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7227 Mineral Park Avenue Las Vegas, NV 89179

3 Beds 2 Baths 1,702 sqft Built 2007

$299,900

List Price

$1,390

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

November 02, 2020 RECENTLY ADDED
FACTS
  • Built In 2007
  • Price/Sqft : $176.20
  • 3 Days on Market
  • MLS # : 2243958
  • Updated Date : 11/01/2020 at 18:30
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,702 sqft
  • Baths : 1 full , 1 half
Listing Agent

Love Local Real Estate

Listing Agent's Description

This 1700 SqFt 3 bed 3 bath Mountais Edge Home in the South West is a PERFECT first home or rental property - get between $1600/$1900 monthly as a rental. The house is extremely clean and move-in ready. Put your own imagination to the back yard and and give the home a light update and you'll immediately be adding value for you as a home owner or Investor. 7227 Mineral Park has lovely curb appeal and tons of potential. In the growing Las Vegas South West, this is a home that you shouldn't pass up on. Priced to sell. Don't wait! Make an appointment to tour this home today!

SEE MORE

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: Mountain Edge

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $119k362k

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

Neighborhood: Mountain Edge

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800Rent in $10391875

* 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
Carolyn Reedom Elementary School Primary Regular 1,097 58 6
Lois And Jerry Tarkanian Middle School Middle Regular 1,739 71 NA
Desert Oasis High School High Regular 2,417 102 5

Carolyn Reedom Elementary School

  • Education Level: Primary
  • # of students: 1,097
  • # of teachers: 58
6
GreatSchools Rating

Lois And Jerry Tarkanian Middle School

  • Education Level: Middle
  • # of students: 1,739
  • # of teachers: 71
NA
GreatSchools Rating

Desert Oasis High School

  • Education Level: High
  • # of students: 2,417
  • # of teachers: 102
5
GreatSchools Rating
 

$269,910$329,890$299,900

PURCHASE PRICE

$1,251$1,529$1,390

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,390
EXPENSES Loan Payment -$1,107
Property Tax -$199
Property Insurance -$60
Property Management Fees -$119
CASH FLOW
-$95

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.

$299,900

PROJECTED PRICE

$1,390

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.05%
Appreciation Year (1-5) 8.4%
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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

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$85,224

INVESTMENT

$85,224

Down Payment
$74,975
Rehab Estimate
$5,750
Closing Costs
$4,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,107

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $74,975
Loan Amount $224,925
See What Happens When You Reinvest Cash Flow

4.5

YEARS SAVED

$15,517

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,390

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,476

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,390
1$1,3902$1,5003$1,5504$1,5505$1,599
$1,599
RENT COMPS ANALYSIS
  • 7227 Mineral Park Avenue Las Vegas, NV 1
    • 3 beds 2 baths ∙ 1,702 Sqft ∙ Built 2007 3 beds 2 baths ∙ 1,702 Sqft ∙ Built 2007
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,390
    • $0.82
    •  
  • 7158 Hood River Avenue #0 Las Vegas, NV 2
    • 3 beds 2 baths ∙ 1,703 Sqft ∙ Built 2007 3 beds 2 baths ∙ 1,703 Sqft ∙ Built 2007
    property image
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.88
    •  
  • 7210 Mineral Park Avenue #home Las Vegas, NV 3
    • 3 beds 3 baths ∙ 1,740 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,740 Sqft ∙ Built 2007
    property image
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.89
    •  
  • 7168 Neches Las Vegas, NV 4
    • 3 beds 3 baths ∙ 1,831 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,831 Sqft ∙ Built 2007
    property image
    LEASED 06/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.85
    •  
  • 7209 Huckaby Avenue Las Vegas, NV 5
    • 3 beds 3 baths ∙ 1,891 Sqft ∙ Built 2008 3 beds 3 baths ∙ 1,891 Sqft ∙ Built 2008
    property image
    LEASED 11/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,599
    • $0.85
    •  
PROPERTY LISTING DETAILS
Steve Thomas
1.702.305.7776
Love Local Real Estate
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2243958
Last Updated: 11/01/2020
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