14025 Spruce · Hesperia, CA 92345

$935,000

8 bd · 8.0 ba · 4,216 sqft · MultiFamily public records · 115 Days on market

Built 1984 0.41 ac lot $222/sqft · 34% above area Est $696k · 34% over

---

Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +19.7/30.0
• DSCR +6.2/10.0
• 1% rule +4.0/10.0
• Rent growth +3.2/5.0
• Schools +2.6/10.0
• Livability +2.6/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

We are proud to present a fantastic opportunity to own this beautiful Fourplex property in Hesperia, CA. This investment property is currently being offered at a 6.27% cap rate and it features 2 bedrooms/2 baths, large living area, laundry hookups, private patios, individual garages for each unit. These units are spacious at ± 1,054 sq. ft per unit. This property has been exceptionally well maintained, reflecting consistent and attentive ownership. Over the years, it has undergone extensive upgrades and preventative maintenance to ensure long-term performance and curb appeal. Major exterior improvements include roof replacements and roofline repairs, full stucco restoration and exterior paint, new trim and front entry doors, as well as replacement of multiple steel garage doors. Interior and mechanical systems have also been thoughtfully updated. Improvements include HVAC system upgrades, updated water heaters, renovated kitchen countertops, and tile and flooring enhancements completed within the past decade. These apartments are in outstanding condition and demonstrate true pride of ownership. The property is highly desirable and easy to lease, with steady tenant demand driven by its prime location near retail shopping, schools, and convenient access to the 15 Freeway, making commuting simple and efficient. Additionally, the neighboring 4-unit property is also available, presenting a rare opportunity to acquire both assets and add a total of 8-units to your investment portfolio.

Key facts

• Hvac system upgrades
• Exterior paint
• Individual garages

Tags

• PRIVATE PATIOS
• INDIVIDUAL GARAGES
• ROOF REPLACEMENTS
• FULL STUCCO RESTORATION
• EXTERIOR PAINT
• HVAC SYSTEM UPGRADES

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/2.0-bath units multifamily listed at $935k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $275/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $845k (9.6% below list).
• Recommended offer: $845k (9.6% below list) — sets the bar for 1% rule.
• Cap rate 7.7% vs local median 3.7% in Hesperia — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 52/100 on livability (#1,009 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A+; Watch: employment D, schools F, crime D-.
• Hesperia Unified (suburban): math 20% / reading 39% proficiency, ranked #353 of 517 in CA (top 68%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.9%/yr); 463 active listings in the ZIP; 5,458 units permitted in San Bernardino County in 2024 (1,500 in 5+ unit buildings).
• At $8,454/mo this rent would consume 146% of the median local household income ($69k/yr) (locally 2768% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $28k of value loss. Plan a longer hold.
• San Bernardino County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 115 days — a 9% lower offer ($851k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $160k; list at $935k implies a 484% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $845,400 (9.6% below list)

Questions for the listing agent

1. It's been on market 115 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.90% ✗
• Cap rate: 7.70%
• Cash-on-cash: 5.04%
• DSCR: 1.22
• GRM: 9.2

CMA / ARV

• ARV (median comp): $695,958
• List price: $935,000
• Delta: 34.35%
• Verdict: OVERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
13890 Juniper	0.17mi	8/8.0	3,808 (-10%)	2mo	$760,000	$200	74

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 2.85% rent growth · sell at horizon

5-year hold

• IRR: -8.7%
• Equity multiple: 0.68×
• Total profit: $-83,165
• Equity at exit: $139,412

10-year hold

• IRR: 0.6%
• Equity multiple: 1.04×
• Total profit: $10,865
• Equity at exit: $80,842

Cash invested: $261,800 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 92345

• Rents YoY: 2.9%
• Active inventory: 463
• Price-to-rent: 36.9×

Monthly cashflow live

• Estimated rent: $8,454 high
• Mortgage (P&I): −$4,903
• Tax from tax record: −$286 /mo · $3,435/yr
• Insurance: −$390
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,775
• Net cashflow: $1,100

Break-even live

Break-even rent $7,062

Max offer price $935,000

Occupancy floor 82%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	2	$8,456
Total (4 units)			$8,454

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $233,750
• Closing costs: $28,050
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-15
   days on market $935,000 Active 115 DOM
2. 2026-06-13
   days on market $935,000 Active 113 DOM
3. 2026-06-13
   days on market $935,000 Active 112 DOM
4. 2026-06-09
   days on market $935,000 Active 109 DOM
5. 2026-06-08
   days on market $935,000 Active 108 DOM
6. 2026-06-07
   days on market $935,000 Active 107 DOM
7. 2026-06-04
   days on market $935,000 Active 104 DOM
8. 2026-06-03
   days on market $935,000 Active 103 DOM
9. 2026-06-02
   days on market $935,000 Active 102 DOM
10. 2026-06-01
    days on market $935,000 Active 101 DOM
11. 2026-05-31
    days on market $935,000 Active 100 DOM
12. 2026-05-12
    status Active 1512-char remark

    Show marketing remark (1512 chars)

    We are proud to present a fantastic opportunity to own this beautiful Fourplex property in Hesperia, CA. This investment property is currently being offered at a 6.27% cap rate and it features 2 bedrooms/2 baths, large living area, laundry hookups, private patios, individual garages for each unit. These units are spacious at ± 1,054 sq. ft per unit. This property has been exceptionally well maintained, reflecting consistent and attentive ownership. Over the years, it has undergone extensive upgrades and preventative maintenance to ensure long-term performance and curb appeal. Major exterior improvements include roof replacements and roofline repairs, full stucco restoration and exterior paint, new trim and front entry doors, as well as replacement of multiple steel garage doors. Interior and mechanical systems have also been thoughtfully updated. Improvements include HVAC system upgrades, updated water heaters, renovated kitchen countertops, and tile and flooring enhancements completed within the past decade. These apartments are in outstanding condition and demonstrate true pride of ownership. The property is highly desirable and easy to lease, with steady tenant demand driven by its prime location near retail shopping, schools, and convenient access to the 15 Freeway, making commuting simple and efficient. Additionally, the neighboring 4-unit property is also available, presenting a rare opportunity to acquire both assets and add a total of 8-units to your investment portfolio.

13. 2026-05-11
    historical 1512-char remark

    Show marketing remark (1512 chars)

    We are proud to present a fantastic opportunity to own this beautiful Fourplex property in Hesperia, CA. This investment property is currently being offered at a 6.27% cap rate and it features 2 bedrooms/2 baths, large living area, laundry hookups, private patios, individual garages for each unit. These units are spacious at ± 1,054 sq. ft per unit. This property has been exceptionally well maintained, reflecting consistent and attentive ownership. Over the years, it has undergone extensive upgrades and preventative maintenance to ensure long-term performance and curb appeal. Major exterior improvements include roof replacements and roofline repairs, full stucco restoration and exterior paint, new trim and front entry doors, as well as replacement of multiple steel garage doors. Interior and mechanical systems have also been thoughtfully updated. Improvements include HVAC system upgrades, updated water heaters, renovated kitchen countertops, and tile and flooring enhancements completed within the past decade. These apartments are in outstanding condition and demonstrate true pride of ownership. The property is highly desirable and easy to lease, with steady tenant demand driven by its prime location near retail shopping, schools, and convenient access to the 15 Freeway, making commuting simple and efficient. Additionally, the neighboring 4-unit property is also available, presenting a rare opportunity to acquire both assets and add a total of 8-units to your investment portfolio.

14. 2026-02-19
    listed $935,000 Active 1512-char remark

    Show marketing remark (1512 chars)

    We are proud to present a fantastic opportunity to own this beautiful Fourplex property in Hesperia, CA. This investment property is currently being offered at a 6.27% cap rate and it features 2 bedrooms/2 baths, large living area, laundry hookups, private patios, individual garages for each unit. These units are spacious at ± 1,054 sq. ft per unit. This property has been exceptionally well maintained, reflecting consistent and attentive ownership. Over the years, it has undergone extensive upgrades and preventative maintenance to ensure long-term performance and curb appeal. Major exterior improvements include roof replacements and roofline repairs, full stucco restoration and exterior paint, new trim and front entry doors, as well as replacement of multiple steel garage doors. Interior and mechanical systems have also been thoughtfully updated. Improvements include HVAC system upgrades, updated water heaters, renovated kitchen countertops, and tile and flooring enhancements completed within the past decade. These apartments are in outstanding condition and demonstrate true pride of ownership. The property is highly desirable and easy to lease, with steady tenant demand driven by its prime location near retail shopping, schools, and convenient access to the 15 Freeway, making commuting simple and efficient. Additionally, the neighboring 4-unit property is also available, presenting a rare opportunity to acquire both assets and add a total of 8-units to your investment portfolio.

15. 2023-07-02
    historical
16. 1983-03-30
    soldstatus $160,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $3,435 · $286/mo
• Projected year-2 tax: $7,106 · $592/mo
• Expected delta: +$3,671/yr (+$306/mo · 106.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 6/10 Major 7 d/yr ≥96°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 25 unhealthy d/yr today · 30 by 30 yrs out

Taxation est. · year 1

• Rental income: $101,448
• − Mortgage interest: −$52,375
• − Property taxes: −$3,435
• − Insurance: −$4,675
• − Repairs & maintenance: −$8,116
• − Management: −$8,116
• − Depreciation: −$27,200
• Taxable loss: −$2,468
• Est. tax savings @ 24.0%: +$592
• After-tax cash flow: $13,788/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Hesperia Unified
• NCES district ID: 0600014
• Math proficiency: 20% ▼ -4.00%
• Reading proficiency: 39% ▲ 4.00%
• Median HH income: $49,376
• Composite: 25.66/100
• National rank: #7397
• State rank: #353 of 517 in CA

Livability — Hesperia

• Score: 52/100
• State rank: #1009
• US rank: #24896

Category grades

Amenities F Commute F Cost of living F Crime D- Employment D Housing A+ Health & safety F User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hesperia, CA
• County: San Bernardino County · 2,030,291 people
• City population: 110,055
• Metro: Riverside-San Bernardino-Ontario, CA
• Population (ZIP): 88,706
• Household income: $69,485
• Rent vs Own: 34.3% rent · 65.7% own
• Severe rent burden: 2768.0

Population outlook (San Bernardino County) Hauer SSP2

• Today (2025): 2,300,329 people
• By 2030: 2,378,907 · +3.4%
• By 2040: 2,523,137 · +9.7%
• By 2050: 2,642,388 · +14.9%
• By 2075: 2,880,769 · +25.2%
• By 2100: 2,909,436 · +26.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Hispanic (61%)
• Race & ethnicity: Hispanic / Latino 61% White 30% Two or more races 19% Black 4% Asian 1% Native American 1%
• Hispanic origin (detail): Mexican 54%
• Common ancestry: Italian 1% Lithuanian 1% Iranian 1%
• Foreign-born: 17% · Canada
• Languages at home: 65% English-only · Spanish 34%

Political lean MEDSL · San Bernardino

• 2024 margin: Toss-up / Even · D 47.5% · R 49.7% · Other 2.8%
• 2008→2024 swing: -8.5pp toward R · 2008: 6.3pp · 2024: -2.1pp
• All cycles: 2024: R+2.1 2020: D+10.7 2016: D+9.8 2012: D+5.4 2008: D+6.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -375.87%
• Current HPI: 433.2103
• Rent YoY: ▲ 2.85%
• Metro: Riverside-San Bernardino-Ontario, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+484.4% since first listed

5 events — show timeline

• 2026-05-12 Relisted — CRMLS
• 2026-05-11 Listing Removed — CRMLS
• 2026-02-19 Listed $935,000 CRMLS
• 2023-07-02 Rental Removed — APPFOLIO
• 1983-03-30 Sold (Public Records) $160,000 Public Records

Property tax history

+1.6%/yr

Latest (2025): $3,435 · +2.3% YoY. Source: county tax records.