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5113 Tropical Rain Street North Las Vegas, NV 89031

4 Beds 4 Baths 2,876 sqft Built 1999

$385,000

List Price

$1,760

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $133.87
  • 3 Days on Market
  • MLS # : 2275970
  • Updated Date : 03/07/2021 at 02:37
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,876 sqft
  • Baths : 3 full , 1 half
Listing Agent

Elite Homes Christie's Intl Re

Listing Agent's Description

This property has it all! TWO MASTER SUITES - one downstairs with fireplace and private access to the garage and one upstairs with private balcony. Open and bight floorplan with grand stairway upon entrance. Large kitchen features granite countertops and island overlooking oversized family room with fireplace. Spacious loft upstairs. Fully landscaped backyard, with custom BBQ and artificial turf!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Tierra de las Palmas

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $84k296k

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

Neighborhood: Tierra de las Palmas

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000105011001150120012501300135014001450150015501600Rent in $9621603

* 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
Steve Cozine Elementary School Primary Regular 773 41 5
Brian And Teri Cram Middle School Middle Regular 1,568 65 NA
Cheyenne High School High Regular 2,212 91 2

Steve Cozine Elementary School

  • Education Level: Primary
  • # of students: 773
  • # of teachers: 41
5
GreatSchools Rating

Brian And Teri Cram Middle School

  • Education Level: Middle
  • # of students: 1,568
  • # of teachers: 65
NA
GreatSchools Rating

Cheyenne High School

  • Education Level: High
  • # of students: 2,212
  • # of teachers: 91
2
GreatSchools Rating
 

$346,500$423,500$385,000

PURCHASE PRICE

$1,584$1,936$1,760

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,760
EXPENSES Loan Payment -$1,337
Property Tax -$276
Property Insurance -$83
Property Management Fees -$119
CASH FLOW
-$55

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.

$385,000

PROJECTED PRICE

$1,760

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 13.7%
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$1.6M

PROJECTED ANNUAL CASH FLOW

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

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$107,775

INVESTMENT

$107,775

Down Payment
$96,250
Rehab Estimate
$5,750
Closing Costs
$5,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,337

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $96,250
Loan Amount $288,750
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$17,095

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,760

    LIST RENT
  • $0.61

    LIST RENT PER SQFT
  • $1,862

    COMP ESTIMATED VALUE
  • $0.65

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,7603$1,8004$1,8005$1,895
$1,895
RENT COMPS ANALYSIS
  • 5113 Tropical Rain Street North Las Vegas, NV 2
    • 4 beds 4 baths ∙ 2,876 Sqft ∙ Built 1999 4 beds 4 baths ∙ 2,876 Sqft ∙ Built 1999
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,760
    • $0.61
    •  
  • 5126 Tropical Rain North Las Vegas, NV 1
    • 3 beds 3 baths ∙ 2,665 Sqft ∙ Built 2000 3 beds 3 baths ∙ 2,665 Sqft ∙ Built 2000
    property image
    LEASED 04/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.62
    •  
  • 1515 Laguna Palms Avenue North Las Vegas, NV 3
    • 4 beds 2 baths ∙ 2,869 Sqft ∙ Built 2005 4 beds 2 baths ∙ 2,869 Sqft ∙ Built 2005
    property image
    LEASED 07/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.63
    •  
  • 5527 Megan Faye Street North Las Vegas, NV 4
    • 5 beds 3 baths ∙ 2,877 Sqft ∙ Built 2004 5 beds 3 baths ∙ 2,877 Sqft ∙ Built 2004
    property image
    LEASED 09/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.63
    •  
  • 2601 Mango Bay Avenue North Las Vegas, NV 5
    • 4 beds 4 baths ∙ 2,665 Sqft ∙ Built 1999 4 beds 4 baths ∙ 2,665 Sqft ∙ Built 1999
    property image
    LEASED 03/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.71
    •  
PROPERTY LISTING DETAILS
Mariah R Armknecht
1.702.338.5094
Elite Homes Christie's Intl Re
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2275970
Last Updated: 03/07/2021
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