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7935 Forspence Court Las Vegas, NV 89166

4 Beds 4 Baths 2,471 sqft Built 2018

$434,000

List Price

$2,000

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

January 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2018
  • Price/Sqft : $175.64
  • 6 Days on Market
  • MLS # : 2259392
  • Updated Date : 01/06/2021 at 20:27
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,471 sqft
  • Baths : 3 full , 1 half
Listing Agent

Elite Realty

Listing Agent's Description

WOW!!! This home has it all!! 4 Bedrooms , 3 1/2 baths, gated. low maintenance yard with Putting Green in Providence. Den can made into 5th bedroom, it already has a closet, just need a door. Large Primary bedroom with another large bedroom upstairs with own bathroom. Home is certified water smart and Energy Star qualified home and 3 Zone Nest Thermostat. Tankless water heater, reverse osmosis with alkaline drinking water and a water softener. Gorgeous handmade, custom entertainment center designed just for the family room. Shutters throughout home. Has a loft upstairs for gaming or entertaining. Home feels much bigger than it is. Your buyers won't be disappointed in this one. In the new Skye Canyon area with Parks and shopping.

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: 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
 

$390,600$477,400$434,000

PURCHASE PRICE

$1,800$2,200$2,000

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,000
EXPENSES Loan Payment -$1,507
Property Tax -$351
Property Insurance -$75
Property Management Fees -$119
CASH FLOW
-$52

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.

$434,000

PROJECTED PRICE

$2,000

PROJECTED RENT

0.46%

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

PROJECTED ANNUAL CASH FLOW

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

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$120,760

INVESTMENT

$120,760

Down Payment
$108,500
Rehab Estimate
$5,750
Closing Costs
$6,510

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,507

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $108,500
Loan Amount $325,500
See What Happens When You Reinvest Cash Flow

5.17

YEARS SAVED

$23,338

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,000

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $2,082

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$2,0003$2,1004$2,3005$2,300
$2,300
RENT COMPS ANALYSIS
  • 7935 Forspence Court Las Vegas, NV 2
    • 4 beds 4 baths ∙ 2,471 Sqft ∙ Built 2018 4 beds 4 baths ∙ 2,471 Sqft ∙ Built 2018
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.81
    •  
  • 7823 Brodie Castle Court Las Vegas, NV 1
    • 4 beds 3 baths ∙ 2,296 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,296 Sqft ∙ Built 2007
    property image
    LEASED 08/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.78
    •  
  • 10548 Laurel Mountain Lane Las Vegas, NV 3
    • 4 beds 3 baths ∙ 2,516 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,516 Sqft ∙ Built 2017
    property image
    LEASED 03/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.83
    •  
  • 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
    property image
    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
    property image
    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 #: 2259392
Last Updated: 01/06/2021
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