3471 20th · San Bernardino, CA 92346

$190,000

2 bd · 1.0 ba · 840 sqft · Condo public records · 86 Days on market

Built 1969 $226/sqft · at area comps Est $200k · at est. $450/mo HOA · 22% of rent

---

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 +10.6/30.0
• ARV discount +9.7/15.0
• 1% rule +5.8/10.0
• Rent growth +3.2/5.0
• DSCR +3.1/10.0
• Schools +3.1/10.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 2-bedroom, 1-bath condo offers a functional layout and a comfortable living space that’s ideal for first-time buyers, investors, or those looking to downsize. The home provides low-maintenance living and a practical floor plan that makes the most of the space. Conveniently located with access to nearby shopping, dining, and everyday amenities, this condo is a great opportunity for buyers looking for value. Easy access to 210 and Big Bear mountain areas.

Key facts

• Practical floor plan
• Access to shopping
• Functional layout

Tags

• FUNCTIONAL LAYOUT
• COMFORTABLE LIVING SPACE
• LOW MAINTENANCE LIVING
• PRACTICAL FLOOR PLAN
• ACCESS TO SHOPPING
• ACCESS TO DINING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $190k.

Deal economics

• At list price, monthly cash flow is $-94 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $173k (8.8% below list).
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $173k (8.8% below list) — sets the bar for cash-flow.
• Cap rate 5.7% vs local median 3.5% in San Bernardino — 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 59/100 on livability (#661 in CA) — a working-class tenant base; expect higher turnover. Strengths: commute A+, housing A; Watch: employment D, crime F, cost of living F.
• San Bernardino City Unified (urban): math 27% / reading 40% proficiency, ranked #959 of 1,400 in CA (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 81% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Oehl Elementary (479 students, 87% FRL); Serrano Middle (683 students, 90% FRL); San Gorgonio High (1,542 students, 88% FRL).
• Market conditions: Rents rising (+2.9%/yr); 152 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 5,458 units permitted in San Bernardino County in 2024 (1,500 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 21y 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 $157k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.
• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 6→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $173,321 (8.8% below list)

Questions for the listing agent

1. 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?
2. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. Crime grade is F 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?
10. 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?
11. 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.
12. 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.
13. 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: 1.08% ✓
• Cap rate: 5.70%
• Cash-on-cash: -2.13%
• DSCR: 0.91
• GRM: 7.7

CMA / ARV

• ARV (median comp): $199,833
• List price: $190,000
• Delta: -4.92%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.91% rent growth · sell at horizon

5-year hold

• IRR: -19.8%
• Equity multiple: 0.31×
• Total profit: $-36,710
• Equity at exit: $28,330

10-year hold

• IRR: -12.5%
• Equity multiple: 0.26×
• Total profit: $-39,343
• Equity at exit: $16,428

Cash invested: $53,200 (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 92346

• Rents YoY: 2.9%
• Active inventory: 152
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $2,050 high
• Mortgage (P&I): −$996
• Tax from tax record: −$188 /mo · $2,257/yr
• Insurance: −$79
• HOA: −$450
• Vacancy / Maint / Mgmt: −$430
• Net cashflow: $-94

Break-even live

Break-even rent $2,169

Max offer price $173,321

Occupancy floor 100%

Sensitivity live

Price	-10% $13	-5% $-41	+0% $-94	+5% $-148	+10% $-202
Rent	-10% $-256	-5% $-175	+0% $-94	+5% $-13	+10% $68
Rate	-1.0pp $1	-0.5pp $-46	base $-94	+0.5pp $-144	+1.0pp $-194

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3479 20th St Highland, CA	2.0	1.0	882	$1,995	$2.26	1d	1	0.04mi
3479 20th St Highland, CA	2.0	1.0	882	$1,995	$2.26	45d	1	0.04mi
3404 20th St #1 Highland, CA	2.0	1.0	780	$2,195	$2.81	4d	1	0.07mi
3511 Rainbow Ln Highland, CA	2.0	1.0	780	$2,050	$2.63	4d	1	0.08mi
3532 Rainbow Ln Highland, CA	2.0	1.0	882	$2,100	$2.38	0d	1	0.10mi
3495 21st St Unit B Highland, CA	2.0	2.0	1000	$2,000	$2.00	45d	1	0.10mi
6787 Cole Ave Highland, CA	2.0–3.0	2.0	1005	$2,125	$2.11	0d	1	0.18mi
27205 Main St Highland, CA	1.0	1.0	700	$1,575	$2.25	45d	1	0.39mi
2265 Bradford Ave Apt 524 Highland, CA	2.0	2.0	810	$1,800	$2.22	26d	1	0.56mi
6601 Victoria Ave Highland, CA	2.0	2.0	775	$1,827	$2.36	45d	1	0.59mi
6601 Victoria Ave Highland, CA	2.0	2.0	775	$1,677	$2.16	21d	1	0.59mi
6601 Victoria Ave Highland, CA	2.0	2.0	775	$1,677	$2.16	26d	1	0.59mi
7000 La Praix St Highland, CA	2.0	1.0	865	$2,200	$2.54	0d	1	0.76mi
7221 Olive St Highland, CA	2.0	1.0	866	$2,150	$2.48	45d	1	0.89mi
7410 San Francisco St Highland, CA	2.0	2.0	864	$2,400	$2.78	22d	1	1.22mi
7410 San Francisco St Highland, CA	2.0	2.0	864	$2,500	$2.89	26d	1	1.22mi
26660 9th St Highland, CA	1.0–2.0	1.0–2.0	755	$2,050	$2.72	0d	5	1.36mi
2225 Pumalo St San Bernardino, CA	1.0–2.0	1.0–2.0	750	$2,035	$2.71	45d	1	1.44mi
7767 Colwyn Ave Highland, CA	3.0	1.5	1107	$2,500	$2.26	26d	1	1.46mi

HOA detail condo

• Monthly dues: $450 · $5,400/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 39 events

1. 2026-06-21
   days on market $190,000 Active 86 DOM
2. 2026-06-18
   days on market $190,000 Active 83 DOM
3. 2026-06-17
   days on market $190,000 Active 82 DOM
4. 2026-06-16
   days on market $190,000 Active 81 DOM
5. 2026-06-15
   days on market $190,000 Active 80 DOM
6. 2026-06-13
   days on market $190,000 Active 78 DOM
7. 2026-06-09
   days on market $190,000 Active 74 DOM
8. 2026-06-08
   days on market $190,000 Active 73 DOM
9. 2026-06-07
   days on market $190,000 Active 72 DOM
10. 2026-06-04
    days on market $190,000 Active 69 DOM
11. 2026-06-03
    days on market $190,000 Active 68 DOM
12. 2026-06-02
    days on market $190,000 Active 67 DOM
13. 2026-06-01
    days on market $190,000 Active 66 DOM
14. 2026-05-31
    days on market $190,000 Active 65 DOM
15. 2026-03-27
    listed $190,000 Active 468-char remark

    Show marketing remark (468 chars)

    This 2-bedroom, 1-bath condo offers a functional layout and a comfortable living space that’s ideal for first-time buyers, investors, or those looking to downsize. The home provides low-maintenance living and a practical floor plan that makes the most of the space. Conveniently located with access to nearby shopping, dining, and everyday amenities, this condo is a great opportunity for buyers looking for value. Easy access to 210 and Big Bear mountain areas.

16. 2025-02-03
    historical
17. 2024-08-11
    price $209,999
18. 2024-07-24
    listed $214,999 Active
19. 2024-07-04
    historical
20. 2021-11-24
    soldstatus $157,000 Closed Sale
21. 2021-11-24
    soldstatus $157,000 Closed Sale
22. 2021-11-22
    soldstatus $157,000
23. 2021-11-02
    historical Active Under Contract
24. 2021-11-02
    historical Active Under Contract
25. 2021-10-08
    price $165,000
26. 2021-10-08
    price $165,000
27. 2021-09-28
    listed $178,000 Active
28. 2021-09-28
    listed $178,000 Active
29. 2016-05-28
    soldstatus $50,000 Closed Sale
30. 2016-05-27
    soldstatus $50,000
31. 2016-04-05
    status Pending Sale
32. 2016-02-24
    price $55,000
33. 2016-02-23
    status Active
34. 2015-06-24
    status Pending Sale
35. 2015-06-18
    listed $43,900 Active
36. 2005-05-05
    soldstatus $113,000
37. 2005-04-22
    soldstatus $113,000
38. 2005-03-08
    listed $110,000
39. 1978-11-21
    soldstatus $32,000

ⓘ 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: $2,257 · $188/mo
• Projected year-2 tax: $2,257 · $188/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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 8/10 Severe
• 🌡 Heat 8/10 Severe 6 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 29 unhealthy d/yr today · 35 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,595
• − Mortgage interest: −$10,643
• − Property taxes: −$2,257
• − Insurance: −$950
• − Repairs & maintenance: −$1,968
• − Management: −$1,968
• − HOA: −$5,400
• − Depreciation: −$5,527
• Taxable loss: −$4,117
• Est. tax savings @ 24.0%: +$988
• After-tax cash flow: $-145/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: San Bernardino City Unified
• NCES district ID: 0634170
• Math proficiency: 27% ▲ 1.00%
• Reading proficiency: 40% ▬ 0.00%
• Median HH income: $39,758
• Composite: 30.8/100
• National rank: #11385
• State rank: #959 of 1400 in CA

Livability — San Bernardino

• Score: 59/100
• State rank: #661
• US rank: #20479

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Bernardino, CA
• County: San Bernardino County · 2,030,291 people
• City population: 255,614
• Metro: Riverside-San Bernardino-Ontario, CA
• Population (ZIP): 56,179
• Household income: $85,163
• Rent vs Own: 32.9% rent · 67.1% own
• Severe rent burden: 1816.0

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: Hispanic / Latino 53% White 26% Two or more races 14% Black 8% Asian 8% Native American 1%
• Hispanic origin (detail): Mexican 46%
• Common ancestry: Italian 1% Iranian 1% Lithuanian 1%
• Foreign-born: 19% · Canada, Vietnam, South Korea
• Languages at home: 60% English-only · Spanish 32% Vietnamese 2% Tagalog/Filipino 2%

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: ▼ -328.00%
• Current HPI: 367.2829
• Rent YoY: ▲ 2.91%
• 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

+493.8% since first listed

25 events — show timeline

• 2026-03-27 Listed $190,000 CRMLS
• 2025-02-03 Listing Removed — CRMLS
• 2024-08-11 Price Changed $209,999 CRMLS
• 2024-07-24 Listed $214,999 CRMLS
• 2024-07-04 Coming Soon — CRMLS
• 2021-11-24 Sold (MLS) $157,000 CRMLS
• 2021-11-24 Sold (MLS) $157,000 CRMLS
• 2021-11-22 Sold (Public Records) $157,000 Public Records
• 2021-11-02 Contingent — CRMLS
• 2021-11-02 Contingent — CRMLS
• 2021-10-08 Price Changed $165,000 CRMLS
• 2021-10-08 Price Changed $165,000 CRMLS
• 2021-09-28 Listed $178,000 CRMLS
• 2021-09-28 Listed $178,000 CRMLS
• 2016-05-28 Sold (MLS) $50,000 CRMLS
• 2016-05-27 Sold (Public Records) $50,000 Public Records
• 2016-04-05 Pending — CRMLS
• 2016-02-24 Price Changed $55,000 CRMLS
• 2016-02-23 Relisted — CRMLS
• 2015-06-24 Pending — CRMLS
• 2015-06-18 Listed $43,900 CRMLS
• 2005-05-05 Sold (MLS) $113,000 CRMLS
• 2005-04-22 Sold (Public Records) $113,000 Public Records
• 2005-03-08 Listed $110,000 CRMLS
• 1978-11-21 Sold (Public Records) $32,000 Public Records

Property tax history

+2.7%/yr

Latest (2025): $2,257 · +2.2% YoY. Source: county tax records.