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2861 Red Springs Drive Las Vegas, NV 89135

3 Beds 4 Baths 2,508 sqft Built 1999

$775,000

List Price

$2,760

$2.5K - $3K

Rent Est.

PROPERTY INFO

November 20, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $309.01
  • 3 Days on Market
  • MLS # : 2249734
  • Updated Date : 11/20/2020 at 12:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,508 sqft
  • Baths : 3 full , 1 half
Listing Agent

Blackridge Luxury

Listing Agent's Description

Located in Red Rock Country Club, this SPECTACULAR Golf Course SINGLE STORY 2,508SQFT home includes 3 Bedrooms & 3.5 Bathrooms! Featuring and open floorplan with GRANITE COUNTERTOPS in the Kitchen, a BRAND NEW DISHWASHER, REAL WOOD flooring in the common areas, 3 CAR GARAGE with a BRAND NEW Tankless Water Heater and an amazing GOLF COURSE VIEW! The Country Club features a luxurious fitness center, swimming pools, a spa, golfing, member dining halls and tennis courts. Schedule a viewing of this home today! *Various pieces of furniture can be included in the sale* *Virtual Tour Available*

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: Red Rock Country Club at Summerlin

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900k1000kPrice in $119k1065k

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

Neighborhood: Red Rock Country Club at Summerlin

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21500200025003000350040004500Rent in $10764918

* 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
Judy And John Goolsby Elementary School Primary Regular 807 42 10
Victoria Fertitta Middle School Middle Regular 1,472 60 NA
Palo Verde High School High Regular 3,024 114 9

Judy And John Goolsby Elementary School

  • Education Level: Primary
  • # of students: 807
  • # of teachers: 42
10
GreatSchools Rating

Victoria Fertitta Middle School

  • Education Level: Middle
  • # of students: 1,472
  • # of teachers: 60
NA
GreatSchools Rating

Palo Verde High School

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

$697,500$852,500$775,000

PURCHASE PRICE

$2,484$3,036$2,760

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,760
EXPENSES Loan Payment -$2,859
Property Tax -$550
Property Insurance -$76
Property Management Fees -$119
CASH FLOW
-$844

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.

$775,000

PROJECTED PRICE

$2,760

PROJECTED RENT

0.36%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.75%
Appreciation Year (1-5) 4.3%
Maintenance Year (1-5) 8.00%
Vacancy 7.56%
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

PROJECTED ANNUAL CASH FLOW

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

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$211,125

INVESTMENT

$211,125

Down Payment
$193,750
Rehab Estimate
$5,750
Closing Costs
$11,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$2,859

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $193,750
Loan Amount $581,250
See What Happens When You Reinvest Cash Flow

1.33

YEARS SAVED

$6,132

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,760

    LIST RENT
  • $1.1

    LIST RENT PER SQFT
  • $2,301

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$2,025
1$2,0252$2,3003$2,3004$2,4005$2,760
$2,760
RENT COMPS ANALYSIS
  • 2861 Red Springs Drive Las Vegas, NV 5
    • 3 beds 4 baths ∙ 2,508 Sqft ∙ Built 1999 3 beds 4 baths ∙ 2,508 Sqft ∙ Built 1999
    • Rent
    • Rent Per SQFT
    •  
    • $2,760
    • $1.10
    •  
  • 2795 Gallant Hills Drive Las Vegas, NV 1
    • 4 beds 2 baths ∙ 2,455 Sqft ∙ Built 2001 4 beds 2 baths ∙ 2,455 Sqft ∙ Built 2001
    LEASED 12/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,025
    • $0.82
    •  
  • 2814 Gallant Hills Drive #0 Las Vegas, NV 2
    • 3 beds 3 baths ∙ 2,455 Sqft ∙ Built 2001 3 beds 3 baths ∙ 2,455 Sqft ∙ Built 2001
    LEASED 01/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.94
    •  
  • 2789 Gallant Hills Drive Las Vegas, NV 3
    • 4 beds 2 baths ∙ 2,455 Sqft ∙ Built 2001 4 beds 2 baths ∙ 2,455 Sqft ∙ Built 2001
    LEASED 10/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.94
    •  
  • 11308 Rising Ridge Avenue Las Vegas, NV 4
    • 3 beds 3 baths ∙ 2,476 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,476 Sqft ∙ Built 2003
    LEASED 11/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.97
    •  
PROPERTY LISTING DETAILS
Nevin Endy
1.702.524.8787
Blackridge Luxury
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2249734
Last Updated: 11/20/2020
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