11614 Henness Rd Unit B · Truckee, CA 96161

$475,000

4 bd · 4.5 ba · 3,457 sqft · SingleFamily · 321 Days on market

Built 2021 Excellent condition $137/sqft · 84% below area ↓ 5% since listing

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Why this score? — see what drove the C+ 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 +25.6/30.0
• DSCR +8.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Condition / age +4.8/5.0
• Schools +4.4/10.0
• Rent growth +4.1/5.0
• Livability +2.9/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

New co-ownership opportunity by Pacaso: Own one-eighth of Pine Point, a professionally managed, turnkey home. Designed for modern living at its best, this 4-bedroom, 4.5-bath home offers bright, airy spaces, clean lines and sweeping woodland and golf course views. The open plan main floor offers stunning contrasts: The crisp white kitchen counters, waterfall island and lower cabinets are balanced by warm wood uppers. Off to the side, the distinct angles of the black floating staircase stand out against the white walls. The great room is a grand gathering space with walls of windows and a double-height ceiling finished in wood, anchored by a sleek, massive black fireplace. A separate media room allows for flexible use of the home’s generous spaces. Two large bedrooms with en suite baths are tucked away down the hall, offering privacy as well as views. Upstairs, a spacious loft area opens to an expansive deck with outdoor fireplace, and two additional bedrooms with built-in bunks provide plenty of sleeping options. The exterior spaces are just as thoughtfully designed, allowing for indoor-outdoor living year-round. A large covered patio with built-in grill invites al fresco dining, and the cozy fire pit is a perfect gathering spot on cool evenings. Located in the desirable neighborhood of Grays Crossing and includes Four Seasons membership at Tahoe Mountain Club (included in dues), which includes access to Old Greenwood clubhouse/pool, discounted golf at Grays Crossing and Old Greenwood, and winter ski valet (Alpine Club) at Northstar. Owners enjoy all community amenities including the private fitness facility, community pool, and restaurant, all located nearby. The homes comes fully furnished and professionally decorated.

Key facts

• Turnkey home
• Golf course views
• Waterfall island

Tags

• TURNKEY HOME
• SWEEPING WOODLAND VIEWS
• GOLF COURSE VIEWS
• CRISP WHITE KITCHEN COUNTERS
• WATERFALL ISLAND
• BLACK FLOATING STAIRCASE

What this means for you Summary

Snapshot

• This is a 4-bed/4.5-bath single-family listed at $475k. Condition is rated excellent.

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 ($6k rent vs $475k).
• Recommended offer: $418k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 2.0% in Truckee — 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 58/100 on livability (#697 in CA) — a working-class tenant base; expect higher turnover. Strengths: employment A+, housing B; Watch: amenities F, commute F, cost of living F.
• Tahoe-Truckee Unified (town): math 44% / reading 56% proficiency, ranked #136 of 517 in CA (top 26%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+6.6%/yr); 375 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 215 units permitted in Nevada County in 2024 (0 in 5+ unit buildings).
• At $5,585/mo this rent would consume 51% of the median local household income ($132k/yr) (locally 559% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Nevada County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 6.6% rent growth), your $133k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 321 days — a 12% lower offer ($418k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $418,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 321 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.18% ✓
• Cap rate: 9.15%
• Cash-on-cash: 10.19%
• DSCR: 1.45
• GRM: 7.1

CMA / ARV

• ARV (median comp): $2,918,138
• List price: $475,000
• Delta: -83.72%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11583 Henness Rd	0.09mi	4/4.5	3,121 (-10%)	10mo	$2,900,000	$929	71
11791 Ghirard Rd	0.61mi	4/4.5	3,445 (-0%)	1mo	$2,500,000	$726	70
11101 China Camp Rd	0.71mi	4/4.5	3,500 (+1%)	6mo	$2,940,000	$840	59
11627 Henness Rd	0.09mi	5/3.5 (+1)	3,911 (+13%)	10mo	$3,135,743	$802	56
12382 Caleb Dr	0.63mi	4/3.5	3,405 (-2%)	9mo	$2,750,000	$808	56
11720 Ghirard Rd	0.70mi	4/4.5	3,632 (+5%)	5mo	$3,250,000	$895	54
12424 Caleb Dr	0.59mi	5/5.0 (+1)	3,675 (+6%)	4mo	$3,235,000	$880	52
12622 Lookout Loop Unit F44-11	0.65mi	4/4.5	2,985 (-14%)	4mo	$16,000	$5	44
12540 Gold Rush Trl Unit F40-01	0.62mi	4/4.5	2,985 (-14%)	6mo	$12,000	$4	44
11711 Ghirard Rd	0.67mi	5/3.5 (+1)	3,270 (-5%)	9mo	$2,400,000	$734	43
12508 Trappers Trl Unit F35-36	0.69mi	4/4.5	2,985 (-14%)	10mo	$13,000	$4	37
12508 Trappers Trl Unit F35-26	0.69mi	4/4.5	2,985 (-14%)	10mo	$33,000	$11	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 · 6.59% rent growth · sell at horizon

5-year hold

• IRR: 3.0%
• Equity multiple: 1.12×
• Total profit: $15,979
• Equity at exit: $70,824

10-year hold

• IRR: 15.7%
• Equity multiple: 2.50×
• Total profit: $199,273
• Equity at exit: $41,069

Cash invested: $133,000 (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 96161

• Rents YoY: 6.6%
• Active inventory: 375
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $5,585 medium
• Mortgage (P&I): −$2,491
• Tax est. 1.5%: −$594 /mo · $7,125/yr
• Insurance: −$198
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,173
• Net cashflow: $1,130

Break-even live

Break-even rent $4,155

Max offer price $475,000

Occupancy floor 75%

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: $118,750
• Closing costs: $14,250
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10077 Jake S Way Truckee, CA	3.0	3.5	2552	$10,500	$4.11	43d	1	0.26mi

Listing history 19 events

1. 2026-06-18
   days on market $475,000 Active 321 DOM
2. 2026-06-17
   days on market $475,000 Active 320 DOM
3. 2026-06-16
   days on market $475,000 Active 319 DOM
4. 2026-06-15
   days on market $475,000 Active 318 DOM
5. 2026-06-14
   days on market $475,000 Active 316 DOM
6. 2026-06-10
   days on market $475,000 Active 313 DOM
7. 2026-06-09
   days on market $475,000 Active 312 DOM
8. 2026-06-08
   days on market $475,000 Active 311 DOM
9. 2026-06-07
   days on market $475,000 Active 310 DOM
10. 2026-06-05
    days on market $475,000 Active 307 DOM
11. 2026-06-03
    days on market $475,000 Active 306 DOM
12. 2026-06-02
    days on market $475,000 Active 305 DOM
13. 2026-06-01
    days on market $475,000 Active 304 DOM
14. 2026-05-31
    days on market $475,000 Active 303 DOM
15. 2026-05-30
    days on market $475,000 Active 302 DOM
16. 2026-03-11
    price $475,000 1756-char remark

    Show marketing remark (1756 chars)

    New co-ownership opportunity by Pacaso: Own one-eighth of Pine Point, a professionally managed, turnkey home. Designed for modern living at its best, this 4-bedroom, 4.5-bath home offers bright, airy spaces, clean lines and sweeping woodland and golf course views. The open plan main floor offers stunning contrasts: The crisp white kitchen counters, waterfall island and lower cabinets are balanced by warm wood uppers. Off to the side, the distinct angles of the black floating staircase stand out against the white walls. The great room is a grand gathering space with walls of windows and a double-height ceiling finished in wood, anchored by a sleek, massive black fireplace. A separate media room allows for flexible use of the home’s generous spaces. Two large bedrooms with en suite baths are tucked away down the hall, offering privacy as well as views. Upstairs, a spacious loft area opens to an expansive deck with outdoor fireplace, and two additional bedrooms with built-in bunks provide plenty of sleeping options. The exterior spaces are just as thoughtfully designed, allowing for indoor-outdoor living year-round. A large covered patio with built-in grill invites al fresco dining, and the cozy fire pit is a perfect gathering spot on cool evenings. Located in the desirable neighborhood of Grays Crossing and includes Four Seasons membership at Tahoe Mountain Club (included in dues), which includes access to Old Greenwood clubhouse/pool, discounted golf at Grays Crossing and Old Greenwood, and winter ski valet (Alpine Club) at Northstar. Owners enjoy all community amenities including the private fitness facility, community pool, and restaurant, all located nearby. The homes comes fully furnished and professionally decorated.

17. 2026-02-18
    status Active 1756-char remark

    Show marketing remark (1756 chars)

    New co-ownership opportunity by Pacaso: Own one-eighth of Pine Point, a professionally managed, turnkey home. Designed for modern living at its best, this 4-bedroom, 4.5-bath home offers bright, airy spaces, clean lines and sweeping woodland and golf course views. The open plan main floor offers stunning contrasts: The crisp white kitchen counters, waterfall island and lower cabinets are balanced by warm wood uppers. Off to the side, the distinct angles of the black floating staircase stand out against the white walls. The great room is a grand gathering space with walls of windows and a double-height ceiling finished in wood, anchored by a sleek, massive black fireplace. A separate media room allows for flexible use of the home’s generous spaces. Two large bedrooms with en suite baths are tucked away down the hall, offering privacy as well as views. Upstairs, a spacious loft area opens to an expansive deck with outdoor fireplace, and two additional bedrooms with built-in bunks provide plenty of sleeping options. The exterior spaces are just as thoughtfully designed, allowing for indoor-outdoor living year-round. A large covered patio with built-in grill invites al fresco dining, and the cozy fire pit is a perfect gathering spot on cool evenings. Located in the desirable neighborhood of Grays Crossing and includes Four Seasons membership at Tahoe Mountain Club (included in dues), which includes access to Old Greenwood clubhouse/pool, discounted golf at Grays Crossing and Old Greenwood, and winter ski valet (Alpine Club) at Northstar. Owners enjoy all community amenities including the private fitness facility, community pool, and restaurant, all located nearby. The homes comes fully furnished and professionally decorated.

18. 2026-02-18
    historical 1756-char remark

    Show marketing remark (1756 chars)

    New co-ownership opportunity by Pacaso: Own one-eighth of Pine Point, a professionally managed, turnkey home. Designed for modern living at its best, this 4-bedroom, 4.5-bath home offers bright, airy spaces, clean lines and sweeping woodland and golf course views. The open plan main floor offers stunning contrasts: The crisp white kitchen counters, waterfall island and lower cabinets are balanced by warm wood uppers. Off to the side, the distinct angles of the black floating staircase stand out against the white walls. The great room is a grand gathering space with walls of windows and a double-height ceiling finished in wood, anchored by a sleek, massive black fireplace. A separate media room allows for flexible use of the home’s generous spaces. Two large bedrooms with en suite baths are tucked away down the hall, offering privacy as well as views. Upstairs, a spacious loft area opens to an expansive deck with outdoor fireplace, and two additional bedrooms with built-in bunks provide plenty of sleeping options. The exterior spaces are just as thoughtfully designed, allowing for indoor-outdoor living year-round. A large covered patio with built-in grill invites al fresco dining, and the cozy fire pit is a perfect gathering spot on cool evenings. Located in the desirable neighborhood of Grays Crossing and includes Four Seasons membership at Tahoe Mountain Club (included in dues), which includes access to Old Greenwood clubhouse/pool, discounted golf at Grays Crossing and Old Greenwood, and winter ski valet (Alpine Club) at Northstar. Owners enjoy all community amenities including the private fitness facility, community pool, and restaurant, all located nearby. The homes comes fully furnished and professionally decorated.

19. 2025-08-01
    listed $499,000 Active 1756-char remark

    Show marketing remark (1756 chars)

    New co-ownership opportunity by Pacaso: Own one-eighth of Pine Point, a professionally managed, turnkey home. Designed for modern living at its best, this 4-bedroom, 4.5-bath home offers bright, airy spaces, clean lines and sweeping woodland and golf course views. The open plan main floor offers stunning contrasts: The crisp white kitchen counters, waterfall island and lower cabinets are balanced by warm wood uppers. Off to the side, the distinct angles of the black floating staircase stand out against the white walls. The great room is a grand gathering space with walls of windows and a double-height ceiling finished in wood, anchored by a sleek, massive black fireplace. A separate media room allows for flexible use of the home’s generous spaces. Two large bedrooms with en suite baths are tucked away down the hall, offering privacy as well as views. Upstairs, a spacious loft area opens to an expansive deck with outdoor fireplace, and two additional bedrooms with built-in bunks provide plenty of sleeping options. The exterior spaces are just as thoughtfully designed, allowing for indoor-outdoor living year-round. A large covered patio with built-in grill invites al fresco dining, and the cozy fire pit is a perfect gathering spot on cool evenings. Located in the desirable neighborhood of Grays Crossing and includes Four Seasons membership at Tahoe Mountain Club (included in dues), which includes access to Old Greenwood clubhouse/pool, discounted golf at Grays Crossing and Old Greenwood, and winter ski valet (Alpine Club) at Northstar. Owners enjoy all community amenities including the private fitness facility, community pool, and restaurant, all located nearby. The homes comes fully furnished and professionally decorated.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 2/10 Low 9 d/yr ≥87°F today · 23 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 16 unhealthy d/yr today · 18 by 30 yrs out

Taxation est. · year 1

• Rental income: $67,025
• − Mortgage interest: −$26,607
• − Property taxes: −$7,125
• − Insurance: −$2,375
• − Repairs & maintenance: −$5,362
• − Management: −$5,362
• − Depreciation: −$13,818
• Taxable income: $6,376
• Est. tax owed @ 24.0%: −$1,530
• After-tax cash flow: $12,028/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.

Condition & rehab AI · 13 photos

Excellent 95/100 None rehab

This modern, well-maintained single-family home is in excellent condition with no visible repairs needed. It offers a high ROI with potential for both resale and rental value through minor updates to landscaping and interior aesthetics.

Value-add opportunities

• Both Landscaping and curb appeal improvements — Enhances curb appeal and can increase both resale and rental value
• Both Interior paint touch-ups — Fresh paint can make the interior look newer and more inviting
• Both Outdoor lighting — Improves safety and enhances curb appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping and curb appeal improvements — Enhances curb appeal and can increase both resale and rental value ↑
• Both Interior paint touch-ups — Fresh paint can make the interior look newer and more inviting ↑
• Both Outdoor lighting — Improves safety and enhances curb appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Tahoe-Truckee Unified
• NCES district ID: 0638770
• Math proficiency: 44% ▼ -9.00%
• Reading proficiency: 56% ▼ -4.00%
• Median HH income: $67,136
• Composite: 44.38/100
• National rank: #2816
• State rank: #136 of 517 in CA

Livability — Truckee

• Score: 58/100
• State rank: #697
• US rank: #21110

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Truckee, CA
• County: Nevada County · 85,339 people
• City population: 19,634
• Metro: Truckee-Grass Valley, CA
• Population (ZIP): 19,634
• Household income: $131,702
• Rent vs Own: 24.1% rent · 75.9% own
• Severe rent burden: 559.0

Population outlook (Nevada County) Hauer SSP2

• Today (2025): 98,490 people
• By 2030: 97,295 · -1.2%
• By 2040: 92,041 · -6.5%
• By 2050: 85,164 · -13.5%
• By 2075: 68,436 · -30.5%
• By 2100: 49,536 · -49.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 12% Two or more races 11% Asian 2%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 5% Lithuanian 4% Portuguese 3%
• Foreign-born: 10% · Canada, Jamaica, Dominican Republic
• Languages at home: 85% English-only · Spanish 10% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Nevada

• 2024 margin: D (+12.2) · D 54.4% · R 42.1% · Other 3.5%
• 2008→2024 swing: +6.9pp toward D · 2008: 5.3pp · 2024: 12.2pp
• All cycles: 2024: D+12.2 2020: D+14.8 2016: D+4.5 2012: R+4.7 2008: D+5.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -307.87%
• Current HPI: 336.9632
• Rent YoY: ▲ 6.59%
• Metro: Truckee-Grass Valley, 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

-4.8% since first listed

4 events — show timeline

• 2026-03-11 Price Changed $475,000 TSMLS
• 2026-02-18 Relisted — TSMLS
• 2026-02-18 Delisted — TSMLS
• 2025-08-01 Listed $499,000 TSMLS