2490543 - 2821 Edge Rock Cir

Index

• MLS Main Photo and Location Map
• Video Link
• Estimated Return
• Multi Year Return
• Property Summary
• Recent Similar Rentals
• Recent Similar Sales
• Property Manager Opinion
• Renovation Estimate
• MLS Photos

• Click Here

• Rent/Price: 2395/435000
• Cash Flow (Cash/Financed): 1961/135
• Initial ROI (Cash/Financed): 5.4%/1.2%

• Rent/Price: 2495/435000
• Cash Flow (Cash/Financed): 2053/227
• Initial ROI (Cash/Financed): 5.6%/2.0%

Assumption: closing cost 2%, interest rate 6%, down payment rate 30%

• Download Excel File
• Understanding the Multi-Year Spreadsheet

This property can rent for $2395 - $2495 for this property in 3-5 weeks with the recommended repairs. Price adjustments will be recommended based on activity level. This Lakes has held up well over the last 30 years, I don't see this changing. Plenty of businesses along all the major streets that frame this property. Centrally located. Only 10 minutes from Bocca, Tivoli, Downtown Summerlin, Red Rock Casino, Sun Coast, highway, Costco and other major stores nearby.**

Pros

Covered patio with fans, low maintenance landscape, SS appliances, granite counters, primary shower, **

Recommended Renovation Items

• Paint cabinets
• Blinds 9
• Cabinet pulls
• Secure shelves in kitchen
• Interior paint - 100%
• Paint door frames
• Smart key locks 4
• Toilet paper holder
• Junking budget
• Interior door 1
• Baseboards on stairs
• Wire and ceiling fan 1
• Remove trim around bathroom mirrors
• Replace brass hardware
• Outlet covers and switch cover plates - several
• Closet door set 1
• Rice paper on the fogged window 1
• Thermostats 2
• Paint wood frame around garage
• Cut back trees
• Sat dish 1

The following estimate is based only on the limited available information. The estimate is only an educated guess intended to provide a general idea of the renovation cost, not the actual cost. We included a cost pad to cover the smaller cost items and unknown costs. The unknown costs could be significantly more than the estimate below. We will not have an accurate renovation cost estimate until the property is under contract, all inspections are complete, and quotes obtained from appropriate vendors. At that time, we will reevaluate the property. If it still makes sense, we will proceed to close. If not, cancel the purchase and look for another property.

Notes

• Appliances - All appliance prices are for used appliances. Used appliances typically cost about 50% of the price of new appliances. Used appliances may have minor dings and dents, which is acceptable in a rental property. Used appliances typically have a three-month warranty.
• Cabinet/Drawer pulls - Pulls make the cabinets look better and protect the cabinet surface. Pulls are especially important for painted cabinets. If people touch the painted cabinet edge to open/close the cabinet, the paint will chip and peel. If this occurs, the cabinets will need to be touched up or repainted.
• Caulk - Caulk all bathrooms as needed.
• Exterior door lock - Replace current lock and handle/knob with Kwikset SmartKey deadbolt and matching pass knob.
• Janitorial - Once the renovation is complete, the property will be cleaned, including interior window washing where feasible.
• Junking budget - Budget for removing debris left in the property after the close. The amount shown is a guess (a placeholder) until we receive the quote(s) from the appropriate vendor(s) after the property is vacant. If no debris is left, the cost will be removed.
• Landscape cleanup - One-time landscape cleanup, including tree/foliage trimming as needed. Also, verify that the irrigation is working and properly programmed and the battery replaced.
• Make ready - Replace all burnt and pigtail style bulbs, installing 4K light bulbs in all bathrooms, and replacing HVAC filters (price is subject to change depending on filter and bulb quantity)
• Nickel door knobs - Replace the current (brass/old/inconsistent) knobs with brushed nickel knobs.
• Pad for unexpected items found during the inspection and small items. This amount may be removed or adjusted once inspections are complete and we have quotes for all work.
• Paint external door - Repaint an exterior door, filling dents as needed. Painting the door is necessary when we replace the current locks because the "footprint" of the new locks will not match the existing lock "footprint".
• Paint interior - We use a standard set of paint colors: Ceilings - flat white. Trim and doors - Swiss Coffee. Walls - light tan.
• Professional photos - We will arrange for a real estate photographer to take the marketing photos when the renovation is complete. The cost will be $100. The photographer will bill separately at that time; the cost is included in the total to make you aware of this expense.
• Remove Alarm and sensors - If an alarm system remains in the property, there is a potential liability and potential cost. On the liability side, if there is a burglary or other type of intrusion, the tenant may claim the cause as a defective alarm system supplied by the property owner. If the alarm does not function properly or the tenant does not know how to use it, they will call for service.
• Thermostat - Replace thermostat - Unless damaged, the most common reason to replace a thermostat is that it is remote-controlled by Nevada Power. The Nevada power thermostat can be remote controlled overriding local manual control. The result is often an emergency call for service by the tenant. Replacing these thermostats saves cost.

License and Disclaimer: By choosing to use this tool and or information, you are agreeing to the terms on the license page.

© 2005 - 2021 Cleo Li and Eric Fernwood, all rights reserved.