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8 Cross Ridge Street Las Vegas, NV 89135

4 Beds 5 Baths 4,179 sqft Built 2003

$1,689,000

List Price

$6,690

$6.4K - $6.9K

Rent Est.

PROPERTY INFO

December 24, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $404.16
  • 5 Days on Market
  • MLS # : 2256607
  • Updated Date : 12/23/2020 at 19:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 4,179 sqft
  • Baths : 4 full , 1 half
Listing Agent

Urban Nest Realty

Listing Agent's Description

"This gorgeous singe story home is located in "The Ridges" Summerlin, Guard Gated with second gate at the entrance to "Topaz Ridge" An all single story beautifully landscaped neighborhood. Courtyard entrance w/ gas fireplace, 4 bedrooms, 5 bath, large great room w/wet bar, built-ins. Kitchen has large island, granite, breakfast nook, Butler pantry leads to formal dining room, office with built-ins, 4 bedrooms with ensuite bathrooms, Spacious master suite with direct access to pool/spa and covered patio. Master bath with dual vanities, large walk in closet with custom cabinets. Dedicated home theater with full screen, projector, surround sound and seating in the attached casita. Large laundry with sink and ample amount of cabinets. Gorgeous pebble tech pool and spa w/in floor cleaner, amazing strip and beautiful mountain views from the great room, kitchen, breakfast nook and master bedroom. Two covered outdoor seating areas, quality materials and impeccably maintained throughout.

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: The Ridges

NeighborhoodNIR Market*CityMarket2010Year20002019200k400k600k800k1000k1200k1400k1600kPrice in $119k1710k

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

Neighborhood: The Ridges

NeighborhoodNIR Market*CityMarket2010Year20002019 Q22000300040005000600070008000Rent in $10768996

* 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
Judy And John Goolsby Elementary School Primary Regular 807 42 10
Victoria Fertitta Middle School Middle Regular 1,472 60 NA
Durango High School High Regular 2,302 95 5

Judy And John Goolsby Elementary School

  • Education Level: Primary
  • # of students: 807
  • # of teachers: 42
10
GreatSchools Rating

Victoria Fertitta Middle School

  • Education Level: Middle
  • # of students: 1,472
  • # of teachers: 60
NA
GreatSchools Rating

Durango High School

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

$1,520,100$1,857,900$1,689,000

PURCHASE PRICE

$6,021$7,359$6,690

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $6,690
EXPENSES Loan Payment -$6,232
Property Tax -$973
Property Insurance -$108
Property Management Fees -$119
CASH FLOW
-$741

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.

$1,689,000

PROJECTED PRICE

$6,690

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.75%
Appreciation Year (1-5) 1.8%
Maintenance Year (1-5) 8.00%
Vacancy 7.56%
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$2.5M$3.0M$3.5M$4.0M$4.5M

PROJECTED ANNUAL CASH FLOW

11530-$20k$0.0$20k$40k$60k$80k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M$3.5M$4.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$453,335

INVESTMENT

$453,335

Down Payment
$422,250
Rehab Estimate
$5,750
Closing Costs
$25,335

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$6,232

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $422,250
Loan Amount $1,266,750
See What Happens When You Reinvest Cash Flow

4.33

YEARS SAVED

$84,089

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $6,690

    LIST RENT
  • $1.6

    LIST RENT PER SQFT
  • $4,367

    COMP ESTIMATED VALUE
  • $1.05

    COMP AVG. RENT PER SQFT
Comps Range
$4,200
1$4,2002$4,5953$6,690
$6,690
RENT COMPS ANALYSIS
  • 8 Cross Ridge Street Las Vegas, NV 3
    • 4 beds 5 baths ∙ 4,179 Sqft ∙ Built 2003 4 beds 5 baths ∙ 4,179 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $6,690
    • $1.60
    •  
  • 2198 Country Cove Court Las Vegas, NV 1
    • 4 beds 4 baths ∙ 4,124 Sqft ∙ Built 2005 4 beds 4 baths ∙ 4,124 Sqft ∙ Built 2005
    LEASED 12/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $1.02
    •  
  • 3092 Hammerwood Drive Las Vegas, NV 2
    • 4 beds 5 baths ∙ 4,308 Sqft ∙ Built 2001 4 beds 5 baths ∙ 4,308 Sqft ∙ Built 2001
    LEASED 12/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,595
    • $1.07
    •  
PROPERTY LISTING DETAILS
Doug W Thompson
1.702.378.8231
Urban Nest Realty
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2256607
Last Updated: 12/23/2020
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