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470 Lime Grass Avenue Las Vegas, NV 89183

3 Beds 3 Baths 1,230 sqft Built 2002

$257,500

List Price

$1,290

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $209.35
  • 20 Days on Market
  • MLS # : 2261008
  • Updated Date : 01/27/2021 at 18:13
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,230 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty

Listing Agent's Description

Don't miss out on this move-in ready home in Silverado Ranch. Perfect vacation home ready to go. Located in the heart of Silverado Ranch. Very close to the Southpoint casino. All appliances are included. Open floor plan downstairs with lots of cabinet & counter space in the kitchen. Very large sized primary bedroom that has a HUGE walk-in closet. Beautiful furniture that is negotiable. Carpet is in phenomenal condition. Community park and community pool is close by for your enjoyment. BUT THATS NOT ALL!!. Picture this: On a whim, you decide to head into Vegas for a quick vacation. You have zero desire to pack...well, guess what..all you'll need to pack is a toothbrush! Imagine that! And when you arrive at the airport, within minutes you'll be in your furnished new place, car in the garage gassed & you're ready to start having fun. The car in the garage is negotiable. It was hardly even used other than on family vacations and comes with these ONE OF A KIND BASEBALL SEATS.

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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: Silverado Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $119k305k

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

Neighborhood: Silverado Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001150120012501300135014001450150015501600Rent in $10761606

* 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
John C. Bass Elementary School Primary Regular 885 46 6
Charles Silvestri Junior High School Middle Regular 1,748 68 NA
Liberty High School High Regular 2,496 105 5

John C. Bass Elementary School

  • Education Level: Primary
  • # of students: 885
  • # of teachers: 46
6
GreatSchools Rating

Charles Silvestri Junior High School

  • Education Level: Middle
  • # of students: 1,748
  • # of teachers: 68
NA
GreatSchools Rating

Liberty High School

  • Education Level: High
  • # of students: 2,496
  • # of teachers: 105
5
GreatSchools Rating
 

$231,750$283,250$257,500

PURCHASE PRICE

$1,161$1,419$1,290

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,290
EXPENSES Loan Payment -$894
Property Tax -$159
Property Insurance -$51
Property Management Fees -$119
CASH FLOW
$67

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.

$257,500

PROJECTED PRICE

$1,290

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 10.2%
Maintenance Year (1-5) 8.00%
Vacancy 7.63%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

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$73,988

INVESTMENT

$73,988

Down Payment
$64,375
Rehab Estimate
$5,750
Closing Costs
$3,863

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$894

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $64,375
Loan Amount $193,125
See What Happens When You Reinvest Cash Flow

7.33

YEARS SAVED

$22,928

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,290

    LIST RENT
  • $1.05

    LIST RENT PER SQFT
  • $1,359

    COMP ESTIMATED VALUE
  • $1.11

    COMP AVG. RENT PER SQFT
Comps Range
$1,290
1$1,2902$1,3503$1,3754$1,4005$1,411
$1,411
RENT COMPS ANALYSIS
  • 470 Lime Grass Avenue Las Vegas, NV 1
    • 3 beds 3 baths ∙ 1,230 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,230 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $1,290
    • $1.05
    •  
  • 10344 Perfect Parsley Street Las Vegas, NV 2
    • 3 beds 3 baths ∙ 1,230 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,230 Sqft ∙ Built 2002
    LEASED 08/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $1.10
    •  
  • 10360 Beautiful Fruit Street Las Vegas, NV 3
    • 3 beds 3 baths ∙ 1,230 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,230 Sqft ∙ Built 2002
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $1.12
    •  
  • 10384 Midseason Mist Street Las Vegas, NV 4
    • 3 beds 3 baths ∙ 1,230 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,230 Sqft ∙ Built 2002
    LEASED 03/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.14
    •  
  • 10260 Martinsburg Court Las Vegas, NV 5
    • 3 beds 3 baths ∙ 1,337 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,337 Sqft ∙ Built 2002
    LEASED 08/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,411
    • $1.06
    •  
PROPERTY LISTING DETAILS
Daniel Stewart
1.702.540.3453
Exp Realty
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2261008
Last Updated: 01/27/2021
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