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7041 Wedgewood Way Las Vegas, NV 89147

2 Beds 2 Baths 1,280 sqft Built 1979

$299,000

List Price

$1,380

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 07, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1979
  • Price/Sqft : $233.59
  • 2 Days on Market
  • MLS # : 2276365
  • Updated Date : 03/07/2021 at 01:30
CONSTRUCTION
  • Beds : 2
  • Floor Size : 1,280 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Premier

Listing Agent's Description

Spring Valley Fantastic Single Story Home on a great lot! Located near parks, stores, restaurants, & minutes from the STRIP! NO HOA! Features Courtyard Entry, 1280 SQFT, 2 spacious bedrooms, 2 lovely bathrooms with all the great finishes! Wood laminate floors throughout! Master bedroom features walk in closet and spacious bathroom with upgraded/modern finishes and fixtures! Main living space open to kitchen separated by great breakfast bar! Shutters in the front kitchen nook creates a lovely visiting space with light. Spacious backyard with built in hot tub, newer heater and pump! Massive covered patio and lush landscape to enjoy. Multiple outdoor use spaces & patios! MUST SEE! Side yard has extra gate for additional parking, small trailer or storage. Tankless Water Heater and Solar Power! Oversized 2 car garage with ample storage!

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
 

$269,100$328,900$299,000

PURCHASE PRICE

$1,242$1,518$1,380

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,380
EXPENSES Loan Payment -$1,039
Property Tax -$132
Property Insurance -$52
Property Management Fees -$119
CASH FLOW
$39

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.

$299,000

PROJECTED PRICE

$1,380

PROJECTED RENT

0.46%

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$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$84,985

INVESTMENT

$84,985

Down Payment
$74,750
Rehab Estimate
$5,750
Closing Costs
$4,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,039

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $74,750
Loan Amount $224,250
See What Happens When You Reinvest Cash Flow

6.58

YEARS SAVED

$23,624

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,380

    LIST RENT
  • $1.08

    LIST RENT PER SQFT
  • $1,363

    COMP ESTIMATED VALUE
  • $1.07

    COMP AVG. RENT PER SQFT
Comps Range
$1,100
1$1,1002$1,2503$1,3804$1,4005$1,500
$1,500
RENT COMPS ANALYSIS
  • 7041 Wedgewood Way Las Vegas, NV 3
    • 2 beds 2 baths ∙ 1,280 Sqft ∙ Built 1979 2 beds 2 baths ∙ 1,280 Sqft ∙ Built 1979
    • Rent
    • Rent Per SQFT
    •  
    • $1,380
    • $1.08
    •  
  • 7570 Flamingo Road #135 Las Vegas, NV 1
    • 2 beds 2 baths ∙ 1,023 Sqft ∙ Built 1991 2 beds 2 baths ∙ 1,023 Sqft ∙ Built 1991
    LEASED 01/28/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $1.08
    •  
  • 6382 Agua Drive Las Vegas, NV 2
    • 2 beds 1 baths ∙ 1,216 Sqft ∙ Built 1981 2 beds 1 baths ∙ 1,216 Sqft ∙ Built 1981
    LEASED 01/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $1.03
    •  
  • 7320 Clearwater Circle Las Vegas, NV 4
    • 2 beds 1 baths ∙ 1,329 Sqft ∙ Built 1972 2 beds 1 baths ∙ 1,329 Sqft ∙ Built 1972
    LEASED 12/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.05
    •  
  • 7144 Pleasant View Avenue Las Vegas, NV 5
    • 2 beds 2 baths ∙ 1,367 Sqft ∙ Built 1973 2 beds 2 baths ∙ 1,367 Sqft ∙ Built 1973
    LEASED 08/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.10
    •  
PROPERTY LISTING DETAILS
Angela S Hutchins
1.702.557.7653
Coldwell Banker Premier
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2276365
Last Updated: 03/07/2021
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