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8925 Iron Hitch Avenue Las Vegas, NV 89143

3 Beds 2 Baths 1,527 sqft Built 2000

$315,000

List Price

$1,390

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $206.29
  • 11 Days on Market
  • MLS # : 2263299
  • Updated Date : 01/29/2021 at 10:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,527 sqft
  • Baths : 2 full
Listing Agent

Signature Real Estate Group

Listing Agent's Description

Absolute Stunner located in highly sought-out Spring Mountain Ranch. IMMACULATE 3 bedroom 1-story home with a 2 car garage situated just 2 doors down from the community park. Located 10 minutes away from the Gilcrease Orchard. This property has engineered French Oak Plank and ceramic tile flooring throughout the house. The home shows incredible pride of ownership & boasts a nice master bedroom with plenty of closet space. This home is move-in ready and an incredible value in today's market. This home is a MUST SEE!

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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: Spring Mountain Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $119k362k

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

Neighborhood: Spring Mountain Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800Rent in $10661875

* 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
James Bilbray Elementary School Primary Regular 763 39 9
Ralph Cadwallader Middle School Middle Regular 1,480 63 NA
Arbor View High School High Regular 2,878 116 9

James Bilbray Elementary School

  • Education Level: Primary
  • # of students: 763
  • # of teachers: 39
9
GreatSchools Rating

Ralph Cadwallader Middle School

  • Education Level: Middle
  • # of students: 1,480
  • # of teachers: 63
NA
GreatSchools Rating

Arbor View High School

  • Education Level: High
  • # of students: 2,878
  • # of teachers: 116
9
GreatSchools Rating
 

$283,500$346,500$315,000

PURCHASE PRICE

$1,251$1,529$1,390

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,390
EXPENSES Loan Payment -$1,094
Property Tax -$210
Property Insurance -$57
Property Management Fees -$119
CASH FLOW
-$90

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.

$315,000

PROJECTED PRICE

$1,390

PROJECTED RENT

0.44%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.05%
Appreciation Year (1-5) 9.7%
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$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$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$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$89,225

INVESTMENT

$89,225

Down Payment
$78,750
Rehab Estimate
$5,750
Closing Costs
$4,725

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,094

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $78,750
Loan Amount $236,250
See What Happens When You Reinvest Cash Flow

4.42

YEARS SAVED

$13,532

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,390

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,390

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,275
1$1,2752$1,3503$1,3504$1,3905$1,450
$1,450
RENT COMPS ANALYSIS
  • 8925 Iron Hitch Avenue Las Vegas, NV 4
    • 3 beds 2 baths ∙ 1,527 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,527 Sqft ∙ Built 2000
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,390
    • $0.91
    •  
  • 8212 Strawberry Spring Street Las Vegas, NV 1
    • 3 beds 3 baths ∙ 1,376 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,376 Sqft ∙ Built 2004
    property image
    LEASED 02/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,275
    • $0.93
    •  
  • 8924 Colorful Pines Avenue Las Vegas, NV 2
    • 3 beds 2 baths ∙ 1,519 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,519 Sqft ∙ Built 1998
    property image
    LEASED 03/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.89
    •  
  • 8117 Indigo Gully Court Las Vegas, NV 3
    • 3 beds 2 baths ∙ 1,482 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,482 Sqft ∙ Built 2000
    property image
    LEASED 08/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.91
    •  
  • 8241 Apple Spice Street #0 Las Vegas, NV 5
    • 3 beds 3 baths ∙ 1,590 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,590 Sqft ∙ Built 2004
    property image
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.91
    •  
PROPERTY LISTING DETAILS
Christian Lux
1.702.860.7234
Signature Real Estate Group
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2263299
Last Updated: 01/29/2021
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