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8013 Cimarron Ridge Drive #201 # 201 Las Vegas, NV 89128

2 Beds 2 Baths 1,035 sqft Built 1996

INVESTimate

$180,000

List Price

$1,060

$954 - $1,166

Rent Est.

$200,682  ( +11.49%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 1996
  • Price/Sqft : $173.91
  • 7 Days on Market
  • MLS # : 2223995
  • Updated Date : 08/22/2020 at 05:11
CONSTRUCTION
  • Beds : 2
  • Floor Size : 1,035 sqft
  • Baths : 2 full
Listing Agent

Re/max Advantage

Listing Agent's Description

Unique condo just outside of Summerlin with private, shady back yard with paver patio*living is on 1 level upstairs*garage has direct access from inside the home*vault ceilings in living areas*large living room with tile floors*open kitchen with big island, granite countertops, 5 burner stove, nook area*master bedroom with ceiling fan and walk-in closet*large 2nd bedroom with ceiling fan*washer dryer and extra storage*balcony with stairway to yard*no carpet - tile and laminate floors thruout*1 car garage plus 1 car driveway parking.

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
 

$162,000$198,000$180,000

PURCHASE PRICE

$954$1,166$1,060

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k

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$700k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,060
EXPENSES Loan Payment -$664
Property Tax -$121
Property Insurance -$47
HOA -$210
Property Management Fees -$119
CASH FLOW
-$101

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.

$180,000

PROJECTED PRICE

$1,060

PROJECTED RENT

0.59%

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$53,450

INVESTMENT

$53,450

Down Payment
$45,000
Rehab Estimate
$5,750
Closing Costs
$2,700

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$664

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $45,000
Loan Amount $135,000
See What Happens When You Reinvest Cash Flow

2.58

YEARS SAVED

$4,154

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,060

    LIST RENT
  • $1.02

    LIST RENT PER SQFT
  • $1,102

    COMP ESTIMATED VALUE
  • $1.07

    COMP AVG. RENT PER SQFT
Comps Range
$930
1$9302$9953$1,0104$1,0605$1,199
$1,199
RENT COMPS ANALYSIS
  • 8013 Cimarron Ridge Drive #201 Las Vegas, NV 4
    • 2 beds 2 baths ∙ 1,035 Sqft ∙ Built 1996 2 beds 2 baths ∙ 1,035 Sqft ∙ Built 1996
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,060
    • $1.02
    •  
  • 1400 Cinder Rock Drive #102 Las Vegas, NV 1
    • 2 beds 2 baths ∙ 912 Sqft ∙ Built 1991 2 beds 2 baths ∙ 912 Sqft ∙ Built 1991
    property image
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $930
    • $1.02
    •  
  • 7964 Terrace Rock #102 Las Vegas, NV 2
    • 2 beds 2 baths ∙ 912 Sqft ∙ Built 1992 2 beds 2 baths ∙ 912 Sqft ∙ Built 1992
    property image
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $995
    • $1.09
    •  
  • 7948 Decker Canyon Drive #201 Las Vegas, NV 3
    • 2 beds 2 baths ∙ 912 Sqft ∙ Built 1991 2 beds 2 baths ∙ 912 Sqft ∙ Built 1991
    property image
    LEASED 08/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,010
    • $1.11
    •  
  • 8016 Delightful Avenue #0 Las Vegas, NV 5
    • 2 beds 2 baths ∙ 1,148 Sqft ∙ Built 1997 2 beds 2 baths ∙ 1,148 Sqft ∙ Built 1997
    property image
    LEASED 09/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,199
    • $1.04
    •  
PROPERTY LISTING DETAILS
Jody A Lenzie
1.702.499.9494
Re/max Advantage
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2223995
Last Updated: 08/22/2020
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