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9580 Magnificent Avenue Las Vegas, NV 89148

4 Beds 3 Baths 1,952 sqft Built 2003

$370,000

List Price

$1,680

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

December 31, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $189.55
  • 5 Days on Market
  • MLS # : 2258386
  • Updated Date : 12/31/2020 at 23:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,952 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty

Listing Agent's Description

Gorgeous home on an oversized, corner lot that has an open and spacious layout with dramatic entry and curved staircase. Home has been highly upgraded with features that include tile/wood flooring throughout, farmhouse sink, stainless steel appliances, full tile backsplash, large paver rear patio. Convenient access to the freeway, dining, shopping and downtown Summerlin. Community amenities include 2 pools, clubhouse, gym, rec room, BBQ area, playground.... Don't wait, this will sell fast. Call us today!

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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: Southern Terrace

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $119k329k

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

Neighborhood: Southern Terrace

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9691735

* 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
Kathy L. Batterman Elementary School Primary Regular 910 47 9
Victoria Fertitta Middle School Middle Regular 1,472 60 NA
Sierra Vista High School High Regular 2,396 88 4

Kathy L. Batterman Elementary School

  • Education Level: Primary
  • # of students: 910
  • # of teachers: 47
9
GreatSchools Rating

Victoria Fertitta Middle School

  • Education Level: Middle
  • # of students: 1,472
  • # of teachers: 60
NA
GreatSchools Rating

Sierra Vista High School

  • Education Level: High
  • # of students: 2,396
  • # of teachers: 88
4
GreatSchools Rating
 

$333,000$407,000$370,000

PURCHASE PRICE

$1,512$1,848$1,680

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,680
EXPENSES Loan Payment -$1,365
Property Tax -$230
Property Insurance -$65
Property Management Fees -$119
CASH FLOW
-$99

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.

$370,000

PROJECTED PRICE

$1,680

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 10.4%
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$1.2M$1.4M

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$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$103,800

INVESTMENT

$103,800

Down Payment
$92,500
Rehab Estimate
$5,750
Closing Costs
$5,550

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,365

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $92,500
Loan Amount $277,500
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$20,014

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,680

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,752

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,680
1$1,6802$1,7003$1,8004$1,8105$1,965
$1,965
RENT COMPS ANALYSIS
  • 9580 Magnificent Avenue Las Vegas, NV 1
    • 4 beds 3 baths ∙ 1,952 Sqft ∙ Built 2003 4 beds 3 baths ∙ 1,952 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $1,680
    • $0.86
    •  
  • 9751 Colored Wind Avenue #0 Las Vegas, NV 2
    • 4 beds 3 baths ∙ 1,952 Sqft ∙ Built 2004 4 beds 3 baths ∙ 1,952 Sqft ∙ Built 2004
    LEASED 09/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.87
    •  
  • 5856 Sleepy Willow Las Vegas, NV 3
    • 3 beds 3 baths ∙ 2,129 Sqft ∙ Built 2016 3 beds 3 baths ∙ 2,129 Sqft ∙ Built 2016
    LEASED 06/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.85
    •  
  • 6054 Mild Wind Street Las Vegas, NV 4
    • 4 beds 3 baths ∙ 1,964 Sqft ∙ Built 2003 4 beds 3 baths ∙ 1,964 Sqft ∙ Built 2003
    LEASED 03/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,810
    • $0.92
    •  
  • 9558 Grove Ridge Avenue #0 Las Vegas, NV 5
    • 4 beds 3 baths ∙ 2,070 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,070 Sqft ∙ Built 2002
    LEASED 07/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,965
    • $0.95
    •  
PROPERTY LISTING DETAILS
Jason S Vanzant
1.702.301.7624
Exp Realty
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2258386
Last Updated: 12/31/2020
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