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9408 Sierra Summit Avenue Las Vegas, NV 89134

3 Beds 3 Baths 1,624 sqft Built 1991

$335,000

List Price

$1,610

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 1991
  • Price/Sqft : $206.28
  • 2 Days on Market
  • MLS # : 2245984
  • Updated Date : 11/07/2020 at 15:30
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,624 sqft
  • Baths : 3 full
Listing Agent

Jason Mitchell Real Estate

Listing Agent's Description

Located in highly desirable Summerlin North this 3 bedroom, 3 bath property features the primary bedroom downstairs, separate from other living spaces! Truly a unique gem. With close proximity to shopping, dinning, and freeway access this is your desert oasis. With large open living spaces, excellent sized bedrooms, and easy to care for desert landscaping in the backyard with a covered patio. The upgraded kitchen has an eat-in dining room, breakfast bar, stainless steel appliances and granite countertops and backsplash. The primary retreat has large open space, remodeled en suite with glass surround shower, and large walk-in closet with mirrored doors. The entire home also features smart home access with security, locks, and alarms. Manage your entire home from your phone! With so many upgrades, beautifully cared for, this one won't last for long.

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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: The Hills

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $119k383k

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

Neighborhood: The Hills

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800Rent in $10761875

* 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
William Lummis Elementary School Primary Regular 555 27 7
Ernest Becker Middle School Middle Regular 1,392 56 NA
Palo Verde High School High Regular 3,024 114 9

William Lummis Elementary School

  • Education Level: Primary
  • # of students: 555
  • # of teachers: 27
7
GreatSchools Rating

Ernest Becker Middle School

  • Education Level: Middle
  • # of students: 1,392
  • # of teachers: 56
NA
GreatSchools Rating

Palo Verde High School

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

$301,500$368,500$335,000

PURCHASE PRICE

$1,449$1,771$1,610

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,610
EXPENSES Loan Payment -$1,236
Property Tax -$191
Property Insurance -$59
Property Management Fees -$119
CASH FLOW
$5

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.

$335,000

PROJECTED PRICE

$1,610

PROJECTED RENT

0.48%

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$1.2M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

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$94,525

INVESTMENT

$94,525

Down Payment
$83,750
Rehab Estimate
$5,750
Closing Costs
$5,025

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,236

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $83,750
Loan Amount $251,250
See What Happens When You Reinvest Cash Flow

6.25

YEARS SAVED

$28,125

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,610

    LIST RENT
  • $0.99

    LIST RENT PER SQFT
  • $1,685

    COMP ESTIMATED VALUE
  • $1.04

    COMP AVG. RENT PER SQFT
Comps Range
$1,575
1$1,5752$1,6103$1,6804$1,6955$1,825
$1,825
RENT COMPS ANALYSIS
  • 9408 Sierra Summit Avenue Las Vegas, NV 2
    • 3 beds 3 baths ∙ 1,624 Sqft ∙ Built 1991 3 beds 3 baths ∙ 1,624 Sqft ∙ Built 1991
    • Rent
    • Rent Per SQFT
    •  
    • $1,610
    • $0.99
    •  
  • 9404 Aspen Glow Drive Las Vegas, NV 1
    • 3 beds 2 baths ∙ 1,485 Sqft ∙ Built 1991 3 beds 2 baths ∙ 1,485 Sqft ∙ Built 1991
    LEASED 12/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $1.06
    •  
  • 9421 Rolling Ridge Lane #n/a Las Vegas, NV 3
    • 3 beds 3 baths ∙ 1,624 Sqft ∙ Built 1992 3 beds 3 baths ∙ 1,624 Sqft ∙ Built 1992
    LEASED 05/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,680
    • $1.03
    •  
  • 2208 White Mist Drive Las Vegas, NV 4
    • 3 beds 3 baths ∙ 1,704 Sqft ∙ Built 1991 3 beds 3 baths ∙ 1,704 Sqft ∙ Built 1991
    LEASED 02/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.99
    •  
  • 2213 White Mist Drive #0 Las Vegas, NV 5
    • 3 beds 3 baths ∙ 1,704 Sqft ∙ Built 1991 3 beds 3 baths ∙ 1,704 Sqft ∙ Built 1991
    LEASED 05/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,825
    • $1.07
    •  
PROPERTY LISTING DETAILS
Staci Regits
1.702.501.3650
Jason Mitchell Real Estate
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2245984
Last Updated: 11/07/2020
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