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2878 Glass Vine Court Las Vegas, NV 89117

3 Beds 3 Baths 1,841 sqft Built 2014

INVESTimate

$350,000

List Price

$1,680

$1,512 - $1,848

Rent Est.

$383,250  ( +9.50%)   1 YR EST. FORECAST

PROPERTY INFO

August 25, 2020 RECENTLY ADDED
FACTS
  • Built In 2014
  • Price/Sqft : $190.11
  • 2 Days on Market
  • MLS # : 2224500
  • Updated Date : 08/25/2020 at 16:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,841 sqft
  • Baths : 2 full , 1 half
Listing Agent

Forever Home Realty

Listing Agent's Description

Location Location Location! 3 bedroom 2 and a half bathroom on a corner lot. Large master bedroom with a huge closet and a balcony. Spacious open floor plan with a lot to love!

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MARKET HIGHLIGHTS

  • 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)
  • As the largest share, Las Vegas metro contributes to 75.1% of Nevada state's economy i.e. Gross State Product (USMayors.org, 2018)

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
Herbert A. Derfelt Elementary School Primary Regular 699 34 6
Lawrence Junior High School Middle Regular 1,421 61 NA
Spring Valley High School High Regular 1,925 79 4

Herbert A. Derfelt Elementary School

  • Education Level: Primary
  • # of students: 699
  • # of teachers: 34
6
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
 

$315,000$385,000$350,000

PURCHASE PRICE

$1,512$1,848$1,680

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,680
EXPENSES Loan Payment -$1,291
Property Tax -$260
Property Insurance -$63
HOA -$56
Property Management Fees -$119
CASH FLOW
-$109

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.

$350,000

PROJECTED PRICE

$1,680

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 9.50%
Maintenance Year (1-5) 8.00%
Vacancy 7.63%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$98,500

INVESTMENT

$98,500

Down Payment
$87,500
Rehab Estimate
$5,750
Closing Costs
$5,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,291

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $87,500
Loan Amount $262,500
See What Happens When You Reinvest Cash Flow

4.25

YEARS SAVED

$16,546

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,680

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,685

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,6503$1,6504$1,6805$1,699
$1,699
RENT COMPS ANALYSIS
  • 2878 Glass Vine Court Las Vegas, NV 4
    • 3 beds 3 baths ∙ 1,841 Sqft ∙ Built 2014 3 beds 3 baths ∙ 1,841 Sqft ∙ Built 2014
    • Rent
    • Rent Per SQFT
    •  
    • $1,680
    • $0.91
    •  
  • 8443 Blacktip Avenue Las Vegas, NV 1
    • 3 beds 3 baths ∙ 1,841 Sqft ∙ Built 2014 3 beds 3 baths ∙ 1,841 Sqft ∙ Built 2014
    LEASED 04/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.90
    •  
  • 8446 Spirit Vale Avenue Las Vegas, NV 2
    • 3 beds 3 baths ∙ 1,748 Sqft ∙ Built 2014 3 beds 3 baths ∙ 1,748 Sqft ∙ Built 2014
    LEASED 08/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.94
    •  
  • 2875 Rough Green Street Las Vegas, NV 3
    • 3 beds 3 baths ∙ 1,749 Sqft ∙ Built 2014 3 beds 3 baths ∙ 1,749 Sqft ∙ Built 2014
    LEASED 08/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.94
    •  
  • 8437 Blacktip Avenue Las Vegas, NV 5
    • 4 beds 3 baths ∙ 1,933 Sqft ∙ Built 2014 4 beds 3 baths ∙ 1,933 Sqft ∙ Built 2014
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,699
    • $0.88
    •  
PROPERTY LISTING DETAILS
Raymond R Bellavance
1.702.281.8331
Forever Home Realty
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2224500
Last Updated: 08/25/2020
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