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7515 Prairie Drive Riverside, CA 92507

4 Beds 3 Baths 2,418 sqft Built 2015

$550,000

List Price

$2,730

$2.5K - $3K

Rent Est.

PROPERTY INFO

November 01, 2020 RECENTLY ADDED
FACTS
  • Built In 2015
  • Price/Sqft : $227.46
  • 4 Days on Market
  • MLS # : IV20230242
  • Updated Date : 11/02/2020 at 08:10
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,418 sqft
  • Baths : 3 full
Listing Agent

Keller Williams Riverside Cent

Listing Agent's Description

This beautiful one story home in Spring Mountain Ranch is ready for its new owners. It has 4 bedrooms and 3 full bathrooms with a large private backyard. All the main rooms are fully carpeted, except for the kitchen and bathrooms which have beautiful tiling. The kitchen is open to the family room with a kitchen island and granite counter tops. The house has a fully functional security system, working AC, and 22 solar panels completely paid for. The backyard faces the west and offers sunset views every evening. There is an oversized drive way with three car garage providing plenty of parking and storage. Tons of natural lighting through out the house. There are parks and hiking trails nearby and with NO HOA.

SEE MORE

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
 

$495,000$605,000$550,000

PURCHASE PRICE

$2,457$3,003$2,730

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,730
EXPENSES Loan Payment -$2,029
Property Tax -$527
Property Insurance -$86
Property Management Fees -$161
CASH FLOW
-$73

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.

$550,000

PROJECTED PRICE

$2,730

PROJECTED RENT

0.50%

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$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$151,500

INVESTMENT

$151,500

Down Payment
$137,500
Rehab Estimate
$5,750
Closing Costs
$8,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,029

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $137,500
Loan Amount $412,500
See What Happens When You Reinvest Cash Flow

5.08

YEARS SAVED

$34,221

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,730

    LIST RENT
  • $1.13

    LIST RENT PER SQFT
  • $2,648

    COMP ESTIMATED VALUE
  • $1.1

    COMP AVG. RENT PER SQFT
Comps Range
$2,400
1$2,4002$2,4503$2,730
$2,730
RENT COMPS ANALYSIS
  • 7515 Prairie Drive Riverside, CA 3
    • 4 beds 3 baths ∙ 2,418 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,418 Sqft ∙ Built 2015
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,730
    • $1.13
    •  
  • 1370 Villa Street Riverside, CA 1
    • 4 beds 2 baths ∙ 2,106 Sqft ∙ Built 2006 4 beds 2 baths ∙ 2,106 Sqft ∙ Built 2006
    property image
    LEASED 07/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.14
    •  
  • 20347 Lyon Road Riverside, CA 2
    • 3 beds 3 baths ∙ 2,341 Sqft ∙ Built 2015 3 beds 3 baths ∙ 2,341 Sqft ∙ Built 2015
    property image
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.05
    •  
PROPERTY LISTING DETAILS
Lian Sergeant
Keller Williams Riverside Cent
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV20230242
Last Updated: 11/02/2020
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