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7935 Forspence Court Las Vegas, NV 89166

4 Beds 4 Baths 2,471 sqft Built 2018

$429,000

List Price

$2,110

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

February 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2018
  • Price/Sqft : $173.61
  • 7 Days on Market
  • MLS # : 2268646
  • Updated Date : 02/10/2021 at 17:40
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,471 sqft
  • Baths : 3 full , 1 half
Listing Agent

Elite Realty

Listing Agent's Description

STOP IT!!!!! 4 Bedrooms? 3 1/2 Bath?? Gated??? YEP!!! HAS THEM ALL!!!! Tankless Water, Low Maintenance front and backyard. Putting green in backyard with turf. Den downstairs can be a 5th bedroom, has a closet, just needs a door. Large Primary bedroom with another large bedroom upstairs with own bath. Loft for gaming or entertaining or a home office. Home is Certified water smart, with reverse osmosis and alkaline drinking water and water softener.Home is also Energy Star Qualified and has 3 Zone Nest Thermostat. Home has a Gorgeous Handmade, Custom Entertainment Center designed especially for the Family Room. Shutters throughout. Home feels much bigger than it is. Your buyers won't be disappointed in this one, it has it all. Located in the Northwest near the new Skye Canyon are with parks and Shopping. Kitchen boasts beautiful cabinets, stainless steel appliances, granite countertops and a breakfast bar. I could go on, but you have to see to believe.

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: Cliffs Edge

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $119k362k

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

Neighborhood: Cliffs Edge

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
Kenneth Divich Elementary Primary Unknown NA
Edmundo Eddie Escobedo Sr Middle School Middle Regular 1,171 47 NA
Arbor View High School High Regular 2,878 116 9

Kenneth Divich Elementary

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

Edmundo Eddie Escobedo Sr Middle School

  • Education Level: Middle
  • # of students: 1,171
  • # of teachers: 47
NA
GreatSchools Rating

Arbor View High School

  • Education Level: High
  • # of students: 2,878
  • # of teachers: 116
9
GreatSchools Rating
 

$386,100$471,900$429,000

PURCHASE PRICE

$1,899$2,321$2,110

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,110
EXPENSES Loan Payment -$1,490
Property Tax -$351
Property Insurance -$75
Property Management Fees -$119
CASH FLOW
$75

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.

$429,000

PROJECTED PRICE

$2,110

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.05%
Appreciation Year (1-5) 7.9%
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$119,435

INVESTMENT

$119,435

Down Payment
$107,250
Rehab Estimate
$5,750
Closing Costs
$6,435

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,490

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $107,250
Loan Amount $321,750
See What Happens When You Reinvest Cash Flow

6.67

YEARS SAVED

$34,386

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,110

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $2,100

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,1003$2,1104$2,3005$2,300
$2,300
RENT COMPS ANALYSIS
  • 7935 Forspence Court Las Vegas, NV 3
    • 4 beds 4 baths ∙ 2,471 Sqft ∙ Built 2018 4 beds 4 baths ∙ 2,471 Sqft ∙ Built 2018
    • Rent
    • Rent Per SQFT
    •  
    • $2,110
    • $0.85
    •  
  • 10548 Laurel Mountain Lane Las Vegas, NV 1
    • 4 beds 3 baths ∙ 2,516 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,516 Sqft ∙ Built 2017
    LEASED 03/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.83
    •  
  • 10120 Nash Peak Avenue Las Vegas, NV 2
    • 5 beds 3 baths ∙ 2,591 Sqft ∙ Built 2012 5 beds 3 baths ∙ 2,591 Sqft ∙ Built 2012
    LEASED 01/21/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.81
    •  
  • 7904 Airola Peak Street Las Vegas, NV 4
    • 4 beds 2 baths ∙ 2,559 Sqft ∙ Built 2007 4 beds 2 baths ∙ 2,559 Sqft ∙ Built 2007
    LEASED 07/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.90
    •  
  • 10665 Scorched Skye Las Vegas, NV 5
    • 4 beds 4 baths ∙ 2,669 Sqft ∙ Built 2020 4 beds 4 baths ∙ 2,669 Sqft ∙ Built 2020
    LEASED 10/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.86
    •  
PROPERTY LISTING DETAILS
Rebecca Jones
1.702.806.1163
Elite Realty
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2268646
Last Updated: 02/10/2021
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