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585 Okehampton Court Las Vegas, NV 89178

3 Beds 3 Baths 2,322 sqft Built 2006

$500,000

List Price

$2,080

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $215.33
  • 3 Days on Market
  • MLS # : 2261644
  • Updated Date : 01/16/2021 at 17:49
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,322 sqft
  • Baths : 2 full , 1 half
Listing Agent

Synergy Sothebys Int'l Realty

Listing Agent's Description

One of a kind Beautiful home upgraded throughout and FULLY FURNISHED*Ceiling fans in every room*Includes 88",78"and 73" TVs*Water Softener*Three AC units*All modern LG appliances*Whole house air filtration system*Reverse Osmosis drinking water in kitchen*Nest doorbell & cameras*Huge balcony off of loft and primary bedroom*Backyard oasis with pool, spa, fire pit, lush landscaping*backs up to mountains*TENANT OCCUPIED LEASE ENDS AUGUST 2021 RENT $3000 a month

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • As the largest share, Las Vegas metro contributes to 75.1% of Nevada state's economy i.e. Gross State Product (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Enterprise

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $119k362k

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

Neighborhood: Enterprise

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800Rent in $9981875

* 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
Robert L. Forbuss Elementary School Primary Regular 1,163 56 7
Wilbur And Theresa Faiss Middle School Middle Regular 1,409 61 NA
Sierra Vista High School High Regular 2,396 88 4

Robert L. Forbuss Elementary School

  • Education Level: Primary
  • # of students: 1,163
  • # of teachers: 56
7
GreatSchools Rating

Wilbur And Theresa Faiss Middle School

  • Education Level: Middle
  • # of students: 1,409
  • # of teachers: 61
NA
GreatSchools Rating

Sierra Vista High School

  • Education Level: High
  • # of students: 2,396
  • # of teachers: 88
4
GreatSchools Rating
 

$450,000$550,000$500,000

PURCHASE PRICE

$1,872$2,288$2,080

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,080
EXPENSES Loan Payment -$1,737
Property Tax -$320
Property Insurance -$72
Property Management Fees -$119
CASH FLOW
-$168

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.

$500,000

PROJECTED PRICE

$2,080

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.05%
Appreciation Year (1-5) 9.8%
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$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$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$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$138,250

INVESTMENT

$138,250

Down Payment
$125,000
Rehab Estimate
$5,750
Closing Costs
$7,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,737

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $125,000
Loan Amount $375,000
See What Happens When You Reinvest Cash Flow

4.17

YEARS SAVED

$19,412

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,080

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $1,759

    COMP ESTIMATED VALUE
  • $0.76

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,7503$1,8004$1,9005$2,080
$2,080
RENT COMPS ANALYSIS
  • 585 Okehampton Court Las Vegas, NV 5
    • 3 beds 3 baths ∙ 2,322 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,322 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $2,080
    • $0.90
    •  
  • 802 Warwick Castle Drive Las Vegas, NV 1
    • 4 beds 2 baths ∙ 2,322 Sqft ∙ Built 2005 4 beds 2 baths ∙ 2,322 Sqft ∙ Built 2005
    LEASED 05/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.71
    •  
  • 8181 Hafner Las Vegas, NV 2
    • 4 beds 1 baths ∙ 2,328 Sqft ∙ Built 2019 4 beds 1 baths ∙ 2,328 Sqft ∙ Built 2019
    LEASED 04/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.75
    •  
  • 703 Chepstow Avenue #na Las Vegas, NV 3
    • 4 beds 3 baths ∙ 2,291 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,291 Sqft ∙ Built 2007
    LEASED 12/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.79
    •  
  • 642 Crying Bird Avenue Las Vegas, NV 4
    • 4 beds 3 baths ∙ 2,431 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,431 Sqft ∙ Built 2015
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.78
    •  
PROPERTY LISTING DETAILS
Claire L Nagel
1.702.327.2727
Synergy Sothebys Int'l Realty
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2261644
Last Updated: 01/16/2021
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