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3725 Sorrowing Sparrow Court North Las Vegas, NV 89032

3 Beds 2 Baths 1,150 sqft Built 2001

INVESTimate

$249,500

List Price

$1,190

$1,071 - $1,309

Rent Est.

$270,932  ( +8.59%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 2001
  • Price/Sqft : $216.96
  • 5 Days on Market
  • MLS # : 2223276
  • Updated Date : 08/22/2020 at 15:47
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,150 sqft
  • Baths : 2 full
Listing Agent

Family Property Mgmt Llc

Listing Agent's Description

Completely renovated gorgeous Corner Lot in a Cul-De-Sac. BRAND NEW Carpet & Paint. Interior colors updated to warm grays & white. This Single story, 3 bedroom home features: vaulted ceilings in living room & master bedroom make the floorplan feel open & spacious, easy-to-clean tile flooring in all main areas, kitchen refreshed white cabinets & side-by-side fridge, master bedroom spacious walk in closet & cool ceiling fan, master bath dual sinks & separate toilet room, decorative security screen door, covered front porch, concrete patio in back for outdoor enjoyment, easy-to-maintain desert landscape, brand new 2 tone rock in the backyard (pathways smaller rock for easy walking, larger decorative rock on corners & center). Very convenient location next to many local restaurants and amenities.

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: Gleneagles

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $84k296k

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

Neighborhood: Gleneagles

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29501000105011001150120012501300135014001450150015501600Rent in $9221603

* 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
Dr Claude Perkins Elementary School Primary Regular 682 40 4
Marvin M Sedway Middle School Middle Regular 1,514 52 NA
Canyon Springs High School High Magnet 2,791 114 2

Dr Claude Perkins Elementary School

  • Education Level: Primary
  • # of students: 682
  • # of teachers: 40
4
GreatSchools Rating

Marvin M Sedway Middle School

  • Education Level: Middle
  • # of students: 1,514
  • # of teachers: 52
NA
GreatSchools Rating

Canyon Springs High School

  • Education Level: High
  • # of students: 2,791
  • # of teachers: 114
2
GreatSchools Rating
 

$224,550$274,450$249,500

PURCHASE PRICE

$1,071$1,309$1,190

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$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$100k$200k$300k$400k$500k$600k$700k$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,190
EXPENSES Loan Payment -$921
Property Tax -$179
Property Insurance -$49
HOA -$30
Property Management Fees -$119
CASH FLOW
-$108

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.

$249,500

PROJECTED PRICE

$1,190

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 8.59%
Maintenance Year (1-5) 8.00%
Vacancy 8.50%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$71,868

INVESTMENT

$71,868

Down Payment
$62,375
Rehab Estimate
$5,750
Closing Costs
$3,743

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$921

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,375
Loan Amount $187,125
See What Happens When You Reinvest Cash Flow

3.42

YEARS SAVED

$8,258

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,190

    LIST RENT
  • $1.03

    LIST RENT PER SQFT
  • $1,001

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,100
1$1,1002$1,1903$1,1954$1,2505$1,275
$1,275
RENT COMPS ANALYSIS
  • 3725 Sorrowing Sparrow Court North Las Vegas, NV 2
    • 3 beds 2 baths ∙ 1,150 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,150 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $1,190
    • $1.03
    •  
  • 3737 White Quail Court North Las Vegas, NV 1
    • 3 beds 2 baths ∙ 1,280 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,280 Sqft ∙ Built 2001
    LEASED 05/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.86
    •  
  • 630 Bent Grass North Las Vegas, NV 3
    • 3 beds 2 baths ∙ 1,340 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,340 Sqft ∙ Built 1997
    LEASED 03/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $0.89
    •  
  • 4027 Open Door Drive North Las Vegas, NV 4
    • 3 beds 3 baths ∙ 1,451 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,451 Sqft ∙ Built 2006
    LEASED 05/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.86
    •  
  • 513 Colton Avenue North Las Vegas, NV 5
    • 3 beds 3 baths ∙ 1,466 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,466 Sqft ∙ Built 2007
    LEASED 11/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,275
    • $0.87
    •  
PROPERTY LISTING DETAILS
Eric Roth
1.775.572.8486
Family Property Mgmt Llc
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2223276
Last Updated: 08/22/2020
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