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608 Riding Crop Avenue North Las Vegas, NV 89081

4 Beds 2 Baths 2,015 sqft Built 2004

$320,000

List Price

$1,520

$1.4K - $1.7K

Rent Est.

$90,550

Investment Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $158.81
  • 9 Days on Market
  • MLS # : 2270082
  • Updated Date : 02/20/2021 at 23:59
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,015 sqft
  • Baths : 2 full
Listing Agent

United Realty Group

Listing Agent's Description

Four bedroom property, open floorplan. Property has a large loft. Tile and wood flooring.

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MARKET HIGHLIGHTS

Las Vegas Market Report
  • 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: 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
Jesse Scott Elementary School Primary Regular 853 45 2
Carroll M Johnston Middle School Middle Regular 1,365 58 NA
Legacy High School High Regular 2,819 119 3

Jesse Scott Elementary School

  • Education Level: Primary
  • # of students: 853
  • # of teachers: 45
2
GreatSchools Rating

Carroll M Johnston Middle School

  • Education Level: Middle
  • # of students: 1,365
  • # of teachers: 58
NA
GreatSchools Rating

Legacy High School

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

FINANCIALS

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

PURCHASE PRICE

$1,368$1,672$1,520

RENT

DOWN PAYMENT
FINANCING
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FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,520
EXPENSES Loan Payment -$1,111
Property Tax -$236
Property Insurance -$66
Property Management Fees -$119
CASH FLOW
-$12

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.

$320,000

PROJECTED PRICE

$1,520

PROJECTED RENT

0.48%

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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

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$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 50% 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

5.17

YEARS SAVED

$16,874

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,520

    LIST RENT

  • $0.75

    LIST RENT PER SQFT

  • $1,536

    COMP ESTIMATED VALUE

  • $0.76

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,4953$1,5204$1,5655$1,600
$1,600
RENT COMPS ANALYSIS
  • 608 Riding Crop Avenue North Las Vegas, NV 3
    • 4 beds 2 baths ∙ 2,015 Sqft ∙ Built 2004 4 beds 2 baths ∙ 2,015 Sqft ∙ Built 2004
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,520
    • $0.75
    •  
  • 520 Riding Crop North Las Vegas, NV 1
    • 3 beds 3 baths ∙ 1,969 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,969 Sqft ∙ Built 2004
    property image
    LEASED 05/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.74
    •  
  • 5916 Buckwood Mote North Las Vegas, NV 2
    • 3 beds 3 baths ∙ 1,969 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,969 Sqft ∙ Built 2004
    property image
    LEASED 05/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.76
    •  
  • 5908 Buckwood Mote North Las Vegas, NV 4
    • 3 beds 3 baths ∙ 1,969 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,969 Sqft ∙ Built 2004
    property image
    LEASED 07/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,565
    • $0.79
    •  
  • 1021 Gary Carmena Avenue North Las Vegas, NV 5
    • 4 beds 3 baths ∙ 2,101 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,101 Sqft ∙ Built 2004
    property image
    LEASED 04/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.76
    •  
PROPERTY LISTING DETAILS
LISTING AGENT
Betsy Lemper
1.702.406.8349
United Realty Group
BUYER AGENT
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
SOURCE
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2270082
Last Updated: 02/20/2021

All returns, cash flow, and appreciation estimates are projections. Please review our Disclaimer for more information.

All values are rounded to the nearest dollar.
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