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3998 Spitze Drive Las Vegas, NV 89103

4 Beds 1 Baths 2,150 sqft Built 1980

$375,000

List Price

$1,840

$1.7K - $2K

Rent Est.

PROPERTY INFO

November 26, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1980
  • Price/Sqft : $174.42
  • 4 Days on Market
  • MLS # : 2250776
  • Updated Date : 11/27/2020 at 14:25
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,150 sqft
  • Baths : 1 full
Listing Agent

Solution Realty Group

Listing Agent's Description

This home was made for entertaining and private outdoor spaces. The 4 bedroom wall was removed to combine two bedrooms. Gorgeous mirrors around the house.

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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

Neighborhood: Valley West

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300kPrice in $84k317k

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

Neighborhood: Valley West

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000105011001150120012501300135014001450150015501600Rent in $9651625

* 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
C.h. Decker Elementary School Primary Regular 698 36 3
Kenny C. Guinn Middle School Middle Regular 820 40 NA
Ed W. Clark High School High Magnet 3,066 129 7

C.h. Decker Elementary School

  • Education Level: Primary
  • # of students: 698
  • # of teachers: 36
3
GreatSchools Rating

Kenny C. Guinn Middle School

  • Education Level: Middle
  • # of students: 820
  • # of teachers: 40
NA
GreatSchools Rating

Ed W. Clark High School

  • Education Level: High
  • # of students: 3,066
  • # of teachers: 129
7
GreatSchools Rating
 

$337,500$412,500$375,000

PURCHASE PRICE

$1,656$2,024$1,840

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,840
EXPENSES Loan Payment -$1,384
Property Tax -$194
Property Insurance -$69
Property Management Fees -$119
CASH FLOW
$75

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.

$375,000

PROJECTED PRICE

$1,840

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 9.3%
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$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$105,125

INVESTMENT

$105,125

Down Payment
$93,750
Rehab Estimate
$5,750
Closing Costs
$5,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,384

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $93,750
Loan Amount $281,250
See What Happens When You Reinvest Cash Flow

6.58

YEARS SAVED

$34,427

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,840

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,844

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,550
1$1,5502$1,7603$1,8404$1,9955$1,995
$1,995
RENT COMPS ANALYSIS
  • 3998 Spitze Drive Las Vegas, NV 3
    • 4 beds 1 baths ∙ 2,150 Sqft ∙ Built 1980 4 beds 1 baths ∙ 2,150 Sqft ∙ Built 1980
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,840
    • $0.86
    •  
  • 3763 Topawa Street Las Vegas, NV 1
    • 4 beds 2 baths ∙ 2,106 Sqft ∙ Built 1978 4 beds 2 baths ∙ 2,106 Sqft ∙ Built 1978
    property image
    LEASED 11/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.74
    •  
  • 5870 Duneville Court Las Vegas, NV 2
    • 4 beds 1 baths ∙ 2,128 Sqft ∙ Built 1978 4 beds 1 baths ∙ 2,128 Sqft ∙ Built 1978
    property image
    LEASED 05/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,760
    • $0.83
    •  
  • 5286 Cagney Court Las Vegas, NV 4
    • 4 beds 1 baths ∙ 2,150 Sqft ∙ Built 1980 4 beds 1 baths ∙ 2,150 Sqft ∙ Built 1980
    property image
    LEASED 01/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.93
    •  
  • 3918 Spitze Drive Las Vegas, NV 5
    • 4 beds 1 baths ∙ 2,150 Sqft ∙ Built 1980 4 beds 1 baths ∙ 2,150 Sqft ∙ Built 1980
    property image
    LEASED 03/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.93
    •  
PROPERTY LISTING DETAILS
Jorge Mejia-mejia
1.702.510.3546
Solution Realty Group
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2250776
Last Updated: 11/27/2020
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