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7988 Fringetree Court Las Vegas, NV 89123

2 Beds 2 Baths 1,214 sqft Built 1989

$300,000

List Price

$1,390

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

January 29, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1989
  • Price/Sqft : $247.12
  • 3 Days on Market
  • MLS # : 2264938
  • Updated Date : 01/30/2021 at 00:00
CONSTRUCTION
  • Beds : 2
  • Floor Size : 1,214 sqft
  • Baths : 2 full
Listing Agent

Realty One Group, Inc

Listing Agent's Description

AMAZING 1 story SFR on a huge lot, located in a desirable cul de sac location. This gem reflects gorgeous curb appeal, located in a beautiful neighborhood which provides instant access to 215 Fwy and shopping centers. An immaculate, upgraded home featuring an open floor plan with large living room perfect for entertaining. Upgrades include new carpet and laminate wood flooring, new interior paint, new baseboards throughout, newly refaced/repainted kitchen cabinetry, new country kitchen sink/disposal/faucet, new faucets/sinks/toilets in bathrooms, newly renovated shower in main bedroom, new light switches/outlets/light fixtures throughout. Rear yard featuring large covered patio great for outdoor entertainment, large side yard great for storage or dog run. This home exemplifies pride of ownership. Don't let this one slip away! A must see!!!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Paradise

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $112k296k

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

Neighborhood: Paradise

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001150120012501300135014001450150015501600Rent in $10761606

* 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
Louis Wiener Jr Elementary School Primary Regular 701 39 7
Jack L. Schofield Middle School Middle Regular 1,332 51 NA
Silverado High School High Regular 2,263 94 5

Louis Wiener Jr Elementary School

  • Education Level: Primary
  • # of students: 701
  • # of teachers: 39
7
GreatSchools Rating

Jack L. Schofield Middle School

  • Education Level: Middle
  • # of students: 1,332
  • # of teachers: 51
NA
GreatSchools Rating

Silverado High School

  • Education Level: High
  • # of students: 2,263
  • # of teachers: 94
5
GreatSchools Rating
 

$270,000$330,000$300,000

PURCHASE PRICE

$1,251$1,529$1,390

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,390
EXPENSES Loan Payment -$1,042
Property Tax -$151
Property Insurance -$51
Property Management Fees -$119
CASH FLOW
$27

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.

$300,000

PROJECTED PRICE

$1,390

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 9.4%
Maintenance Year (1-5) 8.00%
Vacancy 7.63%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,250

INVESTMENT

$85,250

Down Payment
$75,000
Rehab Estimate
$5,750
Closing Costs
$4,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,042

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $75,000
Loan Amount $225,000
See What Happens When You Reinvest Cash Flow

6.42

YEARS SAVED

$22,436

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,390

    LIST RENT
  • $1.14

    LIST RENT PER SQFT
  • $1,381

    COMP ESTIMATED VALUE
  • $1.14

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,2953$1,3004$1,3255$1,390
$1,390
RENT COMPS ANALYSIS
  • 7988 Fringetree Court Las Vegas, NV 5
    • 2 beds 2 baths ∙ 1,214 Sqft ∙ Built 1989 2 beds 2 baths ∙ 1,214 Sqft ∙ Built 1989
    • Rent
    • Rent Per SQFT
    •  
    • $1,390
    • $1.14
    •  
  • 2975 Bluegrass Lane #1023 Henderson, NV 1
    • 2 beds 1 baths ∙ 1,091 Sqft ∙ Built 1994 2 beds 1 baths ∙ 1,091 Sqft ∙ Built 1994
    LEASED 12/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $1.10
    •  
  • 2894 Lilac Court #0 Henderson, NV 2
    • 2 beds 2 baths ∙ 1,144 Sqft ∙ Built 1982 2 beds 2 baths ∙ 1,144 Sqft ∙ Built 1982
    LEASED 08/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.13
    •  
  • 2750 Carnation Lane #4 Henderson, NV 3
    • 2 beds 3 baths ∙ 1,211 Sqft ∙ Built 1990 2 beds 3 baths ∙ 1,211 Sqft ∙ Built 1990
    LEASED 01/21/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $1.07
    •  
  • 1063 Overture Drive Las Vegas, NV 4
    • 2 beds 2 baths ∙ 1,056 Sqft ∙ Built 1990 2 beds 2 baths ∙ 1,056 Sqft ∙ Built 1990
    LEASED 11/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $1.25
    •  
PROPERTY LISTING DETAILS
Jeff Hung
1.714.655.7705
Realty One Group, Inc
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2264938
Last Updated: 01/30/2021
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