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897 Armandito Drive Las Vegas, NV 89138

5 Beds 3 Baths 2,897 sqft Built 2004

INVESTimate

$698,500

List Price

$2,970

$2,720 - $3,220

Rent Est.

$746,627  ( +6.89%)   1 YR EST. FORECAST

PROPERTY INFO

August 23, 2020 RECENTLY ADDED
FACTS
  • Built In 2004
  • Price/Sqft : $241.11
  • 5 Days on Market
  • MLS # : 2224201
  • Updated Date : 08/25/2020 at 16:00
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,897 sqft
  • Baths : 2 full , 1 half
Listing Agent

Realty One Group, Inc

Listing Agent's Description

If you are looking for a prime Summerlin location, this is it. This home is in pristine condition and the pride of ownership is evident. This highly upgraded 5-bedroom home has a Master plus a second bedroom down. Three additional bedrooms upstairs. The open floor plan is highlighted by the soaring ceilings and beautiful wood flooring throughout. If you entertain, this is the home for you. Whether it’s an intimate dinner party in the formal dining room, or large gatherings with friends and family in the open kitchen and great room, this space was designed for it. The kitchen has a breakfast nook, island, granite counters, double oven. All open to the family room and steps from your outdoor entertaining area. But wait. The highlight of this home is the huge resort style ¼+ acre backyard with covered patio, sparkling pool/spa with waterfall, palapa with swim up bar, grilling station. This yard is the envy of the neighborhood. This one will not last long!

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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: The Vistas

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $119k457k

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

Neighborhood: The Vistas

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100Rent in $10762145

* 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
Linda Rankin Givens Elementary School Primary Regular 1,100 52 9
Sig Rogich Middle School Middle Regular 1,845 70 NA
Palo Verde High School High Regular 3,024 114 9

Linda Rankin Givens Elementary School

  • Education Level: Primary
  • # of students: 1,100
  • # of teachers: 52
9
GreatSchools Rating

Sig Rogich Middle School

  • Education Level: Middle
  • # of students: 1,845
  • # of teachers: 70
NA
GreatSchools Rating

Palo Verde High School

  • Education Level: High
  • # of students: 3,024
  • # of teachers: 114
9
GreatSchools Rating
 

$628,650$768,350$698,500

PURCHASE PRICE

$2,673$3,267$2,970

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k$15k$20k$25k$30k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,970
EXPENSES Loan Payment -$2,577
Property Tax -$489
Property Insurance -$83
HOA -$48
Property Management Fees -$119
CASH FLOW
-$347

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.

$698,500

PROJECTED PRICE

$2,970

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.05%
Appreciation Year (1-5) 6.89%
Maintenance Year (1-5) 8.00%
Vacancy 7.57%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$190,853

INVESTMENT

$190,853

Down Payment
$174,625
Rehab Estimate
$5,750
Closing Costs
$10,478

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,577

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $174,625
Loan Amount $523,875
See What Happens When You Reinvest Cash Flow

3.42

YEARS SAVED

$24,353

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,970

    LIST RENT
  • $1.03

    LIST RENT PER SQFT
  • $2,926

    COMP ESTIMATED VALUE
  • $1.01

    COMP AVG. RENT PER SQFT
Comps Range
$2,680
1$2,6802$2,8503$2,9504$2,9705$3,000
$3,000
RENT COMPS ANALYSIS
  • 897 Armandito Drive Las Vegas, NV 4
    • 5 beds 3 baths ∙ 2,897 Sqft ∙ Built 2004 5 beds 3 baths ∙ 2,897 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $2,970
    • $1.03
    •  
  • 11404 Orazio Drive Las Vegas, NV 1
    • 4 beds 3 baths ∙ 2,835 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,835 Sqft ∙ Built 2004
    LEASED 11/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,680
    • $0.95
    •  
  • 11412 Rancho Portena Avenue Las Vegas, NV 2
    • 4 beds 3 baths ∙ 2,790 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,790 Sqft ∙ Built 2004
    LEASED 09/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $1.02
    •  
  • 983 Roseberry Las Vegas, NV 3
    • 4 beds 3 baths ∙ 2,790 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,790 Sqft ∙ Built 2004
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $1.06
    •  
  • 11004 Edina Court Las Vegas, NV 5
    • 4 beds 3 baths ∙ 2,964 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,964 Sqft ∙ Built 2001
    LEASED 12/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.01
    •  
PROPERTY LISTING DETAILS
Christopher J Logan
1.702.248.2215
Realty One Group, Inc
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2224201
Last Updated: 08/25/2020
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