18000 Pearmain St · Adelanto, CA 92301

$2,699,000

361 bd · 361.0 ba · 11,928 sqft · MultiFamily public records · 357 Days on market

Built 1986 0.80 ac lot

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Why this score? — see what drove the B+ 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Livability +2.4/5.0
• Schools +2.2/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 19 units. confirmed

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

A 19 unit apartment built in 1986 which consists of (19) 1bed/1bath units located in the growing city of Adelanto, California. Each unit is approx. 628 square feet and the apartment complex has gated parking for the tenants. The property is on septic and the owner installed risers for easy access when the septic tanks get cleaned out. In addition the city of Adelanto has been targeted by companies such as Amazon and have begun construction on warehouse were 1000 new jobs are opening. Lastly, the property is located within a 7 minute drive of a shopping center which consists of stores such as Stater Bros Markets, CVS Pharmacy, US Bank, Starbucks, Chase Bank, Bank of America, Del Taco, Denny'

Key facts

• Shopping center
• Gated parking
• 0.8 acre lot

Tags

• GATED PARKING
• SHOPPING CENTER

Property features AI

Finance

• Other: Zoning: R; Lot characterized as 0–1 unit/acre (assessor's data); Property located at corner of Pearmain Street and Aztec Lane
• Financial info: Total building area 11,928; Gross scheduled income $268,911; Net operating income $169,007; Operating/annual expenses approximately $99,904; Example unit rent totals listed (unit-level sample): $22,690; 19 total units
• HOA & community: Community with hiking nearby

Exterior

• Utilities: Public/District water; Septic (type unknown); One separate water meter; Nineteen separate gas meters; Nineteen separate electric meters
• Home design: Attached community apartment; 2-story building; 2+ shared walls
• Construction: 1 building; Year built per public records
• Exterior features: No pool

Interior

• Bedrooms: Unit example: 1 bedroom (unfurnished)
• Bathrooms: Unit example: 1 full bathroom
• Interior features: Two levels; Entry on level 1
• Laundry & utility: Laundry area on-site

What this means for you Summary

Snapshot

• This is a 19 × 19-bed/19.0-bath units multifamily listed at $2.70M.

Deal economics

• At list price, monthly cash flow is $17k ($199k/yr) — positive. Per door: $872/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($43k rent vs $2.70M).
• Recommended offer: $2.38M (12.0% below list) — sets the bar for market timing.
• Cap rate 13.7% vs local median 4.2% in Adelanto — 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 47/100 on livability (#1,250 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A+; Watch: crime D, schools F, amenities F.
• Victor Valley Union High (urban): math 25% / reading 25% proficiency, ranked #407 of 517 in CA (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+4.7%/yr); 615 active listings in the ZIP; 5,458 units permitted in San Bernardino County in 2024 (1,500 in 5+ unit buildings).
• At $42,986/mo this rent would consume 751% of the median local household income ($69k/yr) (locally 1345% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $289k of equity ($19k loan paydown + $270k appreciation (10.0% local appreciation)).
• San Bernardino County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 4.7% rent growth), your $756k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$464k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 357 days — a 12% lower offer ($2.38M) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 22y 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 $2.00M; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 6→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $2,375,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 357 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. Crime grade is D 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?
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: 1.59% ✓
• Cap rate: 13.66%
• Cash-on-cash: 26.32%
• DSCR: 2.17
• GRM: 5.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 4.68% rent growth · sell at horizon

5-year hold

• IRR: 45.1%
• Equity multiple: 4.44×
• Total profit: $2,599,461
• Equity at exit: $2,431,473

10-year hold

• IRR: 39.7%
• Equity multiple: 10.24×
• Total profit: $6,984,980
• Equity at exit: $5,243,563

Cash invested: $755,720 (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 92301

• Home prices YoY: 10.0%
• Rents YoY: 4.7%
• Active inventory: 615
• Price-to-rent: 99.4×

Monthly cashflow live

• Estimated rent: $42,986 medium
• Mortgage (P&I): −$14,154
• Tax from tax record: −$2,104 /mo · $25,247/yr
• Insurance: −$1,125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$9,027
• Net cashflow: $16,577

Break-even live

Break-even rent $22,003

Max offer price $2,699,000

Occupancy floor 56%

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

Units	Beds	Baths	Est. rent
▸ 19× units	19	19	$42,978
Total (19 units)			$42,986

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: $674,750
• Closing costs: $80,970
• Reserves months: —
• Total cash needed: —

Listing history 35 events

1. 2026-06-18
   days on market $2,699,000 Active 357 DOM
2. 2026-06-17
   days on market $2,699,000 Active 356 DOM
3. 2026-06-16
   days on market $2,699,000 Active 355 DOM
4. 2026-06-15
   days on market $2,699,000 Active 354 DOM
5. 2026-06-13
   days on market $2,699,000 Active 352 DOM
6. 2026-06-09
   days on market $2,699,000 Active 348 DOM
7. 2026-06-08
   days on market $2,699,000 Active 347 DOM
8. 2026-06-07
   days on market $2,699,000 Active 346 DOM
9. 2026-06-04
   days on market $2,699,000 Active 343 DOM
10. 2026-06-03
    days on market $2,699,000 Active 342 DOM
11. 2026-06-02
    days on market $2,699,000 Active 341 DOM
12. 2026-06-01
    days on market $2,699,000 Active 340 DOM
13. 2026-05-31
    days on market $2,699,000 Active 339 DOM
14. 2026-04-30
    price $2,699,000
15. 2026-04-10
    status Active
16. 2026-03-20
    historical
17. 2026-02-21
    price $2,700,000
18. 2025-12-17
    price $2,790,000
19. 2025-06-05
    listed $2,800,000 Active
20. 2022-04-20
    soldstatus $2,000,000
21. 2016-12-22
    soldstatus $920,000
22. 2010-06-23
    historical
23. 2009-12-24
    listed $925,000 Active
24. 2009-08-15
    historical
25. 2009-06-23
    price $999,000
26. 2009-05-20
    price $1,050,000
27. 2009-04-15
    price $1,150,000
28. 2009-04-08
    listed $1,350,000
29. 2009-03-19
    historical
30. 2008-11-05
    listed $1,350,000
31. 2006-03-31
    soldstatus $1,250,000
32. 2004-11-16
    soldstatus $820,000
33. 2004-11-14
    soldstatus $820,000
34. 2004-08-02
    listed $829,000
35. 1995-12-22
    soldstatus $282,000

ⓘ 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: $25,247 · $2,104/mo
• Projected year-2 tax: $25,247 · $2,104/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 4/10 Moderate
• 🌡 Heat 7/10 Severe 6 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 16 unhealthy d/yr today · 20 by 30 yrs out

Taxation est. · year 1

• Rental income: $515,832
• − Mortgage interest: −$151,186
• − Property taxes: −$25,247
• − Insurance: −$13,495
• − Repairs & maintenance: −$41,267
• − Management: −$41,267
• − Depreciation: −$78,516
• Taxable income: $164,854
• Est. tax owed @ 24.0%: −$39,565
• After-tax cash flow: $159,354/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: Victor Valley Union High
• NCES district ID: 0636972
• Math proficiency: 25% ▲ 6.00%
• Reading proficiency: 25% ▼ -12.00%
• Median HH income: $45,112
• Composite: 21.6/100
• National rank: #8296
• State rank: #407 of 517 in CA

Livability — Adelanto

• Score: 47/100
• State rank: #1250
• US rank: #26338

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Adelanto, CA
• County: San Bernardino County · 2,030,291 people
• City population: 38,577
• Metro: Riverside-San Bernardino-Ontario, CA
• Population (ZIP): 38,577
• Household income: $68,676
• Rent vs Own: 37.8% rent · 62.2% own
• Severe rent burden: 1345.0

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: Predominantly Hispanic (69%)
• Race & ethnicity: Hispanic / Latino 69% Two or more races 34% Black 15% White 9% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 58%
• Foreign-born: 18% · Canada
• Languages at home: 52% English-only · Spanish 46%

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: ▲ 41.09%
• Current HPI: 453.6071
• Rent YoY: ▲ 4.68%
• 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

+857.1% since first listed

22 events — show timeline

• 2026-04-30 Price Changed $2,699,000 CRMLS
• 2026-04-10 Relisted — CRMLS
• 2026-03-20 Listing Removed — CRMLS
• 2026-02-21 Price Changed $2,700,000 CRMLS
• 2025-12-17 Price Changed $2,790,000 CRMLS
• 2025-06-05 Listed $2,800,000 CRMLS
• 2022-04-20 Sold (Public Records) $2,000,000 Public Records
• 2016-12-22 Sold (Public Records) $920,000 Public Records
• 2010-06-23 Listing Removed — CRMLS
• 2009-12-24 Listed $925,000 CRMLS
• 2009-08-15 Listing Removed — CRMLS
• 2009-06-23 Price Changed $999,000 CRMLS
• 2009-05-20 Price Changed $1,050,000 CRMLS
• 2009-04-15 Price Changed $1,150,000 CRMLS
• 2009-04-08 Listed $1,350,000 CRMLS
• 2009-03-19 Listing Removed — CRMLS
• 2008-11-05 Listed $1,350,000 CRMLS
• 2006-03-31 Sold (Public Records) $1,250,000 Public Records
• 2004-11-16 Sold (Public Records) $820,000 Public Records
• 2004-11-14 Sold (MLS) $820,000 CRMLS
• 2004-08-02 Listed $829,000 CRMLS
• 1995-12-22 Sold (Public Records) $282,000 Public Records

Property tax history

+3.3%/yr

Latest (2025): $25,247 · +7.1% YoY. Source: county tax records.