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5920 Berry Hill Lane North Las Vegas, NV 89031

3 Beds 3 Baths 2,047 sqft Built 1999

$320,000

List Price

$1,580

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

January 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $156.33
  • 4 Days on Market
  • MLS # : 2261031
  • Updated Date : 01/14/2021 at 22:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,047 sqft
  • Baths : 2 full , 1 half
Listing Agent

Wardley Real Estate

Listing Agent's Description

Open floor plan. Tile throughout first floor. Carpet throughout upstairs. Stainless steel appliances. Island in kitchen. Granite countertops. Large backyard with artificial grass and covered patio. Family/ loft upstairs can be used as 4th bedroom. New baseboards and new patio door being installed.

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: Rancho Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $91k296k

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

Neighborhood: Rancho Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29009501000105011001150120012501300135014001450150015501600Rent in $8941606

* 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
Fredric W Watson Elementary School Primary Regular 648 36 2
Clifford O. Findlay Middle School Middle Regular 1,372 59 NA
Legacy High School High Regular 2,819 119 3

Fredric W Watson Elementary School

  • Education Level: Primary
  • # of students: 648
  • # of teachers: 36
2
GreatSchools Rating

Clifford O. Findlay Middle School

  • Education Level: Middle
  • # of students: 1,372
  • # of teachers: 59
NA
GreatSchools Rating

Legacy High School

  • Education Level: High
  • # of students: 2,819
  • # of teachers: 119
3
GreatSchools Rating
 

$288,000$352,000$320,000

PURCHASE PRICE

$1,422$1,738$1,580

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,580
EXPENSES Loan Payment -$1,111
Property Tax -$229
Property Insurance -$67
Property Management Fees -$119
CASH FLOW
$53

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.

$320,000

PROJECTED PRICE

$1,580

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 10.3%
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$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$90,550

INVESTMENT

$90,550

Down Payment
$80,000
Rehab Estimate
$5,750
Closing Costs
$4,800

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,111

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $80,000
Loan Amount $240,000
See What Happens When You Reinvest Cash Flow

6.58

YEARS SAVED

$25,076

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,580

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $1,648

    COMP ESTIMATED VALUE
  • $0.81

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,5803$1,6504$1,7765$1,795
$1,795
RENT COMPS ANALYSIS
  • 5920 Berry Hill Lane North Las Vegas, NV 2
    • 3 beds 3 baths ∙ 2,047 Sqft ∙ Built 1999 3 beds 3 baths ∙ 2,047 Sqft ∙ Built 1999
    • Rent
    • Rent Per SQFT
    •  
    • $1,580
    • $0.77
    •  
  • 6222 Prospector Court North Las Vegas, NV 1
    • 3 beds 2 baths ∙ 1,855 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,855 Sqft ∙ Built 1998
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.81
    •  
  • 630 Blossom Berry Court North Las Vegas, NV 3
    • 4 beds 2 baths ∙ 2,240 Sqft ∙ Built 2000 4 beds 2 baths ∙ 2,240 Sqft ∙ Built 2000
    LEASED 08/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.74
    •  
  • 112 Palatial Pines Avenue North Las Vegas, NV 4
    • 3 beds 3 baths ∙ 2,146 Sqft ∙ Built 2010 3 beds 3 baths ∙ 2,146 Sqft ∙ Built 2010
    LEASED 07/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,776
    • $0.83
    •  
  • 5948 Magic Oak Street North Las Vegas, NV 5
    • 3 beds 3 baths ∙ 2,146 Sqft ∙ Built 2009 3 beds 3 baths ∙ 2,146 Sqft ∙ Built 2009
    LEASED 11/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.84
    •  
PROPERTY LISTING DETAILS
Erik G Hakans
1.702.256.4900
Wardley Real Estate
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2261031
Last Updated: 01/14/2021
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