26650 Jasma Dr · Apple Valley, CA 92307

$899,000

36 bd · 36.0 ba · 3,760 sqft · MultiFamily public records · 163 Days on market

Built 1956 1.30 ac lot

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.9/5.0
• Schools +3.1/10.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Josma Apartments is a well-maintained 6-unit multifamily property situated on 1.3 acres in the heart of Apple Valley. The community offers a mix of efficient systems, including three units equipped with ductless mini-split HVAC and three units utilizing propane. Electricity is direct-metered and paid by the tenants, while the owner covers water, sewer, and trash services. The property is fully occupied and benefits from its proximity to the Apple Valley Airport, major freeways, and established transit routes, providing residents with convenient access to surrounding amenities. This stable asset offers strong rental demand, reliable occupancy, and long-term investment potential in a growing High Desert market.

Key facts

• Apple valley airport
• Major freeways
• Propane

Tags

• 6 UNIT MULTIFAMILY PROPERTY
• DUCTLESS MINI SPLIT HVAC
• PROPANE
• APPLE VALLEY AIRPORT
• MAJOR FREEWAYS
• ESTABLISHED TRANSIT ROUTES

What this means for you Summary

Snapshot

• This is a 6 × 6-bed/6.0-bath units multifamily listed at $899k.

Deal economics

• At list price, monthly cash flow is $6k ($72k/yr) — positive. Per door: $999/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $899k).
• Recommended offer: $791k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.3% vs local median 3.5% in Apple Valley — 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 61/100 on livability (#532 in CA) — a middle-class / working-renter tenant base. Strengths: housing A+, commute B+; Watch: employment D+, schools F, crime D-.
• Apple Valley Unified (suburban): math 25% / reading 40% proficiency, ranked #955 of 1,400 in CA (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.5%/yr); 526 active listings in the ZIP; solid renter incomes; 5,458 units permitted in San Bernardino County in 2024 (1,500 in 5+ unit buildings).
• At $14,776/mo this rent would consume 230% of the median local household income ($77k/yr) (locally 1069% 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 $27k 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.
• At projected returns (-3.0% appreciation + 5.5% rent growth), your $252k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 163 days — a 12% lower offer ($791k) is reasonable based on typical stale-listing flexibility.
• 17 sale attempts since 18y ago 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 $510k; list at $899k implies a 76% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• 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 $791,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 163 days. Have you received any prior offers? Is the seller open to a 12% 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. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
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: 1.64% ✓
• Cap rate: 14.29%
• Cash-on-cash: 28.58%
• DSCR: 2.27
• GRM: 5.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.48% rent growth · sell at horizon

5-year hold

• IRR: 25.5%
• Equity multiple: 2.09×
• Total profit: $273,774
• Equity at exit: $134,044

10-year hold

• IRR: 34.7%
• Equity multiple: 4.55×
• Total profit: $892,691
• Equity at exit: $77,729

Cash invested: $251,720 (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 92307

• Rents YoY: 5.5%
• Active inventory: 526
• Price-to-rent: 30.4×

Monthly cashflow live

• Estimated rent: $14,776 medium
• Mortgage (P&I): −$4,714
• Tax from tax record: −$590 /mo · $7,078/yr
• Insurance: −$375
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,103
• Net cashflow: $5,994

Break-even live

Break-even rent $7,188

Max offer price $899,000

Occupancy floor 54%

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

Units	Beds	Baths	Est. rent
▸ 6× units	6	6	$14,778
Total (6 units)			$14,776

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: $224,750
• Closing costs: $26,970
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-18
   days on market $899,000 Active 163 DOM
2. 2026-06-17
   days on market $899,000 Active 162 DOM
3. 2026-06-16
   days on market $899,000 Active 161 DOM
4. 2026-06-15
   days on market $899,000 Active 160 DOM
5. 2026-06-13
   days on market $899,000 Active 158 DOM
6. 2026-06-13
   days on market $899,000 Active 157 DOM
7. 2026-06-09
   days on market $899,000 Active 154 DOM
8. 2026-06-08
   days on market $899,000 Active 153 DOM
9. 2026-06-07
   days on market $899,000 Active 152 DOM
10. 2026-06-04
    days on market $899,000 Active 149 DOM
11. 2026-06-03
    days on market $899,000 Active 148 DOM
12. 2026-06-02
    days on market $899,000 Active 147 DOM
13. 2026-06-01
    days on market $899,000 Active 146 DOM
14. 2026-05-31
    days on market $899,000 Active 145 DOM
15. 2026-01-06
    listed $899,000 Active 718-char remark

    Show marketing remark (718 chars)

    Josma Apartments is a well-maintained 6-unit multifamily property situated on 1.3 acres in the heart of Apple Valley. The community offers a mix of efficient systems, including three units equipped with ductless mini-split HVAC and three units utilizing propane. Electricity is direct-metered and paid by the tenants, while the owner covers water, sewer, and trash services. The property is fully occupied and benefits from its proximity to the Apple Valley Airport, major freeways, and established transit routes, providing residents with convenient access to surrounding amenities. This stable asset offers strong rental demand, reliable occupancy, and long-term investment potential in a growing High Desert market.

16. 2025-12-31
    historical
17. 2025-12-30
    price $899,000
18. 2025-11-10
    listed $950,000 Active
19. 2024-10-09
    historical $1,150
20. 2024-09-21
    price $1,150
21. 2024-09-13
    listed $1,195
22. 2021-11-25
    historical
23. 2020-09-09
    soldstatus $510,000 Closed Sale
24. 2020-09-09
    soldstatus $510,000
25. 2020-07-20
    status Pending Sale
26. 2020-05-18
    listed $529,900 Active
27. 2019-09-30
    historical
28. 2019-09-30
    historical
29. 2019-09-09
    price $529,000
30. 2019-04-29
    listed $575,000 Active
31. 2019-04-29
    listed $529,000
32. 2018-10-30
    historical
33. 2018-06-22
    soldstatus $275,000
34. 2016-09-12
    historical
35. 2016-09-12
    historical
36. 2016-07-01
    historical
37. 2016-07-01
    historical
38. 2016-02-25
    listed $299,900 Active
39. 2016-02-24
    listed $299,900
40. 2016-02-10
    historical
41. 2016-02-10
    historical
42. 2015-07-08
    listed $325,000 Active
43. 2015-07-07
    listed $325,000
44. 2015-07-07
    listed $325,000
45. 2015-07-07
    listed $325,000
46. 2014-09-19
    historical
47. 2014-05-09
    listed $329,900 Active
48. 2013-09-27
    listed $355,000
49. 2013-09-27
    listed $355,000
50. 2010-05-20
    historical

ⓘ 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: $7,078 · $590/mo
• Projected year-2 tax: $7,078 · $590/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone D · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 7/10 Severe 7 d/yr ≥98°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 21 unhealthy d/yr today · 26 by 30 yrs out

Taxation est. · year 1

• Rental income: $177,312
• − Mortgage interest: −$50,358
• − Property taxes: −$7,078
• − Insurance: −$4,495
• − Repairs & maintenance: −$14,185
• − Management: −$14,185
• − Depreciation: −$26,153
• Taxable income: $60,859
• Est. tax owed @ 24.0%: −$14,606
• After-tax cash flow: $57,324/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: Apple Valley Unified
• NCES district ID: 0600017
• Math proficiency: 25% ▬ 0.00%
• Reading proficiency: 40% ▬ 0.00%
• Median HH income: $49,264
• Composite: 30.91/100
• National rank: #11351
• State rank: #955 of 1400 in CA

Livability — Apple Valley

• Score: 61/100
• State rank: #532
• US rank: #17800

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Apple Valley, CA
• County: San Bernardino County · 2,030,291 people
• City population: 83,889
• Metro: Riverside-San Bernardino-Ontario, CA
• Population (ZIP): 41,180
• Household income: $77,106
• Rent vs Own: 29.3% rent · 70.7% own
• Severe rent burden: 1069.0

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: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 47% Hispanic / Latino 38% Two or more races 22% Black 5% Asian 3% Native American 2%
• Hispanic origin (detail): Mexican 34% Puerto Rican 1%
• Common ancestry: Lithuanian 3% Italian 3% Slovak 2%
• Foreign-born: 10% · Canada, China
• Languages at home: 75% English-only · Spanish 20% Arabic 1% Other Indo-European 1%

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: ▼ -262.21%
• Current HPI: 347.8498
• Rent YoY: ▲ 5.48%
• 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

+233.0% since first listed

42 events — show timeline

• 2026-01-06 Listed $899,000 CRMLS
• 2025-12-31 Listing Removed — CRMLS
• 2025-12-30 Price Changed $899,000 CRMLS
• 2025-11-10 Listed $950,000 CRMLS
• 2024-10-09 Rental Removed $1,150 RENTALBEAST
• 2024-09-21 Price Changed $1,150 RENTALBEAST
• 2024-09-13 Listed for Rent $1,195 RENTALBEAST
• 2021-11-25 Listing Removed — CRMLS
• 2020-09-09 Sold (Public Records) $510,000 Public Records
• 2020-09-09 Sold (MLS) $510,000 CRMLS
• 2020-07-20 Pending — CRMLS
• 2020-05-18 Listed $529,900 CRMLS
• 2019-09-30 Listing Removed — SDMLS
• 2019-09-30 Listing Removed — CRMLS
• 2019-09-09 Price Changed $529,000 CRMLS
• 2019-04-29 Listed $529,000 SDMLS
• 2019-04-29 Listed $575,000 CRMLS
• 2018-10-30 Listing Removed — SDMLS
• 2018-06-22 Sold (Public Records) $275,000 Public Records
• 2016-09-12 Listing Removed — CRMLS
• 2016-09-12 Listing Removed — SDMLS
• 2016-07-01 Listing Removed — CRMLS
• 2016-07-01 Listing Removed — SDMLS
• 2016-02-25 Listed $299,900 CRMLS
• 2016-02-24 Listed $299,900 SDMLS
• 2016-02-10 Listing Removed — CRMLS
• 2016-02-10 Listing Removed — SDMLS
• 2015-07-08 Listed $325,000 CRMLS
• 2015-07-07 Listed $325,000 SDMLS
• 2015-07-07 Listed $325,000 CRMLS
• 2015-07-07 Listed $325,000 SDMLS
• 2014-09-19 Listing Removed — CRMLS
• 2014-05-09 Listed $329,900 CRMLS
• 2013-09-27 Listed $355,000 SDMLS
• 2013-09-27 Listed $355,000 CRMLS
• 2010-05-20 Listing Removed — CRMLS
• 2010-04-05 Listed $375,000 CRMLS
• 2009-01-27 Listing Removed — CRMLS
• 2008-01-29 Listed $525,000 CRMLS
• 2005-01-05 Sold (Public Records) $270,000 Public Records
• 2005-01-05 Sold (Public Records) $138,500 Public Records
• 2005-01-05 Sold (MLS) $270,000 CRMLS

Property tax history

+4.1%/yr

Latest (2025): $7,078 · +6.1% YoY. Source: county tax records.