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9329 Spellman Court Las Vegas, NV 89123

3 Beds 2 Baths 1,224 sqft Built 1998

$275,000

List Price

$1,300

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 1998
  • Price/Sqft : $224.67
  • 5 Days on Market
  • MLS # : 2244869
  • Updated Date : 11/06/2020 at 14:30
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,224 sqft
  • Baths : 2 full
Listing Agent

Realty One Group, Inc

Listing Agent's Description

Location, location, location! Single story home in the heart of Silverado Ranch under 300k! Minutes away from tons of shopping, restaurants, and Beltway access. Lovely 3 bedroom home with great floorplan and usable space. The kitchen is open with a breakfast bar. Well maintained home with a large backyard and large covered patio. Such a great package under 300k in desirable Silverado Ranch. Open House Sat, Nov 7 from 11 am to 3 pm.

SEE MORE

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: Silverado Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $119k305k

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

Neighborhood: Silverado Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001150120012501300135014001450150015501600Rent in $10761606

* 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
Roger Gehring Elementary School Primary Regular 676 39 9
Charles Silvestri Junior High School Middle Regular 1,748 68 NA
Silverado High School High Regular 2,263 94 5

Roger Gehring Elementary School

  • Education Level: Primary
  • # of students: 676
  • # of teachers: 39
9
GreatSchools Rating

Charles Silvestri Junior High School

  • Education Level: Middle
  • # of students: 1,748
  • # of teachers: 68
NA
GreatSchools Rating

Silverado High School

  • Education Level: High
  • # of students: 2,263
  • # of teachers: 94
5
GreatSchools Rating
 

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

PURCHASE PRICE

$1,170$1,430$1,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,300
EXPENSES Loan Payment -$1,015
Property Tax -$171
Property Insurance -$51
Property Management Fees -$119
CASH FLOW
-$56

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

$1,300

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 10.2%
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

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$200k$400k$600k$800k$1.0M

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

5.08

YEARS SAVED

$16,709

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,300

    LIST RENT
  • $1.06

    LIST RENT PER SQFT
  • $1,389

    COMP ESTIMATED VALUE
  • $1.14

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,3953$1,4504$1,4955$1,645
$1,645
RENT COMPS ANALYSIS
  • 9329 Spellman Court Las Vegas, NV 1
    • 3 beds 2 baths ∙ 1,224 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,224 Sqft ∙ Built 1998
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $1.06
    •  
  • 686 Fontayne Avenue #0 Las Vegas, NV 2
    • 3 beds 2 baths ∙ 1,377 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,377 Sqft ∙ Built 2002
    LEASED 09/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.01
    •  
  • 780 Castlebridge Avenue Las Vegas, NV 3
    • 3 beds 2 baths ∙ 1,242 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,242 Sqft ∙ Built 2001
    LEASED 09/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.17
    •  
  • 672 Solstice Avenue Las Vegas, NV 4
    • 3 beds 2 baths ∙ 1,251 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,251 Sqft ∙ Built 1998
    LEASED 05/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.20
    •  
  • 919 Country Skies Avenue Las Vegas, NV 5
    • 3 beds 2 baths ∙ 1,416 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,416 Sqft ∙ Built 1999
    LEASED 07/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $1.16
    •  
PROPERTY LISTING DETAILS
Rayne A Alexander
1.702.809.8701
Realty One Group, Inc
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2244869
Last Updated: 11/06/2020
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