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3311 Riley Street Las Vegas, NV 89117

3 Beds 2 Baths 1,901 sqft Built 1991

$350,000

List Price

$1,730

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

October 30, 2020 RECENTLY ADDED
FACTS
  • Built In 1991
  • Price/Sqft : $184.11
  • 5 Days on Market
  • MLS # : 2243543
  • Updated Date : 10/30/2020 at 14:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,901 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Premier

Listing Agent's Description

SINGLE STORY PERFECTLY LOCATED W/ OPEN FLOOR CONCEPT, NATURAL LIGHT & **NO HOA**. THE HOME FEATURES 3 BEDS & 2 FULL BATHS. LARGE GREAT ROOM UPON ENTERING W/ VAULTED CEILINGS & WET BAR. OPEN KITCHEN W/ TILE FLOORING. LARGE PRIMARY BEDROOM VAULTED CEILING, DUAL CLOSETS & BATHROOM W/ SEPARATE TUB, SHOWER & DUAL SINKS. ENJOY TIME IN YOUR BACKYARD W/COVERED PATIO. GREAT LOCATION NEAR SHOPPING & DESERT BREEZE PARK.

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: Spring Valley

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $119k296k

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

Neighborhood: Spring Valley

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2105011001150120012501300135014001450150015501600Rent in $10381606

* 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
Patricia A Bendorf. Elementary School Primary Regular 707 36 9
Lawrence Junior High School Middle Regular 1,421 61 NA
Spring Valley High School High Regular 1,925 79 4

Patricia A Bendorf. Elementary School

  • Education Level: Primary
  • # of students: 707
  • # of teachers: 36
9
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
 

$315,000$385,000$350,000

PURCHASE PRICE

$1,557$1,903$1,730

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,730
EXPENSES Loan Payment -$1,291
Property Tax -$214
Property Insurance -$64
Property Management Fees -$119
CASH FLOW
$41

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.

$350,000

PROJECTED PRICE

$1,730

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 9.9%
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$98,500

INVESTMENT

$98,500

Down Payment
$87,500
Rehab Estimate
$5,750
Closing Costs
$5,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,291

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $87,500
Loan Amount $262,500
See What Happens When You Reinvest Cash Flow

6.58

YEARS SAVED

$32,053

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,730

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,559

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,550
1$1,5502$1,5553$1,5954$1,6005$1,730
$1,730
RENT COMPS ANALYSIS
  • 3311 Riley Street Las Vegas, NV 5
    • 3 beds 2 baths ∙ 1,901 Sqft ∙ Built 1991 3 beds 2 baths ∙ 1,901 Sqft ∙ Built 1991
    • Rent
    • Rent Per SQFT
    •  
    • $1,730
    • $0.91
    •  
  • 3396 Diego Bay Circle Las Vegas, NV 1
    • 3 beds 2 baths ∙ 1,901 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,901 Sqft ∙ Built 1993
    LEASED 11/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.82
    •  
  • 3327 Popcorn Flower Street Las Vegas, NV 2
    • 4 beds 3 baths ∙ 1,829 Sqft ∙ Built 2006 4 beds 3 baths ∙ 1,829 Sqft ∙ Built 2006
    LEASED 08/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,555
    • $0.85
    •  
  • 3340 Century Plant Street Las Vegas, NV 3
    • 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 4
    • 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
    •  
PROPERTY LISTING DETAILS
Necia Bunnell
1.801.358.6593
Coldwell Banker Premier
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2243543
Last Updated: 10/30/2020
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