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2900 Justice Lane Las Vegas, NV 89107

4 Beds 3 Baths 2,689 sqft Built 1967

$714,900

List Price

$2,090

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

November 20, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1967
  • Price/Sqft : $265.86
  • 3 Days on Market
  • MLS # : 2249588
  • Updated Date : 11/20/2020 at 19:31
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,689 sqft
  • Baths : 2 full , 1 half
Listing Agent

Bhhs Nevada Properties

Listing Agent's Description

Historic, prestigious, guard-gated Rancho Nevada Estates presents a beautiful ranch style home. Single Story, 4 Bed 2.5 bath, ranch estate with a RARE two car garage. Comfortably sitting on a spacious nearly 3/4 acre at the end of a private cul-de-sac. Very Rare! Expansive backyard with a gorgeous pool and electric solar cover. This home boasts a newer remodel, roof and furnace. Elegant hardwood floors with a cozy fireplace. The home has mature landscaping with privacy and functionality. This is a must-see home! 24 hour guard gated community in the historic Alta Rancho Historic District.

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: Rancho Nevada Estates

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $119k585k

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

Neighborhood: Rancho Nevada Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120014001600180020002200240026002800Rent in $10762846

* 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
Howard Wasden Elementary School Primary Regular 632 36 3
Hyde Park Middle School Middle Magnet 1,699 69 NA
Ed W. Clark High School High Magnet 3,066 129 7

Howard Wasden Elementary School

  • Education Level: Primary
  • # of students: 632
  • # of teachers: 36
3
GreatSchools Rating

Hyde Park Middle School

  • Education Level: Middle
  • # of students: 1,699
  • # of teachers: 69
NA
GreatSchools Rating

Ed W. Clark High School

  • Education Level: High
  • # of students: 3,066
  • # of teachers: 129
7
GreatSchools Rating
 

$643,410$786,390$714,900

PURCHASE PRICE

$1,881$2,299$2,090

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,090
EXPENSES Loan Payment -$2,638
Property Tax -$324
Property Insurance -$79
Property Management Fees -$119
CASH FLOW
-$1,070

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.

$714,900

PROJECTED PRICE

$2,090

PROJECTED RENT

0.29%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.05%
Appreciation Year (1-5) 12.1%
Maintenance Year (1-5) 8.00%
Vacancy 7.57%
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-$15k-$10k-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$195,199

INVESTMENT

$195,199

Down Payment
$178,725
Rehab Estimate
$5,750
Closing Costs
$10,724

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$2,638

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $178,725
Loan Amount $536,175
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$207

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,090

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $2,097

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$1,900
1$1,9002$2,0003$2,0004$2,0905$2,300
$2,300
RENT COMPS ANALYSIS
  • 2900 Justice Lane Las Vegas, NV 4
    • 4 beds 3 baths ∙ 2,689 Sqft ∙ Built 1967 4 beds 3 baths ∙ 2,689 Sqft ∙ Built 1967
    • Rent
    • Rent Per SQFT
    •  
    • $2,090
    • $0.78
    •  
  • 805 Chabot Las Vegas, NV 1
    • 5 beds 1 baths ∙ 2,468 Sqft ∙ Built 1963 5 beds 1 baths ∙ 2,468 Sqft ∙ Built 1963
    LEASED 04/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.77
    •  
  • 1131 Strong Drive Las Vegas, NV 2
    • 4 beds 3 baths ∙ 2,591 Sqft ∙ Built 1958 4 beds 3 baths ∙ 2,591 Sqft ∙ Built 1958
    LEASED 12/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.77
    •  
  • 401 Estella Avenue Las Vegas, NV 3
    • 4 beds 3 baths ∙ 2,521 Sqft ∙ Built 1972 4 beds 3 baths ∙ 2,521 Sqft ∙ Built 1972
    LEASED 07/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.79
    •  
  • 3317 Hastings Avenue Las Vegas, NV 5
    • 4 beds 3 baths ∙ 2,896 Sqft ∙ Built 1954 4 beds 3 baths ∙ 2,896 Sqft ∙ Built 1954
    LEASED 10/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.79
    •  
PROPERTY LISTING DETAILS
Ryan Brightwell
1.702.860.9184
Bhhs Nevada Properties
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2249588
Last Updated: 11/20/2020
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