This week in one line: coastal LA rarely covers its own mortgage, but go inland and the math changes. A San Bernardino triplex at $499,900 and two Lancaster houses on one lot at $399,900 both clear 1.3 on long-term rent.
How I ran the numbers. 25% down, 30-year non-QM at ~7.25%. Property tax at 1.25% of the purchase price (Prop 13 resets the tax to your price, and many Inland Empire and High Desert tracts add assessments on top). Insurance at 0.35% of price with a floor of $1,800–$4,000 depending on size. Long-term rents are anchored on Rentometer medians for each city, cross-checked against HUD's FY2027 small-area Fair Market Rents. DSCR = rent ÷ PITIA.
Inland Empire
$499,900San Bernardino · 92410
208 E Olive St
Triplex · 3 units × 1 bd / 1 ba · built 1953 · new this week · laundry in each unit, newer roof
Est. rent$4,500/mo
Est. PITIA (25% down, 30-yr non-QM @ ~7.25%)$3,328/mo
Est. DSCR~1.35
The strongest rent-to-price on the long-term side of this sheet. Three one-bedrooms at about $1,500 each covers the payment with room to spare, and in-unit laundry is what lets you hold rent at the top of the range. Live in one unit and it is a house-hack with two paying tenants. Ask which units are leased and at what rent before you trust my number.
$385,000San Bernardino · 92410
114 E Court St
Duplex · 2 units × 1 bd / 1 ba · 1,075 sqft · $358/sqft · built 1920 · re-piped Aug 2026
Est. rent$3,000/mo
Est. PITIA (25% down, 30-yr non-QM @ ~7.25%)$2,571/mo
Est. DSCR~1.17
The cleanest systems on the sheet: new plumbing this year, sewer line 2021, flat roof 2021, split HVAC in the back unit, separate gas and electric meters. The back unit is renovated and vacant; the front has a long-term tenant who is probably below market. The lender counts the lower of lease or market rent, so get that lease before you offer.
$410,000San Bernardino · 92410
1063–1065 N Pershing Ave
Duplex · 2 units × 1 bd / 1 ba · built 1951 · price cut $28,000 → $410,000 · 78 days on market
Est. rent$3,000/mo
Est. PITIA (25% down, 30-yr non-QM @ ~7.25%)$2,725/mo
Est. DSCR~1.10
A price cut on a big lot. The front unit has a new kitchen, bath and flooring; the listing says nothing about the rear unit, so assume it needs work. 7,349 sqft of land behind a duplex is where an ADU goes, and in California an ADU is the cheapest way to add a third rent. Get a feasibility read from the city before you pay for that upside.
$549,900North San Bernardino · 92404
202 E 43rd St
Duplex · 2 units × 2 bd · built 1970 · garage and laundry hookups per unit · sold as-is
Est. rent$3,500/mo
Est. PITIA (25% down, 30-yr non-QM @ ~7.25%)$3,586/mo
Est. DSCR~0.98
Two-bedroom units near Cal State San Bernardino, at a price that does not cover itself yet. At $1,750 a unit as-is, the DSCR lands just under 1.0. Update both units to reach about $1,900 and it clears 1.05. Below-1.0 DSCR loans exist, but they cost more and ask for more down, so run the rehab math before you choose a loan.
$499,999San Bernardino · 92408
490 S Pershing Ave
4 units × 1 bd / 1 ba (original layout) · corner lot 8,368 sqft · built 1933 · gutted to the studs, vacant for years
Stabilized rent (4 × ~$1,500)~$6,000/mo
Est. value once rebuilt (~12 × annual rent)~$800,000–$900,000
Pathbridge or construction loan → rebuild 4 units → DSCR cash-out refi
A shell, not a rental. Rebuilding four units with permits will likely run $200,000–$300,000, which puts you $700,000–$800,000 all-in against a refinance near 75% of about $850,000. That is a deal for someone with a crew and a permit history in this city. The listing also mentions possible commercial use; check zoning before you assume either path.
High Desert · Antelope Valley
$399,900Lancaster · 93534
44619 Beech Ave
Two detached homes on one lot · 2 bd / 1 ba + bonus room and 3 bd / 1 ba · 1,806 sqft · $221/sqft · built 1920
Est. rent$4,150/mo
Est. PITIA (25% down, 30-yr non-QM @ ~7.25%)$2,663/mo
Est. DSCR~1.56
Two houses for the price of one, and the best DSCR on the long-term side of the sheet. Detached homes rent better than side-by-side units, and a three-bedroom has the deepest tenant pool there is. The listing says income is in place but does not give the rents. If the current leases are below my estimates, the lender uses the leases, so ask for them first.
$549,999Lancaster · 93534
45408 Corkwood Ave
Duplex · 2 units × 2 bd / 1 ba · built 1957 · new this week · new windows, kitchens, baths · garage rented separately
Est. rent$4,000/mo
Est. PITIA (25% down, 30-yr non-QM @ ~7.25%)$3,587/mo
Est. DSCR~1.12
Turnkey, and advertised with an assumable 5% loan. For an investor on a DSCR loan this is a 1.1, which clears but does not leave much room. For someone who will live in one unit, the assumable loan changes the math completely. Most assumable FHA and VA loans come with an occupancy requirement, so ask what kind of loan it is and whether an investor can take it over.
$350,000Victorville · 92394
15645 Avion Ln
4 bd / 2 ba · 2,679 sqft · $131/sqft · built 1969 · new this week · pool and spa, owned solar, 18,000 sqft lot
Est. rent$2,700/mo
Est. PITIA (25% down, 30-yr non-QM @ ~7.25%)$2,339/mo
Est. DSCR~1.15
The lowest price per square foot on the sheet, by a wide margin. Owned solar lowers the tenant's bills, which helps you hold rent. The pool is the catch: it raises your insurance and maintenance and your liability. Get a landlord insurance quote that names the pool before you write an offer.
$299,000Victorville · 92394
16356 Northwood Dr
3 bd / 2 ba · 1,431 sqft · $209/sqft · built 1979 · new this week · two-car garage · needs updating
Est. rent$2,100/mo
Est. PITIA (25% down, 30-yr non-QM @ ~7.25%)$1,991/mo
Est. DSCR~1.05
The cheapest way into Southern California on this sheet. "Bring your vision" means it needs work, so my $2,100 rent assumes a basic refresh. At this price the loan is about $224,000, comfortably above the $100,000 minimum that shrinks your lender list in St. Louis. The DSCR clears, but not by much.
LA County value pockets
$899,000Long Beach · Willmore · 90813
828 Maine Ave
Triplex · 3 bd / 2 ba front house + two 2 bd / 1 ba rear homes · built 1914 · 2 of 3 vacant
Est. rent$7,600/mo
Est. PITIA (25% down, 30-yr non-QM @ ~7.25%)$5,798/mo
Est. DSCR~1.31
A coastal-LA address that actually covers its payment, which is rare. Three detached homes near downtown Long Beach, with two vacant. That works in your favor: you set the rents on the vacant homes, while the lender appraises market rent. It also means you carry two empty homes until they lease. The occupied unit falls under the state rent cap, so plan on its current rent.
$539,000North Long Beach · 90805
358 E 53rd St
Duplex · 2 units × 1 bd / 1 ba · built 1949 · 21 days on market
Est. rent$3,700/mo
Est. PITIA (25% down, 30-yr non-QM @ ~7.25%)$3,519/mo
Est. DSCR~1.05
The entry ticket to Long Beach. Two one-bedrooms at about $1,850 each puts the DSCR just over 1.0. That is enough to qualify, not enough to absorb a vacancy. This is a house-hacker's property more than an investor's: live in one unit and the numbers stop mattering as much.
$888,000Long Beach · 90813
1071 N Almond Ct
5 units: 3 × 2 bd / 1 ba and 2 × 1 bd / 1 ba · 3,221 sqft · $276/sqft · built 1928 · rear unit vacant, needs full renovation
Est. in-place rent$4,684/mo
Est. PITIA (25% down, 30-yr non-QM @ ~7.25%)$5,802/mo
Est. DSCR~0.81
A lesson in in-place rent versus market rent. The broker's numbers (3.5% cap, 15.8 GRM) put current rent near $4,700 a month, which is a 0.81 DSCR. The broker also claims about 125% upside, which would be roughly $10,500 a month and a DSCR near 1.8. The state rent cap limits increases on the four occupied units to 5% plus inflation, 10% at most. Underwrite the rent you have, not the rent you hope for. Five units also moves you from a residential DSCR loan to a small-multifamily one.
Short-term rental · Joshua Tree
Joshua Tree averages $53.7K a year per listing at a $300 nightly rate and 53% occupancy, across 2,655 active listings (AirDNA, trailing 12 months to Sep 29, 2026).
$415,000North Joshua Tree · 92252
60707 Sonora Rd
3 bd / 2 ba · 1,248 sqft · $333/sqft · built 2006 · renovated · 2 private acres · 4 days on market
Est. STR revenue (80% of market avg)$3,580/mo
Est. PITIA (25% down, 30-yr non-QM @ ~7.25%)$2,806/mo
Est. DSCR~1.28
The kind of property Joshua Tree guests book: private acreage, renovated, three bedrooms. I used 80% of the market's average revenue, a typical lender-style haircut. A DSCR on gross short-term revenue is thinner than it looks, though. Cleaning, management, utilities and platform fees often take 35–45% of gross. At the full market average with 40% in costs, this roughly breaks even. Buy it for the appreciation and the lifestyle, not for monthly cash.
$370,000Joshua Tree · 92252
61849 Alta Mesa Dr
3 bd / 2 ba · 1,732 sqft · $214/sqft · built 1992 · remodeled kitchen and baths · park views · listed as a foreclosure
Est. STR revenue (80% of market avg)$3,580/mo
Est. PITIA (25% down, 30-yr non-QM @ ~7.25%)$2,528/mo
Est. DSCR~1.42
More house and a view of the national park, for $45,000 less than Sonora. Views are what raise a nightly rate. The listing is labeled a foreclosure yet describes a fresh remodel, so find out whether it is bank-owned, a short sale or something else; that decides your timeline and whether you get disclosures. Bank-owned sales are usually as-is, so inspect hard.
Have a deal? Send it and I'll run the numbers.
DSCR pre-qual on the property's cash flow, not your tax returns. Licensed in California and Missouri. Investor scenarios welcome: long-term rentals, short-term rentals, house-hacks, BRRRR, LLC-titled.
jfields@nexalending.com · (424) 766-5198
Send me your deal →
This week's market read
Rates. The Fed raised its target a quarter point on September 16, to 3.75%–4.00%, and the 30-year conventional average rose to roughly 6.95% the following week. DSCR pricing runs above conventional and moves with credit, loan-to-value, DSCR and prepayment terms, so this sheet stays at ~7.25%. If you are under contract, the lock matters more than the rate sheet.
Where SoCal pencils. On long-term rent, the Inland Empire and the Antelope Valley are where 2–4 units still clear 1.0. In my lanes this week Realtor.com showed about 9 multi-family listings in Lancaster under $700,000, 38 in Long Beach under $900,000, and 65 three-bedroom-plus houses in Victorville under $375,000. The Long Beach deal on this sheet that clears does it with vacant units you can lease at market; the one priced on in-place rents (Almond Ct) does not cover its payment.
The rent cap is part of the underwriting. California's Tenant Protection Act (AB 1482) caps increases at 5% plus inflation, 10% at most, on most rentals 15 or more years old. Single-family homes owned by individuals are exempt only if the tenant gets the required written notice. The law runs through January 1, 2030. In practice, a building full of below-market tenants stays below market for years, so value the rent you have.
Insurance is the line most likely to be wrong. Carriers have pulled back across California, and the High Desert and Joshua Tree carry wildfire exposure. Some buyers end up on the state FAIR Plan plus a wraparound policy. Get a quote before you write the offer, not after.
Short-term rentals need a permit. San Bernardino County allows them in its Mountain and Desert regions with a county permit, and the City of San Bernardino banned them as of May 15, 2026. Joshua Tree revenue is up 17% year over year while the nightly rate is down about 13%. That means more nights booked at lower prices across a crowded market.