36350 Rodeo · Lucerne Valley, CA 92356

$209,900

2 bd · 2.0 ba · 1,560 sqft · SingleFamily · 211 Days on market

Built 1975 34 ac lot $135/sqft · 22% below area Est $270k · 22% under

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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 +18.4/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +5.8/10.0
• 1% rule +4.4/10.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Livability +2.1/5.0

Listing remarks MLS

Away from the city and ready for your imagination. Great investment opportunity, bring your toys to this amazing huge piece of land in the city of Lucerne Valley. Over 33 acres, value is pretty much in the land with tons of options for the right buyer. Electricity and a water well are hooked up, water well may need some updating, seller may be willing to work with buyer on this matter. Do not let this opportunity go by without giving it a shot !! Buyers and or agents to check with the county about zoning and any other due diligence since information is deem reliable but is not guaranteed. Property to be sold in as is conditions

Key facts

• 33.8 acre lot
• 5 garage spots
• Built 1975

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $210k.

Deal economics

• At list price, monthly cash flow is $194 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $198k (5.7% below list).
• Recommended offer: $185k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.4% vs local median 4.7% in Lucerne 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 42/100 on livability (#1,358 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A+; Watch: cost of living C-, schools F, crime F.
• Lucerne Valley Unified (rural): math 22% / reading 33% proficiency, ranked #1,155 of 1,400 in CA (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 366 active listings in the ZIP; 5,458 units permitted in San Bernardino County in 2024 (1,500 in 5+ unit buildings).

Forward outlook

• In year one you build about $22k of equity ($1k loan paydown + $21k appreciation (10.0% local appreciation)).
• San Bernardino County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $59k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 211 days — a 12% lower offer ($185k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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 $140k; 50% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $184,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 211 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 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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?
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: 0.94% ✗
• Cap rate: 7.40%
• Cash-on-cash: 3.97%
• DSCR: 1.18
• GRM: 8.8

CMA / ARV

• ARV (median comp): $270,000
• List price: $209,900
• Delta: -22.26%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11651 Camp Rock Rd	0.56mi	3/2.0 (+1)	1,592 (+2%)	6mo	$300,000	$188	60

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 27.1%
• Equity multiple: 3.16×
• Total profit: $126,680
• Equity at exit: $189,095

10-year hold

• IRR: 23.7%
• Equity multiple: 7.18×
• Total profit: $363,272
• Equity at exit: $407,790

Cash invested: $58,772 (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 92356

• Home prices YoY: 20.6%
• Active inventory: 366
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,979 medium
• Mortgage (P&I): −$1,101
• Tax from tax record: −$181 /mo · $2,167/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$416
• Net cashflow: $194

Break-even live

Break-even rent $1,733

Max offer price $209,900

Occupancy floor 85%

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: $52,475
• Closing costs: $6,297
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-18
   days on market $209,900 Active 211 DOM
2. 2026-06-17
   days on market $209,900 Active 210 DOM
3. 2026-06-16
   days on market $209,900 Active 209 DOM
4. 2026-06-15
   days on market $209,900 Active 208 DOM
5. 2026-06-13
   days on market $209,900 Active 206 DOM
6. 2026-06-13
   days on market $209,900 Active 205 DOM
7. 2026-06-09
   days on market $209,900 Active 202 DOM
8. 2026-06-08
   days on market $209,900 Active 201 DOM
9. 2026-06-07
   days on market $209,900 Active 200 DOM
10. 2026-06-04
    days on market $209,900 Active 197 DOM
11. 2026-06-03
    days on market $209,900 Active 196 DOM
12. 2026-06-02
    days on market $209,900 Active 195 DOM
13. 2026-06-01
    days on market $209,900 Active 194 DOM
14. 2026-05-31
    days on market $209,900 Active 193 DOM
15. 2025-11-20
    listed $209,900 Active 635-char remark

    Show marketing remark (635 chars)

    Away from the city and ready for your imagination. Great investment opportunity, bring your toys to this amazing huge piece of land in the city of Lucerne Valley. Over 33 acres, value is pretty much in the land with tons of options for the right buyer. Electricity and a water well are hooked up, water well may need some updating, seller may be willing to work with buyer on this matter. Do not let this opportunity go by without giving it a shot !! Buyers and or agents to check with the county about zoning and any other due diligence since information is deem reliable but is not guaranteed. Property to be sold in as is conditions

16. 2025-11-13
    historical $209,900 635-char remark

    Show marketing remark (635 chars)

    Away from the city and ready for your imagination. Great investment opportunity, bring your toys to this amazing huge piece of land in the city of Lucerne Valley. Over 33 acres, value is pretty much in the land with tons of options for the right buyer. Electricity and a water well are hooked up, water well may need some updating, seller may be willing to work with buyer on this matter. Do not let this opportunity go by without giving it a shot !! Buyers and or agents to check with the county about zoning and any other due diligence since information is deem reliable but is not guaranteed. Property to be sold in as is conditions

17. 2023-10-26
    historical
18. 2022-12-08
    price $299,999
19. 2022-10-26
    listed $350,000 Active
20. 2022-08-05
    historical
21. 2022-05-08
    listed $350,000 Active
22. 2012-08-09
    soldstatus $140,000
23. 2003-10-17
    soldstatus $79,500
24. 2003-10-16
    soldstatus $85,000
25. 1998-06-17
    soldstatus $44,500
26. 1980-10-01
    soldstatus $36,000

ⓘ 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: $2,167 · $181/mo
• Projected year-2 tax: $2,167 · $181/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥102°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 21 unhealthy d/yr today · 26 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,745
• − Mortgage interest: −$11,758
• − Property taxes: −$2,167
• − Insurance: −$1,050
• − Repairs & maintenance: −$1,900
• − Management: −$1,900
• − Depreciation: −$6,106
• Taxable loss: −$1,135
• Est. tax savings @ 24.0%: +$272
• After-tax cash flow: $2,605/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: Lucerne Valley Unified
• NCES district ID: 0600015
• Math proficiency: 22% ▲ 6.00%
• Reading proficiency: 33% ▲ 1.00%
• Median HH income: $28,341
• Composite: 24.98/100
• National rank: #12969
• State rank: #1155 of 1400 in CA

Livability — Lucerne Valley

• Score: 42/100
• State rank: #1358
• US rank: #26994

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lucerne Valley, CA
• Population (ZIP): 6,665

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: White 56% Hispanic / Latino 32% Two or more races 17% Asian 3% Black 3% Native American 2%
• Hispanic origin (detail): Mexican 28% Cuban 2%
• Common ancestry: Italian 4% Lithuanian 2% Romanian 2%
• Foreign-born: 18% · Canada, South Korea
• Languages at home: 70% English-only · Spanish 26% Korean 3% Tagalog/Filipino 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: ▲ 75.34%
• Current HPI: 440.6077
• Rent YoY: —
• Metro: —
• 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

+483.1% since first listed

12 events — show timeline

• 2025-11-20 Listed $209,900 CRMLS
• 2025-11-13 Coming Soon $209,900 CRMLS
• 2023-10-26 Listing Removed — CRMLS
• 2022-12-08 Price Changed $299,999 CRMLS
• 2022-10-26 Listed $350,000 CRMLS
• 2022-08-05 Listing Removed — CRMLS
• 2022-05-08 Listed $350,000 CRMLS
• 2012-08-09 Sold (Public Records) $140,000 Public Records
• 2003-10-17 Sold (MLS) $79,500 CRMLS
• 2003-10-16 Sold (Public Records) $85,000 Public Records
• 1998-06-17 Sold (Public Records) $44,500 Public Records
• 1980-10-01 Sold (Public Records) $36,000 Public Records

Property tax history

+5.3%/yr

Latest (2025): $2,167 · +2.2% YoY. Source: county tax records.