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2606 Sweet Leilani Avenue North Las Vegas, NV 89031

3 Beds 2 Baths 1,401 sqft Built 1999

$309,900

List Price

$1,260

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

November 21, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $221.20
  • 3 Days on Market
  • MLS # : 2248831
  • Updated Date : 11/20/2020 at 16:30
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,401 sqft
  • Baths : 2 full
Listing Agent

Offerpad

Listing Agent's Description

One story subdivision!! 3 BR, 2.5 bath, 2 car garage. NEW exterior & interior paint. NEW carpet & vinyl plank flooring. NEW baseboards. Open floor plan w/vaulted ceilings. Living room w/gas fireplace, NEW ceiling fan and access to backyard. The kitchen features a breakfast bar, NEW quartz counters, faucet, garbage disposal & NEW SS appliances (to be installed prior to COE). Dining area next to kitchen. Master bedroom complete w/a NEW ceiling fan & walk-in closet. The MBA & 2nd bath feature NEW vanity light bar, bath faucets & RESURFACED vanity tops. Backyard w/covered patio. Leased solar panels. MOVE IN READY!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Tropical Breeze

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $97k296k

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

Neighborhood: Tropical Breeze

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29501000105011001150120012501300135014001450150015501600Rent in $9121606

* 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
Eva G. Simmons Elementary School Primary Regular 742 37 6
Brian And Teri Cram Middle School Middle Regular 1,568 65 NA
Legacy High School High Regular 2,819 119 3

Eva G. Simmons Elementary School

  • Education Level: Primary
  • # of students: 742
  • # of teachers: 37
6
GreatSchools Rating

Brian And Teri Cram Middle School

  • Education Level: Middle
  • # of students: 1,568
  • # of teachers: 65
NA
GreatSchools Rating

Legacy High School

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

$278,910$340,890$309,900

PURCHASE PRICE

$1,134$1,386$1,260

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,260
EXPENSES Loan Payment -$1,143
Property Tax -$196
Property Insurance -$54
Property Management Fees -$119
CASH FLOW
-$253

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.

$309,900

PROJECTED PRICE

$1,260

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 13.1%
Maintenance Year (1-5) 8.00%
Vacancy 7.63%
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-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$87,874

INVESTMENT

$87,874

Down Payment
$77,475
Rehab Estimate
$5,750
Closing Costs
$4,649

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,143

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $77,475
Loan Amount $232,425
See What Happens When You Reinvest Cash Flow

2.17

YEARS SAVED

$5,174

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,260

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $1,289

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,250
1$1,2502$1,2603$1,2954$1,3005$1,300
$1,300
RENT COMPS ANALYSIS
  • 2606 Sweet Leilani Avenue North Las Vegas, NV 2
    • 3 beds 2 baths ∙ 1,401 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,401 Sqft ∙ Built 1999
    • Rent
    • Rent Per SQFT
    •  
    • $1,260
    • $0.90
    •  
  • 3026 Sunrise Bay Avenue Las Vegas, NV 1
    • 3 beds 3 baths ∙ 1,385 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,385 Sqft ∙ Built 2001
    LEASED 06/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.90
    •  
  • 2912 Pelican Breeze Court North Las Vegas, NV 3
    • 3 beds 3 baths ∙ 1,406 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,406 Sqft ∙ Built 2001
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.92
    •  
  • 5720 Carmel Sand Street North Las Vegas, NV 4
    • 3 beds 3 baths ∙ 1,406 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,406 Sqft ∙ Built 2001
    LEASED 04/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.92
    •  
  • 2924 Sunrise Bay Avenue #0 North Las Vegas, NV 5
    • 3 beds 3 baths ∙ 1,385 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,385 Sqft ∙ Built 2001
    LEASED 06/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.94
    •  
PROPERTY LISTING DETAILS
Robert E Jones
1.480.636.9175
Offerpad
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2248831
Last Updated: 11/20/2020
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