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7279 Summit Lake Court Las Vegas, NV 89118

5 Beds 4 Baths 2,751 sqft Built 2015

$425,000

List Price

$2,200

$2K - $2.4K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2015
  • Price/Sqft : $154.49
  • 13 Days on Market
  • MLS # : 2264382
  • Updated Date : 02/01/2021 at 10:30
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,751 sqft
  • Baths : 3 full , 1 half
Listing Agent

Go Global Realty

Listing Agent's Description

Beautiful 3 story home with central location, Close to shopping, dinning and 215 Beltway. Minutes from the Strip & Raiders Stadium! American West home and condition almost like new. stainless steel appliances, upgraded cabinets, kitchen island, granite counter tops. Mater bedroom, 2th and 3th bedrooms in second floor, Third floor with big Loft, 4th, 5th bedroom and baths. Nice and wide open balcony.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • As the largest share, Las Vegas metro contributes to 75.1% of Nevada state's economy i.e. Gross State Product (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Enterprise

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $119k362k

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

Neighborhood: Enterprise

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800Rent in $9981875

* 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
Tony Alamo Elementary School Primary Regular 961 51 7
Lawrence And Heidi Canarelli Middle School Middle Regular 1,802 70 NA
Sierra Vista High School High Regular 2,396 88 4

Tony Alamo Elementary School

  • Education Level: Primary
  • # of students: 961
  • # of teachers: 51
7
GreatSchools Rating

Lawrence And Heidi Canarelli Middle School

  • Education Level: Middle
  • # of students: 1,802
  • # of teachers: 70
NA
GreatSchools Rating

Sierra Vista High School

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

$382,500$467,500$425,000

PURCHASE PRICE

$1,980$2,420$2,200

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,200
EXPENSES Loan Payment -$1,476
Property Tax -$333
Property Insurance -$80
Property Management Fees -$119
CASH FLOW
$192

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.

$425,000

PROJECTED PRICE

$2,200

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.05%
Appreciation Year (1-5) 9.8%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k

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$118,375

INVESTMENT

$118,375

Down Payment
$106,250
Rehab Estimate
$5,750
Closing Costs
$6,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,476

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $106,250
Loan Amount $318,750
See What Happens When You Reinvest Cash Flow

8.17

YEARS SAVED

$45,868

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,200

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $2,276

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,950
1$1,9502$1,9753$2,2004$2,3005$2,500
$2,500
RENT COMPS ANALYSIS
  • 7279 Summit Lake Court Las Vegas, NV 3
    • 5 beds 4 baths ∙ 2,751 Sqft ∙ Built 2015 5 beds 4 baths ∙ 2,751 Sqft ∙ Built 2015
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.80
    •  
  • 7218 Summit Lake Court Las Vegas, NV 1
    • 4 beds 3 baths ∙ 2,643 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,643 Sqft ∙ Built 2016
    LEASED 08/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.74
    •  
  • 7327 Bridger Hill Court Las Vegas, NV 2
    • 4 beds 4 baths ∙ 2,643 Sqft ∙ Built 2018 4 beds 4 baths ∙ 2,643 Sqft ∙ Built 2018
    LEASED 11/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $0.75
    •  
  • 6433 Amberleaf Way Las Vegas, NV 4
    • 5 beds 3 baths ∙ 2,641 Sqft ∙ Built 2019 5 beds 3 baths ∙ 2,641 Sqft ∙ Built 2019
    LEASED 01/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.87
    •  
  • 6532 Foley Estate Avenue Las Vegas, NV 5
    • 5 beds 4 baths ∙ 2,643 Sqft ∙ Built 2019 5 beds 4 baths ∙ 2,643 Sqft ∙ Built 2019
    LEASED 08/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.95
    •  
PROPERTY LISTING DETAILS
Nancy Liu
1.702.553.7793
Go Global Realty
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2264382
Last Updated: 02/01/2021
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