1675 Manzanita #78 · Chico, CA 95926

$57,000

2 bd · 2.0 ba · 1,440 sqft · Manufactured public records · 114 Days on market

Built 1978 $40/sqft · 20% below area Est $71k · 20% under ↓ 10% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.6/10.0
• Livability +3.6/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious 3-bedroom, 2-bath mobile home located in the desirable Pleasant Valley Mobile Estates. This well-maintained home offers an inviting floor plan with a separate dining room featuring a built-in hutch, an expansive living room, and a cozy family room—perfect for both entertaining and everyday living. Ceiling fans throughout enhance comfort year-round. The generous primary suite provides a relaxing retreat, and the convenience of indoor laundry adds to the home’s functionality. Lovingly cared for over the owner’s 30-year tenure, the home also features a newer HVAC system, updated flooring in the hall bathroom and laundry room, and window coverings throughout. All appliances are included, making this property truly move-in ready. Enjoy outdoor living with both large front and back porches—ideal for morning coffee, evening relaxation, or hosting friends and family. The covered carport includes an access ramp leading directly to the back porch, providing added convenience and ease of entry. A spacious storage shed offers even more functionality. Community amenities include a beautiful pool, BBQ patio area, and an updated recreation room. Ideally situated near local parks, next door to the Chico Racquet Club, and just minutes from shopping, this is a fantastic opportunity to enjoy comfort, convenience, and community living in a prime location at an affordable price.

Key facts

• Separate dining room
• Cozy family room
• Built-in hutch

Tags

• SEPARATE DINING ROOM
• BUILT-IN HUTCH
• EXPANSIVE LIVING ROOM
• COZY FAMILY ROOM
• INDOOR LAUNDRY
• NEWER HVAC SYSTEM

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $57k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $57k).
• Recommended offer: $52k (9.0% below list) — sets the bar for market timing.
• Cap rate 30.3% vs local median 2.6% in Chico — 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 72/100 on livability (#195 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A-; Watch: employment C-, crime F, cost of living F.
• Chico Unified (urban): math 40% / reading 70% proficiency, ranked #117 of 517 in CA (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+4.0%/yr); 90 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 47% of comp listings sitting > 30 days — soft ceiling on asking rent; 946 units permitted in Butte County in 2024 (254 in 5+ unit buildings).
• This rent runs 37% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $394 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Butte County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 4.0% rent growth), your $16k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 114 days — a 9% lower offer ($52k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; severe wildfire risk; extreme-heat days projected 4→9/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $51,870 (9.0% below list)

Questions for the listing agent

1. It's been on market 114 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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?
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 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: 3.34% ✓
• Cap rate: 30.34%
• Cash-on-cash: 85.88%
• DSCR: 4.82
• GRM: 2.5

CMA / ARV

• ARV (median comp): $71,428
• List price: $57,000
• Delta: -20.20%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1675 Manzanita Ave #82	0.00mi	2/2.0	1,440 (0%)	5mo	$107,000	$74	96
1675 Manzanita Ave #32	0.00mi	2/2.0	1,440 (0%)	9mo	$79,900	$55	93
1675 Manzanita Ave #13	0.00mi	2/2.0	1,512 (+5%)	10mo	$45,000	$30	84
1675 Manzanita Ave #12	0.00mi	2/2.0	1,488 (+3%)	14mo	$75,000	$50	83
1595 Manzanita Ave #16	0.12mi	2/2.0	1,344 (-7%)	9mo	$70,000	$52	76
1675 Manzanita Ave #1	0.00mi	2/2.0	1,560 (+8%)	13mo	$95,000	$61	76
1675 Manzanita Ave #96	0.00mi	2/2.0	1,630 (+13%)	6mo	$45,000	$28	73
1595 Manzanita Ave #67	0.16mi	3/2.0 (+1)	1,440 (0%)	20mo	$67,900	$47	71
1675 Manzanita Ave #4	0.00mi	3/2.0 (+1)	1,320 (-8%)	18mo	$100,000	$76	66
1675 MANZANITA Ave #88	0.04mi	2/2.0	1,248 (-13%)	12mo	$75,000	$60	66
1595 Manzanita #48	0.11mi	3/2.0 (+1)	1,248 (-13%)	4mo	$65,000	$52	65
1595 Manzanita Ave #45	0.13mi	2/2.0	1,272 (-12%)	16mo	$112,500	$88	62

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 · 3.98% rent growth · sell at horizon

5-year hold

• IRR: 87.4%
• Equity multiple: 5.10×
• Total profit: $65,415
• Equity at exit: $8,499

10-year hold

• IRR: 90.7%
• Equity multiple: 10.94×
• Total profit: $158,600
• Equity at exit: $4,928

Cash invested: $15,960 (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 95926

• Rents YoY: 4.0%
• Active inventory: 90
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,902 high
• Mortgage (P&I): −$299
• Tax from tax record: −$38 /mo · $451/yr
• Insurance: −$24
• HOA: −$0
• Vacancy / Maint / Mgmt: −$399
• Net cashflow: $1,142

Break-even live

Break-even rent $456

Max offer price $57,000

Occupancy floor 35%

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: $14,250
• Closing costs: $1,710
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
66 North Valley Ct Chico, CA	3.0	2.0	1126	$2,295	$2.04	21d	1	0.26mi
1754 Vallombrosa Ave Chico, CA	1.0	1.0	950	$1,000	$1.05	13d	1	0.58mi
1462 Manzanita Ave Unit 8 Chico, CA	3.0	1.5	1045	$1,650	$1.58	44d	1	0.60mi
1460 Manzanita Ave Unit 1 Chico, CA	3.0	1.5	1045	$1,650	$1.58	44d	1	0.62mi
2245 Ceanothus Ave Chico, CA	3.0	2.0	1600	$3,150	$1.97	13d	1	0.66mi
5 Alameda Park Cir Chico, CA	2.0	2.0	1452	$2,350	$1.62	44d	1	0.97mi
2581 California Park Dr Chico, CA	2.0	2.0	990	$1,650	$1.67	44d	1	1.03mi
1385 E Lindo Ave Chico, CA	2.0	1.0–2.0	958	$1,505	$1.57	13d	3	1.13mi
2833 Eaton Rd Chico, CA	1.0–2.0	1.0–2.0	999	$1,850	$1.85	13d	9	1.22mi
100 Sterling Oaks Dr Chico, CA	1.0–2.0	1.0–2.0	938	$1,935	$2.06	13d	6	1.22mi
860 Inyo St Chico, CA	3.0	1.0	1053	$2,150	$2.04	21d	1	1.25mi
23 Morning Rose Way Unit 1 Chico, CA	2.0	2.0	1145	$1,925	$1.68	44d	1	1.38mi
2777 Eaton Rd Chico, CA	1.0–2.0	1.0–2.0	790	$1,634	$2.07	13d	3	1.44mi
1880 Humboldt Rd Apt 19 Chico, CA	3.0	2.0	1230	$1,800	$1.46	44d	1	1.44mi
2 Lakeshore Ter Unit l Chico, CA	1.0	2.0	1300	$2,000	$1.54	44d	1	1.47mi

Listing history 17 events

1. 2026-06-19
   days on market $57,000 Active 114 DOM
2. 2026-06-18
   days on market $57,000 Active 113 DOM
3. 2026-06-17
   days on market $57,000 Active 112 DOM
4. 2026-06-16
   days on market $57,000 Active 111 DOM
5. 2026-06-15
   days on market $57,000 Active 110 DOM
6. 2026-06-14
   days on market $57,000 Active 108 DOM
7. 2026-06-13
   days on market $57,000 Active 107 DOM
8. 2026-06-10
   days on market $57,000 Active 105 DOM
9. 2026-06-08
   days on market $57,000 Active 103 DOM
10. 2026-06-07
    days on market $57,000 Active 102 DOM
11. 2026-06-05
    days on market $57,000 Active 99 DOM
12. 2026-06-02
    days on market $57,000 Active 97 DOM
13. 2026-06-01
    days on market $57,000 Active 96 DOM
14. 2026-05-31
    days on market $57,000 Active 95 DOM
15. 2026-05-30
    days on market $57,000 Active 94 DOM
16. 2026-05-18
    price $57,000 1413-char remark

    Show marketing remark (1413 chars)

    Spacious 3-bedroom, 2-bath mobile home located in the desirable Pleasant Valley Mobile Estates. This well-maintained home offers an inviting floor plan with a separate dining room featuring a built-in hutch, an expansive living room, and a cozy family room—perfect for both entertaining and everyday living. Ceiling fans throughout enhance comfort year-round. The generous primary suite provides a relaxing retreat, and the convenience of indoor laundry adds to the home’s functionality. Lovingly cared for over the owner’s 30-year tenure, the home also features a newer HVAC system, updated flooring in the hall bathroom and laundry room, and window coverings throughout. All appliances are included, making this property truly move-in ready. Enjoy outdoor living with both large front and back porches—ideal for morning coffee, evening relaxation, or hosting friends and family. The covered carport includes an access ramp leading directly to the back porch, providing added convenience and ease of entry. A spacious storage shed offers even more functionality. Community amenities include a beautiful pool, BBQ patio area, and an updated recreation room. Ideally situated near local parks, next door to the Chico Racquet Club, and just minutes from shopping, this is a fantastic opportunity to enjoy comfort, convenience, and community living in a prime location at an affordable price.

17. 2026-02-25
    listed $63,000 Active 1413-char remark

    Show marketing remark (1413 chars)

    Spacious 3-bedroom, 2-bath mobile home located in the desirable Pleasant Valley Mobile Estates. This well-maintained home offers an inviting floor plan with a separate dining room featuring a built-in hutch, an expansive living room, and a cozy family room—perfect for both entertaining and everyday living. Ceiling fans throughout enhance comfort year-round. The generous primary suite provides a relaxing retreat, and the convenience of indoor laundry adds to the home’s functionality. Lovingly cared for over the owner’s 30-year tenure, the home also features a newer HVAC system, updated flooring in the hall bathroom and laundry room, and window coverings throughout. All appliances are included, making this property truly move-in ready. Enjoy outdoor living with both large front and back porches—ideal for morning coffee, evening relaxation, or hosting friends and family. The covered carport includes an access ramp leading directly to the back porch, providing added convenience and ease of entry. A spacious storage shed offers even more functionality. Community amenities include a beautiful pool, BBQ patio area, and an updated recreation room. Ideally situated near local parks, next door to the Chico Racquet Club, and just minutes from shopping, this is a fantastic opportunity to enjoy comfort, convenience, and community living in a prime location at an affordable price.

ⓘ 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: $451 · $38/mo
• Projected year-2 tax: $451 · $38/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 5/10 Major FEMA zone X (shaded) · 24% chance over 30 yrs
• 🔥 Wildfire 8/10 Severe
• 🌡 Heat 8/10 Severe 4 d/yr ≥104°F today · 9 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 37 unhealthy d/yr today · 39 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,822
• − Mortgage interest: −$3,193
• − Property taxes: −$451
• − Insurance: −$285
• − Repairs & maintenance: −$1,826
• − Management: −$1,826
• − Depreciation: −$1,658
• Taxable income: $13,584
• Est. tax owed @ 24.0%: −$3,260
• After-tax cash flow: $10,447/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: Chico Unified
• NCES district ID: 0608370
• Math proficiency: 40% ▼ -2.00%
• Reading proficiency: 70% ▲ 14.00%
• Median HH income: $46,223
• Composite: 46.45/100
• National rank: #2443
• State rank: #117 of 517 in CA

Livability — Chico

• Score: 72/100
• State rank: #195
• US rank: #6332

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chico, CA
• County: Butte County · 175,030 people
• City population: 117,007
• Metro: Chico, CA
• Population (ZIP): 40,567
• Household income: $61,920
• Rent vs Own: 59.5% rent · 40.5% own
• Severe rent burden: 3912.0

Population outlook (Butte County) Hauer SSP2

• Today (2025): 237,527 people
• By 2030: 243,804 · +2.6%
• By 2040: 253,899 · +6.9%
• By 2050: 262,561 · +10.5%
• By 2075: 283,709 · +19.4%
• By 2100: 282,689 · +19.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 20% Two or more races 13% Asian 6% Black 3%
• Hispanic origin (detail): Mexican 16% Puerto Rican 1%
• Common ancestry: Italian 4% Portuguese 3% Lithuanian 2%
• Foreign-born: 7% · Canada, China
• Languages at home: 83% English-only · Spanish 10% Other Asian/Pacific 2% Chinese 1%

Political lean MEDSL · Butte

• 2024 margin: Toss-up / Even · D 46.8% · R 49.9% · Other 3.3%
• 2008→2024 swing: -5.5pp toward R · 2008: 2.4pp · 2024: -3.1pp
• All cycles: 2024: R+3.1 2020: D+1.7 2016: R+4.0 2012: R+3.9 2008: D+2.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -453.39%
• Current HPI: 256.0261
• Rent YoY: ▲ 3.98%
• Metro: Chico, 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

-9.5% since first listed

2 events — show timeline

• 2026-05-18 Price Changed $57,000 CRMLS
• 2026-02-25 Listed $63,000 CRMLS

Property tax history

+5.9%/yr

Latest (2025): $451 · +6.7% YoY. Source: county tax records.