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2620 Hanging Rock Drive Las Vegas, NV 89134

2 Beds 2 Baths 1,999 sqft Built 1994

$429,750

List Price

$1,980

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

January 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1994
  • Price/Sqft : $214.98
  • 3 Days on Market
  • MLS # : 2263823
  • Updated Date : 01/23/2021 at 18:13
CONSTRUCTION
  • Beds : 2
  • Floor Size : 1,999 sqft
  • Baths : 2 full
Listing Agent

Bhhs Nevada Properties

Listing Agent's Description

Nice Sun City Summerlin Home / Separate Family and Living Rooms / Formal Dining and open Kitchen with Breakfast Bar and Nook dining as well / 2 bedrooms and 2 Baths PLUS a Den/office Room / Large laundry Room / 2 car garage / Spacious Covered Patio area with very secluded yard with side City/Mountain Views / Home was freshly painted / Ready to move in home / Make sure to check out the Matterport Virtual Walking tour on the Virtual tour link

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: Sun City Summerlin

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $119k328k

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

Neighborhood: Sun City Summerlin

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21100115012001250130013501400145015001550160016501700Rent in $10671706

* 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
William Lummis Elementary School Primary Regular 555 27 7
Ernest Becker Middle School Middle Regular 1,392 56 NA
Palo Verde High School High Regular 3,024 114 9

William Lummis Elementary School

  • Education Level: Primary
  • # of students: 555
  • # of teachers: 27
7
GreatSchools Rating

Ernest Becker Middle School

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

Palo Verde High School

  • Education Level: High
  • # of students: 3,024
  • # of teachers: 114
9
GreatSchools Rating
 

$386,775$472,725$429,750

PURCHASE PRICE

$1,782$2,178$1,980

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,980
EXPENSES Loan Payment -$1,493
Property Tax -$252
Property Insurance -$66
Property Management Fees -$119
CASH FLOW
$50

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.

$429,750

PROJECTED PRICE

$1,980

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 9.1%
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$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$119,634

INVESTMENT

$119,634

Down Payment
$107,438
Rehab Estimate
$5,750
Closing Costs
$6,446

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,493

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $107,438
Loan Amount $322,313
See What Happens When You Reinvest Cash Flow

6.5

YEARS SAVED

$32,657

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,980

    LIST RENT
  • $0.99

    LIST RENT PER SQFT
  • $2,064

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,8003$1,9804$2,0005$2,200
$2,200
RENT COMPS ANALYSIS
  • 2620 Hanging Rock Drive Las Vegas, NV 3
    • 2 beds 2 baths ∙ 1,999 Sqft ∙ Built 1994 2 beds 2 baths ∙ 1,999 Sqft ∙ Built 1994
    • Rent
    • Rent Per SQFT
    •  
    • $1,980
    • $0.99
    •  
  • 3125 Highland Falls Drive Las Vegas, NV 1
    • 2 beds 1 baths ∙ 1,703 Sqft ∙ Built 1996 2 beds 1 baths ∙ 1,703 Sqft ∙ Built 1996
    LEASED 05/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.03
    •  
  • 9900 Woodhouse Dr Drive Las Vegas, NV 2
    • 2 beds 1 baths ∙ 1,804 Sqft ∙ Built 1993 2 beds 1 baths ∙ 1,804 Sqft ∙ Built 1993
    LEASED 09/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.00
    •  
  • 10713 Alton Downs Drive Las Vegas, NV 4
    • 2 beds 1 baths ∙ 1,843 Sqft ∙ Built 1995 2 beds 1 baths ∙ 1,843 Sqft ∙ Built 1995
    LEASED 12/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.09
    •  
  • 10337 Villa Ridge Drive Las Vegas, NV 5
    • 2 beds 2 baths ∙ 2,176 Sqft ∙ Built 1999 2 beds 2 baths ∙ 2,176 Sqft ∙ Built 1999
    LEASED 01/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.01
    •  
PROPERTY LISTING DETAILS
Brian E Wedewer
1.702.256.8888
Bhhs Nevada Properties
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2263823
Last Updated: 01/23/2021
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