149 Mason St

Vacaville, CA 95688

$1,390,000D

21 bd · 14.0 ba · 1,800 sqft · Built — · MultiFamily · Active · 352 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $11,748/mo
• Mortgage (P&I): −$7,289
• Tax + insurance: −$1,572
• HOA: −$0
• Vac / Maint / Mgmt: −$2,467
• Net cashflow: $420/mo
• Annual: $5,036/yr
• Cap rate: 6.66%
• Cash-on-cash: 1.29%
• DSCR: 1.06
• 1% rule: 0.85%
• Cash to close: $389,200

Investor read

• This is a 2×3bd/2.0ba + 5×1bd/1.0ba units multifamily listed at $1.39M.
• At list price, monthly cash flow is $420 ($5k/yr) — positive. Per door: $60/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.17M (15.5% below list).
• It's been on market 352 days — a 12% lower offer ($1.22M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.17M (15.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $10k of loan paydown is wiped out by about $42k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#88 in CA, #3,156 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, employment A+, housing A+; Watch: schools C-, cost of living F.
• Vacaville Unified (suburban): math 37% / reading 52% proficiency, ranked #522 of 1,400 in CA (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.5%/yr); 167 active listings in the ZIP; high-income renter base; 1,472 units permitted in Solano County in 2024 (131 in 5+ unit buildings).
• Solano County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $110k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.7% vs local median 3.0% in Vacaville — 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.
• At $11,748/mo this rent would consume 119% of the median local household income ($118k/yr) (locally 1051% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 352 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.