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2806 Paradise Isle Avenue North Las Vegas, NV 89031

5 Beds 4 Baths 2,876 sqft Built 2002

$434,900

List Price

$1,880

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

January 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $151.22
  • 5 Days on Market
  • MLS # : 2261140
  • Updated Date : 01/16/2021 at 00:50
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,876 sqft
  • Baths : 3 full , 1 half
Listing Agent

Keller Williams Realty Sw

Listing Agent's Description

Welcome to 2806 Paradise Isle, quite possibly the nicest renovation this neighborhood has ever seen. Special care was taken in modernizing not just the cosmetic materials that make the new kitchen and bathrooms sparkle, but the mechanicals, roof, windows, plumbing, and electrical were also brought up to today's standards where needed. Don't let the stunning design choices distract you from the incredibly functional layout. With 5 bedrooms, including dual Owner's suites upstairs and down, plus a loft and spacious living and family rooms, this home offers the versatility many seek in this new era of working and schooling from home. Aside from the modernization of the interior finishes, the uniqueness carries to the backyard where you'll find a brand new 30'x10' covered patio, refinished decking around the replastered pool, freshly painted perimeter walls, and a new utility gate that opens from the front yard to the EXPANSIVE side yard, which can accommodate your wildest outdoor dreams!

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: Tierra de las Palmas

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $84k296k

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

Neighborhood: Tierra de las Palmas

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000105011001150120012501300135014001450150015501600Rent in $9621603

* 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
Steve Cozine Elementary School Primary Regular 773 41 5
Brian And Teri Cram Middle School Middle Regular 1,568 65 NA
Cheyenne High School High Regular 2,212 91 2

Steve Cozine Elementary School

  • Education Level: Primary
  • # of students: 773
  • # of teachers: 41
5
GreatSchools Rating

Brian And Teri Cram Middle School

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

Cheyenne High School

  • Education Level: High
  • # of students: 2,212
  • # of teachers: 91
2
GreatSchools Rating
 

$391,410$478,390$434,900

PURCHASE PRICE

$1,692$2,068$1,880

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,880
EXPENSES Loan Payment -$1,511
Property Tax -$333
Property Insurance -$83
Property Management Fees -$119
CASH FLOW
-$166

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.

$434,900

PROJECTED PRICE

$1,880

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 13.7%
Maintenance Year (1-5) 8.00%
Vacancy 8.50%
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$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$120,999

INVESTMENT

$120,999

Down Payment
$108,725
Rehab Estimate
$5,750
Closing Costs
$6,524

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,511

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $108,725
Loan Amount $326,175
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$11,892

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,880

    LIST RENT
  • $0.65

    LIST RENT PER SQFT
  • $1,726

    COMP ESTIMATED VALUE
  • $0.6

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,6953$1,7004$1,8005$1,880
$1,880
RENT COMPS ANALYSIS
  • 2806 Paradise Isle Avenue North Las Vegas, NV 5
    • 5 beds 4 baths ∙ 2,876 Sqft ∙ Built 2002 5 beds 4 baths ∙ 2,876 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $1,880
    • $0.65
    •  
  • 5049 Cayman Beach Street North Las Vegas, NV 1
    • 4 beds 3 baths ∙ 2,699 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,699 Sqft ∙ Built 2000
    LEASED 02/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.59
    •  
  • 2421 Paradise Isle Avenue North Las Vegas, NV 2
    • 5 beds 4 baths ∙ 2,876 Sqft ∙ Built 2001 5 beds 4 baths ∙ 2,876 Sqft ∙ Built 2001
    LEASED 02/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.59
    •  
  • 3608 Back Country Drive North Las Vegas, NV 3
    • 5 beds 3 baths ∙ 2,877 Sqft ∙ Built 2004 5 beds 3 baths ∙ 2,877 Sqft ∙ Built 2004
    LEASED 01/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.59
    •  
  • 5527 Megan Faye Street North Las Vegas, NV 4
    • 5 beds 3 baths ∙ 2,877 Sqft ∙ Built 2004 5 beds 3 baths ∙ 2,877 Sqft ∙ Built 2004
    LEASED 09/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.63
    •  
PROPERTY LISTING DETAILS
Mark D Wiley
1.702.499.1915
Keller Williams Realty Sw
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2261140
Last Updated: 01/16/2021
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