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7937 Diamond Rock Way #202 # 202 Las Vegas, NV 89128

2 Beds 2 Baths 912 sqft Built 1989

INVESTimate

$163,000

List Price

$930

$837 - $1,023

Rent Est.

$181,729  ( +11.49%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 1989
  • Price/Sqft : $178.73
  • 5 Days on Market
  • MLS # : 2224121
  • Updated Date : 08/24/2020 at 11:41
CONSTRUCTION
  • Beds : 2
  • Floor Size : 912 sqft
  • Baths : 2 full
Listing Agent

Nationwide Realty Llc

Listing Agent's Description

Upscale 2 bedroom, 2 bathroom condo situated on the 2nd floor in a picturesque community, with a pool and mountain view from the private porch, and dining room windows. This property has just been renovated with modern finishes including: quartz counter tops, under mount kitchen sink, stainless steel stove, microwave and dishwasher, solid surface flooring, new modern paint and hardware throughout. This community is conveniently located near Summerlin, but features a low HOA fee ($170 per month) and low taxes!

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: Pioneer Park

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $84k296k

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

Neighborhood: Pioneer Park

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000105011001150120012501300135014001450150015501600Rent in $9551606

* 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
Edythe And Lloyd Katz Elementary School Primary Regular 711 36 4
Walter Johnson Junior High School Middle Regular 1,102 50 NA
Palo Verde High School High Regular 3,024 114 9

Edythe And Lloyd Katz Elementary School

  • Education Level: Primary
  • # of students: 711
  • # of teachers: 36
4
GreatSchools Rating

Walter Johnson Junior High School

  • Education Level: Middle
  • # of students: 1,102
  • # of teachers: 50
NA
GreatSchools Rating

Palo Verde High School

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

$146,700$179,300$163,000

PURCHASE PRICE

$837$1,023$930

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $930
EXPENSES Loan Payment -$601
Property Tax -$94
Property Insurance -$45
HOA -$170
Property Management Fees -$119
CASH FLOW
-$99

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.

$163,000

PROJECTED PRICE

$930

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 11.49%
Maintenance Year (1-5) 8.00%
Vacancy 7.63%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$48,945

INVESTMENT

$48,945

Down Payment
$40,750
Rehab Estimate
$5,750
Closing Costs
$2,445

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$601

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $40,750
Loan Amount $122,250
See What Happens When You Reinvest Cash Flow

2.58

YEARS SAVED

$3,742

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $930

    LIST RENT
  • $1.02

    LIST RENT PER SQFT
  • $992

    COMP ESTIMATED VALUE
  • $1.09

    COMP AVG. RENT PER SQFT
Comps Range
$930
1$9302$9753$9954$9955$1,000
$1,000
RENT COMPS ANALYSIS
  • 7937 Diamond Rock Way #202 Las Vegas, NV 1
    • 2 beds 2 baths ∙ 912 Sqft ∙ Built 1989 2 beds 2 baths ∙ 912 Sqft ∙ Built 1989
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $930
    • $1.02
    •  
  • 7948 Calico Vista Boulevard #201 Las Vegas, NV 2
    • 2 beds 2 baths ∙ 912 Sqft ∙ Built 1989 2 beds 2 baths ∙ 912 Sqft ∙ Built 1989
    property image
    LEASED 07/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $975
    • $1.07
    •  
  • 937 Falconhead Lane #201 Las Vegas, NV 3
    • 2 beds 2 baths ∙ 912 Sqft ∙ Built 1989 2 beds 2 baths ∙ 912 Sqft ∙ Built 1989
    property image
    LEASED 01/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $995
    • $1.09
    •  
  • 937 Boulder Mesa Drive #202 Las Vegas, NV 4
    • 2 beds 2 baths ∙ 912 Sqft ∙ Built 1990 2 beds 2 baths ∙ 912 Sqft ∙ Built 1990
    property image
    LEASED 03/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $995
    • $1.09
    •  
  • 916 Rockview Drive #102 Las Vegas, NV 5
    • 2 beds 2 baths ∙ 912 Sqft ∙ Built 1990 2 beds 2 baths ∙ 912 Sqft ∙ Built 1990
    property image
    LEASED 06/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,000
    • $1.10
    •  
PROPERTY LISTING DETAILS
Joseph A Tuttle
1.702.280.8644
Nationwide Realty Llc
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2224121
Last Updated: 08/24/2020
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