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3508 Lockport Street Las Vegas, NV 89129

4 Beds 3 Baths 2,431 sqft Built 1997

INVESTimate

$360,000

List Price

$1,750

$1,575 - $1,925

Rent Est.

$397,116  ( +10.31%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 1997
  • Price/Sqft : $148.09
  • 9 Days on Market
  • MLS # : 2223110
  • Updated Date : 08/21/2020 at 02:30
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,431 sqft
  • Baths : 2 full , 1 half
Listing Agent

Blueprint Realty Llc

Listing Agent's Description

Charming 4 bedroom home in Northwest gated community. Open floorpan with tall vaulted ceilings in main entryway. Kitchen opens up to family room and hidden den, perfect for an office or children's play room. Upgraded "wood-like" tile flooring throughout the entire upstairs! Real grass in both front and backyard. Cleaned out and ready for quick move-in! 10 minute walk to community park and quick access to US-95.

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: Lone Mountain

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $119k326k

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

Neighborhood: Lone Mountain

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001150120012501300135014001450150015501600Rent in $10701616

* 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
Dorothy Eisenberg Elementary School Primary Regular 609 33 6
Irwin And Susan Molasky Junior High School Middle Regular 1,131 50 NA
Cimarron Memorial High School High Regular 2,541 102 3

Dorothy Eisenberg Elementary School

  • Education Level: Primary
  • # of students: 609
  • # of teachers: 33
6
GreatSchools Rating

Irwin And Susan Molasky Junior High School

  • Education Level: Middle
  • # of students: 1,131
  • # of teachers: 50
NA
GreatSchools Rating

Cimarron Memorial High School

  • Education Level: High
  • # of students: 2,541
  • # of teachers: 102
3
GreatSchools Rating
 

$324,000$396,000$360,000

PURCHASE PRICE

$1,575$1,925$1,750

RENT

DOWN PAYMENT
FINANCING

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,750
EXPENSES Loan Payment -$1,328
Property Tax -$251
Property Insurance -$74
HOA -$26
Property Management Fees -$119
CASH FLOW
-$48

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.

$360,000

PROJECTED PRICE

$1,750

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 10.31%
Maintenance Year (1-5) 8.00%
Vacancy 7.63%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$101,150

INVESTMENT

$101,150

Down Payment
$90,000
Rehab Estimate
$5,750
Closing Costs
$5,400

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,328

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $90,000
Loan Amount $270,000
See What Happens When You Reinvest Cash Flow

5.25

YEARS SAVED

$23,055

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,750

    LIST RENT
  • $0.72

    LIST RENT PER SQFT
  • $1,817

    COMP ESTIMATED VALUE
  • $0.75

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,6453$1,7504$1,8005$1,895
$1,895
RENT COMPS ANALYSIS
  • 3508 Lockport Street Las Vegas, NV 3
    • 4 beds 3 baths ∙ 2,431 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,431 Sqft ∙ Built 1997
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.72
    •  
  • 3759 Funston Way North Las Vegas, NV 1
    • 3 beds 3 baths ∙ 2,264 Sqft ∙ Built 1994 3 beds 3 baths ∙ 2,264 Sqft ∙ Built 1994
    LEASED 01/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.71
    •  
  • 7645 Delhi Avenue Las Vegas, NV 2
    • 3 beds 3 baths ∙ 2,263 Sqft ∙ Built 1994 3 beds 3 baths ∙ 2,263 Sqft ∙ Built 1994
    LEASED 09/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.73
    •  
  • 3600 Porch Swings Way Las Vegas, NV 4
    • 4 beds 3 baths ∙ 2,355 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,355 Sqft ∙ Built 2003
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.76
    •  
  • 3840 Warm Meadows Street Las Vegas, NV 5
    • 4 beds 4 baths ∙ 2,405 Sqft ∙ Built 2007 4 beds 4 baths ∙ 2,405 Sqft ∙ Built 2007
    LEASED 02/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.79
    •  
PROPERTY LISTING DETAILS
Amanda Hodson
1.702.858.6400
Blueprint Realty Llc
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2223110
Last Updated: 08/21/2020
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