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7157 Painted Paradise Street Las Vegas, NV 89131

4 Beds 3 Baths 2,722 sqft Built 2002

$500,000

List Price

$2,020

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $183.69
  • 14 Days on Market
  • MLS # : 2276894
  • Updated Date : 03/17/2021 at 17:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,722 sqft
  • Baths : 2 full , 1 half
Listing Agent

Monticello Realty Llc

Listing Agent's Description

This LOVELY home features a gorgeous kitchen with large island, granite countertops, beautiful backsplash, refurbished custom cabinets & gorgeous stone in front of the island, above kitchen cabinets & around fireplace. Newer Dishwasher, walk-in pantry, Double ovens, built-in microwave! Under kitchen sink you will find a Kinetico K5 drinking water treatment. Home has 4 bedrooms, 2.5 baths, 3 car garage, long driveway, This home is over 2700 Sq.ft sitting on almost 9600 Sq. ft Lot in a Gated community As you open the door you are greeted by the beautiful living room and open floor plan, with laminate flooring, separate dining room with fireplace to warm up during the cold winter nights. The home also has Kinetico Reverse Osmosis/water softener, newer floors in the baths, master bath has separate shower & tub, double vanity sinks, outside of home recently painted and the backyard wall recently painted as well, extended Covered Patio, Security Screen doors, and more!

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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: Centennial Hills

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $119k362k

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

Neighborhood: Centennial Hills

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800Rent in $10761875

* 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
Kay Carl Elementary School Primary Regular 686 32 4
Anthony Saville Middle School Middle Regular 1,494 58 NA
Shadow Ridge High School High Regular 2,697 105 6

Kay Carl Elementary School

  • Education Level: Primary
  • # of students: 686
  • # of teachers: 32
4
GreatSchools Rating

Anthony Saville Middle School

  • Education Level: Middle
  • # of students: 1,494
  • # of teachers: 58
NA
GreatSchools Rating

Shadow Ridge High School

  • Education Level: High
  • # of students: 2,697
  • # of teachers: 105
6
GreatSchools Rating
 

$450,000$550,000$500,000

PURCHASE PRICE

$1,818$2,222$2,020

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,020
EXPENSES Loan Payment -$1,737
Property Tax -$335
Property Insurance -$80
Property Management Fees -$119
CASH FLOW
-$251

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.

$500,000

PROJECTED PRICE

$2,020

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.05%
Appreciation Year (1-5) 10.3%
Maintenance Year (1-5) 8.00%
Vacancy 7.57%
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$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$138,250

INVESTMENT

$138,250

Down Payment
$125,000
Rehab Estimate
$5,750
Closing Costs
$7,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,737

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $125,000
Loan Amount $375,000
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$13,613

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,020

    LIST RENT
  • $0.74

    LIST RENT PER SQFT
  • $2,137

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$1,950
1$1,9502$1,9523$2,0204$2,1005$2,300
$2,300
RENT COMPS ANALYSIS
  • 7157 Painted Paradise Street Las Vegas, NV 3
    • 4 beds 3 baths ∙ 2,722 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,722 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $2,020
    • $0.74
    •  
  • 5005 Soaring Springs Avenue Las Vegas, NV 1
    • 4 beds 2 baths ∙ 2,372 Sqft ∙ Built 2002 4 beds 2 baths ∙ 2,372 Sqft ∙ Built 2002
    LEASED 01/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.82
    •  
  • 5773 Cowboy Fiddle Las Vegas, NV 2
    • 4 beds 3 baths ∙ 2,902 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,902 Sqft ∙ Built 2003
    LEASED 06/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,952
    • $0.67
    •  
  • 6717 Pyracantha Glen Court Las Vegas, NV 4
    • 4 beds 3 baths ∙ 2,537 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,537 Sqft ∙ Built 2002
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.83
    •  
  • 5873 Wildhorse Ledge Avenue Las Vegas, NV 5
    • 3 beds 3 baths ∙ 2,791 Sqft ∙ Built 2002 3 beds 3 baths ∙ 2,791 Sqft ∙ Built 2002
    LEASED 02/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.82
    •  
PROPERTY LISTING DETAILS
Liliana Ruiz
1.702.635.1105
Monticello Realty Llc
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2276894
Last Updated: 03/17/2021
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