20515-20525 US Highway 395 · Adelanto, CA 92301

$419,000

6 bd · 3.0 ba · 1,680 sqft · MultiFamily · 481 Days on market

Built 1947 3.65 ac lot ↓ 15% since listing

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Why this score? — see what drove the D 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).

• Appreciation +10.0/10.0
• Cash flow +9.3/30.0
• ARV discount +7.5/15.0
• Rent growth +3.7/5.0
• 1% rule +2.8/10.0
• DSCR +2.6/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

There are two houses on the 3.65-acre lot, each featuring 2 bed and 1 bath with approximately 840 sq. ft. of space each. The property has a reliable water supply from its own well. Currently, the rent is below market rates. The owners, who are retiring and relocating, are offering the property for sale. Situated in an ADD zoning (Airport Development District), prospective buyers and their agents can inquire with the city about potential alternative uses for the property. This presents an excellent opportunity to acquire and retain the property for future development. The front house is currently vacant and is in move-in ready condition. The water well pump just replaced and new fuse box ins

Key facts

• Add zoning
• Own well
• 3.65 acre lot

Tags

• RELIABLE WATER SUPPLY
• OWN WELL
• ADD ZONING
• AIRPORT DEVELOPMENT DISTRICT

Property features AI

Finance

• Other: Two separate electric meters; Two buildings; Total building area reported as 1,680
• Financial info: Gross scheduled income: $15,600; Gross income: $15,600; Net operating income: $14,200; Total actual rent currently: $1,300; Unit-level rent example: $600 for one unit; Total expenses listed: $1,400 (insurance shown as $1,400)
• HOA & community: Rural community

Exterior

• Parking: Driveway (unpaved)
• Security: No specific accessibility features
• Utilities: Well water; Electricity connected (standard); Septic (sewer or septic - none / septic type unknown)
• Home design: Single-story property; Two total units; No ADU
• Construction: Updated/remodeled construction; Year built source: Assessor
• Exterior features: Shingle roof; Chain link fence; No pool; Lot over 40,000 sqft; Has view; Access via highway

Interior

• Kitchen: Electric range
• Bedrooms: Two bedrooms (each unit has 2 bedrooms)
• Flooring: Tile flooring
• Bathrooms: One full bathroom (each unit)
• Heating & cooling: Propane heating; Evaporative cooling
• Interior features: Single-level home with ground-level entry; Living room; Updated / remodeled condition; Fireplace in the family room
• Laundry & utility: Laundry available; Gas dryer hookup

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath multifamily listed at $419k.

Deal economics

• At list price, monthly cash flow is $-304 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $375k (10.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $328k (21.7% below list).
• Recommended offer: $328k (21.7% below list) — sets the bar for 1% rule.
• Cap rate 5.4% 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).
• At $3,280/mo this rent would consume 57% of the median local household income ($69k/yr) (locally 1345% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $45k of equity ($3k loan paydown + $42k 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.
• By year 2, paydown + projected appreciation supports a ~$72k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 481 days — a 12% lower offer ($369k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• 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.

Recommended offer $328,000 (21.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 481 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
3. Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.78% ✗
• Cap rate: 5.42%
• Cash-on-cash: -3.11%
• DSCR: 0.86
• GRM: 10.6

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: 22.6%
• Equity multiple: 2.83×
• Total profit: $214,497
• Equity at exit: $377,468

10-year hold

• IRR: 20.6%
• Equity multiple: 6.62×
• Total profit: $659,250
• Equity at exit: $814,025

Cash invested: $117,320 (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: 21.3×

Monthly cashflow live

• Estimated rent: $3,280 medium
• Mortgage (P&I): −$2,197
• Tax est. 1.5%: −$524 /mo · $6,285/yr
• Insurance: −$175
• HOA: −$0
• Vacancy / Maint / Mgmt: −$689
• Net cashflow: $-304

Break-even live

Break-even rent $3,665

Max offer price $374,951

Occupancy floor —

Sensitivity live

Price	-10% $-15	-5% $-160	+0% $-304	+5% $-449	+10% $-594
Rent	-10% $-564	-5% $-434	+0% $-304	+5% $-175	+10% $-45
Rate	-1.0pp $-93	-0.5pp $-198	base $-304	+0.5pp $-413	+1.0pp $-523

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,280
Total (2 units)			$3,280

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: $104,750
• Closing costs: $12,570
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $419,000 Active 481 DOM
2. 2026-06-18
   days on market $419,000 Active 478 DOM
3. 2026-06-17
   days on market $419,000 Active 477 DOM
4. 2026-06-16
   days on market $419,000 Active 476 DOM
5. 2026-06-15
   days on market $419,000 Active 475 DOM
6. 2026-06-13
   days on market $419,000 Active 473 DOM
7. 2026-06-09
   days on market $419,000 Active 469 DOM
8. 2026-06-08
   days on market $419,000 Active 468 DOM
9. 2026-06-07
   days on market $419,000 Active 467 DOM
10. 2026-06-04
    days on market $419,000 Active 464 DOM
11. 2026-06-03
    days on market $419,000 Active 463 DOM
12. 2026-06-02
    days on market $419,000 Active 462 DOM
13. 2026-06-01
    days on market $419,000 Active 461 DOM
14. 2026-05-31
    days on market $419,000 Active 460 DOM
15. 2026-05-03
    price $419,000
16. 2026-04-03
    price $445,000
17. 2026-02-26
    price $455,000
18. 2025-02-25
    listed $495,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone D · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥99°F today · 18 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: $39,360
• − Mortgage interest: −$23,471
• − Property taxes: −$6,285
• − Insurance: −$2,095
• − Repairs & maintenance: −$3,149
• − Management: −$3,149
• − Depreciation: −$12,189
• Taxable loss: −$10,977
• Est. tax savings @ 24.0%: +$2,635
• After-tax cash flow: $-1,018/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

• 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

-15.4% since first listed

4 events — show timeline

• 2026-05-03 Price Changed $419,000 CRMLS
• 2026-04-03 Price Changed $445,000 CRMLS
• 2026-02-26 Price Changed $455,000 CRMLS
• 2025-02-25 Listed $495,000 CRMLS