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7136 Flora Lam Street Las Vegas, NV 89166

4 Beds 3 Baths 2,153 sqft Built 2016

$424,900

List Price

$1,820

$1.6K - $2K

Rent Est.

PROPERTY INFO

January 01, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $197.35
  • 5 Days on Market
  • MLS # : 2257944
  • Updated Date : 01/01/2021 at 15:37
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,153 sqft
  • Baths : 3 full
Listing Agent

Nexthome Community Real Estate

Listing Agent's Description

IMMACULATE & MODEL-LIKE NW 1 STORY HOME SITUATED ON AN OVER-SIZED PREMIUM LOT IN COVETED ALL SINGLE STORY COMMUNITY*HERE YOU WILL DISCOVER A THOUGHTFUL, OPEN CONCEPT LAYOUT FEATURING AMPLE UPGRADES & STYLISH FINISHES THROUGHOUT 2,153sqft OF LIVING SPACE ~ 4 BEDROOMS & 3 FULL BATHS*THIS POPULAR FLOOR PLAN HAS THE PERFECT BLEND OF LUXURY AND COMFORT, HOST TO A GENEROUS GREAT ROOM THAT OPENS TO A CHEF-INSPIRED, ISLAND KITCHEN & LARGE DINING AREA*THE HOME’S APPEAL CONTINUES WITH A LUXUIOUS SEPARATE PRIMARY SUITE, FRONT SECONDARY BEDROOMS w/ BATH, LARGE WAK-IN PANTRY, UPGRADED FIXTURES, CEILING FANS, CUSTOM SCREEN DOOR & MORE!*STEP OUTSIDE TO A LARGE & NICELY DESIGNED BACKYARD RETREAT w/ COVERED PATIO, NATURAL GRASS & AMAZING MOUNTAIN VIEWS*GREAT LOCATION IN THE HEART OF THE PROVIDENCE MASTER PLAN NEAR SEVERAL COMMUNITY PARKS & SCHOOLS*ADDED VALUE*$*NO SID! PAID OFF*$*COME BE IMPRESSED & MAKE THIS YOUR NEXTHOME!

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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: Windimere at Providence

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340kPrice in $119k341k

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

Neighborhood: Windimere at Providence

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21100115012001250130013501400145015001550160016501700Rent in $10761724

* 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
Henry And Evelyn Bozarth Elementary School Primary Regular 905 40 8
Edmundo Eddie Escobedo Sr Middle School Middle Regular 1,171 47 NA
Centennial High School High Regular 3,055 124 6

Henry And Evelyn Bozarth Elementary School

  • Education Level: Primary
  • # of students: 905
  • # of teachers: 40
8
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
 

$382,410$467,390$424,900

PURCHASE PRICE

$1,638$2,002$1,820

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,820
EXPENSES Loan Payment -$1,568
Property Tax -$354
Property Insurance -$69
Property Management Fees -$119
CASH FLOW
-$290

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.

$424,900

PROJECTED PRICE

$1,820

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 8.8%
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$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$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$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$118,349

INVESTMENT

$118,349

Down Payment
$106,225
Rehab Estimate
$5,750
Closing Costs
$6,374

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,568

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $106,225
Loan Amount $318,675
See What Happens When You Reinvest Cash Flow

2.42

YEARS SAVED

$8,952

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,820

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,830

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,7003$1,8004$1,8205$1,995
$1,995
RENT COMPS ANALYSIS
  • 7136 Flora Lam Street Las Vegas, NV 4
    • 3 beds 2 baths ∙ 2,153 Sqft ∙ Built 2016 3 beds 2 baths ∙ 2,153 Sqft ∙ Built 2016
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,820
    • $0.85
    •  
  • 10814 Drake Ridge Avenue Las Vegas, NV 1
    • 3 beds 3 baths ∙ 2,024 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,024 Sqft ∙ Built 2008
    property image
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.79
    •  
  • 10639 Ostend Avenue Las Vegas, NV 2
    • 3 beds 2 baths ∙ 2,142 Sqft ∙ Built 2011 3 beds 2 baths ∙ 2,142 Sqft ∙ Built 2011
    property image
    LEASED 05/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.79
    •  
  • 7017 Whipple Manor Street Las Vegas, NV 3
    • 3 beds 3 baths ∙ 2,024 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,024 Sqft ∙ Built 2007
    property image
    LEASED 10/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.89
    •  
  • 10823 Niobrara Avenue Las Vegas, NV 5
    • 3 beds 3 baths ∙ 2,153 Sqft ∙ Built 2017 3 beds 3 baths ∙ 2,153 Sqft ∙ Built 2017
    property image
    LEASED 04/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.93
    •  
PROPERTY LISTING DETAILS
Peter Torsiello
1.702.743.2333
Nexthome Community Real Estate
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2257944
Last Updated: 01/01/2021
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