1855 E Riverside Dr #418

Ontario, CA 91761

$220,000B

3 bd · 2.0 ba · 1,152 sqft · Built 1998 · Manufactured · Active · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,312/mo
• Mortgage (P&I): −$1,154
• Tax + insurance: −$367
• HOA: −$0
• Vac / Maint / Mgmt: −$695
• Net cashflow: $1,096/mo
• Annual: $13,149/yr
• Cap rate: 12.27%
• Cash-on-cash: 21.35%
• DSCR: 1.95
• 1% rule: 1.51%
• Cash to close: $61,600

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $220k.
• 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 $220k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#435 in CA) — a middle-class / working-renter tenant base. Strengths: commute A-, housing B+; Watch: schools F, cost of living F, health & safety F.
• Chino Valley Unified (suburban): math 46% / reading 58% proficiency, ranked #334 of 1,400 in CA (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+2.4%/yr); 314 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 5,458 units permitted in San Bernardino County in 2024 (1,500 in 5+ unit buildings).
• San Bernardino County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 10 sale attempts since 7y 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 $67k; list at $220k implies a 228% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 2.4% rent growth), your $62k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 12.3% vs local median 2.7% in Ontario — 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.
• This rent runs 40% of the median local income ($101k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.