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488 Rapid Falls Street Henderson, NV 89052

4 Beds 3 Baths 3,033 sqft Built 2001

$789,000

List Price

$2,660

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

December 24, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $260.14
  • 7 Days on Market
  • MLS # : 2257486
  • Updated Date : 12/23/2020 at 20:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,033 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Central

Listing Agent's Description

ABSOLUTELY STUNNING, MOVE-IN READY, REMODELLED FORMER MODEL HOME IN THE HEART OF GREEN VALLEY! ONE STORY - VERY SPACIOUS OPEN FLOOR PLAN. THE CORRECT SQUARE FOOTAGE IS 3358 - AS A MODEL HOME THERE WAS A HUGE ADDITION ACROSS THE ENTIRE BACK OF THE HOME - MASTER SUITE, LIVING ROOM AND FAMILY ROOM. VAULTED CEILINGS IN THE LIVING AREAS, LOTS OF LIGHT, 2000 SQUARE FEET OF UPGRADED TILE FLOORING, 6" BASEBOARDS & UPGRADED DOOR CASINGS, CROWN MOULDING, UPGRADED CARPET AND PAD IN THE BEDROOMS, FULLY REMODELLED BATHROOMS - ALL THREE OF THEM & MORE! CUSTOM LIGHT FIXTURES AND CEILING FANS, ALL CLOSETS ARE CUSTOM BUILT INCLUDING THE PANTRY. UPGRADED FIREPLACE TILE, UPGRADED UTILITY ROOM W/ STORAGE CABINETS, UPGRADED SLIDING GLASS DOORS. SHUTTERS & BLINDS THROUGHOUT THE HOME, CUSTOM DRAPERIES ON THE BACK SLIDER. THE CURB APPEAL IS FABULOUS & THE BACKYARD PRIVATE W/A HUGE PAVER PATIO, SEATING AREAS, & BARBECUE AREA. KICHLER LANDSCAPE LIGHTING PACKAGE. ONE OF A KIND FABULOUS HOME!

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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: Green Valley Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $123k396k

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

Neighborhood: Green Valley Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21100120013001400150016001700180019002000Rent in $10802045

* 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
Glen C. Taylor Elementary School Primary Regular 961 46 9
Bob Miller Middle School Middle Regular 1,600 59 NA
Coronado High School High Regular 3,240 124 10

Glen C. Taylor Elementary School

  • Education Level: Primary
  • # of students: 961
  • # of teachers: 46
9
GreatSchools Rating

Bob Miller Middle School

  • Education Level: Middle
  • # of students: 1,600
  • # of teachers: 59
NA
GreatSchools Rating

Coronado High School

  • Education Level: High
  • # of students: 3,240
  • # of teachers: 124
10
GreatSchools Rating
 

$710,100$867,900$789,000

PURCHASE PRICE

$2,394$2,926$2,660

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,660
EXPENSES Loan Payment -$2,911
Property Tax -$395
Property Insurance -$86
Property Management Fees -$119
CASH FLOW
-$851

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.

$789,000

PROJECTED PRICE

$2,660

PROJECTED RENT

0.34%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.05%
Appreciation Year (1-5) 8.1%
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$500k$1.0M$1.5M$2.0M$2.5M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$214,835

INVESTMENT

$214,835

Down Payment
$197,250
Rehab Estimate
$5,750
Closing Costs
$11,835

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,911

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $197,250
Loan Amount $591,750
See What Happens When You Reinvest Cash Flow

1.17

YEARS SAVED

$4,858

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,660

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $2,419

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$2,150
1$2,1502$2,2953$2,2954$2,6605$2,695
$2,695
RENT COMPS ANALYSIS
  • 488 Rapid Falls Street Henderson, NV 4
    • 4 beds 3 baths ∙ 3,033 Sqft ∙ Built 2001 4 beds 3 baths ∙ 3,033 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $2,660
    • $0.88
    •  
  • 503 Short Crest Court Henderson, NV 1
    • 5 beds 2 baths ∙ 2,897 Sqft ∙ Built 1999 5 beds 2 baths ∙ 2,897 Sqft ∙ Built 1999
    LEASED 05/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.74
    •  
  • 2486 Rye Beach Lane #0 Las Vegas, NV 2
    • 5 beds 3 baths ∙ 2,841 Sqft ∙ Built 1998 5 beds 3 baths ∙ 2,841 Sqft ∙ Built 1998
    LEASED 07/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $0.81
    •  
  • 471 Beardsley #471 Henderson, NV 3
    • 4 beds 3 baths ∙ 2,919 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,919 Sqft ∙ Built 2000
    LEASED 10/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $0.79
    •  
  • 744 Barnegat Bay Henderson, NV 5
    • 5 beds 3 baths ∙ 3,183 Sqft ∙ Built 1999 5 beds 3 baths ∙ 3,183 Sqft ∙ Built 1999
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,695
    • $0.85
    •  
PROPERTY LISTING DETAILS
Barbara E Jensen
1.702.249.3444
Re/max Central
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2257486
Last Updated: 12/23/2020
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