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608 Founders Creek Avenue North Las Vegas, NV 89084

4 Beds 2 Baths 2,648 sqft Built 2018

$439,999

List Price

$1,880

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2018
  • Price/Sqft : $166.16
  • 9 Days on Market
  • MLS # : 2253739
  • Updated Date : 12/10/2020 at 12:45
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,648 sqft
  • Baths : 2 full
Listing Agent

Forever Home Realty

Listing Agent's Description

MODERN HOUSE BUILT BY PARDEE HOMES. WALK INTO THIS OPEN FLOOR PLAN WITH LOTS OF NATURAL LIGHT 4 BED 3 BATH 2 CAR GARAGE IN THE NORTH Las Vegas AREA, IN PROXIMITY TO VA HOSPITAL, 215. DARK GREY CABINETS WITH WHITE QUARTZ COUTER TOPS, HUGE ISLAND IN KITCHEN WITH ROOM FOR BARSTOOLS, TILE ALL THROUGHOUT THE BOTTOM PART OF THE HOUSE, BED AND SHOWER DOWNSTAIRS FOR EASY ACCESS, STAINLESS STEEL STOVE, MICROWAVE AND DISHWASHER.GOOD SIZE PANTRY, 2ND BATH HAS A HIS AND HER SIDES WITH FULL BATH, TWO PANEL DOORS ALL THROUGHOUT HOUSE, LAUNDRY UPSTAIRS FOR CONVINIENCE, WALK INTO THE MASTER BATH WITH STAND UP SHOWER, RAINFALL SHOWER HEAD,

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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: North Las Vegas

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $84k296k

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

Neighborhood: North Las Vegas

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000105011001150120012501300135014001450150015501600Rent in $9651603

* 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
Don E. Hayden Elementary School Primary Regular 702 38 6
Clifford O. Findlay Middle School Middle Regular 1,372 59 NA
Legacy High School High Regular 2,819 119 3

Don E. Hayden Elementary School

  • Education Level: Primary
  • # of students: 702
  • # of teachers: 38
6
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
 

$395,999$483,999$439,999

PURCHASE PRICE

$1,692$2,068$1,880

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,880
EXPENSES Loan Payment -$1,623
Property Tax -$347
Property Insurance -$78
Property Management Fees -$119
CASH FLOW
-$288

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 17% of earned rent to cover both maintenance and periods of vacancy.

$439,999

PROJECTED PRICE

$1,880

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 11.1%
Maintenance Year (1-5) 8.00%
Vacancy 8.50%
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

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$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$122,350

INVESTMENT

$122,350

Down Payment
$110,000
Rehab Estimate
$5,750
Closing Costs
$6,600

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,623

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $110,000
Loan Amount $329,999
See What Happens When You Reinvest Cash Flow

2.33

YEARS SAVED

$8,256

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,880

    LIST RENT
  • $0.71

    LIST RENT PER SQFT
  • $2,330

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,880
1$1,8802$2,1003$2,2004$2,4505$2,450
$2,450
RENT COMPS ANALYSIS
  • 608 Founders Creek Avenue North Las Vegas, NV 1
    • 3 beds 2 baths ∙ 2,648 Sqft ∙ Built 2018 3 beds 2 baths ∙ 2,648 Sqft ∙ Built 2018
    • Rent
    • Rent Per SQFT
    •  
    • $1,880
    • $0.71
    •  
  • 6740 Fireball Court North Las Vegas, NV 2
    • 4 beds 2 baths ∙ 2,436 Sqft ∙ Built 2018 4 beds 2 baths ∙ 2,436 Sqft ∙ Built 2018
    LEASED 08/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.86
    •  
  • 1212 Carved Terrace Avenue North Las Vegas, NV 3
    • 4 beds 3 baths ∙ 2,462 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,462 Sqft ∙ Built 2018
    LEASED 06/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.89
    •  
  • 532 Founders Creek Avenue North Las Vegas, NV 4
    • 3 beds 2 baths ∙ 2,648 Sqft ∙ Built 2019 3 beds 2 baths ∙ 2,648 Sqft ∙ Built 2019
    LEASED 09/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $0.93
    •  
  • 6608 Towerstone Street North Las Vegas, NV 5
    • 4 beds 3 baths ∙ 2,934 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,934 Sqft ∙ Built 2016
    LEASED 10/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $0.84
    •  
PROPERTY LISTING DETAILS
Ricardo Sanchez
1.702.808.1319
Forever Home Realty
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2253739
Last Updated: 12/10/2020
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