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2608 Rising Legend Way Las Vegas, NV 89106

4 Beds 3 Baths 1,780 sqft Built 1995

INVESTimate

$255,000

List Price

$1,320

$1,188 - $1,452

Rent Est.

$285,753  ( +12.06%)   1 YR EST. FORECAST

PROPERTY INFO

August 25, 2020 RECENTLY ADDED
FACTS
  • Built In 1995
  • Price/Sqft : $143.26
  • 2 Days on Market
  • MLS # : 2224405
  • Updated Date : 08/25/2020 at 09:24
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,780 sqft
  • Baths : 2 full , 1 half
Listing Agent

Era Brokers Consolidated

Listing Agent's Description

GREAT 2 STORY HOME SITTING ON A LARGE CORNER LOT* NO HOA!! 4 BED, 2.5 BATH* VAULTED CEILINGS* FORMAL LIVING ROOM & SEPARATE FAMILY ROOM* KITCHEN W/ ALL APPLIANCES INCLUDED*TILE & LAMINATED FLOORING THROUGHOUT THE HOUSE* MASTER BATH W/DOUBLE SINKS, TUB & SHOWER*BIG BACKYARD W/ COVERED PATIO* NEAR SHOPPING CENTERS & FREEWAY* LOTS OF POTENTIAL*

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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: West Las Vegas

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280kPrice in $67k296k

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

Neighborhood: West Las Vegas

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29009501000105011001150120012501300135014001450150015501600Rent in $8971603

* 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
Ollie Detwiler Elementary School Primary Regular 733 41 1
West Preparatory Instititute School For Academic Excellence Middle Regular 1,353 64 7
West Preparatory Instititute School For Academic Excellence High Regular 1,353 64 7

Ollie Detwiler Elementary School

  • Education Level: Primary
  • # of students: 733
  • # of teachers: 41
1
GreatSchools Rating

West Preparatory Instititute School For Academic Excellence

  • Education Level: Middle
  • # of students: 1,353
  • # of teachers: 64
7
GreatSchools Rating

West Preparatory Instititute School For Academic Excellence

  • Education Level: High
  • # of students: 1,353
  • # of teachers: 64
7
GreatSchools Rating
 

$229,500$280,500$255,000

PURCHASE PRICE

$1,188$1,452$1,320

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,320
EXPENSES Loan Payment -$941
Property Tax -$176
Property Insurance -$62
Property Management Fees -$119
CASH FLOW
$22

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.

$255,000

PROJECTED PRICE

$1,320

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 12.06%
Maintenance Year (1-5) 8.00%
Vacancy 8.50%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$73,325

INVESTMENT

$73,325

Down Payment
$63,750
Rehab Estimate
$5,750
Closing Costs
$3,825

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$941

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $63,750
Loan Amount $191,250
See What Happens When You Reinvest Cash Flow

6.08

YEARS SAVED

$19,755

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $0

    LIST RENT
  • $0

    LIST RENT PER SQFT
  • $1,362

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$1,2953$1,2954$1,2955$1,330
$1,330
RENT COMPS ANALYSIS
  • 2608 Rising Legend Way Las Vegas, NV 1
    • 4 beds 3 baths ∙ 1,780 Sqft ∙ Built 1995 4 beds 3 baths ∙ 1,780 Sqft ∙ Built 1995
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 2637 Spider Cactus Court Las Vegas, NV 2
    • 3 beds 3 baths ∙ 1,678 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,678 Sqft ∙ Built 2004
    LEASED 02/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.77
    •  
  • 2636 Cinnamon Cactus Court Las Vegas, NV 3
    • 3 beds 3 baths ∙ 1,678 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,678 Sqft ∙ Built 2004
    LEASED 02/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.77
    •  
  • 2617 Bottle Palm Court Las Vegas, NV 4
    • 3 beds 3 baths ∙ 1,678 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,678 Sqft ∙ Built 2004
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.77
    •  
  • 1404 Robin Street Las Vegas, NV 5
    • 4 beds 3 baths ∙ 1,779 Sqft ∙ Built 1993 4 beds 3 baths ∙ 1,779 Sqft ∙ Built 1993
    LEASED 02/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,330
    • $0.75
    •  
PROPERTY LISTING DETAILS
Laura E Ahumada
1.702.328.4125
Era Brokers Consolidated
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2224405
Last Updated: 08/25/2020
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