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3011 Full Lotus Drive Las Vegas, NV 89138

3 Beds 3 Baths 2,430 sqft Built 2019

INVESTimate

$674,900

List Price

$2,390

$2,151 - $2,629

Rent Est.

$729,837  ( +8.14%)   1 YR EST. FORECAST

PROPERTY INFO

Built 2019 NEW CONSTRUCTION
August 23, 2020 RECENTLY ADDED
FACTS
  • Built In 2019
  • Price/Sqft : $277.74
  • 4 Days on Market
  • MLS # : 2223820
  • Updated Date : 08/23/2020 at 10:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,430 sqft
  • Baths : 2 full , 1 half
Listing Agent

Nexthome Community Real Estate

Listing Agent's Description

STUNNING SINGLE STORY IN PRESTIGIOUS GUARD GATED REVERENCE. EXPANDED VERONA MODEL ON PREMIUM MOUNTAIN VIEW LOT BOASTS OVER 2400 SQFT, 3 BED/2.5 BATH, 10' CEILINGS, CLEAN & STYLISH BACKYARD COMPLETE WITH MALIBU LIGHTS, SYNTHETIC TURF, FOUNTAIN, GENEROUS PATIO SPACE ALL MANICURED TO PERFECTION. KITCHEN W/SOLID WOOD CABINETS, SOFT CLOSE DOORS/DRAWERS, QUARTZ COUNTERTOPS, WALK IN PANTRY, CANOPY HOOD, 5 BURNER COOKTOP, UPGRADED HARDWARE & FIXTURES. DINING ROOM COMPLETE W/CROWN MOULDING, WET BAR + WINE FRIDGE. OVERSIZED LAUNDRY FEATURES CABINETRY, QUARTZ COUNTERTOPS & SINK. OVERSIZED MASTER SPACIOUS ENOUGH TO ACCOMMODATE LOUNGE AREA, ENSUITE BATH W/OVERSIZED SHOWER & RAIN SHOWER HEAD, SOAKING TUB, SEPARATE DUAL SINKS + MAKE UP VANITY - A CUSTOM CLOSET COMPLETES THE MASTER SUITE. SPLIT BEDROOM DESIGN PLACES 2 ADD'L BEDROOMS AT THE FRONT. DON'T MISS THE COMMUNITY AMENITIES FEATURING RESIDENT ONLY FITNESS CENTER, 2 POOLS, HOT TUB, REC ROOM, PATIO W/FIRE PIT & FULL STRIP VIEWS! OWNER|LICENSEE

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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

Zip Code: 89138

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $119k476k

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

Zip Code: 89138

ZipNIR Market*CityMarket2010Year20002019 Q21200140016001800200022002400Rent in $10762575

* 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
William Lummis Elementary School Primary Regular 555 27 7
Ernest Becker Middle School Middle Regular 1,392 56 NA
Palo Verde High School High Regular 3,024 114 9

William Lummis Elementary School

  • Education Level: Primary
  • # of students: 555
  • # of teachers: 27
7
GreatSchools Rating

Ernest Becker Middle School

  • Education Level: Middle
  • # of students: 1,392
  • # of teachers: 56
NA
GreatSchools Rating

Palo Verde High School

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

$607,410$742,390$674,900

PURCHASE PRICE

$2,151$2,629$2,390

RENT

DOWN PAYMENT
FINANCING

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,390
EXPENSES Loan Payment -$2,490
Property Tax -$603
Property Insurance -$74
HOA -$210
Property Management Fees -$119
CASH FLOW
-$1,107

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 11% of earned rent to cover both maintenance and periods of vacancy.

$674,900

PROJECTED PRICE

$2,390

PROJECTED RENT

0.35%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.05%
Appreciation Year (1-5) 8.14%
Maintenance Year (1-5) 3.00%
Vacancy 7.57%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$180,849

INVESTMENT

$180,849

Down Payment
$168,725
Rehab Estimate
$2,000
Closing Costs
$10,124

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,490

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $168,725
Loan Amount $506,175
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$79

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,390

    LIST RENT
  • $0.98

    LIST RENT PER SQFT
  • $2,199

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,825
1$1,8252$1,9503$2,3904$2,6005$2,600
$2,600
RENT COMPS ANALYSIS
  • 3011 Full Lotus Drive Las Vegas, NV 3
    • 3 beds 3 baths ∙ 2,430 Sqft ∙ Built 2019 3 beds 3 baths ∙ 2,430 Sqft ∙ Built 2019
    • Rent
    • Rent Per SQFT
    •  
    • $2,390
    • $0.98
    •  
  • 10597 Danielson Avenue Las Vegas, NV 1
    • 4 beds 3 baths ∙ 2,198 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,198 Sqft ∙ Built 2006
    LEASED 11/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,825
    • $0.83
    •  
  • 10565 Griffin Las Vegas, NV 2
    • 4 beds 2 baths ∙ 2,424 Sqft ∙ Built 2013 4 beds 2 baths ∙ 2,424 Sqft ∙ Built 2013
    LEASED 05/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.80
    •  
  • 2641 Iron Crest Lane Las Vegas, NV 4
    • 3 beds 3 baths ∙ 2,648 Sqft ∙ Built 2018 3 beds 3 baths ∙ 2,648 Sqft ∙ Built 2018
    LEASED 02/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.98
    •  
  • 2604 Iron Crest Lane Las Vegas, NV 5
    • 3 beds 3 baths ∙ 2,564 Sqft ∙ Built 2017 3 beds 3 baths ∙ 2,564 Sqft ∙ Built 2017
    LEASED 04/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.01
    •  
PROPERTY LISTING DETAILS
Michael Johnson
1.702.335.7440
Nexthome Community Real Estate
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2223820
Last Updated: 08/23/2020
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