3850 Atlantic Ave #122 · San Bernardino, CA 92346

$89,000

2 bd · 2.0 ba · 1,152 sqft · Manufactured · 83 Days on market

Built 1975 Fair condition $77/sqft · 26% below area Est $121k · 26% under ↓ 2% since listing

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.2/5.0
• Schools +3.1/10.0
• Livability +3.0/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

#122 Private Inside Corner! Welcome to Valencia Lea, Highland’s premier +55 community! This cozy 1975 Silvercrest home has great curb appeal featuring mature landscaping, large shade trees and extra-large inside corner lot. You’ll love sitting out on the huge front patio on this private street. This 1152 sqft home includes 2 bedrooms, 2 baths. The open living and dining areas have plenty of windows letting in natural light. The dining room features large built-ins for all your china. The kitchen while in need of updating, has an efficient floor plan ready for your vision. The laundry room has plenty of storage with a door to the carport to easily get groceries in from your car. The guest bedroom and adjoining bath are perfect for friends and family to visit. The primary bedroom features a large walk-in closet and ensuite bathroom. The full-length carport includes a storage shed. At this price, this as-is home won’t last! Don’t delay in taking a tour!

Key facts

• 2 parking spots
• Community pool
• Built 1975

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $89k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $89k).
• Recommended offer: $84k (6.0% below list) — sets the bar for market timing.
• Cap rate 20.1% 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: schools D, employment D, crime 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.
• Market conditions: Rents rising (+2.9%/yr); 152 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 41% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $615 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 2.9% rent growth), your $25k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($84k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 5→13/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $83,660 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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. 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?
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 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: 2.33% ✓
• Cap rate: 20.11%
• Cash-on-cash: 49.35%
• DSCR: 3.20
• GRM: 3.6

CMA / ARV

• ARV (median comp): $120,934
• List price: $89,000
• Delta: -26.41%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3850 Atlantic Ave #14	0.01mi	2/2.0	1,152 (0%)	15mo	$87,000	$76	87
3850 Atlantic Ave #269	0.01mi	2/2.0	1,152 (0%)	15mo	$110,000	$95	87
3850 Atlantic Ave #199	0.00mi	2/2.0	1,248 (+8%)	5mo	$75,000	$60	82
3850 Atlantic Ave #144	0.00mi	2/2.0	1,248 (+8%)	8mo	$137,000	$110	79
3850 Atlantic Ave #81	0.09mi	2/2.0	1,224 (+6%)	10mo	$150,000	$123	77
3850 Atlantic Ave #27	0.09mi	2/2.0	1,040 (-10%)	6mo	$122,000	$117	74
3850 Atlantic Ave Unit 39A	0.00mi	2/2.0	1,248 (+8%)	16mo	$130,000	$104	72
3850 Atlantic Ave #37	0.09mi	2/2.0	1,248 (+8%)	17mo	$164,000	$131	68
3850 Atlantic Ave #197	0.00mi	2/2.0	1,248 (+8%)	24mo	$85,000	$68	66
3850 Atlantic Ave #157	0.09mi	2/2.0	1,296 (+12%)	14mo	$105,000	$81	63
4040 E Piedmont Dr #316	0.69mi	2/2.0	1,232 (+7%)	15mo	$189,000	$153	44

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 46.9%
• Equity multiple: 3.03×
• Total profit: $50,697
• Equity at exit: $13,270

10-year hold

• IRR: 52.6%
• Equity multiple: 6.12×
• Total profit: $127,557
• Equity at exit: $7,695

Cash invested: $24,920 (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: 3.6×

Monthly cashflow live

• Estimated rent: $2,076 high
• Mortgage (P&I): −$467
• Tax est. 1.5%: −$111 /mo · $1,335/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$436
• Net cashflow: $1,025

Break-even live

Break-even rent $779

Max offer price $89,000

Occupancy floor 46%

Sensitivity live

Price	-10% $1,086	-5% $1,056	+0% $1,025	+5% $994	+10% $963
Rent	-10% $861	-5% $943	+0% $1,025	+5% $1,107	+10% $1,189
Rate	-1.0pp $1,070	-0.5pp $1,048	base $1,025	+0.5pp $1,002	+1.0pp $978

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2265 Bradford Ave Apt 524 Highland, CA	2.0	2.0	810	$1,800	$2.22	25d	1	0.13mi
3532 Rainbow Ln Highland, CA	2.0	1.0	882	$2,100	$2.38	0d	1	0.39mi
3495 21st St Unit B Highland, CA	2.0	2.0	1000	$2,000	$2.00	45d	1	0.41mi
3511 Rainbow Ln Highland, CA	2.0	1.0	780	$2,050	$2.63	4d	1	0.42mi
6787 Cole Ave Highland, CA	2.0–3.0	2.0	1005	$2,125	$2.11	0d	1	0.44mi
3479 20th St Highland, CA	2.0	1.0	882	$1,995	$2.26	45d	1	0.44mi
3479 20th St Highland, CA	2.0	1.0	882	$1,995	$2.26	0d	1	0.44mi
3404 20th St #1 Highland, CA	2.0	1.0	780	$2,195	$2.81	4d	1	0.52mi
7000 La Praix St Highland, CA	2.0	1.0	865	$2,200	$2.54	0d	1	0.58mi
3317 Highland Ave Highland, CA	3.0	2.0	1250	$2,000	$1.60	25d	1	0.62mi
27205 Main St Highland, CA	1.0	1.0	700	$1,575	$2.25	45d	1	0.66mi
1991 Central Ave Highland, CA	2.0	3.0	1312	$2,500	$1.91	45d	1	0.78mi
26814 Mansfield St Highland, CA	3.0	1.0	1275	$2,850	$2.24	45d	1	1.01mi
6601 Victoria Ave Highland, CA	2.0	2.0	775	$1,677	$2.16	25d	1	1.06mi
6601 Victoria Ave Highland, CA	2.0	2.0	775	$1,677	$2.16	21d	1	1.06mi
6601 Victoria Ave Highland, CA	2.0	2.0	775	$1,827	$2.36	45d	1	1.06mi
28349 Saffron Ave Highland, CA	2.0	1.0	800	$2,500	$3.12	45d	1	1.18mi
7257 Wakefield Ct Highland, CA	3.0	2.0	1183	$2,395	$2.02	25d	1	1.22mi
7257 Wakefield Ct Highland, CA	3.0	2.0	1183	$2,395	$2.02	0d	1	1.22mi
28490 Highland Ave Highland, CA	1.0	1.0	792	$2,200	$2.78	45d	1	1.26mi
7221 Olive St Highland, CA	2.0	1.0	866	$2,150	$2.48	45d	1	1.31mi
27531 Temple St Highland, CA	3.0	2.0	1144	$2,650	$2.32	11d	1	1.31mi

Listing history 16 events

1. 2026-06-21
   days on market $89,000 Active 83 DOM
2. 2026-06-18
   days on market $89,000 Active 80 DOM
3. 2026-06-17
   days on market $89,000 Active 79 DOM
4. 2026-06-16
   days on market $89,000 Active 78 DOM
5. 2026-06-15
   days on market $89,000 Active 77 DOM
6. 2026-06-13
   days on market $89,000 Active 75 DOM
7. 2026-06-09
   days on market $89,000 Active 71 DOM
8. 2026-06-08
   days on market $89,000 Active 70 DOM
9. 2026-06-07
   days on market $89,000 Active 69 DOM
10. 2026-06-04
    days on market $89,000 Active 66 DOM
11. 2026-06-03
    days on market $89,000 Active 65 DOM
12. 2026-06-02
    days on market $89,000 Active 64 DOM
13. 2026-06-01
    days on market $89,000 Active 63 DOM
14. 2026-05-31
    days on market $89,000 Active 62 DOM
15. 2026-04-15
    price $97,000 989-char remark

    Show marketing remark (989 chars)

    #122 Private Inside Corner! Welcome to Valencia Lea, Highland’s premier +55 community! This cozy 1975 Silvercrest home has great curb appeal featuring mature landscaping, large shade trees and extra-large inside corner lot. You’ll love sitting out on the huge front patio on this private street. This 1152 sqft home includes 2 bedrooms, 2 baths. The open living and dining areas have plenty of windows letting in natural light. The dining room features large built-ins for all your china. The kitchen while in need of updating, has an efficient floor plan ready for your vision. The laundry room has plenty of storage with a door to the carport to easily get groceries in from your car. The guest bedroom and adjoining bath are perfect for friends and family to visit. The primary bedroom features a large walk-in closet and ensuite bathroom. The full-length carport includes a storage shed. At this price, this as-is home won’t last! Don’t delay in taking a tour!

16. 2026-03-30
    listed $99,000 Active 989-char remark

    Show marketing remark (989 chars)

    #122 Private Inside Corner! Welcome to Valencia Lea, Highland’s premier +55 community! This cozy 1975 Silvercrest home has great curb appeal featuring mature landscaping, large shade trees and extra-large inside corner lot. You’ll love sitting out on the huge front patio on this private street. This 1152 sqft home includes 2 bedrooms, 2 baths. The open living and dining areas have plenty of windows letting in natural light. The dining room features large built-ins for all your china. The kitchen while in need of updating, has an efficient floor plan ready for your vision. The laundry room has plenty of storage with a door to the carport to easily get groceries in from your car. The guest bedroom and adjoining bath are perfect for friends and family to visit. The primary bedroom features a large walk-in closet and ensuite bathroom. The full-length carport includes a storage shed. At this price, this as-is home won’t last! Don’t delay in taking a tour!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 9/10 Extreme
• 🌡 Heat 8/10 Severe 5 d/yr ≥101°F today · 13 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: $24,911
• − Mortgage interest: −$4,985
• − Property taxes: −$1,335
• − Insurance: −$445
• − Repairs & maintenance: −$1,993
• − Management: −$1,993
• − Depreciation: −$2,589
• Taxable income: $11,570
• Est. tax owed @ 24.0%: −$2,777
• After-tax cash flow: $9,522/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This 1975 Silvercrest home in Valencia Lea, Highland's premier +55 community, has good curb appeal and mature landscaping. It requires moderate repairs and updates to the kitchen and bathrooms, as well as some maintenance to the exterior and landscaping. With these improvements, it has the potential to increase its resale and rental value.

Repairs flagged

• Minor exterior siding — Slight wear visible on the siding.
• Moderate kitchen cabinets — Dated cabinetry and countertops need updating.
• Moderate bathroom fixtures — Dated fixtures in small bathrooms need updating.
• Minor landscaping — Some areas of landscaping could benefit from trimming and maintenance.

Value-add opportunities

• Resale Paint interior walls — Fresh paint can make a significant difference in the home's appearance.
• Resale Replace kitchen cabinets and countertops — Modernizing the kitchen can increase the home's appeal and value.
• Resale Update bathroom fixtures — New fixtures can enhance the bathroom's functionality and appearance.
• Both Landscaping improvements — A well-maintained landscape can improve curb appeal and add value to the home.

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Slight wear visible on the siding.	Minor	$500–3,000
kitchen cabinets · Dated cabinetry and countertops need updating.	Moderate	$3,000–15,000
bathroom fixtures · Dated fixtures in small bathrooms need updating.	Moderate	$3,000–15,000
landscaping · Some areas of landscaping could benefit from trimming and maintenance.	Minor	$500–3,000
Total estimated repair cost · 4 items		$7,000–36,000

Value-add ROI direction

• Resale Paint interior walls — Fresh paint can make a significant difference in the home's appearance. ↑
• Resale Replace kitchen cabinets and countertops — Modernizing the kitchen can increase the home's appeal and value. ↑
• Resale Update bathroom fixtures — New fixtures can enhance the bathroom's functionality and appearance. ↑
• Both Landscaping improvements — A well-maintained landscape can improve curb appeal and add value to the home. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-2.0% since first listed

2 events — show timeline

• 2026-04-15 Price Changed $97,000 CRMLS
• 2026-03-30 Listed $99,000 CRMLS