1652 4th · Norco, CA 92860

$799,000

6 bd · 4.0 ba · 2,235 sqft · MultiFamily · 33 Days on market

Built 1950 0.26 ac lot $357/sqft · 6% below area Est $850k · 6% under

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Why this score? — see what drove the C- 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 +20.6/30.0
• ARV discount +10.2/15.0
• DSCR +6.5/10.0
• Schools +5.1/10.0
• 1% rule +4.5/10.0
• Livability +2.7/5.0
• Rent growth +2.5/5.0
• 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: 2 units. 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

Back on the Market. .. .Norco 4 plex. Great location and rare multi unit located in the heart of Norco. Great rental income. Conveniently located close to fwy for commuters. The property has been owned by the same family for many years and well maintained. Two units are Two bedrooms and One bath and the other two units are one bedroom one bath. One unit has just been completely renovated. Don't miss this investment opportunity or buy and live in one unit and earn income on the others.

Key facts

• Surplus parking
• Large flat lot
• Four garage spaces

Tags

• LARGE FLAT LOT
• FOUR GARAGE SPACES
• SURPLUS PARKING

Property features AI

Finance

• Other: Three separate electric meters; One building containing four units
• Financial info: Total building area reported as 2,235; Gross scheduled/gross operating/gross income: $51,000; Net operating income: $45,008; Total actual rent reported: $4,050; Unit rents vary (examples: $850, $1,100, $1,250 reported per unit); Garage rental income reported ($200) with two rented garages at $100 each; Operating expenses reported: $5,992 (includes water/sewer $3,000, insurance $1,200, maintenance $1,000, trash $792)
• HOA & community: Community features include horse trails, riding/stables, a lake and street lighting

Exterior

• Parking: Total parking for about 25 vehicles; Four garage spaces (additional garage allocations per unit noted); Oversized garage(s) and on-site parking; Approximately 21 uncovered spaces
• Utilities: Public/district water; Public sewer; Electricity connected; Natural gas connected; Cable and telephone available
• Home design: Attached property; Single-story building
• Construction: Wood construction; Shingle roof; Concrete slab foundation; Built year reported from assessor
• Exterior features: Rain gutters; Block wall and chain link fencing; Lot roughly 60 x 185 (rectangular)

Interior

• Kitchen: Refrigerator; Gas oven/range
• Bedrooms: Units include one- and two-bedroom layouts (unit counts and bedroom counts vary by unit)
• Flooring: Tile; Carpet
• Bathrooms: Units with one bathroom each (mix of full and three-quarter baths across units)
• Heating & cooling: Natural gas heating; Wall heaters
• Interior features: Ceiling fan; Partial copper plumbing; Unfurnished; No interior steps; One-level living; Front entry
• Laundry & utility: No on-site laundry features listed

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/?-bath units multifamily listed at $799k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $532/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 $758k (5.1% below list).
• Recommended offer: $758k (5.1% below list) — sets the bar for 1% rule.
• Cap rate 7.9% vs local median 2.7% in Norco — 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 54/100 on livability (#900 in CA) — a working-class tenant base; expect higher turnover. Strengths: employment A+, housing A-; Watch: schools D+, amenities F, commute F.
• Corona-Norco Unified (suburban): math 46% / reading 61% proficiency, ranked #312 of 1,400 in CA (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 65 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 9,195 units permitted in Riverside County in 2024 (1,512 in 5+ unit buildings).
• At $7,581/mo this rent would consume 71% of the median local household income ($128k/yr) (locally 238% 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 $24k 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 33 days — a 3% lower offer ($775k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 13y 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 $345k; list at $799k implies a 132% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — 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 $758,100 (5.1% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 5% 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 1950 — 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 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?
7. 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.
8. 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.
9. 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: 0.95% ✗
• Cap rate: 7.89%
• Cash-on-cash: 5.70%
• DSCR: 1.25
• GRM: 8.8

CMA / ARV

• ARV (median comp): $850,222
• List price: $799,000
• Delta: -6.02%
• Verdict: FAIR
• Comps: 3 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -7.5%
• Equity multiple: 0.72×
• Total profit: $-61,991
• Equity at exit: $119,133

10-year hold

• IRR: 2.0%
• Equity multiple: 1.14×
• Total profit: $32,214
• Equity at exit: $69,083

Cash invested: $223,720 (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 92860

• Active inventory: 65
• Price-to-rent: 17.6×

Monthly cashflow live

• Estimated rent: $7,581 medium
• Mortgage (P&I): −$4,190
• Tax from tax record: −$403 /mo · $4,831/yr
• Insurance: −$333
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,592
• Net cashflow: $1,063

Break-even live

Break-even rent $6,235

Max offer price $799,000

Occupancy floor 81%

Sensitivity live

Price	-10% $1,516	-5% $1,290	+0% $1,063	+5% $837	+10% $611
Rent	-10% $465	-5% $764	+0% $1,063	+5% $1,363	+10% $1,662
Rate	-1.0pp $1,466	-0.5pp $1,267	base $1,063	+0.5pp $856	+1.0pp $646

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	—	$7,580
Total (2 units)			$7,581

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: $199,750
• Closing costs: $23,970
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2766 Broken Lance Dr Norco, CA	5.0	3.0	2301	$5,000	$2.17	19d	1	1.07mi

Listing history 17 events

1. 2026-06-21
   days on market $799,000 Active 33 DOM
2. 2026-06-18
   days on market $799,000 Active 30 DOM
3. 2026-06-17
   days on market $799,000 Active 29 DOM
4. 2026-06-16
   days on market $799,000 Active 28 DOM
5. 2026-06-15
   days on market $799,000 Active 27 DOM
6. 2026-06-13
   days on market $799,000 Active 25 DOM
7. 2026-06-13
   days on market $799,000 Active 24 DOM
8. 2026-06-09
   statusdays on market $799,000 Active 21 DOM
9. 2026-05-13
   status Pending Sale 1209-char remark
10. 2026-05-01
    status Active 1209-char remark
11. 2026-04-29
    status Pending Sale 1209-char remark
12. 2026-04-24
    listed $799,000 Active 1209-char remark
13. 2013-06-13
    soldstatus $345,000 Closed 490-char remark

    Show marketing remark (490 chars)

    Back on the Market. .. .Norco 4 plex. Great location and rare multi unit located in the heart of Norco. Great rental income. Conveniently located close to fwy for commuters. The property has been owned by the same family for many years and well maintained. Two units are Two bedrooms and One bath and the other two units are one bedroom one bath. One unit has just been completely renovated. Don't miss this investment opportunity or buy and live in one unit and earn income on the others.

14. 2013-06-12
    soldstatus $345,000
15. 2013-05-05
    status Pending 490-char remark

    Show marketing remark (490 chars)

    Back on the Market. .. .Norco 4 plex. Great location and rare multi unit located in the heart of Norco. Great rental income. Conveniently located close to fwy for commuters. The property has been owned by the same family for many years and well maintained. Two units are Two bedrooms and One bath and the other two units are one bedroom one bath. One unit has just been completely renovated. Don't miss this investment opportunity or buy and live in one unit and earn income on the others.

16. 2013-04-13
    status Backup Offers Accepted 490-char remark

    Show marketing remark (490 chars)

    Back on the Market. .. .Norco 4 plex. Great location and rare multi unit located in the heart of Norco. Great rental income. Conveniently located close to fwy for commuters. The property has been owned by the same family for many years and well maintained. Two units are Two bedrooms and One bath and the other two units are one bedroom one bath. One unit has just been completely renovated. Don't miss this investment opportunity or buy and live in one unit and earn income on the others.

17. 2013-03-18
    listed $389,000 Active 490-char remark

    Show marketing remark (490 chars)

    Back on the Market. .. .Norco 4 plex. Great location and rare multi unit located in the heart of Norco. Great rental income. Conveniently located close to fwy for commuters. The property has been owned by the same family for many years and well maintained. Two units are Two bedrooms and One bath and the other two units are one bedroom one bath. One unit has just been completely renovated. Don't miss this investment opportunity or buy and live in one unit and earn income on the others.

ⓘ 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: $4,831 · $403/mo
• Projected year-2 tax: $6,072 · $506/mo
• Expected delta: +$1,242/yr (+$103/mo · 25.7%)

ⓘ 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 8/10 Severe
• 🌡 Heat 7/10 Severe 7 d/yr ≥101°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 19 unhealthy d/yr today · 23 by 30 yrs out

Taxation est. · year 1

• Rental income: $90,972
• − Mortgage interest: −$44,756
• − Property taxes: −$4,831
• − Insurance: −$3,995
• − Repairs & maintenance: −$7,278
• − Management: −$7,278
• − Depreciation: −$23,244
• Taxable loss: −$409
• Est. tax savings @ 24.0%: +$98
• After-tax cash flow: $12,860/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: Corona-Norco Unified
• NCES district ID: 0609850
• Math proficiency: 46% ▲ 1.00%
• Reading proficiency: 61% ▬ 0.00%
• Median HH income: $83,380
• Composite: 50.72/100
• National rank: #3920
• State rank: #312 of 1400 in CA

Livability — Norco

• Score: 54/100
• State rank: #900
• US rank: #23949

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norco, CA
• County: Riverside County · 2,287,001 people
• City population: 25,109
• Metro: Riverside-San Bernardino-Ontario, CA
• Population (ZIP): 25,109
• Household income: $127,780
• Rent vs Own: 18.9% rent · 81.1% own
• Severe rent burden: 238.0

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 0.59)
• Race & ethnicity: White 49% Hispanic / Latino 40% Two or more races 14% Asian 4% Black 3%
• Hispanic origin (detail): Mexican 34%
• Common ancestry: Italian 3% Iranian 2% Romanian 2%
• Foreign-born: 14% · Canada, China, Jamaica
• Languages at home: 68% English-only · Spanish 27% Chinese 1% Other Asian/Pacific 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: ▼ -747.28%
• Current HPI: 383.2257
• Rent YoY: —
• 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

+105.4% since first listed

12 events — show timeline

• 2026-06-08 Relisted — CRMLS
• 2026-05-22 Pending — CRMLS
• 2026-05-19 Relisted — CRMLS
• 2026-05-13 Pending — CRMLS
• 2026-05-01 Relisted — CRMLS
• 2026-04-29 Pending — CRMLS
• 2026-04-24 Listed $799,000 CRMLS
• 2013-06-13 Sold (MLS) $345,000 CRMLS
• 2013-06-12 Sold (Public Records) $345,000 Public Records
• 2013-05-05 Pending — CRMLS
• 2013-04-13 Pending — CRMLS
• 2013-03-18 Listed $389,000 CRMLS

Property tax history

+7.9%/yr

Latest (2025): $4,831 · +3.4% YoY. Source: county tax records.