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3394 Lakeland Bay Drive Las Vegas, NV 89122

3 Beds 2 Baths 1,325 sqft Built 2006

$289,900

List Price

$1,160

$1K - $1.3K

Rent Est.

PROPERTY INFO

October 30, 2020 RECENTLY ADDED
FACTS
  • Built In 2006
  • Price/Sqft : $218.79
  • 6 Days on Market
  • MLS # : 2243443
  • Updated Date : 10/29/2020 at 19:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,325 sqft
  • Baths : 2 full
Listing Agent

Mega Realty

Listing Agent's Description

THIS BEAUTIFUL SINGLE STORY HOME FEATURES 3 BEDROOMS, 2 FULL BATHS, 2 CAR GARAGE, TILES IN WET AREAS AND LIVING ROOM, NEUTRAL CARPET IN ALL BEDROOMS AND TWO TONE PAINT, BLINDS THROUGHOUT THE HOME, GOOD SIZED BACKYARD, VERY CLEAN AND MOVE-IN READY.

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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

Zip Code: 89122

ZipNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $84k296k

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

Zip Code: 89122

ZipNIR 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
Mervin Iverson Elementary School Primary Regular 870 43 7
Kathleen And Tim Harney Middle School Middle Regular 1,845 71 NA
Chaparral High School High Regular 2,270 87 3

Mervin Iverson Elementary School

  • Education Level: Primary
  • # of students: 870
  • # of teachers: 43
7
GreatSchools Rating

Kathleen And Tim Harney Middle School

  • Education Level: Middle
  • # of students: 1,845
  • # of teachers: 71
NA
GreatSchools Rating

Chaparral High School

  • Education Level: High
  • # of students: 2,270
  • # of teachers: 87
3
GreatSchools Rating
 

$260,910$318,890$289,900

PURCHASE PRICE

$1,044$1,276$1,160

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,160
EXPENSES Loan Payment -$1,070
Property Tax -$182
Property Insurance -$53
Property Management Fees -$119
CASH FLOW
-$264

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.

$289,900

PROJECTED PRICE

$1,160

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 11.1%
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-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

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$82,574

INVESTMENT

$82,574

Down Payment
$72,475
Rehab Estimate
$5,750
Closing Costs
$4,349

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$1,070

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $72,475
Loan Amount $217,425
See What Happens When You Reinvest Cash Flow

1.42

YEARS SAVED

$2,907

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,160

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $1,202

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,160
1$1,1602$1,2953$1,3004$1,3005$1,300
$1,300
RENT COMPS ANALYSIS
  • 3394 Lakeland Bay Drive Las Vegas, NV 1
    • 3 beds 2 baths ∙ 1,325 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,325 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $1,160
    • $0.88
    •  
  • 6411 Salmon Mountain Avenue #0 Las Vegas, NV 2
    • 3 beds 1 baths ∙ 1,424 Sqft ∙ Built 2005 3 beds 1 baths ∙ 1,424 Sqft ∙ Built 2005
    LEASED 11/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.91
    •  
  • 6536 Flatwoods Bay Court Las Vegas, NV 3
    • 4 beds 2 baths ∙ 1,442 Sqft ∙ Built 2006 4 beds 2 baths ∙ 1,442 Sqft ∙ Built 2006
    LEASED 05/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.90
    •  
  • 3332 Wrangell Mountain Street Las Vegas, NV 4
    • 3 beds 2 baths ∙ 1,424 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,424 Sqft ∙ Built 2005
    LEASED 06/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.91
    •  
  • 3318 Glacial Lake Street Las Vegas, NV 5
    • 3 beds 2 baths ∙ 1,424 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,424 Sqft ∙ Built 2005
    LEASED 09/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.91
    •  
PROPERTY LISTING DETAILS
Mark Kaisi
1.702.300.7312
Mega Realty
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2243443
Last Updated: 10/29/2020
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