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6629 Colorado Spruce Street Las Vegas, NV 89149

3 Beds 4 Baths 1,977 sqft Built 2007

$300,000

List Price

$1,680

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

January 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $151.75
  • 7 Days on Market
  • MLS # : 2261555
  • Updated Date : 01/17/2021 at 03:23
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,977 sqft
  • Baths : 3 full , 1 half
Listing Agent

Wardley Real Estate

Listing Agent's Description

RARE FIND, Almost 2k Sq Ft Listed For Just $300k in Centennial Hills! This beautiful, Tri-Level 3 Bedroom + Den, 3.5 Bath, 2 Car Garage Home is within a wonderful gated community, just mins away from I-215 Beltway, shops, restaurants, hospital, schools. Amazing for entertaining, this home boasts multiple living areas with a ton of natural light throughout, a peaceful balcony off the spacious dining room & a kitchen that features a large island & loads of beautiful granite counter space. Upgraded wood like flooring on 1st & 2nd floors, w/ all 3 bedrooms, plus laundry room on 3rd floor boasting newer upgraded carpet. A full bath & den on 1st level W/ access to backyard. Ceiling fans in all bedrooms & living spaces; with pride of ownership top to bottom. Don’t miss this beautiful home, in this highly sought after & desirable area.

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: Centennial Hills

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $119k362k

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

Neighborhood: Centennial Hills

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800Rent in $10761875

* 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
Marshall C. Darnell Elementary School Primary Regular 793 40 6
Edmundo Eddie Escobedo Sr Middle School Middle Regular 1,171 47 NA
Centennial High School High Regular 3,055 124 6

Marshall C. Darnell Elementary School

  • Education Level: Primary
  • # of students: 793
  • # of teachers: 40
6
GreatSchools Rating

Edmundo Eddie Escobedo Sr Middle School

  • Education Level: Middle
  • # of students: 1,171
  • # of teachers: 47
NA
GreatSchools Rating

Centennial High School

  • Education Level: High
  • # of students: 3,055
  • # of teachers: 124
6
GreatSchools Rating
 

$270,000$330,000$300,000

PURCHASE PRICE

$1,512$1,848$1,680

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,680
EXPENSES Loan Payment -$1,042
Property Tax -$240
Property Insurance -$65
Property Management Fees -$119
CASH FLOW
$213

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.

$300,000

PROJECTED PRICE

$1,680

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.05%
Appreciation Year (1-5) 10.3%
Maintenance Year (1-5) 8.00%
Vacancy 7.57%
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$20k

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$85,250

INVESTMENT

$85,250

Down Payment
$75,000
Rehab Estimate
$5,750
Closing Costs
$4,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,042

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $75,000
Loan Amount $225,000
See What Happens When You Reinvest Cash Flow

9.5

YEARS SAVED

$39,839

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,680

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,661

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,6503$1,6804$1,6955$1,695
$1,695
RENT COMPS ANALYSIS
  • 6629 Colorado Spruce Street Las Vegas, NV 3
    • 4 beds 4 baths ∙ 1,977 Sqft ∙ Built 2007 4 beds 4 baths ∙ 1,977 Sqft ∙ Built 2007
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,680
    • $0.85
    •  
  • 6654 Colorado Spruce Street Las Vegas, NV 1
    • 4 beds 4 baths ∙ 1,977 Sqft ∙ Built 2008 4 beds 4 baths ∙ 1,977 Sqft ∙ Built 2008
    property image
    LEASED 04/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.81
    •  
  • 9237 Longhorn Falls Court Las Vegas, NV 2
    • 3 beds 3 baths ∙ 1,992 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,992 Sqft ∙ Built 2007
    property image
    LEASED 07/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.83
    •  
  • 6624 Weeping Pine Street Las Vegas, NV 4
    • 4 beds 4 baths ∙ 1,978 Sqft ∙ Built 2007 4 beds 4 baths ∙ 1,978 Sqft ∙ Built 2007
    property image
    LEASED 10/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.86
    •  
  • 6657 Colorado Spruce Street #0 Las Vegas, NV 5
    • 4 beds 4 baths ∙ 1,978 Sqft ∙ Built 2008 4 beds 4 baths ∙ 1,978 Sqft ∙ Built 2008
    property image
    LEASED 12/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.86
    •  
PROPERTY LISTING DETAILS
Jenna Meyer
1.702.768.5430
Wardley Real Estate
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2261555
Last Updated: 01/17/2021
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