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5228 Grand Lake Street North Las Vegas, NV 89081

5 Beds 2 Baths 2,527 sqft Built 2007

$349,000

List Price

$1,640

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

January 07, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $138.11
  • 4 Days on Market
  • MLS # : 2259651
  • Updated Date : 01/08/2021 at 20:07
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,527 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Premier

Listing Agent's Description

Five bedroom home freshly painted & new carpet with community park & community pool, plus play area and basketball court. Bedroom on the 1st floor for guests. Wood laminate on the 1st floor. Kitchen boast a pantry, island, built in microwave, w/back, plus stainless steel appliances & quartz countertops. Master bath includes separate shower and tub with walk in closet & double sinks. Large den instead of tandem garage. Formal living area as well as a spacious open concept family room, ideal for entertaining. Inviting large backyard with artificial turf. Low HOA of $65 per month. Located 20 minutes from the strip with easy access to the CC215 & beyond. Conveniently located to shopping, and much more! Must see this stunning property in person!

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: North Las Vegas

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $84k296k

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

Neighborhood: North Las Vegas

NeighborhoodNIR 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
Jesse Scott Elementary School Primary Regular 853 45 2
Clifford O. Findlay Middle School Middle Regular 1,372 59 NA
Mojave High School High Regular 2,311 103 2

Jesse Scott Elementary School

  • Education Level: Primary
  • # of students: 853
  • # of teachers: 45
2
GreatSchools Rating

Clifford O. Findlay Middle School

  • Education Level: Middle
  • # of students: 1,372
  • # of teachers: 59
NA
GreatSchools Rating

Mojave High School

  • Education Level: High
  • # of students: 2,311
  • # of teachers: 103
2
GreatSchools Rating
 

$314,100$383,900$349,000

PURCHASE PRICE

$1,476$1,804$1,640

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,640
EXPENSES Loan Payment -$1,212
Property Tax -$270
Property Insurance -$76
Property Management Fees -$119
CASH FLOW
-$37

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.

$349,000

PROJECTED PRICE

$1,640

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$200k$400k$600k$800k$1.0M$1.2M$1.4M

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$98,235

INVESTMENT

$98,235

Down Payment
$87,250
Rehab Estimate
$5,750
Closing Costs
$5,235

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,212

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $87,250
Loan Amount $261,750
See What Happens When You Reinvest Cash Flow

4.67

YEARS SAVED

$16,255

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,640

    LIST RENT
  • $0.65

    LIST RENT PER SQFT
  • $1,592

    COMP ESTIMATED VALUE
  • $0.63

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,6403$1,6504$1,7505$1,750
$1,750
RENT COMPS ANALYSIS
  • 5228 Grand Lake Street North Las Vegas, NV 2
    • 5 beds 2 baths ∙ 2,527 Sqft ∙ Built 2007 5 beds 2 baths ∙ 2,527 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $1,640
    • $0.65
    •  
  • 2513 Cattrack Avenue North Las Vegas, NV 1
    • 4 beds 3 baths ∙ 2,628 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,628 Sqft ∙ Built 2006
    LEASED 08/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.61
    •  
  • 1109 Hammer North Las Vegas, NV 3
    • 4 beds 3 baths ∙ 2,683 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,683 Sqft ∙ Built 2003
    LEASED 03/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.61
    •  
  • 5225 Coral Hills Street North Las Vegas, NV 4
    • 4 beds 2 baths ∙ 2,683 Sqft ∙ Built 2004 4 beds 2 baths ∙ 2,683 Sqft ∙ Built 2004
    LEASED 10/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.65
    •  
  • 5005 Blue Rose Street North Las Vegas, NV 5
    • 4 beds 3 baths ∙ 2,675 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,675 Sqft ∙ Built 2006
    LEASED 12/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.65
    •  
PROPERTY LISTING DETAILS
Samuel D Cochenour
1.702.767.1140
Coldwell Banker Premier
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2259651
Last Updated: 01/08/2021
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