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2845 Buffalo Drive Las Vegas, NV 89117

3 Beds 4 Baths 3,578 sqft Built 1985

$585,000

List Price

$3,300

$3.1K - $3.6K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1985
  • Price/Sqft : $163.50
  • 12 Days on Market
  • MLS # : 2242248
  • Updated Date : 10/31/2020 at 09:42
CONSTRUCTION
  • Beds : 3
  • Floor Size : 3,578 sqft
  • Baths : 3 full , 1 half
Listing Agent

Presidio Real Estate Services

Listing Agent's Description

SECTION 9 AND MOVE IN READY, FRESH PAINT, NEW LAMINATE WOOD AND CARPET, OVERSIZED KITCHEN READY TO ENTERTAIN WITH A CUSTOM COOKTOP, DOUBLE OVENS, GRANITE COUNTERS, MASTER BEDROOM WITH BALCONY, MASTER BATH WITH STEAM SHOWER, 2ND BEDROOM AS A SECOND MASTER WITH ITS OWN BATH AND BALCONY, SUN ROOM, HALF CIRCLE DRIVE FOR EASY ACCESS, RV PARKING, CUSTOM FIRE PIT AREA, CUSTOM FRONT GATE,

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: The Lakes-Country Club

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $119k368k

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

Neighborhood: The Lakes-Country Club

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200140016001800200022002400260028003000Rent in $10763020

* 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
R. Guild Gray Elementary School Primary Regular 521 24 5
Lawrence Junior High School Middle Regular 1,421 61 NA
Spring Valley High School High Regular 1,925 79 4

R. Guild Gray Elementary School

  • Education Level: Primary
  • # of students: 521
  • # of teachers: 24
5
GreatSchools Rating

Lawrence Junior High School

  • Education Level: Middle
  • # of students: 1,421
  • # of teachers: 61
NA
GreatSchools Rating

Spring Valley High School

  • Education Level: High
  • # of students: 1,925
  • # of teachers: 79
4
GreatSchools Rating
 

$526,500$643,500$585,000

PURCHASE PRICE

$2,970$3,630$3,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,300
EXPENSES Loan Payment -$2,158
Property Tax -$369
Property Insurance -$96
Property Management Fees -$119
CASH FLOW
$557

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.

$585,000

PROJECTED PRICE

$3,300

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 9.5%
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$500k$1.0M$1.5M$2.0M$2.5M

PROJECTED ANNUAL CASH FLOW

11530$0.0$10k$20k$30k$40k

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$160,775

INVESTMENT

$160,775

Down Payment
$146,250
Rehab Estimate
$5,750
Closing Costs
$8,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$2,158

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $146,250
Loan Amount $438,750
See What Happens When You Reinvest Cash Flow

10.83

YEARS SAVED

$111,415

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,300

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $3,659

    COMP ESTIMATED VALUE
  • $1.02

    COMP AVG. RENT PER SQFT
Comps Range
$3,300
1$3,3002$3,5003$3,6004$3,6005$3,800
$3,800
RENT COMPS ANALYSIS
  • 2845 Buffalo Drive Las Vegas, NV 1
    • 3 beds 4 baths ∙ 3,578 Sqft ∙ Built 1985 3 beds 4 baths ∙ 3,578 Sqft ∙ Built 1985
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $0.92
    •  
  • 2130 Diamond Bar Drive Las Vegas, NV 2
    • 3 beds 5 baths ∙ 3,847 Sqft ∙ Built 1989 3 beds 5 baths ∙ 3,847 Sqft ∙ Built 1989
    LEASED 05/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $0.91
    •  
  • 7755 Coley Avenue Las Vegas, NV 3
    • 4 beds 3 baths ∙ 3,305 Sqft ∙ Built 1988 4 beds 3 baths ∙ 3,305 Sqft ∙ Built 1988
    LEASED 10/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $1.09
    •  
  • 3025 Monte Cristo Las Vegas, NV 4
    • 4 beds 3 baths ∙ 3,563 Sqft ∙ Built 1984 4 beds 3 baths ∙ 3,563 Sqft ∙ Built 1984
    LEASED 05/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $1.01
    •  
  • 2211 Tenaya Way Las Vegas, NV 5
    • 4 beds 2 baths ∙ 3,505 Sqft ∙ Built 1992 4 beds 2 baths ∙ 3,505 Sqft ∙ Built 1992
    LEASED 06/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $1.08
    •  
PROPERTY LISTING DETAILS
Tiffanee A Dalton
1.702.349.3809
Presidio Real Estate Services
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2242248
Last Updated: 10/31/2020
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