1965 E San Bernardino · San Bernardino, CA 92408

$949,000

12 bd · 6.0 ba · 3,767 sqft · MultiFamily public records · 127 Days on market

Built 1953 0.61 ac lot $252/sqft · at area comps Est $933k · at est.

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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 +19.9/30.0
• ARV discount +6.7/15.0
• DSCR +6.3/10.0
• Schools +4.7/10.0
• 1% rule +4.5/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

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 MLS

THIS GREAT INVESTMENT CONSISTS OF 2 BUILDINGS; THE FRONT VICTORIAN BUILDING HAS 5 UNITS AND THERE IS A DETACHED 3-BED/1-BATH HOUSE ON THE BACK AND A HUGE LOT TO BUILD MORE UNITS. ALL UNITS HAVE INDIVIDUAL METERS FOR GAS, ELECTRICITY AND WATER HEATERS. ALL UNITS ARE LOCATED WITHIN CLOSE PROXIMITY TO THE LARGE-SCALE DISTRIBUTION CENTERS, SUCH AS AMAZON, MATTEL, ASHLEY FURNITURE AND RESTAURANTS WHICH ARE SUSTAINING EMPLOYMENT LEVELS IN THE AREAS OF SAN BERNARDINO, REDLANDS AND LOMA LINDA. PROPERTY IS ALSO CLOSE TO SHOPPING CENTERS SUCH AS COSTCO, BEST BUY, HOME DEPOT, LOWES, ETC. AND CLOSE DISTANCE TO UNIVERSITY OF PHOENIX, AZUSA PACIFIC UNIVERSITY, AND LOMA LINDA UNIVERSITY MEDICAL CENTER AND EASY ACCESS TO 10 AND 210 FREEWAYS.

Key facts

• Detached house
• Huge lot
• Individual meters

Tags

• DETACHED HOUSE
• HUGE LOT
• INDIVIDUAL METERS
• CLOSE TO SHOPPING CENTERS
• EASY ACCESS TO FREEWAYS

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/?-bath units multifamily listed at $949k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $288/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $897k (5.5% below list).
• Recommended offer: $835k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.7% 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: schools D, employment D, crime F.
• Redlands Unified (urban): math 44% / reading 57% proficiency, ranked #390 of 1,400 in CA (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 31 active listings in the ZIP; 5,458 units permitted in San Bernardino County in 2024 (1,500 in 5+ unit buildings).
• At $8,970/mo this rent would consume 158% of the median local household income ($68k/yr) (locally 873% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $28k 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 127 days — a 12% lower offer ($835k) is reasonable based on typical stale-listing flexibility.
• 12 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 $450k; list at $949k implies a 111% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $835,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 127 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. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.95% ✗
• Cap rate: 7.75%
• Cash-on-cash: 5.20%
• DSCR: 1.23
• GRM: 8.8

CMA / ARV

• ARV (median comp): $933,279
• List price: $949,000
• Delta: 1.68%
• Verdict: FAIR
• Comps: 8 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -8.3%
• Equity multiple: 0.70×
• Total profit: $-80,742
• Equity at exit: $141,499

10-year hold

• IRR: 1.2%
• Equity multiple: 1.09×
• Total profit: $23,051
• Equity at exit: $82,052

Cash invested: $265,720 (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 92408

• Home prices YoY: -16.7%
• Active inventory: 31
• Price-to-rent: 35.3×

Monthly cashflow live

• Estimated rent: $8,970 high
• Mortgage (P&I): −$4,977
• Tax from tax record: −$564 /mo · $6,763/yr
• Insurance: −$395
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,884
• Net cashflow: $1,151

Break-even live

Break-even rent $7,514

Max offer price $949,000

Occupancy floor 82%

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

Units	Beds	Baths	Est. rent
▸ 4× units	3	—	$8,968
Total (4 units)			$8,970

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: $237,250
• Closing costs: $28,470
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-18
   days on market $949,000 Active 127 DOM
2. 2026-06-17
   days on market $949,000 Active 126 DOM
3. 2026-06-16
   days on market $949,000 Active 125 DOM
4. 2026-06-15
   days on market $949,000 Active 124 DOM
5. 2026-06-13
   days on market $949,000 Active 122 DOM
6. 2026-06-13
   days on market $949,000 Active 121 DOM
7. 2026-06-09
   days on market $949,000 Active 118 DOM
8. 2026-06-08
   days on market $949,000 Active 117 DOM
9. 2026-06-07
   days on market $949,000 Active 116 DOM
10. 2026-06-04
    days on market $949,000 Active 113 DOM
11. 2026-06-03
    days on market $949,000 Active 112 DOM
12. 2026-06-02
    days on market $949,000 Active 111 DOM
13. 2026-06-01
    days on market $949,000 Active 110 DOM
14. 2026-05-31
    days on market $949,000 Active 109 DOM
15. 2026-02-11
    listed $949,000 Active 735-char remark

    Show marketing remark (735 chars)

    THIS GREAT INVESTMENT CONSISTS OF 2 BUILDINGS; THE FRONT VICTORIAN BUILDING HAS 5 UNITS AND THERE IS A DETACHED 3-BED/1-BATH HOUSE ON THE BACK AND A HUGE LOT TO BUILD MORE UNITS. ALL UNITS HAVE INDIVIDUAL METERS FOR GAS, ELECTRICITY AND WATER HEATERS. ALL UNITS ARE LOCATED WITHIN CLOSE PROXIMITY TO THE LARGE-SCALE DISTRIBUTION CENTERS, SUCH AS AMAZON, MATTEL, ASHLEY FURNITURE AND RESTAURANTS WHICH ARE SUSTAINING EMPLOYMENT LEVELS IN THE AREAS OF SAN BERNARDINO, REDLANDS AND LOMA LINDA. PROPERTY IS ALSO CLOSE TO SHOPPING CENTERS SUCH AS COSTCO, BEST BUY, HOME DEPOT, LOWES, ETC. AND CLOSE DISTANCE TO UNIVERSITY OF PHOENIX, AZUSA PACIFIC UNIVERSITY, AND LOMA LINDA UNIVERSITY MEDICAL CENTER AND EASY ACCESS TO 10 AND 210 FREEWAYS.

16. 2025-11-06
    historical
17. 2025-01-04
    status Active
18. 2025-01-01
    historical
19. 2024-09-13
    listed $995,000 Active
20. 2024-09-02
    historical
21. 2024-06-24
    price $1,190,000
22. 2024-04-22
    listed $1,350,000 Active
23. 2016-04-27
    soldstatus $450,000 Closed Sale
24. 2016-04-27
    soldstatus $450,000
25. 2016-04-27
    soldstatus $450,000
26. 2016-04-10
    status Pending Sale
27. 2015-11-05
    listed $450,000 Active
28. 2015-11-04
    listed $450,000
29. 2015-10-13
    historical
30. 2015-10-13
    historical
31. 2015-09-07
    price $465,000
32. 2015-07-30
    listed $480,000 Active
33. 2015-07-29
    listed $465,000
34. 2014-04-27
    historical
35. 2013-11-19
    price $385,000
36. 2013-10-28
    price $395,000
37. 2013-09-21
    price $405,000 Active
38. 2013-09-21
    status Active
39. 2013-08-24
    status Pending
40. 2013-06-09
    listed $390,000 Active
41. 2013-04-23
    historical
42. 2013-03-28
    price $359,000
43. 2013-03-17
    price $399,000
44. 2013-02-09
    price $449,000
45. 2013-01-27
    listed $475,000 Active
46. 2004-10-28
    soldstatus $471,000
47. 2004-10-27
    soldstatus $471,000
48. 2004-08-05
    listed $475,000
49. 2001-11-20
    soldstatus $169,954
50. 1984-02-13
    soldstatus $99,000

ⓘ 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: $6,763 · $564/mo
• Projected year-2 tax: $7,212 · $601/mo
• Expected delta: +$449/yr (+$37/mo · 6.6%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥102°F today · 21 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: $107,640
• − Mortgage interest: −$53,159
• − Property taxes: −$6,763
• − Insurance: −$4,745
• − Repairs & maintenance: −$8,611
• − Management: −$8,611
• − Depreciation: −$27,607
• Taxable loss: −$1,857
• Est. tax savings @ 24.0%: +$446
• After-tax cash flow: $14,253/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: Redlands Unified
• NCES district ID: 0632070
• Math proficiency: 44% ▼ -1.00%
• Reading proficiency: 57% ▼ -2.00%
• Median HH income: $67,959
• Composite: 46.88/100
• National rank: #5185
• State rank: #390 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): 14,325
• Household income: $68,333
• Rent vs Own: 61.5% rent · 38.5% own
• Severe rent burden: 873.0

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 0.58)
• Race & ethnicity: Hispanic / Latino 61% Asian 17% Two or more races 12% White 11% Black 8% Native American 4%
• Hispanic origin (detail): Mexican 49%
• Common ancestry: Portuguese 1%
• Foreign-born: 34% · Canada, China, South Korea
• Languages at home: 43% English-only · Spanish 40% Tagalog/Filipino 5% Other Asian/Pacific 4%

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: ▼ -83.86%
• Current HPI: 418.5453
• Rent YoY: —
• 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

+858.6% since first listed

36 events — show timeline

• 2026-02-11 Listed $949,000 CRMLS
• 2025-11-06 Listing Removed — CRMLS
• 2025-01-04 Relisted — CRMLS
• 2025-01-01 Listing Removed — CRMLS
• 2024-09-13 Listed $995,000 CRMLS
• 2024-09-02 Listing Removed — CRMLS
• 2024-06-24 Price Changed $1,190,000 CRMLS
• 2024-04-22 Listed $1,350,000 CRMLS
• 2016-04-27 Sold (Public Records) $450,000 Public Records
• 2016-04-27 Sold (MLS) $450,000 SDMLS
• 2016-04-27 Sold (MLS) $450,000 CRMLS
• 2016-04-10 Pending — CRMLS
• 2015-11-05 Listed $450,000 CRMLS
• 2015-11-04 Listed $450,000 SDMLS
• 2015-10-13 Listing Removed — CRMLS
• 2015-10-13 Listing Removed — SDMLS
• 2015-09-07 Price Changed $465,000 CRMLS
• 2015-07-30 Listed $480,000 CRMLS
• 2015-07-29 Listed $465,000 SDMLS
• 2014-04-27 Listing Removed — CRMLS
• 2013-11-19 Price Changed $385,000 CRMLS
• 2013-10-28 Price Changed $395,000 CRMLS
• 2013-09-21 Relisted — CRMLS
• 2013-09-21 Price Changed $405,000 CRMLS
• 2013-08-24 Pending — CRMLS
• 2013-06-09 Listed $390,000 CRMLS
• 2013-04-23 Listing Removed — CRMLS
• 2013-03-28 Price Changed $359,000 CRMLS
• 2013-03-17 Price Changed $399,000 CRMLS
• 2013-02-09 Price Changed $449,000 CRMLS
• 2013-01-27 Listed $475,000 CRMLS
• 2004-10-28 Sold (MLS) $471,000 CRMLS
• 2004-10-27 Sold (Public Records) $471,000 Public Records
• 2004-08-05 Listed $475,000 CRMLS
• 2001-11-20 Sold (Public Records) $169,954 Public Records
• 1984-02-13 Sold (Public Records) $99,000 Public Records

Property tax history

+0.3%/yr

Latest (2025): $6,763 · +4.6% YoY. Source: county tax records.