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5897 Patrick Lane Las Vegas, NV 89118

5 Beds 4 Baths 4,260 sqft Built 1979

$825,000

List Price

$3,550

$3.3K - $3.8K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1979
  • Price/Sqft : $193.66
  • 34 Days on Market
  • MLS # : 2250480
  • Updated Date : 12/24/2020 at 02:00
CONSTRUCTION
  • Beds : 5
  • Floor Size : 4,260 sqft
  • Baths : 3 full , 1 half
Listing Agent

Mcdougall Real Estate Group

Listing Agent's Description

Rare find of a one of a kind custom home on over .67 acre site close to everything! This single family custom home is 4260 square feet of exemplary design and style. Home has been customized and upgraded to be perfect for entertaining. Four oversized ensuite guest bedrooms, gourmet kitchen with granite counters, wine refrigerator and stainless appliances. Unbelievable game room you won't want to leave. AND a backyard paradise with 2 cabanas, pool/spa, covered patio and much more!

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: Spring Valley

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $119k296k

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

Neighborhood: Spring Valley

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2105011001150120012501300135014001450150015501600Rent in $10381606

* 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
Helen Jydstrup Elementary School Primary Regular 765 32 5
Grant Sawyer Middle School Middle Regular 1,308 52 NA
Durango High School High Regular 2,302 95 5

Helen Jydstrup Elementary School

  • Education Level: Primary
  • # of students: 765
  • # of teachers: 32
5
GreatSchools Rating

Grant Sawyer Middle School

  • Education Level: Middle
  • # of students: 1,308
  • # of teachers: 52
NA
GreatSchools Rating

Durango High School

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

$742,500$907,500$825,000

PURCHASE PRICE

$3,195$3,905$3,550

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,550
EXPENSES Loan Payment -$3,044
Property Tax -$431
Property Insurance -$110
Property Management Fees -$119
CASH FLOW
-$154

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.

$825,000

PROJECTED PRICE

$3,550

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 9.9%
Maintenance Year (1-5) 8.00%
Vacancy 7.63%
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$3.0M

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$2.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$224,375

INVESTMENT

$224,375

Down Payment
$206,250
Rehab Estimate
$5,750
Closing Costs
$12,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,044

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $206,250
Loan Amount $618,750
See What Happens When You Reinvest Cash Flow

5.08

YEARS SAVED

$51,082

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,550

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $3,791

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$3,500
1$3,5002$3,5503$3,895
$3,895
RENT COMPS ANALYSIS
  • 5897 Patrick Lane Las Vegas, NV 2
    • 5 beds 4 baths ∙ 4,260 Sqft ∙ Built 1979 5 beds 4 baths ∙ 4,260 Sqft ∙ Built 1979
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,550
    • $0.83
    •  
  • 5640 Silver Bear Las Vegas, NV 1
    • 4 beds 4 baths ∙ 4,026 Sqft ∙ Built 1995 4 beds 4 baths ∙ 4,026 Sqft ∙ Built 1995
    property image
    LEASED 04/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $0.87
    •  
  • 7515 Cameron Street Las Vegas, NV 3
    • 5 beds 4 baths ∙ 4,269 Sqft ∙ Built 1976 5 beds 4 baths ∙ 4,269 Sqft ∙ Built 1976
    property image
    LEASED 10/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,895
    • $0.91
    •  
PROPERTY LISTING DETAILS
Julie A Mcdougall
1.702.682.4727
Mcdougall Real Estate Group
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2250480
Last Updated: 12/24/2020
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