39517 Cline Miller Pl

Big Bear Lake, CA 92333

$799,900F

3 bd · 4.0 ba · 2,096 sqft · Built 2019 · SingleFamily · Active · 78 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,314/mo
• Mortgage (P&I): −$4,195
• Tax + insurance: −$979
• HOA: −$0
• Vac / Maint / Mgmt: −$1,116
• Net cashflow: $-976/mo
• Annual: $-11,707/yr
• Cap rate: 4.83%
• Cash-on-cash: -5.23%
• DSCR: 0.77
• 1% rule: 0.66%
• Cash to close: $223,972

Investor read

• This is a 3-bed/4.0-bath single-family listed at $800k.
• At list price, monthly cash flow is $-976 ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $628k (21.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $531k (33.6% below list).
• It's been on market 78 days — a 6% lower offer ($752k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $531k (33.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $24k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#420 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+; Watch: crime C-, housing C-, health & safety D+.
• Bear Valley Unified (town): math 26% / reading 43% proficiency, ranked #289 of 517 in CA (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 78 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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.
• 4 sale attempts since 15y 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 $650k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 4.8% vs local median 2.4% in Big Bear Lake — 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.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 78 days. Have you received any prior offers? Is the seller open to a 34% concession, seller financing, or rate buy-down credit?
• 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• 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.
• 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.