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5612 Spiceberry Drive Las Vegas, NV 89135

3 Beds 3 Baths 1,876 sqft Built 2009

$374,000

List Price

$1,670

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 2009
  • Price/Sqft : $199.36
  • 2 Days on Market
  • MLS # : 2246317
  • Updated Date : 11/07/2020 at 12:30
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,876 sqft
  • Baths : 2 full , 1 half
Listing Agent

Offerpad

Listing Agent's Description

MOVE IN TODAY! 3 BR, 2.5 BA, story home located in Summerlin. NEW interior paint & carpet. Front living room w/ceiling fan. Separate family room. Dining area. Kitchen features granite counters, a walk-in pantry, black appliances & a NEW sink/faucet. All bedrooms & laundry room upstairs. Master bedroom w/ceiling fan & ensuite bath has 2 sinks, tub & shower. NEW bath faucets in MBA & 2nd bath. Garage w/cabinets & epoxy floor. Great low maintenance backyard w/covered patio. This home checks all of the boxes - DON'T MISS!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
 

$336,600$411,400$374,000

PURCHASE PRICE

$1,503$1,837$1,670

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,670
EXPENSES Loan Payment -$1,380
Property Tax -$272
Property Insurance -$64
Property Management Fees -$119
CASH FLOW
-$165

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.

$374,000

PROJECTED PRICE

$1,670

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.05%
Appreciation Year (1-5) 7.7%
Maintenance Year (1-5) 8.00%
Vacancy 7.57%
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

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$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$104,860

INVESTMENT

$104,860

Down Payment
$93,500
Rehab Estimate
$5,750
Closing Costs
$5,610

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,380

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $93,500
Loan Amount $280,500
See What Happens When You Reinvest Cash Flow

3.67

YEARS SAVED

$15,118

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,670

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $1,778

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,670
1$1,6702$1,7753$1,8004$1,8845$1,925
$1,925
RENT COMPS ANALYSIS
  • 5612 Spiceberry Drive Las Vegas, NV 1
    • 3 beds 3 baths ∙ 1,876 Sqft ∙ Built 2009 3 beds 3 baths ∙ 1,876 Sqft ∙ Built 2009
    • Rent
    • Rent Per SQFT
    •  
    • $1,670
    • $0.89
    •  
  • 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
    •  
  • 10508 Harvest Wind Drive Las Vegas, NV 4
    • 3 beds 3 baths ∙ 1,987 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,987 Sqft ∙ Built 2007
    LEASED 01/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,884
    • $0.95
    •  
  • 5727 Garriga Drive Las Vegas, NV 5
    • 3 beds 3 baths ∙ 1,895 Sqft ∙ Built 2016 3 beds 3 baths ∙ 1,895 Sqft ∙ Built 2016
    LEASED 12/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,925
    • $1.02
    •  
PROPERTY LISTING DETAILS
Robert E Jones
1.480.636.9175
Offerpad
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2246317
Last Updated: 11/07/2020
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