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5075 Midnight Oil Drive Las Vegas, NV 89122

3 Beds 2 Baths 1,183 sqft Built 2001

$220,000

List Price

$1,040

$936 - $1.1K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 2001
  • Price/Sqft : $185.97
  • 12 Days on Market
  • MLS # : 2241814
  • Updated Date : 11/01/2020 at 14:52
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,183 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Realty Las Vegas

Listing Agent's Description

Wonderful opportunity on this single story home in gated Squire Village. This property features 3 bedrooms, 2 full baths, laminate wood flooring throughout the living areas and bedrooms, attached 2-car garage, ceiling fans throughout, covered patio, no neighbor behind and all appliances included. The gated Squire Village includes a community pool, park, basketball court, and convenient location to the area highways and the wetlands park.

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

Zip Code: 89122

ZipNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $84k296k

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

Zip Code: 89122

ZipNIR Market*CityMarket2010Year20002019 Q21000105011001150120012501300135014001450150015501600Rent in $9651603

* 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
Sister Robert Joseph Bailey Elementary School Primary Regular 839 46 4
Francis Cortney Middle School Middle Regular 1,235 52 NA
Basic High School High Regular 2,367 100 3

Sister Robert Joseph Bailey Elementary School

  • Education Level: Primary
  • # of students: 839
  • # of teachers: 46
4
GreatSchools Rating

Francis Cortney Middle School

  • Education Level: Middle
  • # of students: 1,235
  • # of teachers: 52
NA
GreatSchools Rating

Basic High School

  • Education Level: High
  • # of students: 2,367
  • # of teachers: 100
3
GreatSchools Rating
 

$198,000$242,000$220,000

PURCHASE PRICE

$936$1,144$1,040

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,040
EXPENSES Loan Payment -$812
Property Tax -$150
Property Insurance -$50
HOA -$110
Property Management Fees -$119
CASH FLOW
-$201

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.

$220,000

PROJECTED PRICE

$1,040

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 11.1%
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$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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$64,050

INVESTMENT

$64,050

Down Payment
$55,000
Rehab Estimate
$5,750
Closing Costs
$3,300

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$812

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $55,000
Loan Amount $165,000
See What Happens When You Reinvest Cash Flow

1.25

YEARS SAVED

$1,704

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,040

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $985

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,040
1$1,0402$1,1003$1,1504$1,2005$1,300
$1,300
RENT COMPS ANALYSIS
  • 5075 Midnight Oil Drive Las Vegas, NV 1
    • 3 beds 2 baths ∙ 1,183 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,183 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $1,040
    • $0.88
    •  
  • 6636 Frances Celia Avenue Las Vegas, NV 2
    • 3 beds 1 baths ∙ 1,366 Sqft ∙ Built 2006 3 beds 1 baths ∙ 1,366 Sqft ∙ Built 2006
    LEASED 02/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.81
    •  
  • 5263 Broadlake Lane Las Vegas, NV 3
    • 3 beds 3 baths ∙ 1,346 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,346 Sqft ∙ Built 2006
    LEASED 12/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.85
    •  
  • 5255 Broadlake Lane Las Vegas, NV 4
    • 3 beds 3 baths ∙ 1,471 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,471 Sqft ∙ Built 2006
    LEASED 06/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.82
    •  
  • 6266 Sunset Spring Avenue Las Vegas, NV 5
    • 3 beds 3 baths ∙ 1,529 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,529 Sqft ∙ Built 2007
    LEASED 10/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.85
    •  
PROPERTY LISTING DETAILS
Jason J Schielke
1.702.858.7598
Keller Williams Realty Las Vegas
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2241814
Last Updated: 11/01/2020
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