4141 Deep Creek Rd #212

Fremont, CA 94555

$214,900B

2 bd · 2.0 ba · 1,272 sqft · Built 1981 · Manufactured · Active · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,592/mo
• Mortgage (P&I): −$1,127
• Tax + insurance: −$358
• HOA: −$0
• Vac / Maint / Mgmt: −$754
• Net cashflow: $1,352/mo
• Annual: $16,228/yr
• Cap rate: 13.84%
• Cash-on-cash: 26.97%
• DSCR: 2.20
• 1% rule: 1.67%
• Cash to close: $60,172

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $215k.
• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $215k).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• Location reads 85/100 on livability (#10 in CA, #561 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, commute A+; Watch: cost of living F.
• Fremont Unified (suburban): math 76% / reading 84% proficiency, ranked #23 of 517 in CA (top 4%) — strong family-tenant draw, lease renewals of 3-5y typical; only 15% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+3.2%/yr); 72 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,742 units permitted in Alameda County in 2024 (856 in 5+ unit buildings).
• Alameda County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.2% rent growth), your $60k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 13.8% vs local median 1.2% in Fremont — 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.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• 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.
• 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.
• 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.