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7995 Rio Rico Drive Las Vegas, NV 89113

3 Beds 2 Baths 2,964 sqft Built 1989

$699,500

List Price

$2,920

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

December 19, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1989
  • Price/Sqft : $236.00
  • 3 Days on Market
  • MLS # : 2256776
  • Updated Date : 12/19/2020 at 15:17
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,964 sqft
  • Baths : 1 full , 1 half
Listing Agent

Wynn Realty Group

Listing Agent's Description

ONE OWNER UPGRADED IN THE LINKS END OF CUL-DE-SAC ON TEE BOX #8 LAKES COURSE. GORGEOUS IMMACULATE MODEL 300..ENTER INTO THE SPACIOUS FRONT LIVING ROOM WITH VAULTED CIELINGS, WINDOWS LOOKING OVER THE GOLF COURSE, LARGE DINING AREA, LOVELY KITCHEN WITH VIKING STOVE, PROFILE REFRIDGE, ADD'L OVEN WITH MICRO, BEAUTIFUL GRANITE COUNTERS, WINDOW OVER SINK LOOKS INTO AMAZING BACKYARD, WALK IN PANTRY. NOOK DINING JUST OFF THE COZY FAMILY ROOM WITH FP, BOOKSHELVES, SLIDER OPENS TO THE SIDE YARD WITH A GREAT BUILTIN BBQ ISLAND & SITTING AREA TO ENJOY YOUR MORNING COFFEE. DOWN STAIRS LAUNDRY ROOM HAS LOADS OF CABINETS & ANOTHER WALK IN STORAGE AREA..UPSTAIRS A BUILT IN OFFICE LOFT AREA WITH GREAT VIEWS. MASTER IS VERY SPACIOUS WITH INCREDIBLE VIEWS OF THE COURSE & MTNS. COZY FIRPLACE WITH BUILTINS. THE MASTER CLOSET IS A CUSTOM MASTERPIECE WITH LOTS OF HANGING, DRAWERS AND SHELVING AND A CHANDELIER! UPGRADED TRAVERTINE SHOWER, HYDRO SYSTEMS SPA BATHTUB. A MUST SEE! TO MUCH TO MENTION!

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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: Spanish Trail

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500kPrice in $119k520k

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

Neighborhood: Spanish Trail

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200140016001800200022002400260028003000Rent in $10763173

* 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
Lucille Rogers Elementary School Primary Regular 775 43 9
Grant Sawyer Middle School Middle Regular 1,308 52 NA
Durango High School High Regular 2,302 95 5

Lucille Rogers Elementary School

  • Education Level: Primary
  • # of students: 775
  • # of teachers: 43
9
GreatSchools Rating

Grant Sawyer Middle School

  • Education Level: Middle
  • # of students: 1,308
  • # of teachers: 52
NA
GreatSchools Rating

Durango High School

  • Education Level: High
  • # of students: 2,302
  • # of teachers: 95
5
GreatSchools Rating
 

$629,550$769,450$699,500

PURCHASE PRICE

$2,628$3,212$2,920

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,920
EXPENSES Loan Payment -$2,581
Property Tax -$384
Property Insurance -$85
Property Management Fees -$119
CASH FLOW
-$249

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.

$699,500

PROJECTED PRICE

$2,920

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.05%
Appreciation Year (1-5) 5.0%
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

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$191,118

INVESTMENT

$191,118

Down Payment
$174,875
Rehab Estimate
$5,750
Closing Costs
$10,493

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,581

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $174,875
Loan Amount $524,625
See What Happens When You Reinvest Cash Flow

4.25

YEARS SAVED

$33,841

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,920

    LIST RENT
  • $0.99

    LIST RENT PER SQFT
  • $2,957

    COMP ESTIMATED VALUE
  • $1

    COMP AVG. RENT PER SQFT
Comps Range
$2,700
1$2,7002$2,7003$2,9204$3,0005$3,395
$3,395
RENT COMPS ANALYSIS
  • 7995 Rio Rico Drive Las Vegas, NV 3
    • 3 beds 2 baths ∙ 2,964 Sqft ∙ Built 1989 3 beds 2 baths ∙ 2,964 Sqft ∙ Built 1989
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,920
    • $0.99
    •  
  • 8225 Crow Valley Lane Las Vegas, NV 1
    • 3 beds 3 baths ∙ 3,010 Sqft ∙ Built 1990 3 beds 3 baths ∙ 3,010 Sqft ∙ Built 1990
    property image
    LEASED 02/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $0.90
    •  
  • 5163 Southern Hills Lane Las Vegas, NV 2
    • 3 beds 3 baths ∙ 2,871 Sqft ∙ Built 1985 3 beds 3 baths ∙ 2,871 Sqft ∙ Built 1985
    property image
    LEASED 04/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $0.94
    •  
  • 8320 Carmel Ridge Court Las Vegas, NV 4
    • 3 beds 3 baths ∙ 3,010 Sqft ∙ Built 1989 3 beds 3 baths ∙ 3,010 Sqft ∙ Built 1989
    property image
    LEASED 04/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.00
    •  
  • 7915 Rio Rico Drive Las Vegas, NV 5
    • 3 beds 3 baths ∙ 2,963 Sqft ∙ Built 1987 3 beds 3 baths ∙ 2,963 Sqft ∙ Built 1987
    property image
    LEASED 06/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,395
    • $1.15
    •  
PROPERTY LISTING DETAILS
Vaughnie Montoya
1.702.400.3815
Wynn Realty Group
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2256776
Last Updated: 12/19/2020
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