3900 Waimea Ln · Modesto, CA 95355

$53,900

2 bd · 1.0 ba · 864 sqft · Manufactured · 68 Days on market

Built 1979

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.4/10.0
• Livability +3.2/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Priced to sell - 2 bedroom 1 bath unit centrally located in the desirable Homewood Village. Updated bathroom, dual Pane windows, laminate flooring. Park amenities include; swimming pool, gym, sauna, jacuzzi, BBQ, library, and event center. Carefree low maintenance living. Resident must be 55 or older and be approved by Homewood Village.

Key facts

• Laminate flooring
• Sauna
• Swimming pool

Tags

• UPDATED BATHROOM
• DUAL PANE WINDOWS
• LAMINATE FLOORING
• SWIMMING POOL
• GYM
• SAUNA

Property features AI

Finance

• Other: Street address: 3900 Waimea Ln, Modesto, CA 95355; Directions provided for gated park entry
• Financial info: Land lease: No (listed land lease amount present but property marked as not land leased)
• HOA & community: No homeowners association; Located in a senior community

Exterior

• Parking: Attached covered parking; Guest parking available
• Utilities: Public water; Public sewer; 220V in kitchen; 220V in laundry; Other utilities
• Home design: Manufactured home in park; Double-wide; Built in 1979
• Construction: Manufactured construction (Great Lakes make)
• Exterior features: Other-style roof; Shed(s); Located on a court

Interior

• Kitchen: Laminate countertops; Space for dining in the kitchen
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Laminate; Linoleum
• Bathrooms: 1 full bathroom with shower stall(s)
• Heating & cooling: Central heating (natural gas); Central cooling
• Interior features: Disposal; Pet-friendly (cats and dogs allowed, size limits apply); Living room with unspecified/other features
• Laundry & utility: Electric laundry hook-ups located in the kitchen

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $54k.

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 $54k).
• Recommended offer: $51k (6.0% below list) — sets the bar for market timing.
• Cap rate 31.6% vs local median 3.2% in Modesto — 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 63/100 on livability (#451 in CA) — a middle-class / working-renter tenant base. Strengths: housing A+; Watch: amenities C-, schools D+, health & safety D+.
• Sylvan Union Elementary (urban): math 44% / reading 52% proficiency, ranked #457 of 1,400 in CA (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+1.3%/yr); 222 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 923 units permitted in Stanislaus County in 2024 (63 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $373 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Stanislaus County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 1.3% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($51k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $50,666 (6.0% below list)

Questions for the listing agent

1. It's been on market 68 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 3.54% ✓
• Cap rate: 31.59%
• Cash-on-cash: 90.34%
• DSCR: 5.02
• GRM: 2.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.28% rent growth · sell at horizon

5-year hold

• IRR: 89.1%
• Equity multiple: 5.00×
• Total profit: $60,409
• Equity at exit: $8,037

10-year hold

• IRR: 91.7%
• Equity multiple: 9.81×
• Total profit: $133,020
• Equity at exit: $4,660

Cash invested: $15,092 (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 95355

• Rents YoY: 1.3%
• Active inventory: 222
• Price-to-rent: 2.4×

Monthly cashflow live

• Estimated rent: $1,910 high
• Mortgage (P&I): −$283
• Tax est. 1.5%: −$67 /mo · $808/yr
• Insurance: −$22
• HOA: −$0
• Vacancy / Maint / Mgmt: −$401
• Net cashflow: $1,136

Break-even live

Break-even rent $472

Max offer price $53,900

Occupancy floor 36%

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: $13,475
• Closing costs: $1,617
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3904 Monteview Dr Unit 1 Modesto, CA	3.0	2.0	1100	$1,995	$1.81	21d	1	0.62mi
1305 Sylvan Meadows Dr Unit C Modesto, CA	2.0	1.5	1037	$2,150	$2.07	13d	1	0.65mi
3400 Coffee Rd Modesto, CA	2.0	2.0	951	$1,945	$2.05	21d	1	0.75mi
3400 Coffee Rd Modesto, CA	1.0	1.0	707	$1,645	$2.33	13d	1	0.75mi
3000 Coffee Rd Modesto, CA	1.0	1.0	600	$1,400	$2.33	13d	1	1.05mi
1313 Floyd Ave Modesto, CA	1.0–2.0	1.0	800	$1,725	$2.16	13d	2	1.21mi
2405 Vera Cruz Dr Apt C Modesto, CA	2.0	1.0	918	$1,675	$1.82	13d	1	1.32mi
1308 Ensenada Dr Unit 5 Modesto, CA	2.0	1.0	1050	$1,450	$1.38	13d	1	1.41mi

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 28 unhealthy d/yr today · 32 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,917
• − Mortgage interest: −$3,019
• − Property taxes: −$808
• − Insurance: −$270
• − Repairs & maintenance: −$1,833
• − Management: −$1,833
• − Depreciation: −$1,568
• Taxable income: $13,585
• Est. tax owed @ 24.0%: −$3,260
• After-tax cash flow: $10,374/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: Sylvan Union Elementary
• NCES district ID: 0638670
• Math proficiency: 44% ▲ 2.00%
• Reading proficiency: 52% ▬ 0.00%
• Median HH income: $61,181
• Composite: 44.28/100
• National rank: #6167
• State rank: #457 of 1400 in CA

Livability — Modesto

• Score: 63/100
• State rank: #451
• US rank: #15229

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Modesto, CA
• County: Stanislaus County · 445,786 people
• City population: 225,261
• Metro: Modesto, CA
• Population (ZIP): 60,710
• Household income: $86,849
• Rent vs Own: 37.7% rent · 62.3% own
• Severe rent burden: 2521.0

Population outlook (Stanislaus County) Hauer SSP2

• Today (2025): 579,493 people
• By 2030: 598,000 · +3.2%
• By 2040: 630,930 · +8.9%
• By 2050: 658,300 · +13.6%
• By 2075: 712,363 · +22.9%
• By 2100: 719,805 · +24.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 48% Hispanic / Latino 33% Two or more races 18% Asian 8% Black 4% Native American 1%
• Hispanic origin (detail): Mexican 29% Puerto Rican 2%
• Common ancestry: Russian 3% Italian 3% Lithuanian 2%
• Foreign-born: 15% · Canada, China, Vietnam
• Languages at home: 73% English-only · Spanish 16% Other Indo-European 4% Tagalog/Filipino 1%

Political lean MEDSL · Stanislaus

• 2024 margin: R (+11.0) · D 43.2% · R 54.2% · Other 2.6%
• 2008→2024 swing: -12.7pp toward R · 2008: 1.7pp · 2024: -11.0pp
• All cycles: 2024: R+11.0 2020: D+0.8 2016: D+0.6 2012: D+0.7 2008: D+1.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -458.02%
• Current HPI: 277.8565
• Rent YoY: ▲ 1.28%
• Metro: Modesto, 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