Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

7048 Fossil Lake Street North Las Vegas, NV 89084

3 Beds 3 Baths 2,108 sqft Built 2019

$349,900

List Price

$1,730

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

Built 2019 NEW CONSTRUCTION
November 05, 2020 RECENTLY ADDED
FACTS
  • Built In 2019
  • Price/Sqft : $165.99
  • 5 Days on Market
  • MLS # : 2244584
  • Updated Date : 11/04/2020 at 18:15
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,108 sqft
  • Baths : 2 full , 1 half
Listing Agent

Urban Nest Realty

Listing Agent's Description

Fantastic 2-year old home! 3 bedrooms plus large loft. Large kitchen w/granite counters & stainless appliances. Upgraded, soft-close cabinets. Quartz bathroom counters. Nice backyard with pavers & synthetic grass. Blinds throughout. Tankless heater, water softener (whole house) and reverse osmosis in kitchen. Coax CAT-6 in every room. Programmable thermostats. Photos coming soon!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
Don E. Hayden Elementary School Primary Regular 702 38 6
Brian And Teri Cram Middle School Middle Regular 1,568 65 NA
Legacy High School High Regular 2,819 119 3

Don E. Hayden Elementary School

  • Education Level: Primary
  • # of students: 702
  • # of teachers: 38
6
GreatSchools Rating

Brian And Teri Cram Middle School

  • Education Level: Middle
  • # of students: 1,568
  • # of teachers: 65
NA
GreatSchools Rating

Legacy High School

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

$314,910$384,890$349,900

PURCHASE PRICE

$1,557$1,903$1,730

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,730
EXPENSES Loan Payment -$1,291
Property Tax -$294
Property Insurance -$68
Property Management Fees -$119
CASH FLOW
-$42

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$349,900

PROJECTED PRICE

$1,730

PROJECTED RENT

0.49%

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) 3.00%
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$1.4M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

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$94,724

INVESTMENT

$94,724

Down Payment
$87,475
Rehab Estimate
$2,000
Closing Costs
$5,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,291

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $87,475
Loan Amount $262,425
See What Happens When You Reinvest Cash Flow

4.67

YEARS SAVED

$19,656

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,730

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,760

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,599
1$1,5992$1,6953$1,7004$1,7305$2,000
$2,000
RENT COMPS ANALYSIS
  • 7048 Fossil Lake Street North Las Vegas, NV 4
    • 3 beds 3 baths ∙ 2,108 Sqft ∙ Built 2019 3 beds 3 baths ∙ 2,108 Sqft ∙ Built 2019
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,730
    • $0.82
    •  
  • 6651 Majestic Pearl Place #0 North Las Vegas, NV 1
    • 3 beds 3 baths ∙ 1,953 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,953 Sqft ∙ Built 2001
    property image
    LEASED 12/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,599
    • $0.82
    •  
  • 6716 Maple Mesa Street #0 North Las Vegas, NV 2
    • 4 beds 3 baths ∙ 2,224 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,224 Sqft ∙ Built 2001
    property image
    LEASED 07/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.76
    •  
  • 6329 Little Elm Street North Las Vegas, NV 3
    • 4 beds 2 baths ∙ 1,970 Sqft ∙ Built 2005 4 beds 2 baths ∙ 1,970 Sqft ∙ Built 2005
    property image
    LEASED 11/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.86
    •  
  • 7043 Denio Island Street North Las Vegas, NV 5
    • 4 beds 3 baths ∙ 2,217 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,217 Sqft ∙ Built 2019
    property image
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.90
    •  
PROPERTY LISTING DETAILS
Christina M Peterson
1.702.683.3072
Urban Nest Realty
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2244584
Last Updated: 11/04/2020
BESbswy