3656 Old Arcata Rd #44

Indianola, CA 95503

$180,000D-

3 bd · 2.0 ba · 1,240 sqft · Built 1999 · Manufactured · Active · 44 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,048/mo
• Mortgage (P&I): −$944
• Tax + insurance: −$167
• HOA: −$600
• Vac / Maint / Mgmt: −$430
• Net cashflow: $-94/mo
• Annual: $-1,122/yr
• Cap rate: 5.67%
• Cash-on-cash: -2.23%
• DSCR: 0.90
• 1% rule: 1.14%
• Cash to close: $50,400

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $180k.
• At list price, monthly cash flow is $-94 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $163k (9.2% below list).
• Meets the 1% rule at list price ($2k rent vs $180k).
• It's been on market 44 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $163k (9.2% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 44/100 on livability (#1,322 in CA) — a working-class tenant base; expect higher turnover. Watch: health & safety C-, crime F, amenities F.
• Zoned schools: Freshwater Elementary (math 32% / reading 52%, grade F, #557 of 1,571 statewide, top 38%, 264 students, 40% FRL); Freshwater Charter Middle (math 34% / reading 54%, grade D, #130 of 498 statewide, top 27%, 43 students, 46% FRL, charter).
• Watch-outs: HOA is 29% of rent.
• Market conditions: 160 active listings in the ZIP; 188 units permitted in Humboldt County in 2024 (17 in 5+ unit buildings).
• Humboldt County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• This rent runs 34% of the median local income ($72k/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?
• It's been on market 44 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.