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3121 Gannon Ridge Avenue North Las Vegas, NV 89081

3 Beds 2 Baths 1,728 sqft Built 2004

$275,000

List Price

$1,380

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

January 21, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $159.14
  • 5 Days on Market
  • MLS # : 2262828
  • Updated Date : 01/22/2021 at 00:32
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,728 sqft
  • Baths : 2 full
Listing Agent

Crown Point Realty, Llc

Listing Agent's Description

Beautiful 1 Story Home In North Las Vegas With 3 Bedrooms And A 2 Car Garage!! Head Inside To Beautiful Laminate Wood Flooring Throughout The Main Living Areas, Fresh Two-Tone Interior Paint, Open Kitchen With An RO System, Ceiling Fans In Each Of The Bedrooms, And So Much More! The Backyard Is Ready For Any Projects You'd Like With A Large Shed, Multiple Planter Boxes, And Lots Of Shrubs And Cacti! LOCATION, LOCATION, LOCATION! This Home Is Close To Everything! Just Minutes From I-15, Right Near John Tartan Elementary And Shadow Creek Golf Course, And Loads Of Shopping And Dining! You Won't Want To Miss Out On This!

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: 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
 

$247,500$302,500$275,000

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 -$955
Property Tax -$225
Property Insurance -$61
Property Management Fees -$119
CASH FLOW
$20

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.

$275,000

PROJECTED PRICE

$1,380

PROJECTED RENT

0.50%

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-$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$78,625

INVESTMENT

$78,625

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

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$955

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $68,750
Loan Amount $206,250
See What Happens When You Reinvest Cash Flow

5.58

YEARS SAVED

$16,624

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
  • $0.8

    LIST RENT PER SQFT
  • $1,400

    COMP ESTIMATED VALUE
  • $0.81

    COMP AVG. RENT PER SQFT
Comps Range
$1,325
1$1,3252$1,3803$1,4504$1,5005$1,550
$1,550
RENT COMPS ANALYSIS
  • 3121 Gannon Ridge Avenue North Las Vegas, NV 2
    • 3 beds 2 baths ∙ 1,728 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,728 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $1,380
    • $0.80
    •  
  • 6245 Capehart Falls Street North Las Vegas, NV 1
    • 3 beds 2 baths ∙ 1,674 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,674 Sqft ∙ Built 2006
    LEASED 02/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $0.79
    •  
  • 2872 Vigilante Court #0 North Las Vegas, NV 3
    • 4 beds 2 baths ∙ 1,787 Sqft ∙ Built 2005 4 beds 2 baths ∙ 1,787 Sqft ∙ Built 2005
    LEASED 04/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.81
    •  
  • 6133 Sydney Bay Court North Las Vegas, NV 4
    • 3 beds 3 baths ∙ 1,839 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,839 Sqft ∙ Built 2005
    LEASED 04/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.82
    •  
  • 3316 Palatine Hills Avenue #0 North Las Vegas, NV 5
    • 4 beds 2 baths ∙ 1,888 Sqft ∙ Built 2005 4 beds 2 baths ∙ 1,888 Sqft ∙ Built 2005
    LEASED 07/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.82
    •  
PROPERTY LISTING DETAILS
Matt Farnham
1.702.530.7289
Crown Point Realty, Llc
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2262828
Last Updated: 01/22/2021
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