4040 Piedmont Dr #284 · San Bernardino, CA 92346

$159,888

2 bd · 2.0 ba · 1,756 sqft · Manufactured · 41 Days on market

Built 1977 $91/sqft · 18% below area Est $196k · 18% under

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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 +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this beautiful VIEW home here in Highland's premier 55+ gated community of Mountain Shadows! Tucked away at the end of the street and one of the last homes with truly breathtaking views, this beautifully spacious and TRULY move in ready home is NOT a fixer upper. It is ready for its next owner to simply unpack and start enjoying everything this incredible community has to offer! With only a handful of true view lots in this entire community, opportunities like this one are extremely rare and almost never come up for sale! Step through the front door and be greeted by GORGEOUS vaulted ceilings, a wide open floor plan, and an abundance of natural light pouring through oversized win

Key facts

• Open floor plan
• Tandem carport
• Natural light

Tags

• VAULTED CEILINGS
• OPEN FLOOR PLAN
• NATURAL LIGHT
• WALK IN PANTRY
• TANDEM CARPORT
• PRIVATE STORAGE SHED

Property features AI

Finance

• Financial info: Monthly land lease of $1,250.87 (park-managed)
• HOA & community: Located in a senior community; Park name: Mountain Shadows; Pets allowed (manager approval required)

Exterior

• Parking: Carport; Assigned parking in the Mountain Shadows park
• Utilities: Public sewer; Public/district water; Electricity connected
• Home design: Single-story mobile home (24' x 40'); Mobile home remains on site; Entry faces front
• Construction: Shingle roof; Built year sourced from assessor
• Exterior features: Community pool; Curbs, street lighting and sidewalks in the neighborhood; No fencing listed

Interior

• Bedrooms: All bedrooms on main level
• Flooring: Carpet flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (furnace); Central air conditioning
• Interior features: One-level home with front entry; All bedrooms located on the ground floor
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $160k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $160k).
• Recommended offer: $155k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.6% 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; 6 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% 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).
• This rent runs 39% of the median local income ($85k/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 $1k of loan paydown is wiped out by about $5k 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 $45k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 12y ago; this cycle's ask has dropped $30k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: 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 $155,091 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.75% ✓
• Cap rate: 14.61%
• Cash-on-cash: 29.69%
• DSCR: 2.32
• GRM: 4.8

CMA / ARV

• ARV (median comp): $195,970
• List price: $159,888
• Delta: -18.41%
• 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 #81	0.02mi	2/2.0	1,632 (-7%)	6mo	$110,000	$67	82
4040-4040 E Piedmont #277	0.26mi	2/1.0	1,776 (+1%)	4mo	$60,000	$34	78
4040 Piedmont Dr #259	0.26mi	2/2.0	1,840 (+5%)	4mo	$195,000	$106	76
4040 Piedmont Dr #328	0.26mi	3/2.0 (+1)	1,701 (-3%)	4mo	$220,000	$129	74
4040 Piedmont Dr #324	0.26mi	3/2.0 (+1)	1,646 (-6%)	2mo	$225,400	$137	71
4040 Piedmont Dr #283	0.26mi	2/2.0	1,560 (-11%)	1mo	$144,500	$93	68
3850 Atlantic Ave #151	0.43mi	2/2.0	1,600 (-9%)	1mo	$90,000	$56	64
4040 Piedmont Dr #265	0.26mi	2/2.0	1,926 (+10%)	12mo	$175,000	$91	62
4040 E Piedmont Dr #300	0.26mi	3/2.0 (+1)	1,536 (-12%)	0mo	$120,000	$78	62
3850 Atlantic #247	0.43mi	3/2.0 (+1)	1,900 (+8%)	1mo	$125,000	$66	60
3850 Atlantic Ave #275	0.43mi	2/2.0	1,536 (-12%)	7mo	$120,000	$78	53
3850 Atlantic Ave #301	0.43mi	2/2.0	1,521 (-13%)	13mo	$230,000	$151	47

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: 24.1%
• Equity multiple: 1.99×
• Total profit: $44,424
• Equity at exit: $23,840

10-year hold

• IRR: 31.9%
• Equity multiple: 3.87×
• Total profit: $128,655
• Equity at exit: $13,824

Cash invested: $44,769 (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: 4.8×

Monthly cashflow live

• Estimated rent: $2,801 high
• Mortgage (P&I): −$838
• Tax est. 1.5%: −$200 /mo · $2,398/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$588
• Net cashflow: $1,108

Break-even live

Break-even rent $1,399

Max offer price $159,888

Occupancy floor 55%

Sensitivity live

Price	-10% $1,218	-5% $1,163	+0% $1,108	+5% $1,052	+10% $997
Rent	-10% $886	-5% $997	+0% $1,108	+5% $1,218	+10% $1,329
Rate	-1.0pp $1,188	-0.5pp $1,148	base $1,108	+0.5pp $1,066	+1.0pp $1,024

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: $39,972
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2223 N Oakridge Ct Highland, CA	3.0	2.5	1600	$4,300	$2.69	45d	1	0.73mi
3317 Highland Ave Highland, CA	3.0	2.0	1250	$2,000	$1.60	25d	1	0.94mi
1991 Central Ave Highland, CA	2.0	3.0	1312	$2,500	$1.91	45d	1	1.14mi
7219 Seville Ave Highland, CA	3.0	2.0	1843	$3,000	$1.63	25d	1	1.34mi
7219 Seville Ave Highland, CA	3.0	2.0	1843	$3,000	$1.63	45d	1	1.34mi
26814 Mansfield St Highland, CA	3.0	1.0	1275	$2,850	$2.24	45d	1	1.40mi

Listing history 18 events

1. 2026-06-21
   days on market $159,888 Active 41 DOM
2. 2026-06-18
   days on market $159,888 Active 38 DOM
3. 2026-06-17
   days on market $159,888 Active 37 DOM
4. 2026-06-16
   days on market $159,888 Active 36 DOM
5. 2026-06-15
   days on market $159,888 Active 35 DOM
6. 2026-06-13
   pricedays on market $159,888 Active 33 DOM
7. 2026-06-09
   days on market $169,900 Active 29 DOM
8. 2026-06-08
   pricedays on market $169,900 Active 28 DOM
9. 2026-06-07
   days on market $174,999 Active 27 DOM
10. 2026-06-04
    days on market $174,999 Active 24 DOM
11. 2026-06-03
    days on market $174,999 Active 23 DOM
12. 2026-06-02
    days on market $174,999 Active 22 DOM
13. 2026-06-01
    days on market $174,999 Active 21 DOM
14. 2026-05-31
    days on market $174,999 Active 20 DOM
15. 2026-05-18
    price $175,000 2309-char remark
16. 2026-05-11
    listed $189,900 Active 2309-char remark
17. 2014-05-31
    historical
18. 2014-01-09
    listed $23,000 Active

ⓘ 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 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: $33,609
• − Mortgage interest: −$8,956
• − Property taxes: −$2,398
• − Insurance: −$799
• − Repairs & maintenance: −$2,689
• − Management: −$2,689
• − Depreciation: −$4,651
• Taxable income: $11,426
• Est. tax owed @ 24.0%: −$2,742
• After-tax cash flow: $10,549/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: 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

+595.2% since first listed

7 events — show timeline

• 2026-06-12 Price Changed $159,888 CRMLS
• 2026-06-08 Price Changed $169,900 CRMLS
• 2026-05-27 Price Changed $174,999 CRMLS
• 2026-05-18 Price Changed $175,000 CRMLS
• 2026-05-11 Listed $189,900 CRMLS
• 2014-05-31 Listing Removed — CRMLS
• 2014-01-09 Listed $23,000 CRMLS