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7155 Durango Drive #303 # 303 Las Vegas, NV 89113

3 Beds 2 Baths 1,437 sqft Built 2002

INVESTimate

$220,000

List Price

$1,160

$1,044 - $1,276

Rent Est.

$239,338  ( +8.79%)   1 YR EST. FORECAST

PROPERTY INFO

August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 2002
  • Price/Sqft : $153.10
  • 8 Days on Market
  • MLS # : 2223431
  • Updated Date : 08/19/2020 at 23:30
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,437 sqft
  • Baths : 2 full
Listing Agent

Era Brokers Consolidated

Listing Agent's Description

BEAUTIFUL SINGLE STORY UNIT WITH A DETACHED CAR GARAGE INSIDE VISTANA* UNIT OFFERS 3 SPACIOUS BEDROOMS WITH WI-CLOSETS, 2 BATHS, OPEN KITCHEN WITH BREAKFAST BAR, GRANITE COUNTERTOPS, ALL APPLIANCES INCLUDED, LIVING ROOM WITH GAS FIREPLACE, DINING AREA WITH BALCONY AND SEPARATE LAUNDRY ROOM* RESORT STYLE AMENITIES: 3 POOLS, BBQ AREA, 2-STORY GYM, TENNIS COURTS, GUARD GATED ENTRANCE AND SECURITY GUARDS PATROLLING THE COMMUNITY* CONVENIENTLY LOCATED A FEW MINUTES FROM I-215, IKEA, SHOPPING AND RESTAURANTS AND ONLY 10 MILES FROM THE STRIP, A MUST SEE!

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Rhodes Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $119k339k

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

Neighborhood: Rhodes Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800Rent in $10551829

* 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
Wayne N. Tanaka Elementary School Primary Regular 1,029 52 5
Wilbur And Theresa Faiss Middle School Middle Regular 1,409 61 NA
Sierra Vista High School High Regular 2,396 88 4

Wayne N. Tanaka Elementary School

  • Education Level: Primary
  • # of students: 1,029
  • # of teachers: 52
5
GreatSchools Rating

Wilbur And Theresa Faiss Middle School

  • Education Level: Middle
  • # of students: 1,409
  • # of teachers: 61
NA
GreatSchools Rating

Sierra Vista High School

  • Education Level: High
  • # of students: 2,396
  • # of teachers: 88
4
GreatSchools Rating
 

$198,000$242,000$220,000

PURCHASE PRICE

$1,044$1,276$1,160

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,160
EXPENSES Loan Payment -$812
Property Tax -$89
Property Insurance -$55
HOA -$266
Property Management Fees -$119
CASH FLOW
-$181

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.

$220,000

PROJECTED PRICE

$1,160

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 8.79%
Maintenance Year (1-5) 8.00%
Vacancy 7.63%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$64,050

INVESTMENT

$64,050

Down Payment
$55,000
Rehab Estimate
$5,750
Closing Costs
$3,300

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$812

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $55,000
Loan Amount $165,000
See What Happens When You Reinvest Cash Flow

1.58

YEARS SAVED

$2,512

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,160

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $1,376

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$1,160
1$1,1602$1,3503$1,3504$1,4005$1,450
$1,450
RENT COMPS ANALYSIS
  • 7155 Durango Drive #303 Las Vegas, NV 1
    • 3 beds 2 baths ∙ 1,437 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,437 Sqft ∙ Built 2002
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,160
    • $0.81
    •  
  • 7135 Durango Drive #314 Las Vegas, NV 2
    • 3 beds 2 baths ∙ 1,437 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,437 Sqft ∙ Built 2003
    property image
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.94
    •  
  • 7131 Durango #305 Las Vegas, NV 3
    • 3 beds 2 baths ∙ 1,437 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,437 Sqft ∙ Built 2004
    property image
    LEASED 03/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.94
    •  
  • 7173 Durango #312 Las Vegas, NV 4
    • 3 beds 2 baths ∙ 1,437 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,437 Sqft ∙ Built 1999
    property image
    LEASED 08/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.97
    •  
  • 8792 Promised Land Avenue Las Vegas, NV 5
    • 3 beds 3 baths ∙ 1,478 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,478 Sqft ∙ Built 2004
    property image
    LEASED 02/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.98
    •  
PROPERTY LISTING DETAILS
Laura E Ahumada
1.702.328.4125
Era Brokers Consolidated
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2223431
Last Updated: 08/19/2020
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