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3101 Mediterranean Drive Las Vegas, NV 89117

4 Beds 3 Baths 1,895 sqft Built 1987

$359,900

List Price

$1,640

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 1987
  • Price/Sqft : $189.92
  • 4 Days on Market
  • MLS # : 2246006
  • Updated Date : 11/07/2020 at 12:25
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,895 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Realty Sw

Listing Agent's Description

This is the one! Amazing 4 bed 2.5 bath with pool and spa in The Lakes, what are you waiting for! Home features new paint, new carpet, newer a/c, water filtration system, granite counters, breakfast bar...but wait until you see the back yard! Perfect for entertaining, enjoy the covered patio, take a dip in the pool, relax in the spa, and enjoy the serenity and privacy in your own little paradise.

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: West Sahara

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $119k308k

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

Neighborhood: West Sahara

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001150120012501300135014001450150015501600Rent in $10621618

* 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
M.j. Christensen Elementary School Primary Regular 615 34 6
Lawrence Junior High School Middle Regular 1,421 61 NA
Spring Valley High School High Regular 1,925 79 4

M.j. Christensen Elementary School

  • Education Level: Primary
  • # of students: 615
  • # of teachers: 34
6
GreatSchools Rating

Lawrence Junior High School

  • Education Level: Middle
  • # of students: 1,421
  • # of teachers: 61
NA
GreatSchools Rating

Spring Valley High School

  • Education Level: High
  • # of students: 1,925
  • # of teachers: 79
4
GreatSchools Rating
 

$323,910$395,890$359,900

PURCHASE PRICE

$1,476$1,804$1,640

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,640
EXPENSES Loan Payment -$1,328
Property Tax -$234
Property Insurance -$64
Property Management Fees -$119
CASH FLOW
-$105

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.

$359,900

PROJECTED PRICE

$1,640

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 10.0%
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$1.4M

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$101,124

INVESTMENT

$101,124

Down Payment
$89,975
Rehab Estimate
$5,750
Closing Costs
$5,399

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,328

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $89,975
Loan Amount $269,925
See What Happens When You Reinvest Cash Flow

4.5

YEARS SAVED

$18,683

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,640

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $1,620

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,535
1$1,5352$1,5953$1,6004$1,6405$1,750
$1,750
RENT COMPS ANALYSIS
  • 3101 Mediterranean Drive Las Vegas, NV 4
    • 4 beds 3 baths ∙ 1,895 Sqft ∙ Built 1987 4 beds 3 baths ∙ 1,895 Sqft ∙ Built 1987
    • Rent
    • Rent Per SQFT
    •  
    • $1,640
    • $0.87
    •  
  • 8456 Regal Hills Court Las Vegas, NV 1
    • 3 beds 4 baths ∙ 1,710 Sqft ∙ Built 2001 3 beds 4 baths ∙ 1,710 Sqft ∙ Built 2001
    LEASED 07/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,535
    • $0.90
    •  
  • 3340 Century Plant Street Las Vegas, NV 2
    • 4 beds 3 baths ∙ 1,956 Sqft ∙ Built 2006 4 beds 3 baths ∙ 1,956 Sqft ∙ Built 2006
    LEASED 10/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.82
    •  
  • 3308 Mariner Bay Street Las Vegas, NV 3
    • 4 beds 3 baths ∙ 2,034 Sqft ∙ Built 1986 4 beds 3 baths ∙ 2,034 Sqft ∙ Built 1986
    LEASED 01/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.79
    •  
  • 3040 Misty Harbour Drive Las Vegas, NV 5
    • 3 beds 3 baths ∙ 1,929 Sqft ∙ Built 1989 3 beds 3 baths ∙ 1,929 Sqft ∙ Built 1989
    LEASED 10/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.91
    •  
PROPERTY LISTING DETAILS
David B Martin
1.702.245.3360
Keller Williams Realty Sw
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2246006
Last Updated: 11/07/2020
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