988 Old Woman Springs Rd · Homestead Valley, CA 92284

$240,000

2 bd · 1.0 ba · 1,088 sqft · SingleFamily public records · 38 Days on market

Built 1956 5.00 ac lot $221/sqft · 20% below area Est $454k · 47% under

---

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).

• ARV discount +15.0/15.0
• Cash flow +13.3/30.0
• DSCR +4.0/10.0
• Rent growth +3.5/5.0
• 1% rule +2.7/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Key facts

• 5 acre lot
• Garage
• Built 1956

Property features AI

Finance

• Other: Lot size source: Public records; Living area source: Public records; Parcel number available
• Financial info: Assessments: Unknown
• HOA & community: Community contains 1 unit

Exterior

• Parking: Attached garage with space for 1 vehicle (1 total parking space)
• Security: No security information provided
• Utilities: Sewer: Other; No water source specified
• Home design: Attached property with one common wall; Single-story; Entry at front door; Zoned D; Rural, mountainous community
• Construction: Construction materials and year built not provided; Foundation and roof details not provided
• Exterior features: No pool; Desert front and desert back landscaping; Property has a view

Interior

• Kitchen: No kitchen appliance or feature details provided
• Bedrooms: Information not provided
• Flooring: No flooring information provided
• Bathrooms: Two full bathrooms
• Heating & cooling: No heating or cooling information provided
• Interior features: Front door entry; One-level living; Entry and additional details: see remarks
• Laundry & utility: No laundry facilities on site

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $240k.

Deal economics

• At list price, monthly cash flow is $-2 ($-19/yr) — negative.
• To cash-flow at today's rent, offer at most $240k (0.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $185k (23.0% below list).
• Recommended offer: $185k (23.0% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 3.7% in Homestead 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.

Location & tenants

• Location reads 49/100 on livability (#1,167 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A+; Watch: schools F, amenities F, commute F.
• Morongo Unified (town): math 15% / reading 38% proficiency, ranked #395 of 517 in CA (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+4.1%/yr); 563 active listings in the ZIP; 5,458 units permitted in San Bernardino County in 2024 (1,500 in 5+ unit buildings).
• This rent runs 38% of the median local income ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 38 days — a 3% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 11y 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 $35k; list at $240k implies a 586% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 9→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $184,807 (23.0% 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 38 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.77% ✗
• Cap rate: 6.29%
• Cash-on-cash: -0.03%
• DSCR: 1.00
• GRM: 10.8

CMA / ARV

• ARV (median comp): $453,879
• List price: $240,000
• Delta: -47.12%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.12% rent growth · sell at horizon

5-year hold

• IRR: -15.3%
• Equity multiple: 0.45×
• Total profit: $-36,978
• Equity at exit: $35,785

10-year hold

• IRR: -5.2%
• Equity multiple: 0.64×
• Total profit: $-23,867
• Equity at exit: $20,751

Cash invested: $67,200 (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 92284

• Home prices YoY: -33.1%
• Rents YoY: 4.1%
• Active inventory: 563
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $1,848 medium
• Mortgage (P&I): −$1,259
• Tax from tax record: −$103 /mo · $1,236/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $-2

Break-even live

Break-even rent $1,850

Max offer price $239,723

Occupancy floor 95%

Sensitivity live

Price	-10% $134	-5% $66	+0% $-2	+5% $-69	+10% $-137
Rent	-10% $-148	-5% $-75	+0% $-2	+5% $71	+10% $144
Rate	-1.0pp $119	-0.5pp $59	base $-2	+0.5pp $-64	+1.0pp $-127

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $240,000 Active 38 DOM
2. 2026-06-17
   days on market $240,000 Active 37 DOM
3. 2026-06-16
   days on market $240,000 Active 36 DOM
4. 2026-06-15
   days on market $240,000 Active 35 DOM
5. 2026-06-13
   days on market $240,000 Active 33 DOM
6. 2026-06-13
   days on market $240,000 Active 32 DOM
7. 2026-06-09
   days on market $240,000 Active 29 DOM
8. 2026-06-08
   days on market $240,000 Active 28 DOM
9. 2026-06-07
   days on market $240,000 Active 27 DOM
10. 2026-06-04
    days on market $240,000 Active 24 DOM
11. 2026-06-03
    days on market $240,000 Active 23 DOM
12. 2026-06-02
    days on market $240,000 Active 22 DOM
13. 2026-06-01
    days on market $240,000 Active 21 DOM
14. 2026-05-31
    days on market $240,000 Active 20 DOM
15. 2026-05-11
    listed $240,000 Active 100-char remark
16. 2016-10-30
    historical
17. 2015-10-19
    listed $109,900 Active
18. 1984-03-05
    soldstatus $35,000

ⓘ 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: $1,236 · $103/mo
• Projected year-2 tax: $1,824 · $152/mo
• Expected delta: +$588/yr (+$49/mo · 47.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone D · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 6/10 Major 9 d/yr ≥98°F today · 26 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 7 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,177
• − Mortgage interest: −$13,444
• − Property taxes: −$1,236
• − Insurance: −$1,200
• − Repairs & maintenance: −$1,774
• − Management: −$1,774
• − Depreciation: −$6,982
• Taxable loss: −$4,233
• Est. tax savings @ 24.0%: +$1,016
• After-tax cash flow: $997/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: Morongo Unified
• NCES district ID: 0625860
• Math proficiency: 15% ▼ -12.00%
• Reading proficiency: 38% ▼ -3.00%
• Median HH income: $39,399
• Composite: 22.19/100
• National rank: #8156
• State rank: #395 of 517 in CA

Livability — Homestead Valley

• Score: 49/100
• State rank: #1167
• US rank: #25885

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Homestead Valley, CA
• County: San Bernardino County · 2,030,291 people
• Metro: Riverside-San Bernardino-Ontario, CA
• Population (ZIP): 25,415
• Household income: $58,373
• Rent vs Own: 34.1% rent · 65.9% own
• Severe rent burden: 1132.0

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 0.55)
• Race & ethnicity: White 62% Hispanic / Latino 25% Two or more races 18% Black 2% Native American 2% Asian 2% Pacific Islander 1%
• Hispanic origin (detail): Mexican 20%
• Common ancestry: Italian 4% Romanian 2% Slovak 2%
• Foreign-born: 9% · Canada
• Languages at home: 82% English-only · Spanish 14% Other Indo-European 1% Other Asian/Pacific 1%

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: ▼ -241.13%
• Current HPI: 486.7185
• Rent YoY: ▲ 4.12%
• 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

+585.7% since first listed

4 events — show timeline

• 2026-05-11 Listed $240,000 CRMLS
• 2016-10-30 Listing Removed — CRMLS
• 2015-10-19 Listed $109,900 CRMLS
• 1984-03-05 Sold (Public Records) $35,000 Public Records

Property tax history

+6.0%/yr

Latest (2025): $1,236 · +8.6% YoY. Source: county tax records.