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778 Step Beach Street Las Vegas, NV 89138

4 Beds 1 Baths 3,245 sqft Built 2014

$815,000

List Price

$3,260

$3K - $3.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2014
  • Price/Sqft : $251.16
  • 3 Days on Market
  • MLS # : 2277311
  • Updated Date : 03/13/2021 at 01:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,245 sqft
  • Baths : 1 full
Listing Agent

Bhhs Nevada Properties

Listing Agent's Description

Located in the highly sought after gated community of Esperanza in the Paseos, conveniently located near Red Rock Conservation area, Summerlin's most popular parks & walking trails, & Downtown Summerlin. Offering a plethora of upgrades, a welcoming courtyard entry & an oversized beautifully finished yard, it is the perfect backdrop for entertaining. With its open floor plan, epoxy finished 3 car garage w/ cabinetry, designer light fixtures throughout, plantation shutters, custom built-in home office/4th bedroom, travertine stone flooring & hardwood floors, this home is sure to impress. The chef’s kitchen feat. upgraded cabinetry w/ hardware, GE Monogram stainless steel appliances, dual ovens, Viking refrigerator, chef’s cooktop hood, butlers pantry w/ wet bar, reverse osmosis system, wine rack, ice maker, & full timeless backsplash. This home has lush landscaping, artificial turf, tranquil fountain, full length covered patio, gated dog run, & a plumbed fire pit.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: The Paseos

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500kPrice in $119k545k

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

Neighborhood: The Paseos

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200140016001800200022002400260028003000Rent in $10763057

* 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
Billy And Rosemary Vassiliadis Elementary School Primary Unknown NA
Sig Rogich Middle School Middle Regular 1,845 70 NA
Palo Verde High School High Regular 3,024 114 9

Billy And Rosemary Vassiliadis Elementary School

  • Education Level: Primary
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Sig Rogich Middle School

  • Education Level: Middle
  • # of students: 1,845
  • # of teachers: 70
NA
GreatSchools Rating

Palo Verde High School

  • Education Level: High
  • # of students: 3,024
  • # of teachers: 114
9
GreatSchools Rating
 

$733,500$896,500$815,000

PURCHASE PRICE

$2,934$3,586$3,260

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,260
EXPENSES Loan Payment -$2,831
Property Tax -$571
Property Insurance -$90
Property Management Fees -$119
CASH FLOW
-$351

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.

$815,000

PROJECTED PRICE

$3,260

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.05%
Appreciation Year (1-5) 9.1%
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

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k$15k$20k$25k$30k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$221,725

INVESTMENT

$221,725

Down Payment
$203,750
Rehab Estimate
$5,750
Closing Costs
$12,225

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,831

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $203,750
Loan Amount $611,250
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$25,311

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,260

    LIST RENT
  • $1

    LIST RENT PER SQFT
  • $3,456

    COMP ESTIMATED VALUE
  • $1.07

    COMP AVG. RENT PER SQFT
Comps Range
$3,000
1$3,0002$3,2603$3,3004$3,5005$3,850
$3,850
RENT COMPS ANALYSIS
  • 778 Step Beach Street Las Vegas, NV 2
    • 4 beds 1 baths ∙ 3,245 Sqft ∙ Built 2014 4 beds 1 baths ∙ 3,245 Sqft ∙ Built 2014
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,260
    • $1.00
    •  
  • 11709 Intervale Road Las Vegas, NV 1
    • 4 beds 2 baths ∙ 3,146 Sqft ∙ Built 2007 4 beds 2 baths ∙ 3,146 Sqft ∙ Built 2007
    property image
    LEASED 01/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $0.95
    •  
  • 12248 Montura Rosa Place Las Vegas, NV 3
    • 3 beds 3 baths ∙ 3,144 Sqft ∙ Built 2005 3 beds 3 baths ∙ 3,144 Sqft ∙ Built 2005
    property image
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $1.05
    •  
  • 948 White Feather Las Vegas, NV 4
    • 4 beds 3 baths ∙ 3,423 Sqft ∙ Built 2005 4 beds 3 baths ∙ 3,423 Sqft ∙ Built 2005
    property image
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.02
    •  
  • 816 Elmstone Place Las Vegas, NV 5
    • 5 beds 3 baths ∙ 3,095 Sqft ∙ Built 2019 5 beds 3 baths ∙ 3,095 Sqft ∙ Built 2019
    property image
    LEASED 08/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,850
    • $1.24
    •  
PROPERTY LISTING DETAILS
Ivan G Sher
1.702.315.0223
Bhhs Nevada Properties
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2277311
Last Updated: 03/13/2021
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