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3155 Cardinal Lane Las Vegas, NV 89121

3 Beds 3 Baths 2,372 sqft Built 1977

$370,000

List Price

$1,770

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

January 07, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1977
  • Price/Sqft : $155.99
  • 7 Days on Market
  • MLS # : 2259103
  • Updated Date : 01/08/2021 at 18:21
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,372 sqft
  • Baths : 2 full , 1 half
Listing Agent

Homie Llc

Listing Agent's Description

Welcome home! This beautiful single-story home features a large open floor plan, with 3 spacious bedrooms. With a kitchen that's great for entertaining and 6-inch baseboards with crown-molding. This home is complete with a fantastic covered patio for entertainment by the pool.

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: Paradise

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $112k296k

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

Neighborhood: Paradise

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001150120012501300135014001450150015501600Rent in $10761606

* 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
Lewis E. Rowe Elementary School Primary Regular 657 39 6
C W Woodbury Middle School Middle Regular 902 39 NA
Del Sol High School High Regular 2,051 73 2

Lewis E. Rowe Elementary School

  • Education Level: Primary
  • # of students: 657
  • # of teachers: 39
6
GreatSchools Rating

C W Woodbury Middle School

  • Education Level: Middle
  • # of students: 902
  • # of teachers: 39
NA
GreatSchools Rating

Del Sol High School

  • Education Level: High
  • # of students: 2,051
  • # of teachers: 73
2
GreatSchools Rating
 

$333,000$407,000$370,000

PURCHASE PRICE

$1,593$1,947$1,770

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,770
EXPENSES Loan Payment -$1,285
Property Tax -$165
Property Insurance -$73
Property Management Fees -$119
CASH FLOW
$127

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.

$370,000

PROJECTED PRICE

$1,770

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 9.4%
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$20k

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$103,800

INVESTMENT

$103,800

Down Payment
$92,500
Rehab Estimate
$5,750
Closing Costs
$5,550

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,285

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $92,500
Loan Amount $277,500
See What Happens When You Reinvest Cash Flow

7.67

YEARS SAVED

$36,743

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,770

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $1,785

    COMP ESTIMATED VALUE
  • $0.75

    COMP AVG. RENT PER SQFT
Comps Range
$1,550
1$1,5502$1,5503$1,7704$1,8005$1,800
$1,800
RENT COMPS ANALYSIS
  • 3155 Cardinal Lane Las Vegas, NV 3
    • 3 beds 3 baths ∙ 2,372 Sqft ∙ Built 1977 3 beds 3 baths ∙ 2,372 Sqft ∙ Built 1977
    • Rent
    • Rent Per SQFT
    •  
    • $1,770
    • $0.75
    •  
  • 2646 Diamante Court Las Vegas, NV 1
    • 4 beds 3 baths ∙ 2,069 Sqft ∙ Built 1978 4 beds 3 baths ∙ 2,069 Sqft ∙ Built 1978
    LEASED 02/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.75
    •  
  • 4639 Kristen Lane Las Vegas, NV 2
    • 3 beds 2 baths ∙ 2,081 Sqft ∙ Built 1979 3 beds 2 baths ∙ 2,081 Sqft ∙ Built 1979
    LEASED 05/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.74
    •  
  • 4461 Paseo El Rio Drive Las Vegas, NV 4
    • 3 beds 3 baths ∙ 2,372 Sqft ∙ Built 1978 3 beds 3 baths ∙ 2,372 Sqft ∙ Built 1978
    LEASED 03/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.76
    •  
  • 4643 Latigo Street Las Vegas, NV 5
    • 3 beds 2 baths ∙ 2,354 Sqft ∙ Built 1965 3 beds 2 baths ∙ 2,354 Sqft ∙ Built 1965
    LEASED 09/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.76
    •  
PROPERTY LISTING DETAILS
Karen Gradington
1.702.301.9130
Homie Llc
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2259103
Last Updated: 01/08/2021
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