4040 Piedmont Dr #129 · San Bernardino, CA 92346

$115,000

2 bd · 2.0 ba · 1,440 sqft · Manufactured · 240 Days on market

Manufactured home likely 55+ (park) Built 1976 Average condition $80/sqft · 29% below area Est $162k · 29% under ↓ 17% since listing

---

Why this score? — see what drove the C+ 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 +22.5/30.0
• ARV discount +15.0/15.0
• 1% rule +7.5/10.0
• DSCR +7.5/10.0
• Rent growth +3.2/5.0
• Schools +3.1/10.0
• Livability +3.0/5.0
• Condition / age +2.8/5.0
• Appreciation +2.5/10.0
• Manufactured-home adj. -5.4

Listing remarks MLS

Welcome to this charming 2-bedroom, 2-bath home nestled in a beautifully tiered community at the base of the San Bernardino Mountains. Offering 1,440 sq. ft. of comfortable living space, this home is positioned to take full advantage of its picturesque surroundings. A spacious, full-length patio runs along the side of the home, providing the perfect spot to relax and enjoy the fresh mountain air. The backyard features a lovely garden area and a mature lemon tree—ideal for those who love to garden or simply enjoy a peaceful outdoor retreat. Inside, the living room sits on the view side of the home, offering a bright and tranquil space for everyday living. The kitchen provides impressive storage, making organization easy and meal prep a pleasure. Just off the kitchen is a cozy den with a vintage style wet bar—perfect for an additional seating area and entertaining. The primary suite offers a spacious retreat with a master bath that includes a relaxing soaker tub and a dual-sink vanity. A wonderful opportunity to make this well-located home your own in a community known for its natural beauty and tranquil atmosphere.

Key facts

• Full-length patio
• Dual-sink vanity
• Mature lemon tree

Tags

• FULL-LENGTH PATIO
• LOVELY GARDEN AREA
• MATURE LEMON TREE
• VINTAGE STYLE WET BAR
• SOAKER TUB
• DUAL-SINK VANITY

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $115k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $543 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.7% 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); 176 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals lingering (median 74d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 71% 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 $795 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 $32k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 240 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; severe wildfire risk; extreme-heat days projected 6→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $101,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 240 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.55% ✓
• Cap rate: 12.66%
• Cash-on-cash: 22.72%
• DSCR: 2.01
• GRM: 5.4

CMA / ARV

• ARV (median comp): $161,725
• List price: $115,000
• Delta: -28.89%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4040 Piedmont Dr #67	0.00mi	2/2.0	1,440 (0%)	1mo	$98,500	$68	99
3850 Atlantic Ave #253	0.40mi	2/2.0	1,440 (0%)	1mo	$136,500	$95	81
3850 ATLANTIC Ave #165	0.41mi	2/2.0	1,440 (0%)	1mo	$139,000	$97	80
3850 Atlantic Ave #212	0.40mi	2/2.0	1,440 (0%)	2mo	$145,000	$101	80
3850 Atlantic Ave #276	0.41mi	2/2.0	1,440 (0%)	2mo	$102,500	$71	79
3850 Atlantic #260	0.40mi	2/2.0	1,440 (0%)	4mo	$85,000	$59	79
3850 Atlantic Ave #207	0.41mi	2/2.0	1,428 (-1%)	2mo	$208,000	$146	78
4040 Piedmont Dr #283	0.31mi	2/2.0	1,560 (+8%)	3mo	$144,500	$93	70
4040 E Piedmont Dr #300	0.31mi	3/2.0 (+1)	1,536 (+7%)	2mo	$120,000	$78	68
3850 Atlantic Ave #189	0.41mi	2/2.0	1,344 (-7%)	4mo	$90,000	$67	67
3850 Atlantic Ave #151	0.39mi	2/2.0	1,600 (+11%)	3mo	$90,000	$56	61
3850 Atlantic Ave #203	0.39mi	2/2.0	1,248 (-13%)	0mo	$130,000	$104	59

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: 12.4%
• Equity multiple: 1.49×
• Total profit: $15,873
• Equity at exit: $17,147

10-year hold

• IRR: 21.3%
• Equity multiple: 2.80×
• Total profit: $57,993
• Equity at exit: $9,943

Cash invested: $32,200 (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 →

Seller's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 10 active · 15 under contract
• Months of supply: 2.6 mo (38%/mo absorbed)
• Median asking: $132,445 ($84/sqft)
• Median days on market: 45 d
• This list price: 20% of active listings are priced below it
• ARV vs active asking: +34.5% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 92346

• Rents YoY: 2.9%
• Active inventory: 176
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $1,778 high
• Mortgage (P&I): −$603
• Tax est. 1.5%: −$144 /mo · $1,725/yr
• Insurance: −$48
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$373
• Net cashflow: $543

Break-even live

Break-even rent $1,090

Max offer price $115,000

Occupancy floor 64%

Sensitivity live

Price	-10% $623	-5% $583	+0% $543	+5% $504	+10% $464
Rent	-10% $403	-5% $473	+0% $543	+5% $613	+10% $684
Rate	-1.0pp $601	-0.5pp $573	base $543	+0.5pp $513	+1.0pp $483

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: $28,750
• Closing costs: $3,450
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2265 Bradford Ave Highland, CA	3.0	2.0	1190	$1,900	$1.60	15d	1	0.24mi
3539 21st St Unit B Highland, CA	2.0	2.0	895	$1,650	$1.84	33d	1	0.67mi
2223 N Oakridge Ct Highland, CA	3.0	2.5	1600	$4,300	$2.69	93d	1	0.68mi
3495 21st St Unit B Highland, CA	2.0	2.0	1000	$2,000	$2.00	93d	1	0.72mi
3532 Rainbow Ln Highland, CA	2.0	1.0	882	$2,100	$2.38	2d	1	0.72mi
3479 20th St Highland, CA	2.0	1.0	882	$1,995	$2.26	48d	1	0.76mi
3479 20th St Highland, CA	2.0	1.0	882	$1,995	$2.26	93d	1	0.76mi
3317 Highland Ave Highland, CA	3.0	2.0	1250	$2,000	$1.60	73d	1	0.88mi
2055 Central Ave Highland, CA	1.0–2.0	1.0–2.0	792	$2,100	$2.65	2d	10	0.99mi
1991 Central Ave Highland, CA	3.0	2.5	1603	$2,500	$1.56	22d	1	1.09mi
1991 Central Ave Highland, CA	2.0	3.0	1312	$2,500	$1.91	93d	1	1.09mi
26814 Mansfield St Highland, CA	3.0	1.0	1275	$2,850	$2.24	93d	1	1.35mi
7219 Seville Ave Highland, CA	3.0	2.0	1843	$3,000	$1.63	73d	1	1.37mi
7219 Seville Ave Highland, CA	3.0	2.0	1843	$3,000	$1.63	93d	1	1.37mi

Listing history 50 events

1. 2026-08-08
   days on market $115,000 Active 240 DOM
2. 2026-08-06
   days on market $115,000 Active 238 DOM
3. 2026-08-05
   days on market $115,000 Active 237 DOM
4. 2026-08-04
   days on market $115,000 Active 236 DOM
5. 2026-08-03
   days on market $115,000 Active 235 DOM
6. 2026-07-31
   days on market $115,000 Active 232 DOM
7. 2026-07-30
   days on market $115,000 Active 230 DOM
8. 2026-07-28
   days on market $115,000 Active 229 DOM
9. 2026-07-26
   days on market $115,000 Active 227 DOM
10. 2026-07-24
    days on market $115,000 Active 225 DOM
11. 2026-07-23
    days on market $115,000 Active 224 DOM
12. 2026-07-22
    days on market $115,000 Active 223 DOM
13. 2026-07-21
    days on market $115,000 Active 222 DOM
14. 2026-07-20
    days on market $115,000 Active 221 DOM
15. 2026-07-18
    days on market $115,000 Active 219 DOM
16. 2026-07-18
    days on market $115,000 Active 218 DOM
17. 2026-07-16
    days on market $115,000 Active 217 DOM
18. 2026-07-15
    days on market $115,000 Active 216 DOM
19. 2026-07-14
    days on market $115,000 Active 215 DOM
20. 2026-07-13
    days on market $115,000 Active 214 DOM
21. 2026-07-13
    days on market $115,000 Active 213 DOM
22. 2026-07-11
    days on market $115,000 Active 212 DOM
23. 2026-07-10
    days on market $115,000 Active 211 DOM
24. 2026-07-09
    days on market $115,000 Active 210 DOM
25. 2026-07-07
    days on market $115,000 Active 208 DOM
26. 2026-07-06
    days on market $115,000 Active 207 DOM
27. 2026-07-06
    days on market $115,000 Active 206 DOM
28. 2026-07-05
    days on market $115,000 Active 205 DOM
29. 2026-07-03
    days on market $115,000 Active 204 DOM
30. 2026-07-02
    days on market $115,000 Active 203 DOM
31. 2026-07-01
    days on market $115,000 Active 202 DOM
32. 2026-06-30
    days on market $115,000 Active 201 DOM
33. 2026-06-29
    days on market $115,000 Active 200 DOM
34. 2026-06-28
    days on market $115,000 Active 199 DOM
35. 2026-06-27
    days on market $115,000 Active 198 DOM
36. 2026-06-26
    days on market $115,000 Active 197 DOM
37. 2026-06-24
    days on market $115,000 Active 195 DOM
38. 2026-06-22
    days on market $115,000 Active 193 DOM
39. 2026-06-21
    days on market $115,000 Active 192 DOM
40. 2026-06-18
    days on market $115,000 Active 189 DOM
41. 2026-06-17
    days on market $115,000 Active 188 DOM
42. 2026-06-16
    days on market $115,000 Active 187 DOM
43. 2026-06-15
    days on market $115,000 Active 186 DOM
44. 2026-06-13
    days on market $115,000 Active 184 DOM
45. 2026-06-09
    days on market $115,000 Active 180 DOM
46. 2026-06-08
    days on market $115,000 Active 179 DOM
47. 2026-06-07
    days on market $115,000 Active 178 DOM
48. 2026-06-04
    days on market $115,000 Active 175 DOM
49. 2026-06-03
    days on market $115,000 Active 174 DOM
50. 2026-06-02
    days on market $115,000 Active 173 DOM

ⓘ 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 7/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 9/10 Extreme
• 🌡 Heat 8/10 Severe 6 d/yr ≥101°F today · 15 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: $21,334
• − Mortgage interest: −$6,442
• − Property taxes: −$1,725
• − Insurance: −$1,372
• − Repairs & maintenance: −$1,707
• − Management: −$1,707
• − Depreciation: −$3,345
• Taxable income: $5,036
• Est. tax owed @ 24.0%: −$1,209
• After-tax cash flow: $5,311/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

Average 55/100 Cosmetic rehab Est. rehab $7,200–$21,600 screening

A charming 2-bedroom, 2-bath home with average condition, offering a great opportunity for cosmetic updates to enhance its resale and rental value.

Repairs flagged

• Minor Landscaping — Some shrubs need trimming
• Minor Exterior paint — Light yellow siding has some discoloration

Value-add opportunities

• Both Paint exterior and landscaping — Enhances curb appeal and resale value ↑
• Both Replace carpet with hardwood or tile — Improves aesthetics and is easier to maintain ↑
• Both Update kitchen cabinets and countertops — Modernizes the space and increases value ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

Zoned Schools

Elementary Oehl Elementary Middle Serrano Middle High San Gorgonio High

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

D Composite livability gradescore 59/100

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 · 2,300,329 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: 22% of renters

---

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

-16.7% since first listed

6 events — show timeline

• 2026-05-01 Price Changed $124,999 CRMLS
• 2026-04-16 Price Changed $129,999 CRMLS
• 2026-04-01 Price Changed $135,900 CRMLS
• 2026-03-19 Price Changed $145,000 CRMLS
• 2026-01-31 Price Changed $148,500 CRMLS
• 2025-12-11 Listed $150,000 CRMLS