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870 Jeri Lane Boulder City, NV 89005

3 Beds 1 Baths 1,155 sqft Built 1977

$275,000

List Price

$1,280

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
November 28, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1977
  • Price/Sqft : $238.10
  • 5 Days on Market
  • MLS # : 2250843
  • Updated Date : 11/27/2020 at 20:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,155 sqft
  • Baths : 1 full
Listing Agent

Desert Sun Realty

Listing Agent's Description

Tremendous Potential! If you're looking for a great deal on an original condition house, that hasn't already been "rehabbed", then look no further. Very popular Lewis Home with 3 beds, 2 baths, 2 car garage, HUGE backyard, Patio, storage shed, plus potential for RV. Walking distance to schools, parks, library, hospital and more. Great neighborhood. Boulder City is both - a great place to retire AND a great place to raise a family. This single story, ranch home is perfect for both retirees and young families! Mechanically, the house is in good condition, but is ready for some cosmetic updating. Priced accordingly and ready for a quick sale!

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Zip Code: 89005

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $123k362k

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

Zip Code: 89005

ZipNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800Rent in $10241875

* 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
Martha P. King Elementary School Primary Regular 427 23 8
Elton M. Garrett Junior High School Middle Regular 470 22 NA
Boulder City High School High Regular 618 31 8

Martha P. King Elementary School

  • Education Level: Primary
  • # of students: 427
  • # of teachers: 23
8
GreatSchools Rating

Elton M. Garrett Junior High School

  • Education Level: Middle
  • # of students: 470
  • # of teachers: 22
NA
GreatSchools Rating

Boulder City High School

  • Education Level: High
  • # of students: 618
  • # of teachers: 31
8
GreatSchools Rating
 

$247,500$302,500$275,000

PURCHASE PRICE

$1,152$1,408$1,280

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,280
EXPENSES Loan Payment -$1,015
Property Tax -$114
Property Insurance -$50
Property Management Fees -$119
CASH FLOW
-$18

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.

$275,000

PROJECTED PRICE

$1,280

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.05%
Appreciation Year (1-5) 7.3%
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$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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$78,625

INVESTMENT

$78,625

Down Payment
$68,750
Rehab Estimate
$5,750
Closing Costs
$4,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,015

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $68,750
Loan Amount $206,250
See What Happens When You Reinvest Cash Flow

6

YEARS SAVED

$21,547

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,280

    LIST RENT
  • $1.11

    LIST RENT PER SQFT
  • $1,276

    COMP ESTIMATED VALUE
  • $1.11

    COMP AVG. RENT PER SQFT
Comps Range
$1,280
1$1,2802$1,3953$1,4504$1,6005$1,695
$1,695
RENT COMPS ANALYSIS
  • 870 Jeri Lane Boulder City, NV 1
    • 3 beds 1 baths ∙ 1,155 Sqft ∙ Built 1977 3 beds 1 baths ∙ 1,155 Sqft ∙ Built 1977
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,280
    • $1.11
    •  
  • 1305 Nadine Way Boulder City, NV 2
    • 3 beds 1 baths ∙ 1,365 Sqft ∙ Built 1979 3 beds 1 baths ∙ 1,365 Sqft ∙ Built 1979
    property image
    LEASED 06/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.02
    •  
  • 1747 Red Mountain Drive Boulder City, NV 3
    • 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 1990
    property image
    LEASED 02/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.08
    •  
  • 878 Jeri Lane Boulder City, NV 4
    • 3 beds 1 baths ∙ 1,365 Sqft ∙ Built 1977 3 beds 1 baths ∙ 1,365 Sqft ∙ Built 1977
    property image
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.17
    •  
  • 1305 Ramona Lane Boulder City, NV 5
    • 3 beds 1 baths ∙ 1,471 Sqft ∙ Built 1980 3 beds 1 baths ∙ 1,471 Sqft ∙ Built 1980
    property image
    LEASED 08/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.15
    •  
PROPERTY LISTING DETAILS
Bret Runion
1.702.293.0000
Desert Sun Realty
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2250843
Last Updated: 11/27/2020
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