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3067 Red Springs Drive Las Vegas, NV 89135

2 Beds 2 Baths 2,160 sqft Built 2001

$749,000

List Price

$4,890

$4.6K - $5.1K

Rent Est.

PROPERTY INFO

January 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $346.76
  • 4 Days on Market
  • MLS # : 2261373
  • Updated Date : 01/15/2021 at 23:07
CONSTRUCTION
  • Beds : 2
  • Floor Size : 2,160 sqft
  • Baths : 1 full , 1 half
Listing Agent

Synergy Sothebys Int'l Realty

Listing Agent's Description

GORGEOUS SINGLE STORY WITH GOLF COURSE & MOUNTAIN VIEWS*2 SPACIOUS BEDRMS PLUS OFFICE/DEN*KITCHEN HAS QUARTZ COUNTERS,CUSTOM BACK SPLASH, BREAKFAST BAR , STAINLESS APPLIANCES INCLUDES DOUBLE OVENS & MICROWAVE**REMODELED & UPDATED THRU OUT*GREAT RM HAS FIREPLACE, WETBAR & WINE REFRIGERATOR* REMODELED BATHS*LGE BACK YD WITH COVERED PATIO *WIRED FOR ALARM**SURROUND SOUND**CROWN MOLDING*CLEAR VIEW SCREENS

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: Red Rock Country Club at Summerlin

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900k1000kPrice in $119k1065k

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

Neighborhood: Red Rock Country Club at Summerlin

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21500200025003000350040004500Rent in $10764918

* 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
Judy And John Goolsby Elementary School Primary Regular 807 42 10
Victoria Fertitta Middle School Middle Regular 1,472 60 NA
Palo Verde High School High Regular 3,024 114 9

Judy And John Goolsby Elementary School

  • Education Level: Primary
  • # of students: 807
  • # of teachers: 42
10
GreatSchools Rating

Victoria Fertitta Middle School

  • Education Level: Middle
  • # of students: 1,472
  • # of teachers: 60
NA
GreatSchools Rating

Palo Verde High School

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

$674,100$823,900$749,000

PURCHASE PRICE

$4,401$5,379$4,890

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,890
EXPENSES Loan Payment -$2,602
Property Tax -$1,432
Property Insurance -$69
Property Management Fees -$119
CASH FLOW
$668

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.

$749,000

PROJECTED PRICE

$4,890

PROJECTED RENT

0.65%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.75%
Appreciation Year (1-5) 4.3%
Maintenance Year (1-5) 8.00%
Vacancy 7.56%
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$0.0$10k$20k$30k$40k$50k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$204,235

INVESTMENT

$204,235

Down Payment
$187,250
Rehab Estimate
$5,750
Closing Costs
$11,235

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$2,602

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $187,250
Loan Amount $561,750
See What Happens When You Reinvest Cash Flow

10.5

YEARS SAVED

$115,040

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,890

    LIST RENT
  • $2.26

    LIST RENT PER SQFT
  • $2,084

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,784
1$1,7842$2,4503$4,890
$4,890
RENT COMPS ANALYSIS
  • 3067 Red Springs Drive Las Vegas, NV 3
    • 2 beds 2 baths ∙ 2,160 Sqft ∙ Built 2001 2 beds 2 baths ∙ 2,160 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $4,890
    • $2.26
    •  
  • 3668 Australian Cloud Las Vegas, NV 1
    • 2 beds 2 baths ∙ 1,885 Sqft ∙ Built 2003 2 beds 2 baths ∙ 1,885 Sqft ∙ Built 2003
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,784
    • $0.95
    •  
  • 11251 Merado Peak Drive #0 Las Vegas, NV 2
    • 2 beds 3 baths ∙ 2,501 Sqft ∙ Built 2005 2 beds 3 baths ∙ 2,501 Sqft ∙ Built 2005
    LEASED 12/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $0.98
    •  
PROPERTY LISTING DETAILS
Elaine A Chernine
1.702.596.2156
Synergy Sothebys Int'l Realty
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2261373
Last Updated: 01/15/2021
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