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7016 Westpark Court Las Vegas, NV 89147

4 Beds 1 Baths 1,509 sqft Built 1972

$269,900

List Price

$1,450

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

November 14, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1972
  • Price/Sqft : $178.86
  • 2 Days on Market
  • MLS # : 2248300
  • Updated Date : 11/14/2020 at 11:30
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,509 sqft
  • Baths : 1 full
Listing Agent

Huntington & Ellis, A Real Est

Listing Agent's Description

GREAT SINGLE STORY HOME IN THE HEART OF SPRING VALLEY. SINGLE STORY, 4 BEDROOMS, 2 BATHROOMS, SUN ROOM, ARTICULATELY MAINTAINED, NEW AC UNIT, WOOD FLOORING, CONVERTED PERMITTED MASTER BEDROOM (GARAGE) STILL SOME GARAGE STORAGE SPACE, BUILT-IN MURPHY BED & CABINETS IN BACK 4TH BEDROOM. BEAUTIFULLY MAINTAINED FRONT AND REAR LAWN. LARGE LOT. GREAT LOCATION, EASY ACCESS TO SCHOOLS, GROCERY STORES, & RESTAURANTS.

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: Spring Valley

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $119k296k

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

Neighborhood: Spring Valley

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2105011001150120012501300135014001450150015501600Rent in $10381606

* 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
Pat A. Diskin Elementary School Primary Regular 686 34 6
Lawrence Junior High School Middle Regular 1,421 61 NA
Spring Valley High School High Regular 1,925 79 4

Pat A. Diskin Elementary School

  • Education Level: Primary
  • # of students: 686
  • # of teachers: 34
6
GreatSchools Rating

Lawrence Junior High School

  • Education Level: Middle
  • # of students: 1,421
  • # of teachers: 61
NA
GreatSchools Rating

Spring Valley High School

  • Education Level: High
  • # of students: 1,925
  • # of teachers: 79
4
GreatSchools Rating
 

$242,910$296,890$269,900

PURCHASE PRICE

$1,305$1,595$1,450

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,450
EXPENSES Loan Payment -$996
Property Tax -$106
Property Insurance -$56
Property Management Fees -$119
CASH FLOW
$173

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.

$269,900

PROJECTED PRICE

$1,450

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 9.9%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$77,274

INVESTMENT

$77,274

Down Payment
$67,475
Rehab Estimate
$5,750
Closing Costs
$4,049

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$996

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $67,475
Loan Amount $202,425
See What Happens When You Reinvest Cash Flow

9.42

YEARS SAVED

$41,328

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,450

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $1,479

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$1,299
1$1,2992$1,4503$1,4504$1,5005$1,550
$1,550
RENT COMPS ANALYSIS
  • 7016 Westpark Court Las Vegas, NV 3
    • 4 beds 1 baths ∙ 1,509 Sqft ∙ Built 1972 4 beds 1 baths ∙ 1,509 Sqft ∙ Built 1972
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.96
    •  
  • 7056 Starwood Drive Las Vegas, NV 1
    • 4 beds 1 baths ∙ 1,311 Sqft ∙ Built 1979 4 beds 1 baths ∙ 1,311 Sqft ∙ Built 1979
    property image
    LEASED 05/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,299
    • $0.99
    •  
  • 7121 Pleasant View Avenue Las Vegas, NV 2
    • 3 beds 2 baths ∙ 1,563 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,563 Sqft ∙ Built 1973
    property image
    LEASED 11/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.93
    •  
  • 7247 Enterprise Drive Las Vegas, NV 4
    • 4 beds 1 baths ∙ 1,529 Sqft ∙ Built 1977 4 beds 1 baths ∙ 1,529 Sqft ∙ Built 1977
    property image
    LEASED 11/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.98
    •  
  • 7019 Grassy Knoll Street #na Las Vegas, NV 5
    • 3 beds 2 baths ∙ 1,519 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,519 Sqft ∙ Built 1979
    property image
    LEASED 10/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.02
    •  
PROPERTY LISTING DETAILS
Gianni Sammarco
1.702.845.1366
Huntington & Ellis, A Real Est
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2248300
Last Updated: 11/14/2020
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