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5518 Spiceberry Drive Las Vegas, NV 89135

3 Beds 3 Baths 1,987 sqft Built 2007

INVESTimate

$383,999

List Price

$1,860

$1,674 - $2,046

Rent Est.

$413,682  ( +7.73%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 2007
  • Price/Sqft : $193.26
  • 9 Days on Market
  • MLS # : 2222875
  • Updated Date : 08/24/2020 at 09:30
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,987 sqft
  • Baths : 3 full
Listing Agent

Forever Home Realty

Listing Agent's Description

Sleek three bedroom three bathroom two story with impressive upgrades! Notable improvements include premium flooring, upgraded kitchen counters & cabinets, stainless steel appliances and a beautifully finished backyard! This home checks all of the boxes - do not let this beauty pass you by, tour it for yourself today!

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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

Neighborhood: The Mesa

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $119k472k

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

Neighborhood: The Mesa

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21100120013001400150016001700180019002000210022002300Rent in $10762305

* 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
Kathy L. Batterman Elementary School Primary Regular 910 47 9
Victoria Fertitta Middle School Middle Regular 1,472 60 NA
Durango High School High Regular 2,302 95 5

Kathy L. Batterman Elementary School

  • Education Level: Primary
  • # of students: 910
  • # of teachers: 47
9
GreatSchools Rating

Victoria Fertitta Middle School

  • Education Level: Middle
  • # of students: 1,472
  • # of teachers: 60
NA
GreatSchools Rating

Durango High School

  • Education Level: High
  • # of students: 2,302
  • # of teachers: 95
5
GreatSchools Rating
 

$345,599$422,399$383,999

PURCHASE PRICE

$1,674$2,046$1,860

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,860
EXPENSES Loan Payment -$1,417
Property Tax -$276
Property Insurance -$66
HOA -$26
Property Management Fees -$119
CASH FLOW
-$43

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.

$383,999

PROJECTED PRICE

$1,860

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.05%
Appreciation Year (1-5) 7.73%
Maintenance Year (1-5) 8.00%
Vacancy 7.57%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$107,510

INVESTMENT

$107,510

Down Payment
$96,000
Rehab Estimate
$5,750
Closing Costs
$5,760

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,417

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $96,000
Loan Amount $287,999
See What Happens When You Reinvest Cash Flow

5.42

YEARS SAVED

$26,099

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,860

    LIST RENT
  • $0.94

    LIST RENT PER SQFT
  • $1,853

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,7753$1,8004$1,8605$2,200
$2,200
RENT COMPS ANALYSIS
  • 5518 Spiceberry Drive Las Vegas, NV 4
    • 3 beds 3 baths ∙ 1,987 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,987 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $1,860
    • $0.94
    •  
  • 10447 Lyric Arbor Drive Las Vegas, NV 1
    • 3 beds 3 baths ∙ 1,918 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,918 Sqft ∙ Built 2007
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.88
    •  
  • 5493 Twin Feathers Way Las Vegas, NV 2
    • 3 beds 3 baths ∙ 1,954 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,954 Sqft ∙ Built 2006
    LEASED 07/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,775
    • $0.91
    •  
  • 5342 Hollymead Las Vegas, NV 3
    • 3 beds 3 baths ∙ 1,987 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,987 Sqft ∙ Built 2007
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.91
    •  
  • 10376 Timber Star Lane Las Vegas, NV 5
    • 3 beds 3 baths ∙ 2,129 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,129 Sqft ∙ Built 2006
    LEASED 10/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.03
    •  
PROPERTY LISTING DETAILS
Nick Devitte
1.702.528.9913
Forever Home Realty
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2222875
Last Updated: 08/24/2020
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