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3042 Sierra Ridge Drive Las Vegas, NV 89156

2 Beds 2 Baths 1,060 sqft Built 1997

$249,900

List Price

$1,090

$981 - $1.2K

Rent Est.

PROPERTY INFO

December 19, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1997
  • Price/Sqft : $235.75
  • 3 Days on Market
  • MLS # : 2256757
  • Updated Date : 12/19/2020 at 12:30
CONSTRUCTION
  • Beds : 2
  • Floor Size : 1,060 sqft
  • Baths : 2 full
Listing Agent

Rustic Properties

Listing Agent's Description

Fully Remodeled Single Story!! NEW! NEW! NEW! 2 bedroom, 2 bath, 2 car garage! All new Kitchen & Bathrooms! Shaker cabinets, Quartz counter tops, Stainless appliances in the kitchen. Sophisticated hardware, premium vinyl plank & carpet throughout. Large patio & yard and solar panels!!! Schedule a private showing today!

SEE MORE

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: Sunrise Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $84k296k

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

Neighborhood: Sunrise Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29501000105011001150120012501300135014001450150015501600Rent in $9491603

* 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
Liliam Lujan Hickey Elementary School Primary Regular 758 34 4
Dr. William H Bob Bailey Middle School Middle Regular 1,202 49 NA
Sunrise Mountain High School High Regular 2,526 113 2

Liliam Lujan Hickey Elementary School

  • Education Level: Primary
  • # of students: 758
  • # of teachers: 34
4
GreatSchools Rating

Dr. William H Bob Bailey Middle School

  • Education Level: Middle
  • # of students: 1,202
  • # of teachers: 49
NA
GreatSchools Rating

Sunrise Mountain High School

  • Education Level: High
  • # of students: 2,526
  • # of teachers: 113
2
GreatSchools Rating
 

$224,910$274,890$249,900

PURCHASE PRICE

$981$1,199$1,090

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,090
EXPENSES Loan Payment -$922
Property Tax -$134
Property Insurance -$48
Property Management Fees -$119
CASH FLOW
-$133

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 17% of earned rent to cover both maintenance and periods of vacancy.

$249,900

PROJECTED PRICE

$1,090

PROJECTED RENT

0.44%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 11.7%
Maintenance Year (1-5) 8.00%
Vacancy 8.50%
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-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$71,974

INVESTMENT

$71,974

Down Payment
$62,475
Rehab Estimate
$5,750
Closing Costs
$3,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$922

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,475
Loan Amount $187,425
See What Happens When You Reinvest Cash Flow

3.25

YEARS SAVED

$7,496

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,090

    LIST RENT
  • $1.03

    LIST RENT PER SQFT
  • $954

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$800
1$8002$8503$9504$1,0905$1,250
$1,250
RENT COMPS ANALYSIS
  • 3042 Sierra Ridge Drive Las Vegas, NV 4
    • 2 beds 2 baths ∙ 1,060 Sqft ∙ Built 1997 2 beds 2 baths ∙ 1,060 Sqft ∙ Built 1997
    • Rent
    • Rent Per SQFT
    •  
    • $1,090
    • $1.03
    •  
  • 6994 Issac #d Las Vegas, NV 1
    • 2 beds 2 baths ∙ 923 Sqft ∙ Built 1983 2 beds 2 baths ∙ 923 Sqft ∙ Built 1983
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $800
    • $0.87
    •  
  • 6947 Dunsbach Way #d Las Vegas, NV 2
    • 2 beds 2 baths ∙ 923 Sqft ∙ Built 1983 2 beds 2 baths ∙ 923 Sqft ∙ Built 1983
    LEASED 05/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $850
    • $0.92
    •  
  • 7084 Burcot Avenue #i22 Las Vegas, NV 3
    • 2 beds 2 baths ∙ 1,080 Sqft ∙ Built 1984 2 beds 2 baths ∙ 1,080 Sqft ∙ Built 1984
    LEASED 10/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $950
    • $0.88
    •  
  • 6585 Bush Clover Lane #0 Las Vegas, NV 5
    • 2 beds 1 baths ∙ 1,350 Sqft ∙ Built 1995 2 beds 1 baths ∙ 1,350 Sqft ∙ Built 1995
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.93
    •  
PROPERTY LISTING DETAILS
Noah Bates
1.702.551.4381
Rustic Properties
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2256757
Last Updated: 12/19/2020
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