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622 Heartland Point Avenue North Las Vegas, NV 89032

3 Beds 2 Baths 1,507 sqft Built 1999

$289,999

List Price

$1,300

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

November 14, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $192.43
  • 3 Days on Market
  • MLS # : 2248223
  • Updated Date : 11/13/2020 at 19:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,507 sqft
  • Baths : 2 full
Listing Agent

Elite Realty

Listing Agent's Description

1 STORY VAULTED CEILINGS** Open and airy freshly painted floorplan has lots of natural light, fireplace, large bedrooms and tile throughout. Enjoy the breakfast nook and built in desk! Custom storage and walk in closet. Covered patio, mature beautiful landscaping with enclosed dog run!

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: 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
Dr Claude Perkins Elementary School Primary Regular 682 40 4
Marvin M Sedway Middle School Middle Regular 1,514 52 NA
Canyon Springs High School High Magnet 2,791 114 2

Dr Claude Perkins Elementary School

  • Education Level: Primary
  • # of students: 682
  • # of teachers: 40
4
GreatSchools Rating

Marvin M Sedway Middle School

  • Education Level: Middle
  • # of students: 1,514
  • # of teachers: 52
NA
GreatSchools Rating

Canyon Springs High School

  • Education Level: High
  • # of students: 2,791
  • # of teachers: 114
2
GreatSchools Rating
 

$260,999$318,999$289,999

PURCHASE PRICE

$1,170$1,430$1,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,300
EXPENSES Loan Payment -$1,070
Property Tax -$208
Property Insurance -$56
Property Management Fees -$119
CASH FLOW
-$153

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.

$289,999

PROJECTED PRICE

$1,300

PROJECTED RENT

0.45%

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

PROJECTED ANNUAL CASH FLOW

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

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$82,600

INVESTMENT

$82,600

Down Payment
$72,500
Rehab Estimate
$5,750
Closing Costs
$4,350

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,070

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $72,500
Loan Amount $217,499
See What Happens When You Reinvest Cash Flow

3

YEARS SAVED

$8,034

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,300

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,349

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,3003$1,3504$1,4455$1,495
$1,495
RENT COMPS ANALYSIS
  • 622 Heartland Point Avenue North Las Vegas, NV 2
    • 3 beds 2 baths ∙ 1,507 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,507 Sqft ∙ Built 1999
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.86
    •  
  • 609 Blooming View Avenue North Las Vegas, NV 1
    • 3 beds 2 baths ∙ 1,506 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,506 Sqft ∙ Built 1997
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.86
    •  
  • 4226 Inglewood Point Street North Las Vegas, NV 3
    • 3 beds 2 baths ∙ 1,506 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,506 Sqft ∙ Built 1997
    LEASED 11/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.90
    •  
  • 4102 Warren Rock Street North Las Vegas, NV 4
    • 4 beds 2 baths ∙ 1,574 Sqft ∙ Built 2001 4 beds 2 baths ∙ 1,574 Sqft ∙ Built 2001
    LEASED 11/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,445
    • $0.92
    •  
  • 3805 Singing Lark Court North Las Vegas, NV 5
    • 3 beds 2 baths ∙ 1,665 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,665 Sqft ∙ Built 2001
    LEASED 05/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.90
    •  
PROPERTY LISTING DETAILS
Desiree L Ortega
1.702.498.0898
Elite Realty
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2248223
Last Updated: 11/13/2020
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