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528 Summer Mesa Drive Las Vegas, NV 89144

2 Beds 2 Baths 2,410 sqft Built 1998

$728,000

List Price

$3,210

$3K - $3.5K

Rent Est.

PROPERTY INFO

January 18, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1998
  • Price/Sqft : $302.07
  • 8 Days on Market
  • MLS # : 2262375
  • Updated Date : 01/18/2021 at 05:00
CONSTRUCTION
  • Beds : 2
  • Floor Size : 2,410 sqft
  • Baths : 2 full
Listing Agent

New Era Realty Llc

Listing Agent's Description

Gorgeous and highly upgraded single story property, comfort and beauty in one. 7FT 3/4 inch glass framed shower in master shower, highly upgraded master bathroom and customized walk in master closet. Travertine Granite Floor,Custom Paint, Entertainment Center in Great Room, Large Gourmet Kitchen,Raised Panel Cabinets, Granite Countertops, Built in Refrig/Freezer. Security camera system installed and wired. Upgraded laundry room to granite, new sink and faucet. Extra refrigerator in laundry room. Sunken Wet Bar w/Wine Refrig, Built-in Cabinets/Desk with new carpet in Den & Resort like Backyard with Pool/Spa(new pool plumbing and filter) in Gated Community at the heart of Summerlin.

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: Canyon Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900k1000kPrice in $119k1065k

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

Neighborhood: Canyon Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21500200025003000350040004500Rent in $10764887

* 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 W. Bonner Elementary School Primary Regular 859 47 10
Sig Rogich Middle School Middle Regular 1,845 70 NA
Palo Verde High School High Regular 3,024 114 9

John W. Bonner Elementary School

  • Education Level: Primary
  • # of students: 859
  • # of teachers: 47
10
GreatSchools Rating

Sig Rogich Middle School

  • Education Level: Middle
  • # of students: 1,845
  • # of teachers: 70
NA
GreatSchools Rating

Palo Verde High School

  • Education Level: High
  • # of students: 3,024
  • # of teachers: 114
9
GreatSchools Rating
 

$655,200$800,800$728,000

PURCHASE PRICE

$2,889$3,531$3,210

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,210
EXPENSES Loan Payment -$2,529
Property Tax -$423
Property Insurance -$74
Property Management Fees -$119
CASH FLOW
$65

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.

$728,000

PROJECTED PRICE

$3,210

PROJECTED RENT

0.44%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.75%
Appreciation Year (1-5) 8.5%
Maintenance Year (1-5) 8.00%
Vacancy 7.56%
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$0.0$10k$20k$30k$40k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$198,670

INVESTMENT

$198,670

Down Payment
$182,000
Rehab Estimate
$5,750
Closing Costs
$10,920

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,529

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $182,000
Loan Amount $546,000
See What Happens When You Reinvest Cash Flow

7.17

YEARS SAVED

$63,893

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,210

    LIST RENT
  • $1.33

    LIST RENT PER SQFT
  • COMP ESTIMATED VALUE
  • COMP AVG. RENT PER SQFT
Comps Range
$3,210
1$3,210
$3,210
RENT COMPS ANALYSIS
  • 528 Summer Mesa Drive Las Vegas, NV
    • 2 beds 2 baths ∙ 2,410 Sqft ∙ Built 1998 2 beds 2 baths ∙ 2,410 Sqft ∙ Built 1998
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,210
    • $1.33
    •  
PROPERTY LISTING DETAILS
Rain Y Liu
1.702.672.2885
New Era Realty Llc
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2262375
Last Updated: 01/18/2021
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