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3112 Spring City Avenue North Las Vegas, NV 89081

3 Beds 3 Baths 1,675 sqft Built 2006

$272,500

List Price

$1,310

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $162.69
  • 4 Days on Market
  • MLS # : 2253692
  • Updated Date : 12/05/2020 at 10:33
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,675 sqft
  • Baths : 2 full , 1 half
Listing Agent

Urban Nest Realty

Listing Agent's Description

Welcome Home! Super clean well-maintained home with park across the street. Home features open floor concept downstairs with updated flooring, cabinets, custom butcher block island, and large kitchen sink with brand-new stainless-steel refrigerator. Nice upstairs loft with secondary bedrooms separate from the primary bedroom. Large backyard with custom deck, fruit trees, and low maintenance landscaping! Garage door opener replaced in 2020. New Water Heater in 2018. New AC unit in 2017. All appliances included! Conveniently located near Restaurants and Shopping, with easy access to the I-215 and the I-15.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Shadow Springs

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300kPrice in $84k307k

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

Neighborhood: Shadow Springs

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000105011001150120012501300135014001450150015501600Rent in $9651603

* 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
John Tartan Elementary School Primary Regular 637 37 3
Carroll M Johnston Middle School Middle Regular 1,365 58 NA
Legacy High School High Regular 2,819 119 3

John Tartan Elementary School

  • Education Level: Primary
  • # of students: 637
  • # of teachers: 37
3
GreatSchools Rating

Carroll M Johnston Middle School

  • Education Level: Middle
  • # of students: 1,365
  • # of teachers: 58
NA
GreatSchools Rating

Legacy High School

  • Education Level: High
  • # of students: 2,819
  • # of teachers: 119
3
GreatSchools Rating
 

$245,250$299,750$272,500

PURCHASE PRICE

$1,179$1,441$1,310

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,310
EXPENSES Loan Payment -$1,005
Property Tax -$217
Property Insurance -$60
Property Management Fees -$119
CASH FLOW
-$91

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.

$272,500

PROJECTED PRICE

$1,310

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 10.7%
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$12k

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$77,963

INVESTMENT

$77,963

Down Payment
$68,125
Rehab Estimate
$5,750
Closing Costs
$4,088

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,005

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $68,125
Loan Amount $204,375
See What Happens When You Reinvest Cash Flow

3.92

YEARS SAVED

$10,800

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,310

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $1,394

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,310
1$1,3102$1,3253$1,3954$1,4505$1,550
$1,550
RENT COMPS ANALYSIS
  • 3112 Spring City Avenue North Las Vegas, NV 1
    • 3 beds 3 baths ∙ 1,675 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,675 Sqft ∙ Built 2006
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,310
    • $0.78
    •  
  • 6245 Capehart Falls Street North Las Vegas, NV 2
    • 3 beds 2 baths ∙ 1,674 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,674 Sqft ∙ Built 2006
    property image
    LEASED 02/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $0.79
    •  
  • 6231 Tazewell Court Las Vegas, NV 3
    • 3 beds 3 baths ∙ 1,675 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,675 Sqft ∙ Built 2005
    property image
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.83
    •  
  • 2872 Vigilante Court #0 North Las Vegas, NV 4
    • 4 beds 2 baths ∙ 1,787 Sqft ∙ Built 2005 4 beds 2 baths ∙ 1,787 Sqft ∙ Built 2005
    property image
    LEASED 04/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.81
    •  
  • 3425 Palatine Hills Avenue North Las Vegas, NV 5
    • 3 beds 2 baths ∙ 1,728 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,728 Sqft ∙ Built 2005
    property image
    LEASED 10/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.90
    •  
PROPERTY LISTING DETAILS
Marisa Bilkiss
1.949.307.4477
Urban Nest Realty
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2253692
Last Updated: 12/05/2020
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