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3408 Redwood Ridge Way North Las Vegas, NV 89031

3 Beds 2 Baths 1,249 sqft Built 1996

$257,000

List Price

$1,140

$1K - $1.3K

Rent Est.

PROPERTY INFO

November 19, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1996
  • Price/Sqft : $205.76
  • 4 Days on Market
  • MLS # : 2249052
  • Updated Date : 11/19/2020 at 14:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,249 sqft
  • Baths : 2 full
Listing Agent

United Realty Group

Listing Agent's Description

Very nice home. Great curb appeal. 3 bedroom 2 full baths and a 2 car garage. Living room is open with lots of natural light and vaulted ceilings. Tile flooring on all heavy traffic areas. Dining area off the kitchen. Step saver kitchen. Primary bed room has ceiling fan and light. The vaulted ceiling gives it a larger feel. Bath with plenty of storage. Secondary bedrooms are separate from primary. Backyard has a covered patio with a large cement slab perfect for out outdoor entertaining. The seller has planted plenty of fruit trees. Home is very easy to show. Bring offers

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Colony

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $84k296k

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

Neighborhood: Colony

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29009501000105011001150120012501300135014001450150015501600Rent in $8731603

* 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
Addeliar Guy Elementary School Primary Regular 641 35 5
Theron L. Swainston Middle School Middle Regular 1,146 52 NA
Cheyenne High School High Regular 2,212 91 2

Addeliar Guy Elementary School

  • Education Level: Primary
  • # of students: 641
  • # of teachers: 35
5
GreatSchools Rating

Theron L. Swainston Middle School

  • Education Level: Middle
  • # of students: 1,146
  • # of teachers: 52
NA
GreatSchools Rating

Cheyenne High School

  • Education Level: High
  • # of students: 2,212
  • # of teachers: 91
2
GreatSchools Rating
 

$231,300$282,700$257,000

PURCHASE PRICE

$1,026$1,254$1,140

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,140
EXPENSES Loan Payment -$948
Property Tax -$172
Property Insurance -$51
Property Management Fees -$119
CASH FLOW
-$150

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.

$257,000

PROJECTED PRICE

$1,140

PROJECTED RENT

0.44%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 10.8%
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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$73,855

INVESTMENT

$73,855

Down Payment
$64,250
Rehab Estimate
$5,750
Closing Costs
$3,855

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$948

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $64,250
Loan Amount $192,750
See What Happens When You Reinvest Cash Flow

2.75

YEARS SAVED

$6,443

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,140

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,152

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,140
1$1,1402$1,2753$1,2954$1,3005$1,300
$1,300
RENT COMPS ANALYSIS
  • 3408 Redwood Ridge Way North Las Vegas, NV 1
    • 3 beds 2 baths ∙ 1,249 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,249 Sqft ∙ Built 1996
    • Rent
    • Rent Per SQFT
    •  
    • $1,140
    • $0.91
    •  
  • 3206 Inlet Bay Avenue North Las Vegas, NV 2
    • 3 beds 3 baths ∙ 1,406 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,406 Sqft ∙ Built 2001
    LEASED 01/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,275
    • $0.91
    •  
  • 2912 Pelican Breeze Court North Las Vegas, NV 3
    • 3 beds 3 baths ∙ 1,406 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,406 Sqft ∙ Built 2001
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.92
    •  
  • 5720 Carmel Sand Street North Las Vegas, NV 4
    • 3 beds 3 baths ∙ 1,406 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,406 Sqft ∙ Built 2001
    LEASED 04/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.92
    •  
  • 3236 Ocean Spray North Las Vegas, NV 5
    • 3 beds 3 baths ∙ 1,385 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,385 Sqft ∙ Built 2001
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.94
    •  
PROPERTY LISTING DETAILS
Giovanni L Carmona
1.702.460.1347
United Realty Group
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2249052
Last Updated: 11/19/2020
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