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4612 Steeplechase Avenue North Las Vegas, NV 89031

3 Beds 3 Baths 1,894 sqft Built 1988

$425,000

List Price

$1,530

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

October 29, 2020 RECENTLY ADDED
FACTS
  • Built In 1988
  • Price/Sqft : $224.39
  • 6 Days on Market
  • MLS # : 2243071
  • Updated Date : 10/29/2020 at 20:01
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,894 sqft
  • Baths : 2 full , 1 half
Listing Agent

Urban Nest Realty

Listing Agent's Description

eautiful and rare find in horse friendly Palomino Estates. Pride of ownership shows and it won't last long!! Freshly repainted interior and exterior. 2015 remodel includes Anderson windows across back of home, kitchen featuring gorgeous granite countertops, SS appliances, travertine flooring and 2 new 3 ton Trane A/C units. Family room with stacked stone fireplace and surround sound. Master bath boasts a large soaking tub and separate shower. 2nd bath with shower jets and glass enclosure. CAT5 and Cable to all rooms. Tankless water heater. The 1/3 acre lot gives the owner a huge backyard w/ newly laid sod, fenced garden area, recently added horse stalls and corral. RV and boat parking with cement driveway and gate. Large cement back patio runs the full with of the home. Solar installed 6-2015 and is transferable to the new owners. *Please verify schools. Eva Wolfe/ Addeliar Guy both show on CCSD website

SEE MORE

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: Palomino Estates

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $110k362k

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

Neighborhood: Palomino Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800Rent in $9671875

* 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
 

$382,500$467,500$425,000

PURCHASE PRICE

$1,377$1,683$1,530

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,530
EXPENSES Loan Payment -$1,568
Property Tax -$209
Property Insurance -$64
Property Management Fees -$119
CASH FLOW
-$430

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.

$425,000

PROJECTED PRICE

$1,530

PROJECTED RENT

0.36%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.05%
Appreciation Year (1-5) 10.8%
Maintenance Year (1-5) 8.00%
Vacancy 7.57%
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$1.6M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$118,375

INVESTMENT

$118,375

Down Payment
$106,250
Rehab Estimate
$5,750
Closing Costs
$6,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,568

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $106,250
Loan Amount $318,750
See What Happens When You Reinvest Cash Flow

1.5

YEARS SAVED

$3,823

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,530

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $1,539

    COMP ESTIMATED VALUE
  • $0.81

    COMP AVG. RENT PER SQFT
Comps Range
$1,400
1$1,4002$1,4253$1,5154$1,5305$1,699
$1,699
RENT COMPS ANALYSIS
  • 4612 Steeplechase Avenue North Las Vegas, NV 4
    • 3 beds 3 baths ∙ 1,894 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,894 Sqft ∙ Built 1988
    • Rent
    • Rent Per SQFT
    •  
    • $1,530
    • $0.81
    •  
  • 5284 Dakotah Pointe Court #0 North Las Vegas, NV 1
    • 3 beds 3 baths ∙ 1,805 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,805 Sqft ∙ Built 2001
    LEASED 02/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.78
    •  
  • 5229 Sundance Canyon Court North Las Vegas, NV 2
    • 3 beds 3 baths ∙ 1,805 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,805 Sqft ∙ Built 2002
    LEASED 02/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.79
    •  
  • 4519 Sandstone Vista Court North Las Vegas, NV 3
    • 3 beds 3 baths ∙ 1,805 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,805 Sqft ∙ Built 2003
    LEASED 08/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,515
    • $0.84
    •  
  • 4511 Sandstone Vista Court North Las Vegas, NV 5
    • 4 beds 3 baths ∙ 2,019 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,019 Sqft ∙ Built 2003
    LEASED 10/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,699
    • $0.84
    •  
PROPERTY LISTING DETAILS
Colleen M Schaefer
1.702.683.3116
Urban Nest Realty
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2243071
Last Updated: 10/29/2020
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