9240 Limonite Ave

Jurupa Valley, CA 92509

$1,545,000C

None bd · None ba · 4,368 sqft · Built 1981 · MultiFamily · Active · 342 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $17,475/mo
• Mortgage (P&I): −$8,102
• Tax + insurance: −$2,575
• HOA: −$0
• Vac / Maint / Mgmt: −$3,670
• Net cashflow: $3,128/mo
• Annual: $37,537/yr
• Cap rate: 8.72%
• Cash-on-cash: 8.68%
• DSCR: 1.39
• 1% rule: 1.13%
• Cash to close: $432,600

Investor read

• This is a multifamily listed at $1.54M. Condition is rated good.
• At list price, monthly cash flow is $3k ($38k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($17k rent vs $1.54M).
• It's been on market 342 days — a 12% lower offer ($1.36M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.36M (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $11k of loan paydown is wiped out by about $46k of value loss. Plan a longer hold.
• Location reads 49/100 on livability (#1,170 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A+, employment A-; Watch: amenities F, commute F, cost of living F.
• Jurupa Unified (suburban): math 25% / reading 38% proficiency, ranked #953 of 1,400 in CA (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Pedley Elementary (math 10% / reading 10%, grade F, #1,511 of 1,571 statewide, top 98%, 739 students, 74% FRL); Mira Loma Middle (math 24% / reading 24%, grade F, #277 of 498 statewide, top 73%, 694 students, 87% FRL); Jurupa Valley High (1,716 students, 82% FRL) — zoned schools average 81% FRL vs 64% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 17% at this address vs 32% district-wide (-14 pts) — the specific schools serving this property underperform the Jurupa Unified average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+1.3%/yr); 201 active listings in the ZIP; solid renter incomes; 9,195 units permitted in Riverside County in 2024 (1,512 in 5+ unit buildings).
• Riverside County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 8.7% vs local median 2.9% in Jurupa 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.
• At $17,475/mo this rent would consume 220% of the median local household income ($95k/yr) (locally 1694% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 342 days. Have you received any prior offers? Is the seller open to a 12% 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 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?
• 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.
• 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.