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2877 Red Springs Drive Las Vegas, NV 89135

3 Beds 3 Baths 2,508 sqft Built 2000

$799,900

List Price

$3,250

$3K - $3.5K

Rent Est.

PROPERTY INFO

November 08, 2020 RECENTLY ADDED
FACTS
  • Built In 2000
  • Price/Sqft : $318.94
  • 2 Days on Market
  • MLS # : 2246621
  • Updated Date : 11/07/2020 at 20:01
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,508 sqft
  • Baths : 2 full , 1 half
Listing Agent

Wynn Realty Group

Listing Agent's Description

** BEAUTIFUL RED ROCK COUNTRY CLUB 1 STORY HOME ON THE GOLF COURSE WITH SPECTACULAR LUSH GOLF COURSE AND MOUNTAIN VIEWS.** THIS LOVLEY HOME FEATURES 3 BEDROOMS , 4 BATHROOMS AND AN OFFICE SPACE WITH BUILT IN SHELVING AND AN EIGHT FOOT BARN DOOR THAT CAN BE USED AS THE 4TH BEDROOM. 3 CAR GARAGE WITH RACK MASTERS GARAGE STORAGE AND EPOXY FLOOR. BRIGHT OPEN FLOOR PLAN WITH SPACIOUS KITCHEN /LARGE GRANITE COUNTERS AND LOTS OF CABINETS . ALL BEDROOMS HAVE PRIVATE BATHROOMS AND MASTER IS SEPARATED FROM OTHERS WITH MILGARD FRENCH DOORS TO WALK-OUT PATIO. BEAUTIFUL FINISHES , ROCK FACADE ON INTERIOR WALLS , MOTORIZED WINDOW SHADES , NEW WATER SOFTENER, WATER HEATER, AND NEW OUTDOOR HURRICANE SHUTTERS . BEAUTIFUL PRIVATE COURTYARD IN FRONT WITH LOTS OF PLANTS AND IRON FENCING IN THE BACKYARD WITH NEW ROCK FIRE-PIT, NATURAL GAS HOOKUP PLACED FOR BBQ AND MUCH MORE. A MUST SEE!!

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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
 

$719,910$879,890$799,900

PURCHASE PRICE

$2,925$3,575$3,250

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,250
EXPENSES Loan Payment -$2,951
Property Tax -$552
Property Insurance -$76
Property Management Fees -$119
CASH FLOW
-$448

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.

$799,900

PROJECTED PRICE

$3,250

PROJECTED RENT

0.41%

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-$10k$0.0$10k$20k$30k

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$217,724

INVESTMENT

$217,724

Down Payment
$199,975
Rehab Estimate
$5,750
Closing Costs
$11,999

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,951

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $199,975
Loan Amount $599,925
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$31,283

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,250

    LIST RENT
  • $1.3

    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$3,250
$3,250
RENT COMPS ANALYSIS
  • 2877 Red Springs Drive Las Vegas, NV 5
    • 3 beds 3 baths ∙ 2,508 Sqft ∙ Built 2000 3 beds 3 baths ∙ 2,508 Sqft ∙ Built 2000
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,250
    • $1.30
    •  
  • 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
    property image
    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
    property image
    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
    property image
    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
    property image
    LEASED 11/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.97
    •  
PROPERTY LISTING DETAILS
Mirela Ionescu
1.702.326.8637
Wynn Realty Group
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2246621
Last Updated: 11/07/2020
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