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3025 Merimar Drive Las Vegas, NV 89134

2 Beds 1 Baths 1,119 sqft Built 1989

$300,000

List Price

$1,380

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

December 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1989
  • Price/Sqft : $268.10
  • 3 Days on Market
  • MLS # : 2254920
  • Updated Date : 12/12/2020 at 10:12
CONSTRUCTION
  • Beds : 2
  • Floor Size : 1,119 sqft
  • Baths : 1 full
Listing Agent

Simply Vegas

Listing Agent's Description

This Sonora model in the sought after Sun City Summerlin community is situated on a fabulous oversized lot. It boasts mature landscaping, a covered patio, putting green, and a partially fenced backyard. New neutral paint and beautiful new flooring throughout. The amazing living and dining room provide plenty of natural light. All appliances included. Ceiling fans in all rooms. This wonderful home is a must-see!

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: 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
 

$270,000$330,000$300,000

PURCHASE PRICE

$1,242$1,518$1,380

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,380
EXPENSES Loan Payment -$1,107
Property Tax -$177
Property Insurance -$49
Property Management Fees -$119
CASH FLOW
-$71

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.

$300,000

PROJECTED PRICE

$1,380

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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,250

INVESTMENT

$85,250

Down Payment
$75,000
Rehab Estimate
$5,750
Closing Costs
$4,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,107

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $75,000
Loan Amount $225,000
See What Happens When You Reinvest Cash Flow

4.92

YEARS SAVED

$17,409

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,380

    LIST RENT
  • $1.23

    LIST RENT PER SQFT
  • $1,119

    COMP ESTIMATED VALUE
  • $1

    COMP AVG. RENT PER SQFT
Comps Range
$1,100
1$1,1002$1,2503$1,2754$1,2755$1,380
$1,380
RENT COMPS ANALYSIS
  • 3025 Merimar Drive Las Vegas, NV 5
    • 2 beds 1 baths ∙ 1,119 Sqft ∙ Built 1989 2 beds 1 baths ∙ 1,119 Sqft ∙ Built 1989
    • Rent
    • Rent Per SQFT
    •  
    • $1,380
    • $1.23
    •  
  • 3151 Soaring Gulls Drive #2029 Las Vegas, NV 1
    • 2 beds 2 baths ∙ 1,074 Sqft ∙ Built 1989 2 beds 2 baths ∙ 1,074 Sqft ∙ Built 1989
    LEASED 12/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $1.02
    •  
  • 8433 Sewards Bluff Avenue Las Vegas, NV 2
    • 2 beds 2 baths ∙ 1,281 Sqft ∙ Built 1997 2 beds 2 baths ∙ 1,281 Sqft ∙ Built 1997
    LEASED 09/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.98
    •  
  • 8412 Indigo Sky Avenue Las Vegas, NV 3
    • 2 beds 2 baths ∙ 1,281 Sqft ∙ Built 1999 2 beds 2 baths ∙ 1,281 Sqft ∙ Built 1999
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,275
    • $1.00
    •  
  • 8456 Wandering Sun Avenue #0 Las Vegas, NV 4
    • 2 beds 2 baths ∙ 1,281 Sqft ∙ Built 1999 2 beds 2 baths ∙ 1,281 Sqft ∙ Built 1999
    LEASED 10/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,275
    • $1.00
    •  
PROPERTY LISTING DETAILS
Alexandria Mcgurk
1.702.807.7044
Simply Vegas
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2254920
Last Updated: 12/12/2020
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