3301 N Park Dr #3815

Sacramento, CA 95835

$399,999D

3 bd · 2.5 ba · 1,549 sqft · Built 2006 · Condo · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,915/mo
• Mortgage (P&I): −$2,098
• Tax + insurance: −$387
• HOA: −$350
• Vac / Maint / Mgmt: −$612
• Net cashflow: $-532/mo
• Annual: $-6,383/yr
• Cap rate: 4.70%
• Cash-on-cash: -5.70%
• DSCR: 0.75
• 1% rule: 0.73%
• Cash to close: $112,000

Investor read

• This is a 3-bed/2.5-bath condo listed at $400k.
• At list price, monthly cash flow is $-532 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $306k (23.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $291k (27.1% below list).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $291k (27.1% below list) — sets the bar for 1% rule.
• In year one you build about $40k of equity ($3k loan paydown + $37k appreciation (9.2% local appreciation)).
• Location reads 71/100 on livability (#218 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A; Watch: crime F, cost of living F.
• Natomas Unified (urban): math 33% / reading 60% proficiency, ranked #155 of 517 in CA (top 30%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: H. Allen Hight Elementary (802 students, 59% FRL); Natomas Middle (662 students, 65% FRL); Inderkum High (math 39% / reading 66%, grade C-, #289 of 1,170 statewide, top 25%, 2,266 students, 39% FRL).
• Market conditions: Rents rising (+1.4%/yr); 406 active listings in the ZIP; 39 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 6,825 units permitted in Sacramento County in 2024 (1,752 in 5+ unit buildings).
• Sacramento County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$63k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 4.7% vs local median 3.0% in Sacramento — 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 ($114k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-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?
• 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?
• 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.