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3325 Shipmate Drive Las Vegas, NV 89117

2 Beds 2 Baths 1,284 sqft Built 1988

$320,000

List Price

$1,370

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

February 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1988
  • Price/Sqft : $249.22
  • 4 Days on Market
  • MLS # : 2267923
  • Updated Date : 02/05/2021 at 05:00
CONSTRUCTION
  • Beds : 2
  • Floor Size : 1,284 sqft
  • Baths : 2 full
Listing Agent

Exp Realty

Listing Agent's Description

Beautiful Single-Story Home in the Lakes! Gorgeous curb appeal with real grass and pine trees, walk through the gate into a relaxed courtyard with flowing flowering vines. Huge backyard with oversized covered patio, mature landscaping with a pomegranate and fig tree! Walk into a vaulted open space beaming with natural light, on the left is a large living room with a cozy fireplace, the right is a dining area, kitchen, and breakfast nook. The kitchen has a gorgeous garden window above the kitchen sink. The bedrooms are separated from each other. The primary bedroom is large and its vaulted ceiling adds an airiness to the room, it also has a slider out to the backyard. The heating and air conditioning systems were replaced about two years ago. The washer/dryer can be set up in the kitchen closet or the garage. Premium blinds throughout the home. Come see this home to appreciate all of its unique charms.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • As the largest share, Las Vegas metro contributes to 75.1% of Nevada state's economy i.e. Gross State Product (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: The Section Seven

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $119k377k

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

Neighborhood: The Section Seven

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800Rent in $10761875

* 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
Bonanza High School High Regular 2,003 83 3

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

Bonanza High School

  • Education Level: High
  • # of students: 2,003
  • # of teachers: 83
3
GreatSchools Rating
 

$288,000$352,000$320,000

PURCHASE PRICE

$1,233$1,507$1,370

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,370
EXPENSES Loan Payment -$1,111
Property Tax -$181
Property Insurance -$52
Property Management Fees -$119
CASH FLOW
-$93

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.

$320,000

PROJECTED PRICE

$1,370

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.05%
Appreciation Year (1-5) 8.4%
Maintenance Year (1-5) 8.00%
Vacancy 7.57%
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$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$90,550

INVESTMENT

$90,550

Down Payment
$80,000
Rehab Estimate
$5,750
Closing Costs
$4,800

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,111

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $80,000
Loan Amount $240,000
See What Happens When You Reinvest Cash Flow

4.42

YEARS SAVED

$13,995

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,370

    LIST RENT
  • $1.07

    LIST RENT PER SQFT
  • $1,393

    COMP ESTIMATED VALUE
  • $1.09

    COMP AVG. RENT PER SQFT
Comps Range
$1,250
1$1,2502$1,2753$1,3004$1,3655$1,370
$1,370
RENT COMPS ANALYSIS
  • 3325 Shipmate Drive Las Vegas, NV 5
    • 2 beds 2 baths ∙ 1,284 Sqft ∙ Built 1988 2 beds 2 baths ∙ 1,284 Sqft ∙ Built 1988
    • Rent
    • Rent Per SQFT
    •  
    • $1,370
    • $1.07
    •  
  • 3327 Erva Street #128 Las Vegas, NV 1
    • 2 beds 1 baths ∙ 1,220 Sqft ∙ Built 1999 2 beds 1 baths ∙ 1,220 Sqft ∙ Built 1999
    LEASED 11/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $1.02
    •  
  • 3320 South Fort Apache Road #220 Las Vegas, NV 2
    • 2 beds 2 baths ∙ 1,149 Sqft ∙ Built 1994 2 beds 2 baths ∙ 1,149 Sqft ∙ Built 1994
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,275
    • $1.11
    •  
  • 9289 Casa Christina Lane #0 Las Vegas, NV 3
    • 2 beds 2 baths ∙ 1,209 Sqft ∙ Built 1996 2 beds 2 baths ∙ 1,209 Sqft ∙ Built 1996
    LEASED 02/03/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $1.08
    •  
  • 9262 Casa Christina Lane #0 Las Vegas, NV 4
    • 2 beds 2 baths ∙ 1,209 Sqft ∙ Built 1994 2 beds 2 baths ∙ 1,209 Sqft ∙ Built 1994
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,365
    • $1.13
    •  
PROPERTY LISTING DETAILS
Keli L James
1.702.265.4323
Exp Realty
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2267923
Last Updated: 02/05/2021
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