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7471 Silverspot Road Riverside, CA 92507

3 Beds 2 Baths 1,854 sqft Built 2016

$525,000

List Price

$2,320

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 2016
  • Price/Sqft : $283.17
  • 11 Days on Market
  • MLS # : IG20220331
  • Updated Date : 11/01/2020 at 16:33
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,854 sqft
  • Baths : 2 full
Listing Agent

Red Diamond Realty

Listing Agent's Description

Welcome Home! This property checks all the boxes in terms of condition, location, and charm! This 2016 build has all the bells and whistles of new construction. Located on a beautiful, quiet street in the community of Spring Mountain Ranch, this home exudes pride of ownership, is turnkey, and offers so many great features for its new owners. Along with the spacious, open concept floorplan, there is an optional 4th bedroom or office/den for those working from home. This property also went from builder grade to fully upgraded with vinyl flooring throughout, 9-foot ceilings, custom doors, wood shutters, a 13-foot island, full glass backsplash in the kitchen, and stainless-steel appliances. Not to mention a gorgeous drought tolerant front yard and fully landscaped backyard. This home was built on a premium lot with no neighbors behind you. Enjoy those breathtaking mountain views day and night. Finally, this home is complete with a tankless water heater and PAID solar panels. Buyers will not want to miss this opportunity!

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MARKET HIGHLIGHTS

  • Headquarters to several Fortune 500 companies: Amgen, Farmers Insurance, Walt Disney, Avery Dennison, Activision Blizzard, CBRE Group, Edison International, Molina Healthcare, First American Financial, Pacific Life, Qualcomm and Sempra Energy (Fortune, 2018)
  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)
  • Southern California produces more technology PhDs per year than any other region in the country and many of the higher educated students stay within Souther California contributing to readily available workforce skills making the area more attractive than Silicon Valley (BCG, 2018)
  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 2018)
  • Southern California has 58.7% labor force participation rate; within this area, Los Angeles metro has 62.3% labor force participation rate (USMayors.org, 2018)
  • The area has major technology nodes of excellence: Los Angeles (Media and entertainment); Pasadena (High-tech engineering, data analytics); Riverside (Agtech, transportation/ distribution); San Diego (Healthcare, biotech, wireless communications); Irvine (Medtech, cyber security); El Segundo (Aerospace and defense IT, space transport) [BCG, 2018]
  • Los Angeles has been awarded the 2028 Olympics under a funding commitment of $88 billion to upgrade the transportation infrastructure connecting disparate pockets of the metro area. This is expected to produce additional employment in the coming years. (BCG, 2018)
  • As part of Southern California area, Inland Empire market inherits all the benefits from the area.

PRICE & RENT TRENDS

Neighborhood: Highgrove

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $116k484k

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

Neighborhood: Highgrove

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21000110012001300140015001600170018001900200021002200Rent in $9112237

* 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
Highgrove Elementary School Primary Regular 669 26 4
Highgrove Elementary School Middle Regular 669 26 4
John W. North High School High Regular 2,281 95 4

Highgrove Elementary School

  • Education Level: Primary
  • # of students: 669
  • # of teachers: 26
4
GreatSchools Rating

Highgrove Elementary School

  • Education Level: Middle
  • # of students: 669
  • # of teachers: 26
4
GreatSchools Rating

John W. North High School

  • Education Level: High
  • # of students: 2,281
  • # of teachers: 95
4
GreatSchools Rating
 

$472,500$577,500$525,000

PURCHASE PRICE

$2,088$2,552$2,320

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,320
EXPENSES Loan Payment -$1,937
Property Tax -$513
Property Insurance -$72
Property Management Fees -$137
CASH FLOW
-$339

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 13% of earned rent to cover both maintenance and periods of vacancy.

$525,000

PROJECTED PRICE

$2,320

PROJECTED RENT

0.44%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 5.8%
Maintenance Year (1-5) 8.00%
Vacancy 5.41%
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-$5.0k$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$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$144,875

INVESTMENT

$144,875

Down Payment
$131,250
Rehab Estimate
$5,750
Closing Costs
$7,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,937

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $131,250
Loan Amount $393,750
See What Happens When You Reinvest Cash Flow

2.42

YEARS SAVED

$11,210

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,320

    LIST RENT
  • $1.25

    LIST RENT PER SQFT
  • $2,447

    COMP ESTIMATED VALUE
  • $1.32

    COMP AVG. RENT PER SQFT
Comps Range
$2,095
1$2,0952$2,320
$2,320
RENT COMPS ANALYSIS
  • 7471 Silverspot Road Riverside, CA 2
    • 3 beds 2 baths ∙ 1,854 Sqft ∙ Built 2016 3 beds 2 baths ∙ 1,854 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $2,320
    • $1.25
    •  
  • 22441 Canal Circle Grand Terrace, CA 1
    • 3 beds 3 baths ∙ 1,589 Sqft ∙ Built 2011 3 beds 3 baths ∙ 1,589 Sqft ∙ Built 2011
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $1.32
    •  
PROPERTY LISTING DETAILS
Holly Erwin
Red Diamond Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG20220331
Last Updated: 11/01/2020
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