step outside to the beautiful backyard featuring a covered patio, a bar-b-q area, a cozy sitting area, and a beautiful pool with a waterfall spa, perfect for entertaining.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
 

$645,300$788,700$717,000

PURCHASE PRICE

$2,655$3,245$2,950

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,950
EXPENSES Loan Payment -$2,645
Property Tax -$486
Property Insurance -$97
Property Management Fees -$119
CASH FLOW
-$397

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.

$717,000

PROJECTED PRICE

$2,950

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.05%
Appreciation Year (1-5) 8.5%
Maintenance Year (1-5) 8.00%
Vacancy 7.57%
Length of Stay Years 2

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$30k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$195,755

INVESTMENT

$195,755

Down Payment
$179,250
Rehab Estimate
$5,750
Closing Costs
$10,755

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,645

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $179,250
Loan Amount $537,750
See What Happens When You Reinvest Cash Flow

3.25

YEARS SAVED

$22,424

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,950

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $2,881

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$2,595
1$2,5952$2,6503$2,9504$2,9955$3,200
$3,200
RENT COMPS ANALYSIS
  • 2588 Sun Reef Road Las Vegas, NV 3
    • 4 beds 3 baths ∙ 3,601 Sqft ∙ Built 1993 4 beds 3 baths ∙ 3,601 Sqft ∙ Built 1993
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $0.82
    •  
  • 8300 Tivoli Cove Drive Las Vegas, NV 1
    • 5 beds 3 baths ∙ 3,490 Sqft ∙ Built 1990 5 beds 3 baths ∙ 3,490 Sqft ∙ Built 1990
    property image
    LEASED 12/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,595
    • $0.74
    •  
  • 8329 Swan Lake Avenue Las Vegas, NV 2
    • 5 beds 2 baths ∙ 3,698 Sqft ∙ Built 1990 5 beds 2 baths ∙ 3,698 Sqft ∙ Built 1990
    property image
    LEASED 05/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $0.72
    •  
  • 8213 Ocean Terrace Way Las Vegas, NV 4
    • 5 beds 2 baths ∙ 3,490 Sqft ∙ Built 1990 5 beds 2 baths ∙ 3,490 Sqft ∙ Built 1990
    property image
    LEASED 09/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $0.86
    •  
  • 2508 Monarch Bay Drive Las Vegas, NV 5
    • 5 beds 4 baths ∙ 3,656 Sqft ∙ Built 1995 5 beds 4 baths ∙ 3,656 Sqft ∙ Built 1995
    property image
    LEASED 05/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $0.88
    •  
PROPERTY LISTING DETAILS
Zar A Zanganeh
1.702.400.0645
Luxe Estates & Lifestyles Llc
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2248329
Last Updated: 11/14/2020
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