150 Kern St #96 · Salinas, CA 93905

$195,000

2 bd · 2.0 ba · 1,120 sqft · Manufactured · 32 Days on market

Built 1996 Est $289k · 32% under · waterfront $385/mo HOA · 13% of rent

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• Livability +3.2/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Sherwood Lake is a 55+ park that has many amenities that its residents get to enjoy. This well maintained park has it all. Scheduled activities, tennis courts, pool & hot tub, clubhouse, car wash area, & a pond with 2 fountains to sit by for those quiet moments. This 1996 Fleetwood Suncrest home has 2 bedrooms with 2 baths with vaulted ceilings and fireplace. Kitchen is open to dining and living room, easy for conversation while cooking. Kitchen has a new stove & hood, new dishwasher and comes with a refrigerator too and newer washer and dryer. New 2 inch wood blinds throughout & and new living room fan. New bathroom sinks & faucets. 2 car carport and storage shed. Primary bedroom is spacious and has 2 good sized closets. All this home needs is flooring & paint. This is a great opportunity to add your personal touches and make this home your own.

Key facts

• New stove
• Clubhouse
• Car wash area

Tags

• TENNIS COURTS
• POOL AND HOT TUB
• CLUBHOUSE
• CAR WASH AREA
• POND WITH FOUNTAIN
• NEW STOVE

Property features AI

Finance

• Other: Local property tax (LPT)
• HOA & community: HOA with $385 fee; HOA covers common area electricity and gas, fencing, common area insurance, common area maintenance, road maintenance, pools/spa/tennis; Community amenities include car wash area, clubhouse, community pool, community security gate, garden/greenbelt/trails, organized activities, tennis facilities

Exterior

• Parking: 2-car carport (space #96)
• Security: Security fence; Community security gate
• Utilities: Public water; Public sewer; Public utilities
• Home design: Senior community (55+); Pets allowed; Owner equity park home site
• Construction: Composition/Shingle roof
• Exterior features: Composition shingle roof; Vaulted ceiling; Security fence; Assessor-listed lot size source

Interior

• Kitchen: Countertops (other); Exhaust fan; Garbage disposal; Range hood; Oven range; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Unfinished
• Bathrooms: 2 full bathrooms with tile and tub
• Heating & cooling: Central forced air heating
• Interior features: Vaulted ceiling; Security fence; Unfinished flooring
• Laundry & utility: Washer and dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $195k.

Deal economics

• At list price, monthly cash flow is $308 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $195k).
• Recommended offer: $189k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.8% vs local median 2.6% in Salinas — 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 63/100 on livability (#465 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, employment B+; Watch: crime D-, amenities F, cost of living F.
• Salinas Union High (urban): math 23% / reading 39% proficiency, ranked #998 of 1,400 in CA (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Boronda Elementary (267 students, 45% FRL); Washington Middle (1,067 students, 91% FRL); Salinas High (2,567 students, 83% FRL).
• Market conditions: 20 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 530 units permitted in Monterey County in 2024 (50 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Monterey County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $15k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $189,150 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
8. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
9. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
10. 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.
11. 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.
12. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.47% ✓
• Cap rate: 10.81%
• Cash-on-cash: 16.14%
• DSCR: 1.72
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $288,792
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
150 Kern St #95	0.00mi	2/2.0	1,029 (-8%)	23mo	$225,000	$219	67
1117 Baldwin St #27	1.36mi	2/2.0	1,080 (-4%)	16mo	$206,000	$191	46
1117 Baldwin St #6	1.36mi	3/2.0 (+1)	1,232 (+10%)	8mo	$230,000	$187	36

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -5.7%
• Equity multiple: 0.79×
• Total profit: $-11,586
• Equity at exit: $29,075

10-year hold

• IRR: 4.2%
• Equity multiple: 1.31×
• Total profit: $16,841
• Equity at exit: $16,860

Cash invested: $54,600 (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 93905

• Active inventory: 20
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $2,867 high
• Mortgage (P&I): −$1,023
• Tax from tax record: −$42 /mo · $506/yr
• Insurance: −$81
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$385
• Vacancy / Maint / Mgmt: −$602
• Net cashflow: $308

Break-even live

Break-even rent $2,478

Max offer price $195,000

Occupancy floor 84%

Sensitivity live

Price	-10% $418	-5% $363	+0% $308	+5% $252	+10% $197
Rent	-10% $81	-5% $194	+0% $308	+5% $421	+10% $534
Rate	-1.0pp $406	-0.5pp $357	base $308	+0.5pp $257	+1.0pp $206

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
190 Kern St #56 Salinas, CA	2.0	2.0	1073	$2,900	$2.70	15d	1	0.07mi
722 Saint Helen Way Salinas, CA	3.0	2.0	1341	$3,600	$2.68	22d	1	0.34mi
715 E Market St Salinas, CA	3.0	1.0	868	$3,650	$4.21	15d	1	0.58mi
516 James St Unit A Salinas, CA	2.0	1.0	850	$2,600	$3.06	15d	1	0.74mi
35 Rosarita Dr Salinas, CA	1.0–3.0	1.0	825	$2,700	$3.27	15d	3	0.80mi
38 Natividad Rd Salinas, CA	2.0	1.0	800	$2,125	$2.66	15d	1	0.82mi
162 Casentini St Salinas, CA	1.0–2.0	1.0–2.0	875	$2,969	$3.39	15d	9	0.95mi
922 Lupin Dr Unit 2 Salinas, CA	2.0	1.0	768	$2,495	$3.25	15d	1	1.01mi
1044 John St Salinas, CA	1.0–2.0	1.0	794	$3,254	$4.10	0d	5	1.14mi
939 Heather Cir Salinas, CA	1.0–2.0	1.0	730	$2,697	$3.69	15d	16	1.17mi
908 Acosta Plz Salinas, CA	2.0	1.0	708	$2,400	$3.39	21d	1	1.17mi
404 Rico St Salinas, CA	2.0	1.0	841	$2,500	$2.97	15d	3	1.21mi
7 Harvest St Unit HARVEST 07 Salinas, CA	2.0	1.0	800	$2,195	$2.74	15d	1	1.24mi
155 Archer St Unit B Salinas, CA	1.0	1.0	700	$1,900	$2.71	15d	1	1.25mi
784 Garner Ave Unit 788 07 Salinas, CA	2.0	1.0	703	$2,045	$2.91	15d	1	1.25mi
1134 Parkside St Apt 5 Salinas, CA	2.0	1.0	750	$2,145	$2.86	15d	1	1.38mi
1059 N Sanborn Rd Unit 11 Salinas, CA	2.0	1.0	900	$2,195	$2.44	15d	1	1.48mi
825 Victor St Salinas, CA	3.0	2.0	1194	$3,500	$2.93	15d	1	1.50mi

HOA detail

• Monthly dues: $385 · $4,620/yr
• Likely covers: pool

Listing history 19 events

1. 2026-06-21
   days on market $195,000 Active 32 DOM
2. 2026-06-18
   days on market $195,000 Active 29 DOM
3. 2026-06-17
   days on market $195,000 Active 28 DOM
4. 2026-06-16
   days on market $195,000 Active 27 DOM
5. 2026-06-15
   days on market $195,000 Active 26 DOM
6. 2026-06-14
   days on market $195,000 Active 24 DOM
7. 2026-06-13
   days on market $195,000 Active 23 DOM
8. 2026-06-10
   days on market $195,000 Active 21 DOM
9. 2026-06-09
   days on market $195,000 Active 20 DOM
10. 2026-06-08
    days on market $195,000 Active 19 DOM
11. 2026-06-07
    days on market $195,000 Active 18 DOM
12. 2026-06-05
    days on market $195,000 Active 15 DOM
13. 2026-06-03
    days on market $195,000 Active 14 DOM
14. 2026-06-02
    pricedays on market $195,000 Active 13 DOM
15. 2026-06-01
    days on market $210,000 Active 12 DOM
16. 2026-05-31
    days on market $210,000 Active 11 DOM
17. 2026-05-30
    days on market $210,000 Active 10 DOM
18. 2026-05-20
    listed $210,000 Active 882-char remark

    Show marketing remark (882 chars)

    Sherwood Lake is a 55+ park that has many amenities that its residents get to enjoy. This well maintained park has it all. Scheduled activities, tennis courts, pool & hot tub, clubhouse, car wash area, & a pond with 2 fountains to sit by for those quiet moments. This 1996 Fleetwood Suncrest home has 2 bedrooms with 2 baths with vaulted ceilings and fireplace. Kitchen is open to dining and living room, easy for conversation while cooking. Kitchen has a new stove & hood, new dishwasher and comes with a refrigerator too and newer washer and dryer. New 2 inch wood blinds throughout & and new living room fan. New bathroom sinks & faucets. 2 car carport and storage shed. Primary bedroom is spacious and has 2 good sized closets. All this home needs is flooring & paint. This is a great opportunity to add your personal touches and make this home your own.

19. 2026-05-20
    listed $210,000 Active 882-char remark

    Show marketing remark (882 chars)

    Sherwood Lake is a 55+ park that has many amenities that its residents get to enjoy. This well maintained park has it all. Scheduled activities, tennis courts, pool & hot tub, clubhouse, car wash area, & a pond with 2 fountains to sit by for those quiet moments. This 1996 Fleetwood Suncrest home has 2 bedrooms with 2 baths with vaulted ceilings and fireplace. Kitchen is open to dining and living room, easy for conversation while cooking. Kitchen has a new stove & hood, new dishwasher and comes with a refrigerator too and newer washer and dryer. New 2 inch wood blinds throughout & and new living room fan. New bathroom sinks & faucets. 2 car carport and storage shed. Primary bedroom is spacious and has 2 good sized closets. All this home needs is flooring & paint. This is a great opportunity to add your personal touches and make this home your own.

ⓘ 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: $506 · $42/mo
• Projected year-2 tax: $1,482 · $124/mo
• Expected delta: +$976/yr (+$81/mo · 192.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 79% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 2 d/yr ≥83°F today · 5 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 9 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,409
• − Mortgage interest: −$10,923
• − Property taxes: −$506
• − Insurance: −$6,094
• − Repairs & maintenance: −$2,753
• − Management: −$2,753
• − HOA: −$4,620
• − Depreciation: −$5,673
• Taxable income: $1,088
• Est. tax owed @ 24.0%: −$261
• After-tax cash flow: $3,431/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: Salinas Union High
• NCES district ID: 0633980
• Math proficiency: 23% ▲ 2.00%
• Reading proficiency: 39% ▲ 1.00%
• Median HH income: $50,670
• Composite: 29.86/100
• National rank: #11691
• State rank: #998 of 1400 in CA

Livability — Salinas

• Score: 63/100
• State rank: #465
• US rank: #15876

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Salinas, CA
• City population: 119,069
• Population (ZIP): 64,596

Population outlook (Monterey County) Hauer SSP2

• Today (2025): 458,436 people
• By 2030: 469,418 · +2.4%
• By 2040: 489,615 · +6.8%
• By 2050: 506,696 · +10.5%
• By 2075: 531,048 · +15.8%
• By 2100: 519,153 · +13.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (94%)
• Race & ethnicity: Hispanic / Latino 94% Two or more races 10% Asian 3% White 2% Native American 1%
• Hispanic origin (detail): Mexican 87%
• Foreign-born: 46% · Canada, China
• Languages at home: 11% English-only · Spanish 86% Tagalog/Filipino 1%

Political lean MEDSL · Monterey

• 2024 margin: Strong D (+29.9) · D 63.4% · R 33.5% · Other 3.0%
• 2008→2024 swing: -8.4pp toward R · 2008: 38.3pp · 2024: 29.9pp
• All cycles: 2024: D+29.9 2020: D+41.3 2016: D+39.7 2012: D+33.9 2008: D+38.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -522.14%
• Current HPI: 294.3165
• Rent YoY: —
• Metro: —
• 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

+0.0% since first listed

2 events — show timeline

• 2026-05-20 Listed $210,000 MLSListings
• 2026-05-20 Listed $210,000 bridgeMLS, Bay East AOR, or Contra Costa AOR

Property tax history

+0.6%/yr

Latest (2025): $506 · +7.2% YoY. Source: county tax records.