2494 W #32 Main St #32

Barstow, CA 92311

$94,000B

2 bd · 2.0 ba · 2,100 sqft · Built 1973 · Manufactured · Active · 58 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,605/mo
• Mortgage (P&I): −$493
• Tax + insurance: −$157
• HOA: −$0
• Vac / Maint / Mgmt: −$337
• Net cashflow: $618/mo
• Annual: $7,417/yr
• Cap rate: 14.18%
• Cash-on-cash: 28.18%
• DSCR: 2.25
• 1% rule: 1.71%
• Cash to close: $26,320

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $94k. Condition is rated fair.
• At list price, monthly cash flow is $618 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $94k).
• It's been on market 58 days — a 3% lower offer ($91k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $91k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $650 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#444 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+; Watch: amenities C-, health & safety C-, crime F.
• Barstow Unified (town): math 11% / reading 22% proficiency, ranked #482 of 517 in CA (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Lenwood Elementary (math 7% / reading 11%, grade F, #1,544 of 1,571 statewide, top 98%, 505 students, 84% FRL); Barstow Junior High (math 4% / reading 13%, grade F, #495 of 498 statewide, top 100%, 742 students, 80% FRL); Barstow High (math 22% / reading 47%, grade F, #618 of 1,170 statewide, top 56%, 1,584 students, 67% FRL).
• Market conditions: Rents rising (+2.3%/yr); 349 active listings in the ZIP; 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.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $6k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $74k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 2.3% rent growth), your $26k cash investment doubles in ~5 years — after that, you're playing with house money.
• 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.
• Cap rate 14.2% vs local median 4.5% in Barstow — 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 31% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Moderate: kitchen cabinets — dated and in need of updating
• Major: bathroom vanity — worn and in poor condition
• Minor: exterior siding — moderate wear