150443 Del Rey Dr

Big River, CA 92242

$200,000B+

15 bd · 9.0 ba · 2,550 sqft · Built 1972 · MultiFamily · Active · 357 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,554/mo
• Mortgage (P&I): −$1,049
• Tax + insurance: −$154
• HOA: −$0
• Vac / Maint / Mgmt: −$746
• Net cashflow: $1,605/mo
• Annual: $19,255/yr
• Cap rate: 15.92%
• Cash-on-cash: 34.38%
• DSCR: 2.53
• 1% rule: 1.78%
• Cash to close: $56,000

Investor read

• This is a 2×2bd/1ba + 1×1bd/1ba units multifamily listed at $200k.
• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $535/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $200k).
• It's been on market 357 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $176k (12.0% below list) — sets the bar for market timing.
• In year one you build about $16k of equity ($1k loan paydown + $15k appreciation (7.3% local appreciation)).
• Location reads 67/100 on livability (#327 in CA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: health & safety C-, employment D, schools F.
• Needles Unified (town): math 22% / reading 28% proficiency, ranked #1,194 of 1,400 in CA (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 33 active listings in the ZIP; 5,458 units permitted in San Bernardino County in 2024 (1,500 in 5+ unit buildings).
• San Bernardino County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 13y ago; this cycle's ask has dropped $175k (47%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $118k; list at $200k implies a 69% gain — meaningful room to come down on a strong offer.
• At projected returns (7.3% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 357 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.