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3024 Lotus Hill Drive Las Vegas, NV 89134

2 Beds 1 Baths 1,653 sqft Built 1992

$359,000

List Price

$1,650

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

January 07, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1992
  • Price/Sqft : $217.18
  • 4 Days on Market
  • MLS # : 2259406
  • Updated Date : 01/08/2021 at 22:11
CONSTRUCTION
  • Beds : 2
  • Floor Size : 1,653 sqft
  • Baths : 1 full
Listing Agent

Wynn Realty Group

Listing Agent's Description

Wonderful single story, 2 bedroom 2 bath "San Marino" model. This home features bamboo flooring throughout. Newer 2020 stainless steel stove, microwave, sink and dishwasher. Corian like kitchen counter tops. Formal dining room with mirrored wall. Living room and family room. Separate laundry room with plenty of storage cabinets. 2 car garage with a divided work space, Culligan reverse osmosis and a water softener. Front and side security screen doors. The back yard features a covered patio, desert landscape that is completey inclosed with wrought iron fencing, great for small pets.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Sun City Summerlin

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $119k328k

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

Neighborhood: Sun City Summerlin

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21100115012001250130013501400145015001550160016501700Rent in $10671706

* 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
 

$323,100$394,900$359,000

PURCHASE PRICE

$1,485$1,815$1,650

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,650
EXPENSES Loan Payment -$1,247
Property Tax -$227
Property Insurance -$59
Property Management Fees -$119
CASH FLOW
-$2

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.

$359,000

PROJECTED PRICE

$1,650

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 9.1%
Maintenance Year (1-5) 8.00%
Vacancy 7.63%
Length of Stay Years 2

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$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$100,885

INVESTMENT

$100,885

Down Payment
$89,750
Rehab Estimate
$5,750
Closing Costs
$5,385

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,247

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $89,750
Loan Amount $269,250
See What Happens When You Reinvest Cash Flow

5.67

YEARS SAVED

$23,012

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,650

    LIST RENT
  • $1

    LIST RENT PER SQFT
  • $1,703

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,6503$1,6504$1,6955$1,695
$1,695
RENT COMPS ANALYSIS
  • 3024 Lotus Hill Drive Las Vegas, NV 3
    • 2 beds 1 baths ∙ 1,653 Sqft ∙ Built 1992 2 beds 1 baths ∙ 1,653 Sqft ∙ Built 1992
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.00
    •  
  • 3001 Cradle Mountain Drive Las Vegas, NV 1
    • 2 beds 2 baths ∙ 1,505 Sqft ∙ Built 1994 2 beds 2 baths ∙ 1,505 Sqft ∙ Built 1994
    LEASED 03/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $1.06
    •  
  • 9828 Rosamond Drive Las Vegas, NV 2
    • 2 beds 2 baths ∙ 1,653 Sqft ∙ Built 1993 2 beds 2 baths ∙ 1,653 Sqft ∙ Built 1993
    LEASED 06/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.00
    •  
  • 9817 Button Willow Drive Las Vegas, NV 4
    • 2 beds 1 baths ∙ 1,653 Sqft ∙ Built 1993 2 beds 1 baths ∙ 1,653 Sqft ∙ Built 1993
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.03
    •  
  • 2737 Lotus Hill Drive Las Vegas, NV 5
    • 2 beds 1 baths ∙ 1,653 Sqft ∙ Built 1992 2 beds 1 baths ∙ 1,653 Sqft ∙ Built 1992
    LEASED 10/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.03
    •  
PROPERTY LISTING DETAILS
Marc A Capri
1.702.768.9670
Wynn Realty Group
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2259406
Last Updated: 01/08/2021
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