11389 Lee · Adelanto, CA 92301

$439,900

12 bd · 4.0 ba · 2,736 sqft · MultiFamily public records · 25 Days on market

Built 1956 1.14 ac lot

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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
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +8.7/10.0
• ARV discount +7.5/15.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Livability +2.4/5.0
• Schools +2.2/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Investor Alert: Immediate cash flow with massive pro-forma upside and development flexibility. This 4-unit income property sits on a flat, usable 1.14-acre lot in Adelanto, featuring rare Mixed-Use (MU) zoning that opens the door for future expansion, higher-density residential additions, or a live-work commercial play. The Units & Income Potential:Unit 1 (3BR/1BA): Vacant. Light rehab completed April 2026. Move-in ready. (Projected Market Rent: $2089). Unit 2 (1BR/1BA): Vacant. Light rehab completed April 2026. Move-in ready. (Projected Market Rent: $1194). Unit 3 (1BR/1BA): Vacant and rental-ready. (Projected Market Rent: $1194). Unit 4 (1BR/1BA): Occupied. Current rent is $680, wel

Key facts

• Flat usable lot
• Mixed-use zoning
• Detached garage

Tags

• MIXED-USE ZONING
• FLAT USABLE LOT
• DETACHED GARAGE
• SEPTIC SYSTEM

Property features AI

Finance

• Other: Parcel and assessor data used for lot and year-built info
• Financial info: Total building area reported as 2,736; Total of 4 units; Gross scheduled income: $68,052; Gross income: $68,052; Net operating income: $52,375.57; Operating/annual expenses reported: $12,273 (operating expense); Expense details include insurance ($2,674), trash ($2,664), water/sewer ($1,200); At least one unit currently leased (1 leased unit); One unit reported with actual rent of $680

Exterior

• Parking: Two off-street parking spaces; Gated on-site parking; Driveway (unpaved)
• Security: Carbon monoxide and smoke detectors
• Utilities: Natural gas connected; Electricity connected; Water connected (district/public); Sewer not available (septic status unknown); Separate meters: 4 electric, 4 gas, 1 water
• Home design: Attached property; Updated/remodeled condition; Single-story; Two buildings on the parcel; Two or more common walls
• Construction: Concrete and block construction; Concrete slab foundation; Flat roof
• Exterior features: Flat roof; Chain link and wood fencing; No pool; Lot suitable for low-density development (0–1 unit/acre); Street lighting and sidewalks in the community; Unpaved road access

Interior

• Kitchen: Microwave; Refrigerator; Gas range; Freezer
• Bedrooms: Primary bedroom (main floor); Main floor bedroom; Units include one 3-bed unit and three 1-bed units
• Flooring: Vinyl flooring
• Bathrooms: Multiple units with one full bathroom each
• Heating & cooling: Wall heater; Evaporative cooling
• Interior features: Beamed ceilings; Ceiling fan; Unfurnished; Screens on windows; Carbon monoxide and smoke detectors; Single-level (one story); Ground-level entry
• Laundry & utility: Washer hookup; Gas dryer hookup; Laundry available

What this means for you Summary

Snapshot

• This is a 1×3.0bd/1.0ba + 3×1.0bd/1.0ba units multifamily listed at $440k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $455/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $440k).
• Recommended offer: $433k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.3% vs local median 4.2% in Adelanto — 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 47/100 on livability (#1,250 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A+; Watch: crime D, amenities F, commute F.
• Victor Valley Union High (urban): math 25% / reading 25% proficiency, ranked #407 of 517 in CA (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Gus Franklin Jr. (math 24% / reading 24%, grade F, #973 of 1,571 statewide, top 73%, 549 students, 63% FRL); Mesa Linda Middle (775 students, 77% FRL); Adelanto High (2,223 students, 71% FRL) — zoned schools at 70% FRL track the district average.
• Market conditions: Rents rising fast (+4.7%/yr); 631 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 $47k of equity ($3k loan paydown + $44k 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 + 4.7% rent growth), your $123k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$76k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($433k) is reasonable based on typical stale-listing flexibility.
• 23 sale attempts since 19y 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.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 5→13/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $433,301 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 D 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 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: 1.37% ✓
• Cap rate: 11.26%
• Cash-on-cash: 17.74%
• DSCR: 1.79
• GRM: 6.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 4.68% rent growth · sell at horizon

5-year hold

• IRR: 38.3%
• Equity multiple: 3.97×
• Total profit: $365,971
• Equity at exit: $396,297

10-year hold

• IRR: 33.6%
• Equity multiple: 9.19×
• Total profit: $1,009,129
• Equity at exit: $854,629

Cash invested: $123,172 (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 92301

• Home prices YoY: 10.0%
• Rents YoY: 4.7%
• Active inventory: 631
• Price-to-rent: 19.2×

Monthly cashflow live

• Estimated rent: $6,037 medium
• Mortgage (P&I): −$2,307
• Tax from tax record: −$458 /mo · $5,497/yr
• Insurance: −$183
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,268
• Net cashflow: $1,821

Break-even live

Break-even rent $3,732

Max offer price $439,900

Occupancy floor 65%

Sensitivity live

Price	-10% $2,070	-5% $1,946	+0% $1,821	+5% $1,696	+10% $1,572
Rent	-10% $1,344	-5% $1,583	+0% $1,821	+5% $2,059	+10% $2,298
Rate	-1.0pp $2,043	-0.5pp $1,933	base $1,821	+0.5pp $1,707	+1.0pp $1,591

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

Units	Beds	Baths	Est. rent
1× unit	3.0	1	$1,911
▸ 3× units	1.0	1	$4,128
Total (4 units)			$6,037

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: $109,975
• Closing costs: $13,197
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-21
   days on market $439,900 Active 25 DOM
2. 2026-06-18
   days on market $439,900 Active 22 DOM
3. 2026-06-17
   days on market $439,900 Active 21 DOM
4. 2026-06-16
   days on market $439,900 Active 20 DOM
5. 2026-06-15
   days on market $439,900 Active 19 DOM
6. 2026-06-13
   days on market $439,900 Active 17 DOM
7. 2026-06-09
   days on market $439,900 Active 13 DOM
8. 2026-06-08
   days on market $439,900 Active 12 DOM
9. 2026-06-07
   days on market $439,900 Active 11 DOM
10. 2026-06-04
    days on market $439,900 Active 8 DOM
11. 2026-06-03
    days on market $439,900 Active 7 DOM
12. 2026-06-02
    days on market $439,900 Active 6 DOM
13. 2026-06-01
    days on market $439,900 Active 5 DOM
14. 2026-05-31
    days on market $439,900 Active 4 DOM
15. 2026-05-27
    listed $439,900 Active
16. 2026-03-20
    historical
17. 2026-03-15
    status Active
18. 2026-02-11
    historical Active Under Contract
19. 2026-01-18
    status Active
20. 2026-01-08
    historical Active Under Contract
21. 2025-12-22
    historical
22. 2025-12-21
    status Active
23. 2025-12-20
    status Active
24. 2025-12-20
    listed $475,000 Active
25. 2025-12-19
    listed $475,000 Active
26. 2025-12-19
    historical
27. 2025-10-02
    historical
28. 2025-04-30
    listed $569,000 Active
29. 2025-04-08
    historical
30. 2025-01-24
    price $599,990
31. 2024-10-11
    listed $649,990 Active
32. 2023-04-28
    soldstatus $441,000 Closed Sale
33. 2023-04-27
    soldstatus $442,000
34. 2023-03-16
    historical Active Under Contract
35. 2022-08-27
    listed $449,900 Active
36. 2021-11-25
    historical
37. 2020-08-06
    historical
38. 2020-04-23
    historical
39. 2020-04-06
    listed $346,000 Active
40. 2020-01-23
    listed $346,000
41. 2020-01-06
    historical
42. 2019-09-06
    listed $349,000
43. 2019-07-22
    historical
44. 2019-07-22
    historical
45. 2019-06-11
    listed $360,000
46. 2019-06-11
    listed $360,000
47. 2018-10-30
    historical
48. 2014-02-28
    soldstatus $125,000 Closed
49. 2014-02-28
    soldstatus $125,000
50. 2014-01-16
    status Pending

ⓘ 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: $5,497 · $458/mo
• Projected year-2 tax: $5,497 · $458/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 X (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 7/10 Severe 5 d/yr ≥99°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 16 unhealthy d/yr today · 20 by 30 yrs out

Taxation est. · year 1

• Rental income: $72,444
• − Mortgage interest: −$24,641
• − Property taxes: −$5,497
• − Insurance: −$2,200
• − Repairs & maintenance: −$5,796
• − Management: −$5,796
• − Depreciation: −$12,797
• Taxable income: $15,718
• Est. tax owed @ 24.0%: −$3,772
• After-tax cash flow: $18,080/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: Victor Valley Union High
• NCES district ID: 0636972
• Math proficiency: 25% ▲ 6.00%
• Reading proficiency: 25% ▼ -12.00%
• Median HH income: $45,112
• Composite: 21.6/100
• National rank: #8296
• State rank: #407 of 517 in CA

Livability — Adelanto

• Score: 47/100
• State rank: #1250
• US rank: #26338

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Adelanto, CA
• County: San Bernardino County · 2,030,291 people
• City population: 38,577
• Metro: Riverside-San Bernardino-Ontario, CA
• Population (ZIP): 38,577
• Household income: $68,676
• Rent vs Own: 37.8% rent · 62.2% own
• Severe rent burden: 1345.0

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: Predominantly Hispanic (69%)
• Race & ethnicity: Hispanic / Latino 69% Two or more races 34% Black 15% White 9% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 58%
• Foreign-born: 18% · Canada
• Languages at home: 52% English-only · Spanish 46%

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: ▲ 41.09%
• Current HPI: 453.6071
• Rent YoY: ▲ 4.68%
• 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

+788.7% since first listed

53 events — show timeline

• 2026-05-27 Listed $439,900 CRMLS
• 2026-03-20 Listing Removed — CRMLS
• 2026-03-15 Relisted — CRMLS
• 2026-02-11 Contingent — CRMLS
• 2026-01-18 Relisted — CRMLS
• 2026-01-08 Contingent — CRMLS
• 2025-12-22 Listing Removed — CRMLS
• 2025-12-21 Relisted — CRMLS
• 2025-12-20 Relisted — CRMLS
• 2025-12-20 Listed $475,000 CRMLS
• 2025-12-19 Listed $475,000 CRMLS
• 2025-12-19 Coming Soon — CRMLS
• 2025-10-02 Listing Removed — CRMLS
• 2025-04-30 Listed $569,000 CRMLS
• 2025-04-08 Listing Removed — CRMLS
• 2025-01-24 Price Changed $599,990 CRMLS
• 2024-10-11 Listed $649,990 CRMLS
• 2023-04-28 Sold (MLS) $441,000 CRMLS
• 2023-04-27 Sold (Public Records) $442,000 Public Records
• 2023-03-16 Contingent — CRMLS
• 2022-08-27 Listed $449,900 CRMLS
• 2021-11-25 Listing Removed — CRMLS
• 2020-08-06 Listing Removed — CRMLS
• 2020-04-23 Listing Removed — CRMLS
• 2020-04-06 Listed $346,000 CRMLS
• 2020-01-23 Listed $346,000 CRMLS
• 2020-01-06 Listing Removed — CRMLS
• 2019-09-06 Listed $349,000 CRMLS
• 2019-07-22 Listing Removed — CRMLS
• 2019-07-22 Listing Removed — SDMLS
• 2019-06-11 Listed $360,000 SDMLS
• 2019-06-11 Listed $360,000 CRMLS
• 2018-10-30 Listing Removed — SDMLS
• 2014-02-28 Sold (Public Records) $125,000 Public Records
• 2014-02-28 Sold (MLS) $125,000 CRMLS
• 2014-01-16 Pending — CRMLS
• 2013-12-31 Listing Removed — SDMLS
• 2013-12-31 Listing Removed — CRMLS
• 2013-09-16 Relisted — CRMLS
• 2013-09-16 Listed $125,000 SDMLS
• 2013-09-16 Listed $125,000 CRMLS
• 2013-08-14 Pending — CRMLS
• 2013-08-11 Relisted — CRMLS
• 2013-07-11 Delisted — CRMLS
• 2013-07-11 Price Changed $125,000 CRMLS
• 2013-06-29 Listed $99,000 CRMLS
• 2013-04-13 Listed $99,900 SDMLS
• 2013-04-13 Listed $99,900 CRMLS
• 2007-12-14 Sold (Public Records) $310,000 Public Records
• 2007-09-10 Listing Removed — CRMLS
• 2007-03-09 Listed $319,990 CRMLS
• 1990-09-14 Sold (Public Records) $104,681 Public Records
• 1982-04-19 Sold (Public Records) $49,500 Public Records

Property tax history

+2.7%/yr

Latest (2025): $5,497 · +7.0% YoY. Source: county tax records.