162 N 3rd · Banning, CA 92220

$429,900

6 bd · 4.0 ba · 1,252 sqft · MultiFamily public records · 46 Days on market

Built 1915 6,098 sqft lot $343/sqft · 8% above area Est $398k · 8% 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 +19.8/30.0
• DSCR +6.3/10.0
• 1% rule +4.7/10.0
• ARV discount +3.8/15.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Livability +2.4/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Great Income opportunity property. This duplex is in the heart of Banning. Live in one and Collect Rent on the second unit. Has easy freeway access Near Restaurants and Schools only minutes away from famous Cabazon's Desert Hills Outlet Stores.

Key facts

• 6,098 sq ft lot
• 2 garage spots
• Built 1915

Property features AI

Finance

• Other: Total building area: 1,252
• Financial info: Gross scheduled income: $9,660; Gross income: $9,660; Net operating income: $7,389.12; Operating expenses: $2,270.88 (includes insurance, gardener, water/sewer, trash, licenses)
• HOA & community: Street lighting; Sidewalks

Exterior

• Parking: 2 garage spaces; 2 total parking spaces
• Utilities: Public sewer; District/Public water; 1 separate water meter; 2 separate gas meters; 2 separate electric meters
• Home design: Single-story property; Two separate buildings on the parcel; Two total dwelling units
• Construction: Year built per assessor; No accessory dwelling unit (ADU)
• Exterior features: Front yard; Back yard; No pool

Interior

• Bedrooms: Unit A: 2 bedrooms; Unit B: 1 bedroom
• Bathrooms: Unit A: 1 full bath; Unit B: 1 full bath
• Heating & cooling: Wall/window cooling units
• Interior features: One-level entry; No shared/common walls
• Laundry & utility: Laundry in a dedicated room

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $430k.

Deal economics

• At list price, monthly cash flow is $510 ($6k/yr) — positive. Per door: $255/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 $418k (2.8% below list).
• Recommended offer: $417k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 3.0% in Banning — 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 48/100 on livability (#1,192 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing B+; Watch: crime C-, amenities F, commute F.
• Banning Unified (suburban): math 15% / reading 25% proficiency, ranked #1,258 of 1,400 in CA (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 76% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Central Elementary (783 students, 89% FRL); Nicolet Middle (975 students, 90% FRL); Banning High (1,146 students, 87% FRL).
• Market conditions: Rents rising (+3.6%/yr); 318 active listings in the ZIP; 9,195 units permitted in Riverside County in 2024 (1,512 in 5+ unit buildings).
• At $4,178/mo this rent would consume 80% of the median local household income ($63k/yr) (locally 1146% 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 $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Riverside County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($417k) is reasonable based on typical stale-listing flexibility.
• 14 sale attempts since 20y 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 $290k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $417,003 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% 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 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.97% ✗
• Cap rate: 7.72%
• Cash-on-cash: 5.08%
• DSCR: 1.23
• GRM: 8.6

CMA / ARV

• ARV (median comp): $397,628
• List price: $429,900
• Delta: 8.12%
• Verdict: FAIR
• Comps: 8 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.58% rent growth · sell at horizon

5-year hold

• IRR: -7.8%
• Equity multiple: 0.71×
• Total profit: $-34,806
• Equity at exit: $64,099

10-year hold

• IRR: 2.4%
• Equity multiple: 1.18×
• Total profit: $21,467
• Equity at exit: $37,170

Cash invested: $120,372 (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 92220

• Rents YoY: 3.6%
• Active inventory: 318
• Price-to-rent: 17.1×

Monthly cashflow live

• Estimated rent: $4,178 medium
• Mortgage (P&I): −$2,254
• Tax from tax record: −$358 /mo · $4,290/yr
• Insurance: −$179
• HOA: −$0
• Vacancy / Maint / Mgmt: −$877
• Net cashflow: $510

Break-even live

Break-even rent $3,533

Max offer price $429,900

Occupancy floor 83%

Sensitivity live

Price	-10% $753	-5% $631	+0% $510	+5% $388	+10% $266
Rent	-10% $179	-5% $344	+0% $510	+5% $675	+10% $840
Rate	-1.0pp $726	-0.5pp $619	base $510	+0.5pp $398	+1.0pp $285

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$4,178
Total (2 units)			$4,178

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: $107,475
• Closing costs: $12,897
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-17
   days on market $429,900 Active 46 DOM
2. 2026-06-16
   days on market $429,900 Active 45 DOM
3. 2026-06-15
   days on market $429,900 Active 44 DOM
4. 2026-06-13
   days on market $429,900 Active 42 DOM
5. 2026-06-13
   days on market $429,900 Active 41 DOM
6. 2026-06-09
   days on market $429,900 Active 38 DOM
7. 2026-06-08
   days on market $429,900 Active 37 DOM
8. 2026-06-07
   days on market $429,900 Active 36 DOM
9. 2026-06-04
   days on market $429,900 Active 33 DOM
10. 2026-06-03
    days on market $429,900 Active 32 DOM
11. 2026-06-02
    days on market $429,900 Active 31 DOM
12. 2026-06-01
    days on market $429,900 Active 30 DOM
13. 2026-05-31
    days on market $429,900 Active 29 DOM
14. 2026-05-11
    price $429,900 1444-char remark
15. 2026-05-11
    price $429,900 1444-char remark
16. 2026-05-02
    listed $449,900 Active 1444-char remark
17. 2026-05-01
    listed $449,900 Active 1444-char remark
18. 2026-04-30
    historical $449,900 1444-char remark
19. 2026-04-30
    price $449,900 1444-char remark
20. 2026-04-29
    historical $444,900 1444-char remark
21. 2021-10-13
    soldstatus $290,000 Closed Sale

    Show marketing remark (244 chars)

    Great Income opportunity property. This duplex is in the heart of Banning. Live in one and Collect Rent on the second unit. Has easy freeway access Near Restaurants and Schools only minutes away from famous Cabazon's Desert Hills Outlet Stores.

22. 2021-10-12
    soldstatus $290,000
23. 2021-09-13
    historical Active Under Contract

    Show marketing remark (244 chars)

    Great Income opportunity property. This duplex is in the heart of Banning. Live in one and Collect Rent on the second unit. Has easy freeway access Near Restaurants and Schools only minutes away from famous Cabazon's Desert Hills Outlet Stores.

24. 2021-08-11
    listed $310,000 Active

    Show marketing remark (244 chars)

    Great Income opportunity property. This duplex is in the heart of Banning. Live in one and Collect Rent on the second unit. Has easy freeway access Near Restaurants and Schools only minutes away from famous Cabazon's Desert Hills Outlet Stores.

25. 2016-05-03
    soldstatus $135,000
26. 2016-05-03
    soldstatus $135,000 Closed Sale
27. 2016-05-03
    soldstatus $135,000
28. 2016-04-01
    historical Active Under Contract
29. 2016-01-05
    listed $160,000 Active
30. 2016-01-04
    listed $160,000
31. 2015-12-28
    historical
32. 2015-12-28
    historical
33. 2015-11-21
    listed $139,900 Active
34. 2015-11-21
    listed $139,900
35. 2015-08-23
    historical
36. 2015-08-23
    historical
37. 2015-02-25
    listed $165,000 Active
38. 2015-02-23
    listed $165,000
39. 2010-04-15
    soldstatus $52,500 Closed
40. 2010-02-18
    status Pending
41. 2010-01-12
    price $65,000
42. 2009-11-17
    status Active
43. 2009-11-13
    status Backup Offers Accepted
44. 2009-11-04
    status Active
45. 2009-10-29
    status Backup Offers Accepted
46. 2009-10-06
    listed $69,900 Active
47. 2009-06-15
    historical
48. 2009-04-22
    price $89,000
49. 2009-01-13
    listed $99,000
50. 2006-08-18
    soldstatus $150,000

ⓘ 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: $4,290 · $358/mo
• Projected year-2 tax: $4,290 · $358/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 X (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 10/10 Extreme
• 🌡 Heat 7/10 Severe 7 d/yr ≥98°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 18 unhealthy d/yr today · 23 by 30 yrs out

Taxation est. · year 1

• Rental income: $50,136
• − Mortgage interest: −$24,081
• − Property taxes: −$4,290
• − Insurance: −$2,150
• − Repairs & maintenance: −$4,011
• − Management: −$4,011
• − Depreciation: −$12,506
• Taxable loss: −$913
• Est. tax savings @ 24.0%: +$219
• After-tax cash flow: $6,333/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: Banning Unified
• NCES district ID: 0603840
• Math proficiency: 15% ▬ 0.00%
• Reading proficiency: 25% ▼ -1.00%
• Median HH income: $39,303
• Composite: 20.12/100
• National rank: #13850
• State rank: #1258 of 1400 in CA

Livability — Banning

• Score: 48/100
• State rank: #1192
• US rank: #26047

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Banning, CA
• County: Riverside County · 2,287,001 people
• City population: 33,755
• Metro: Riverside-San Bernardino-Ontario, CA
• Population (ZIP): 33,755
• Household income: $62,599
• Rent vs Own: 29.1% rent · 70.9% own
• Severe rent burden: 1146.0

Population outlook (Riverside County) Hauer SSP2

• Today (2025): 2,664,475 people
• By 2030: 2,802,692 · +5.2%
• By 2040: 3,050,904 · +14.5%
• By 2050: 3,256,783 · +22.2%
• By 2075: 3,655,058 · +37.2%
• By 2100: 3,766,594 · +41.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: Hispanic / Latino 48% White 35% Two or more races 21% Black 6% Asian 5% Native American 4%
• Hispanic origin (detail): Mexican 44%
• Common ancestry: Italian 1% Romanian 1% Portuguese 1%
• Foreign-born: 17% · Canada, South Korea, China
• Languages at home: 65% English-only · Spanish 29% Tagalog/Filipino 1% Other Indo-European 1%

Political lean MEDSL · Riverside

• 2024 margin: Toss-up / Even · D 48.0% · R 49.3% · Other 2.6%
• 2008→2024 swing: -3.6pp toward R · 2008: 2.3pp · 2024: -1.3pp
• All cycles: 2024: R+1.3 2020: D+8.0 2016: D+4.3 2012: R+0.4 2008: D+2.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -343.32%
• Current HPI: 342.4268
• Rent YoY: ▲ 3.58%
• 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

+186.6% since first listed

39 events — show timeline

• 2026-05-11 Price Changed $429,900 CRMLS
• 2026-05-11 Price Changed $429,900 CRMLS
• 2026-05-02 Listed $449,900 CRMLS
• 2026-05-01 Listed $449,900 CRMLS
• 2026-04-30 Coming Soon — CRMLS
• 2026-04-30 Price Changed $449,900 CRMLS
• 2026-04-29 Coming Soon — CRMLS
• 2021-10-13 Sold (MLS) $290,000 CRMLS
• 2021-10-12 Sold (Public Records) $290,000 Public Records
• 2021-09-13 Contingent — CRMLS
• 2021-08-11 Listed $310,000 CRMLS
• 2016-05-03 Sold (Public Records) $135,000 Public Records
• 2016-05-03 Sold (MLS) $135,000 CRMLS
• 2016-05-03 Sold (MLS) $135,000 SDMLS
• 2016-04-01 Contingent — CRMLS
• 2016-01-05 Listed $160,000 CRMLS
• 2016-01-04 Listed $160,000 SDMLS
• 2015-12-28 Listing Removed — CRMLS
• 2015-12-28 Listing Removed — SDMLS
• 2015-11-21 Listed $139,900 CRMLS
• 2015-11-21 Listed $139,900 SDMLS
• 2015-08-23 Listing Removed — CRMLS
• 2015-08-23 Listing Removed — SDMLS
• 2015-02-25 Listed $165,000 CRMLS
• 2015-02-23 Listed $165,000 SDMLS
• 2010-04-15 Sold (MLS) $52,500 CRMLS
• 2010-02-18 Pending — CRMLS
• 2010-01-12 Price Changed $65,000 CRMLS
• 2009-11-17 Relisted — CRMLS
• 2009-11-13 Pending — CRMLS
• 2009-11-04 Relisted — CRMLS
• 2009-10-29 Pending — CRMLS
• 2009-10-06 Listed $69,900 CRMLS
• 2009-06-15 Listing Removed — CRMLS
• 2009-04-22 Price Changed $89,000 CRMLS
• 2009-01-13 Listed $99,000 CRMLS
• 2006-08-18 Sold (Public Records) $150,000 Public Records
• 2006-08-18 Sold (MLS) $150,000 CRMLS
• 2006-02-08 Listed $150,000 CRMLS

Property tax history

+2.8%/yr

Latest (2025): $4,290 · +2.0% YoY. Source: county tax records.