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7561 Corvina Avenue Las Vegas, NV 89113

4 Beds 4 Baths 4,898 sqft Built 2012

$1,215,000

List Price

$3,650

$3.4K - $3.9K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2012
  • Price/Sqft : $248.06
  • 3 Days on Market
  • MLS # : 2261898
  • Updated Date : 01/16/2021 at 03:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 4,898 sqft
  • Baths : 4 full
Listing Agent

Resolution Realty

Listing Agent's Description

*Breathtaking single story in the lovely gated community of Canyon Falls Estates*This show stopper on nearly 1/2 an acre comes with RV Parking/detached casita/amazing backyard w/inground pool/spa & cv patio to name a few*Beautiful wrought iron gate leads you into this enchanting home with courtyard entry featuring pavers and great space for cozy outdoor living*Step into the main home and you'll find yourself awed by cathedral ceilings~ FABULOUS great room open to the kitchen and offers amazing views of the backyard*Gourmet kitchen with all the bells and whistles including informal dining area/stunning granite counters/upgraded cabinets/stainless appliances, espresso machine/breakfast bar*Gorgeous hardwood floors throughout entire home*Primary bedroom offers sitting area/his & hers closet--one used as a workout room and fantastic bathroom*All bedrooms are oversized!*Backyard w/detached casita looks out at stunning backyard~pool is solar heated*Truly too much to list! Thanks for showing!

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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
Judi D. Steele Elementary School Primary Regular 858 43 8
Lawrence And Heidi Canarelli Middle School Middle Regular 1,802 70 NA
Sierra Vista High School High Regular 2,396 88 4

Judi D. Steele Elementary School

  • Education Level: Primary
  • # of students: 858
  • # of teachers: 43
8
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
 

$1,093,500$1,336,500$1,215,000

PURCHASE PRICE

$3,285$4,015$3,650

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,650
EXPENSES Loan Payment -$4,220
Property Tax -$787
Property Insurance -$122
Property Management Fees -$119
CASH FLOW
-$1,598

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.

$1,215,000

PROJECTED PRICE

$3,650

PROJECTED RENT

0.30%

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$500k$1.0M$1.5M$2.0M$2.5M$3.0M$3.5M$4.0M

PROJECTED ANNUAL CASH FLOW

11530-$30k-$20k-$10k$0.0$10k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M$3.5M$4.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$327,725

INVESTMENT

$327,725

Down Payment
$303,750
Rehab Estimate
$5,750
Closing Costs
$18,225

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$4,220

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $303,750
Loan Amount $911,250
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$508

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,650

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $3,674

    COMP ESTIMATED VALUE
  • $0.75

    COMP AVG. RENT PER SQFT
Comps Range
$3,200
1$3,2002$3,5003$3,6504$3,750
$3,750
RENT COMPS ANALYSIS
  • 7561 Corvina Avenue Las Vegas, NV 3
    • 4 beds 4 baths ∙ 4,898 Sqft ∙ Built 2012 4 beds 4 baths ∙ 4,898 Sqft ∙ Built 2012
    • Rent
    • Rent Per SQFT
    •  
    • $3,650
    • $0.75
    •  
  • 6697 Coronado Palms Avenue Las Vegas, NV 1
    • 5 beds 3 baths ∙ 4,587 Sqft ∙ Built 2006 5 beds 3 baths ∙ 4,587 Sqft ∙ Built 2006
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $0.70
    •  
  • 8090 Carson Creek Street Las Vegas, NV 2
    • 4 beds 4 baths ∙ 4,707 Sqft ∙ Built 2004 4 beds 4 baths ∙ 4,707 Sqft ∙ Built 2004
    LEASED 09/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $0.74
    •  
  • 8393 Bella Famiglia Avenue Las Vegas, NV 4
    • 5 beds 4 baths ∙ 4,632 Sqft ∙ Built 2006 5 beds 4 baths ∙ 4,632 Sqft ∙ Built 2006
    LEASED 07/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,750
    • $0.81
    •  
PROPERTY LISTING DETAILS
Ehren Alessi
1.702.800.5054
Resolution Realty
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2261898
Last Updated: 01/16/2021
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