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8222 Sorrel Street Las Vegas, NV 89139

4 Beds 2 Baths 2,277 sqft Built 2014

$424,995

List Price

$2,030

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 10, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2014
  • Price/Sqft : $186.65
  • 5 Days on Market
  • MLS # : 2277505
  • Updated Date : 03/11/2021 at 21:31
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,277 sqft
  • Baths : 2 full
Listing Agent

Vibrant Realty

Listing Agent's Description

*****Stunning 4 bedroom home in the SW ****** minutes from Raiders Stadium, Strip and Airport. This home is close to shopping and schools. Fully renovated, gorgeous tiled accent walls, Grey stairway with luxury wood plank floors, tinted windows throughout with plantation shutters. The kitchen is fully upgraded with contemporary style that open up to a fully landscaped backyard with gorgeous canary palms and fully functional hot tub with blue tooth speakers and color changing water. Furnishings can be purchase outside of escrow . Too many upgrades .

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Coronado Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340kPrice in $119k352k

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

Neighborhood: Coronado Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000105011001150120012501300135014001450150015501600Rent in $9561622

* 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
Mark L. Fine Elementary School Primary Regular 1,001 51 6
Lawrence And Heidi Canarelli Middle School Middle Regular 1,802 70 NA
Sierra Vista High School High Regular 2,396 88 4

Mark L. Fine Elementary School

  • Education Level: Primary
  • # of students: 1,001
  • # of teachers: 51
6
GreatSchools Rating

Lawrence And Heidi Canarelli Middle School

  • Education Level: Middle
  • # of students: 1,802
  • # of teachers: 70
NA
GreatSchools Rating

Sierra Vista High School

  • Education Level: High
  • # of students: 2,396
  • # of teachers: 88
4
GreatSchools Rating
 

$382,496$467,495$424,995

PURCHASE PRICE

$1,827$2,233$2,030

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,030
EXPENSES Loan Payment -$1,476
Property Tax -$266
Property Insurance -$71
Property Management Fees -$119
CASH FLOW
$97

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.

$424,995

PROJECTED PRICE

$2,030

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 9.3%
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$1.2M$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$118,374

INVESTMENT

$118,374

Down Payment
$106,249
Rehab Estimate
$5,750
Closing Costs
$6,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,476

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $106,249
Loan Amount $318,746
See What Happens When You Reinvest Cash Flow

7.17

YEARS SAVED

$36,664

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,030

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $1,867

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,730
1$1,7302$1,8003$1,8994$2,0005$2,030
$2,030
RENT COMPS ANALYSIS
  • 8222 Sorrel Street Las Vegas, NV 5
    • 4 beds 2 baths ∙ 2,277 Sqft ∙ Built 2014 4 beds 2 baths ∙ 2,277 Sqft ∙ Built 2014
    • Rent
    • Rent Per SQFT
    •  
    • $2,030
    • $0.89
    •  
  • 6652 Ashley House Las Vegas, NV 1
    • 4 beds 3 baths ∙ 2,256 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,256 Sqft ∙ Built 2007
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,730
    • $0.77
    •  
  • 6624 Baroque Las Vegas, NV 2
    • 4 beds 3 baths ∙ 2,227 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,227 Sqft ∙ Built 2004
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.81
    •  
  • 6275 Alpine Tree Avenue Las Vegas, NV 3
    • 4 beds 3 baths ∙ 2,310 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,310 Sqft ∙ Built 2005
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,899
    • $0.82
    •  
  • 6073 Crown Palms Avenue Las Vegas, NV 4
    • 4 beds 3 baths ∙ 2,277 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,277 Sqft ∙ Built 2015
    LEASED 07/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.88
    •  
PROPERTY LISTING DETAILS
Theresa R Franklin
1.702.513.2159
Vibrant Realty
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2277505
Last Updated: 03/11/2021
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