83298 Argus Ave · Searles Valley, CA 93562

$650,000

36 bd · 32.0 ba · 21,660 sqft · MultiFamily public records · 136 Days on market

Built 1948 2.98 ac lot ↓ 43% since listing

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Appreciation +5.0/10.0
• Livability +3.1/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

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

(36 units /36Beds/36Baths/Each Unit is 500sqft 1B1B) Multi-family commercial/residential complex for sale. After Construction, the property may be rented via Section 8 Government Housing. Section 8 currently pays about $1,000 for each unit. The property consists of four separate apartment buildings with an equal number of units in each all configured as one bedroom one bathroom units totaling approximately 22000 square feet of living area on an expansive three acre lot. Utilities including gas water and electric are present and the property features separate laundry room structures. Two of the four buildings have recently received new roofs and one unit in the first building has been fully completed while the remaining units are ready for renovation. The entire complex is currently vacant and offers significant upside potential with projected rents of $1000-$1,200 per unit upon completion as Trona continues to grow and much of the surrounding real estate is being actively rehabilitated creating strong future demand and long term upside. Plan of Action to get leased available soon in MLS supplements. Construction Cost Supplements coming soon. There is already a successful apartment complex with over 50 units in Trona known as the Searles Valley Apartments. They currently have a large waiting list, which suggests tenants are already waiting to move in!

Key facts

• New roofs
• Multi family complex
• Projected rents

Tags

• MULTI FAMILY COMPLEX
• SEPARATE LAUNDRY ROOM
• NEW ROOFS
• EXPANSIVE THREE ACRE LOT
• PROJECTED RENTS

What this means for you Summary

Snapshot

• This is a 36-bed/32.0-bath multifamily listed at $650k.

Deal economics

• At list price, monthly cash flow is $17k ($208k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($30k rent vs $650k).
• Recommended offer: $572k (12.0% below list) — sets the bar for market timing.
• Cap rate 38.2% vs local median 10.4% in Searles 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 62/100 on livability (#500 in CA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: health & safety C-, schools F, amenities F.
• Trona Joint Unified (rural): math 25% / reading 40% proficiency, ranked #1,004 of 1,400 in CA (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 56 active listings in the ZIP; 5,458 units permitted in San Bernardino County in 2024 (1,500 in 5+ unit buildings).

Forward outlook

• In year one you build about $24k of equity ($4k loan paydown + $20k appreciation (3.0% local appreciation)).
• 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 + 3.0% rent growth), your $182k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 136 days — a 12% lower offer ($572k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 21y ago; this cycle's ask has dropped $100k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $221k; list at $650k implies a 194% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 4.6% of price; built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 8→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $572,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 136 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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?
8. 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.
9. 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.
10. 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: 4.57% ✓
• Cap rate: 38.23%
• Cash-on-cash: 114.06%
• DSCR: 6.07
• GRM: 1.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 7.49×
• Total profit: $1,181,543
• Equity at exit: $292,268

10-year hold

• IRR: —
• Equity multiple: 15.64×
• Total profit: $2,664,227
• Equity at exit: $450,420

Cash invested: $182,000 (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 93562

• Active inventory: 56
• Price-to-rent: 65.7×

Monthly cashflow live

• Estimated rent: $29,700 medium
• Mortgage (P&I): −$3,409
• Tax from tax record: −$2,485 /mo · $29,817/yr
• Insurance: −$271
• HOA: −$0
• Vacancy / Maint / Mgmt: −$6,237
• Net cashflow: $17,299

Break-even live

Break-even rent $7,803

Max offer price $650,000

Occupancy floor 37%

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

Units	Beds	Baths	Est. rent
▸ 36× units	1	1	$29,700
Total (36 units)			$29,700

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: $162,500
• Closing costs: $19,500
• Reserves months: —
• Total cash needed: —

Listing history 31 events

1. 2026-06-18
   days on market $650,000 Active 136 DOM
2. 2026-06-17
   days on market $650,000 Active 135 DOM
3. 2026-06-16
   days on market $650,000 Active 134 DOM
4. 2026-06-15
   days on market $650,000 Active 133 DOM
5. 2026-06-14
   days on market $650,000 Active 131 DOM
6. 2026-06-13
   pricedays on market $650,000 Active 130 DOM
7. 2026-06-10
   days on market $688,888 Active 128 DOM
8. 2026-06-09
   days on market $688,888 Active 127 DOM
9. 2026-06-08
   days on market $688,888 Active 126 DOM
10. 2026-06-07
    days on market $688,888 Active 125 DOM
11. 2026-06-05
    days on market $688,888 Active 122 DOM
12. 2026-06-03
    days on market $688,888 Active 121 DOM
13. 2026-06-03
    days on market $688,888 Active 120 DOM
14. 2026-06-01
    days on market $688,888 Active 119 DOM
15. 2026-05-31
    days on market $688,888 Active 118 DOM
16. 2026-02-27
    status Active 1372-char remark

    Show marketing remark (1372 chars)

    (36 units /36Beds/36Baths/Each Unit is 500sqft 1B1B) Multi-family commercial/residential complex for sale. After Construction, the property may be rented via Section 8 Government Housing. Section 8 currently pays about $1,000 for each unit. The property consists of four separate apartment buildings with an equal number of units in each all configured as one bedroom one bathroom units totaling approximately 22000 square feet of living area on an expansive three acre lot. Utilities including gas water and electric are present and the property features separate laundry room structures. Two of the four buildings have recently received new roofs and one unit in the first building has been fully completed while the remaining units are ready for renovation. The entire complex is currently vacant and offers significant upside potential with projected rents of $1000-$1,200 per unit upon completion as Trona continues to grow and much of the surrounding real estate is being actively rehabilitated creating strong future demand and long term upside. Plan of Action to get leased available soon in MLS supplements. Construction Cost Supplements coming soon. There is already a successful apartment complex with over 50 units in Trona known as the Searles Valley Apartments. They currently have a large waiting list, which suggests tenants are already waiting to move in!

17. 2026-02-27
    price $688,888 1372-char remark

    Show marketing remark (1372 chars)

    (36 units /36Beds/36Baths/Each Unit is 500sqft 1B1B) Multi-family commercial/residential complex for sale. After Construction, the property may be rented via Section 8 Government Housing. Section 8 currently pays about $1,000 for each unit. The property consists of four separate apartment buildings with an equal number of units in each all configured as one bedroom one bathroom units totaling approximately 22000 square feet of living area on an expansive three acre lot. Utilities including gas water and electric are present and the property features separate laundry room structures. Two of the four buildings have recently received new roofs and one unit in the first building has been fully completed while the remaining units are ready for renovation. The entire complex is currently vacant and offers significant upside potential with projected rents of $1000-$1,200 per unit upon completion as Trona continues to grow and much of the surrounding real estate is being actively rehabilitated creating strong future demand and long term upside. Plan of Action to get leased available soon in MLS supplements. Construction Cost Supplements coming soon. There is already a successful apartment complex with over 50 units in Trona known as the Searles Valley Apartments. They currently have a large waiting list, which suggests tenants are already waiting to move in!

18. 2026-01-31
    status Pending Sale 1372-char remark

    Show marketing remark (1372 chars)

    (36 units /36Beds/36Baths/Each Unit is 500sqft 1B1B) Multi-family commercial/residential complex for sale. After Construction, the property may be rented via Section 8 Government Housing. Section 8 currently pays about $1,000 for each unit. The property consists of four separate apartment buildings with an equal number of units in each all configured as one bedroom one bathroom units totaling approximately 22000 square feet of living area on an expansive three acre lot. Utilities including gas water and electric are present and the property features separate laundry room structures. Two of the four buildings have recently received new roofs and one unit in the first building has been fully completed while the remaining units are ready for renovation. The entire complex is currently vacant and offers significant upside potential with projected rents of $1000-$1,200 per unit upon completion as Trona continues to grow and much of the surrounding real estate is being actively rehabilitated creating strong future demand and long term upside. Plan of Action to get leased available soon in MLS supplements. Construction Cost Supplements coming soon. There is already a successful apartment complex with over 50 units in Trona known as the Searles Valley Apartments. They currently have a large waiting list, which suggests tenants are already waiting to move in!

19. 2026-01-27
    status Active 1372-char remark

    Show marketing remark (1372 chars)

    (36 units /36Beds/36Baths/Each Unit is 500sqft 1B1B) Multi-family commercial/residential complex for sale. After Construction, the property may be rented via Section 8 Government Housing. Section 8 currently pays about $1,000 for each unit. The property consists of four separate apartment buildings with an equal number of units in each all configured as one bedroom one bathroom units totaling approximately 22000 square feet of living area on an expansive three acre lot. Utilities including gas water and electric are present and the property features separate laundry room structures. Two of the four buildings have recently received new roofs and one unit in the first building has been fully completed while the remaining units are ready for renovation. The entire complex is currently vacant and offers significant upside potential with projected rents of $1000-$1,200 per unit upon completion as Trona continues to grow and much of the surrounding real estate is being actively rehabilitated creating strong future demand and long term upside. Plan of Action to get leased available soon in MLS supplements. Construction Cost Supplements coming soon. There is already a successful apartment complex with over 50 units in Trona known as the Searles Valley Apartments. They currently have a large waiting list, which suggests tenants are already waiting to move in!

20. 2026-01-24
    status Pending Sale 1372-char remark

    Show marketing remark (1372 chars)

    (36 units /36Beds/36Baths/Each Unit is 500sqft 1B1B) Multi-family commercial/residential complex for sale. After Construction, the property may be rented via Section 8 Government Housing. Section 8 currently pays about $1,000 for each unit. The property consists of four separate apartment buildings with an equal number of units in each all configured as one bedroom one bathroom units totaling approximately 22000 square feet of living area on an expansive three acre lot. Utilities including gas water and electric are present and the property features separate laundry room structures. Two of the four buildings have recently received new roofs and one unit in the first building has been fully completed while the remaining units are ready for renovation. The entire complex is currently vacant and offers significant upside potential with projected rents of $1000-$1,200 per unit upon completion as Trona continues to grow and much of the surrounding real estate is being actively rehabilitated creating strong future demand and long term upside. Plan of Action to get leased available soon in MLS supplements. Construction Cost Supplements coming soon. There is already a successful apartment complex with over 50 units in Trona known as the Searles Valley Apartments. They currently have a large waiting list, which suggests tenants are already waiting to move in!

21. 2026-01-04
    listed $750,000 Active 1372-char remark

    Show marketing remark (1372 chars)

    (36 units /36Beds/36Baths/Each Unit is 500sqft 1B1B) Multi-family commercial/residential complex for sale. After Construction, the property may be rented via Section 8 Government Housing. Section 8 currently pays about $1,000 for each unit. The property consists of four separate apartment buildings with an equal number of units in each all configured as one bedroom one bathroom units totaling approximately 22000 square feet of living area on an expansive three acre lot. Utilities including gas water and electric are present and the property features separate laundry room structures. Two of the four buildings have recently received new roofs and one unit in the first building has been fully completed while the remaining units are ready for renovation. The entire complex is currently vacant and offers significant upside potential with projected rents of $1000-$1,200 per unit upon completion as Trona continues to grow and much of the surrounding real estate is being actively rehabilitated creating strong future demand and long term upside. Plan of Action to get leased available soon in MLS supplements. Construction Cost Supplements coming soon. There is already a successful apartment complex with over 50 units in Trona known as the Searles Valley Apartments. They currently have a large waiting list, which suggests tenants are already waiting to move in!

22. 2020-07-31
    soldstatus $221,000 Closed Sale 175-char remark

    Show marketing remark (175 chars)

    Probate Property being sold As-is. Total of 36 Units, 9 are habitable, the rest of the units need to be rehabbed. Currently 6 of the units are rented with a base rent of $500.

23. 2020-06-23
    status Pending Sale 175-char remark

    Show marketing remark (175 chars)

    Probate Property being sold As-is. Total of 36 Units, 9 are habitable, the rest of the units need to be rehabbed. Currently 6 of the units are rented with a base rent of $500.

24. 2020-05-26
    listed $180,000 Active 175-char remark

    Show marketing remark (175 chars)

    Probate Property being sold As-is. Total of 36 Units, 9 are habitable, the rest of the units need to be rehabbed. Currently 6 of the units are rented with a base rent of $500.

25. 2006-08-14
    soldstatus $590,000
26. 2006-06-14
    soldstatus $590,000
27. 2006-05-24
    listed $900,000
28. 2006-05-23
    historical
29. 2006-04-19
    listed $1,200,000
30. 2005-11-30
    historical
31. 2005-08-31
    listed $1,200,000

ⓘ 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: $29,817 · $2,485/mo
• Projected year-2 tax: $29,817 · $2,485/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 4/10 Moderate
• 🌡 Heat 9/10 Extreme 8 d/yr ≥108°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $356,400
• − Mortgage interest: −$36,410
• − Property taxes: −$29,817
• − Insurance: −$3,250
• − Repairs & maintenance: −$28,512
• − Management: −$28,512
• − Depreciation: −$18,909
• Taxable income: $210,990
• Est. tax owed @ 24.0%: −$50,638
• After-tax cash flow: $156,947/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: Trona Joint Unified
• NCES district ID: 0639840
• Math proficiency: 25% ▲ 5.00%
• Reading proficiency: 40% ▲ 5.00%
• Median HH income: $35,514
• Composite: 29.6/100
• National rank: #11751
• State rank: #1004 of 1400 in CA

Livability — Searles Valley

• Score: 62/100
• State rank: #500
• US rank: #16976

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Searles Valley, CA
• Population (ZIP): 1,822

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: Predominantly White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 22% Two or more races 14% Black 2% Native American 2% Asian 1%
• Hispanic origin (detail): Mexican 16% Cuban 2%
• Common ancestry: Italian 6% Slovak 2% Russian 1%
• Foreign-born: 2% · Canada, China
• Languages at home: 94% English-only · Spanish 4% Chinese 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: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• 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

-42.6% since first listed

16 events — show timeline

• 2026-02-27 Relisted — CRMLS
• 2026-02-27 Price Changed $688,888 CRMLS
• 2026-01-31 Pending — CRMLS
• 2026-01-27 Relisted — CRMLS
• 2026-01-24 Pending — CRMLS
• 2026-01-04 Listed $750,000 CRMLS
• 2020-07-31 Sold (MLS) $221,000 CRMLS
• 2020-06-23 Pending — CRMLS
• 2020-05-26 Listed $180,000 CRMLS
• 2006-08-14 Sold (Public Records) $590,000 Public Records
• 2006-06-14 Sold (MLS) $590,000 CRMLS
• 2006-05-24 Listed $900,000 CRMLS
• 2006-05-23 Listing Removed — CRMLS
• 2006-04-19 Listed $1,200,000 CRMLS
• 2005-11-30 Listing Removed — CRMLS
• 2005-08-31 Listed $1,200,000 CRMLS

Property tax history

+7.5%/yr

Latest (2025): $29,817 · +698.6% YoY. Source: county tax records.