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983 Ridge Path Avenue Henderson, NV 89015

3 Beds 2 Baths 1,377 sqft Built 1998

$305,000

List Price

$1,260

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

October 28, 2020 RECENTLY ADDED
FACTS
  • Built In 1998
  • Price/Sqft : $221.50
  • 7 Days on Market
  • MLS # : 2242854
  • Updated Date : 11/02/2020 at 13:18
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,377 sqft
  • Baths : 2 full
Listing Agent

Resolution Realty

Listing Agent's Description

Gorgeous single story on BIG corner lot with RV/Boat gate. 3 Large Bedrooms and 2 Full Baths. Secured entry door. Freshly painted with neutral updated color. Ceilings freshly painted. New neutral toned carpet in bedrooms. Wood look tile in living room, dining, kitchen, baths, laundry & hall. New ceiling fans & light fixtures in kitchen, dining, living room & primary bedroom. Kitchen is open with vaulted ceilings, new light fixtures & a walk in pantry. Transom window above slider. Huge backyard with large cement patio and a fire pit for your cozy nights. Primary bedroom has 2 walk in closets. Primary bath has double sinks, a separate tub & good sized shower with ledge. Beautiful walking path behind home. Water heater replaced February 2020. All blinds new except 2. Smart garage door opener can be operated with your phone. Even the garage is freshly painted & has extra storage space! Low HOA fees paid quarterly. Professionally cleaned prior to listing.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: River Mountain

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $123k362k

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

Neighborhood: River Mountain

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800Rent in $9911875

* 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
Sue Morrow Elementary School Primary Regular 734 38 9
B. Mahlon Brown Junior High School Middle Regular 978 46 NA
Basic High School High Regular 2,367 100 3

Sue Morrow Elementary School

  • Education Level: Primary
  • # of students: 734
  • # of teachers: 38
9
GreatSchools Rating

B. Mahlon Brown Junior High School

  • Education Level: Middle
  • # of students: 978
  • # of teachers: 46
NA
GreatSchools Rating

Basic High School

  • Education Level: High
  • # of students: 2,367
  • # of teachers: 100
3
GreatSchools Rating
 

$274,500$335,500$305,000

PURCHASE PRICE

$1,134$1,386$1,260

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,260
EXPENSES Loan Payment -$1,125
Property Tax -$176
Property Insurance -$54
Property Management Fees -$119
CASH FLOW
-$214

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.

$305,000

PROJECTED PRICE

$1,260

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.05%
Appreciation Year (1-5) 10.8%
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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$86,575

INVESTMENT

$86,575

Down Payment
$76,250
Rehab Estimate
$5,750
Closing Costs
$4,575

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,125

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $76,250
Loan Amount $228,750
See What Happens When You Reinvest Cash Flow

2.58

YEARS SAVED

$7,379

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,260

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $1,405

    COMP ESTIMATED VALUE
  • $1.02

    COMP AVG. RENT PER SQFT
Comps Range
$1,260
1$1,2602$1,4003$1,5004$1,5755$1,575
$1,575
RENT COMPS ANALYSIS
  • 983 Ridge Path Avenue Henderson, NV 1
    • 3 beds 2 baths ∙ 1,377 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,377 Sqft ∙ Built 1998
    • Rent
    • Rent Per SQFT
    •  
    • $1,260
    • $0.92
    •  
  • 973 Medina De Leon Avenue Henderson, NV 2
    • 3 beds 4 baths ∙ 1,354 Sqft ∙ Built 2005 3 beds 4 baths ∙ 1,354 Sqft ∙ Built 2005
    LEASED 02/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.03
    •  
  • 602 Fox Chase Street Henderson, NV 3
    • 3 beds 2 baths ∙ 1,547 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,547 Sqft ∙ Built 1997
    LEASED 04/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.97
    •  
  • 535 Feliz Contado Court Henderson, NV 4
    • 3 beds 2 baths ∙ 1,547 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,547 Sqft ∙ Built 1995
    LEASED 11/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $1.02
    •  
  • 550 Eresma Street Henderson, NV 5
    • 3 beds 3 baths ∙ 1,486 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,486 Sqft ∙ Built 2005
    LEASED 03/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $1.06
    •  
PROPERTY LISTING DETAILS
Ma-lis Friedman
1.702.379.3398
Resolution Realty
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2242854
Last Updated: 11/02/2020
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