2135 Nord #48 · Chico, CA 95926

$44,950

2 bd · 1.0 ba · 840 sqft · Manufactured · 254 Days on market

Built 1972 $54/sqft · 7% below area Est $48k · 7% under

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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
• ARV discount +10.5/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.6/10.0
• Livability +3.6/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Affordable mobile home in a sought after family park. Good location for this 2 bedroom 1 bath home. New Water Heater and A/C unit were installed 2 1/2 years ago. Call today for your private tour and make an offer today!

Key facts

• Move-in ready home
• Indoor laundry space
• Modern kitchen

Tags

• ROYAL PALMS COMMUNITY
• MODERN KITCHEN
• INDOOR LAUNDRY SPACE
• MOVE-IN READY HOME

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $45k.

Deal economics

• At list price, monthly cash flow is $832 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Recommended offer: $40k (12.0% below list) — sets the bar for market timing.
• Cap rate 28.5% vs local median 2.6% in Chico — 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 72/100 on livability (#195 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A-; Watch: employment C-, crime F, cost of living F.
• Chico Unified (urban): math 40% / reading 70% proficiency, ranked #117 of 517 in CA (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Emma Wilson Elementary (math 24% / reading 24%, grade F, #973 of 1,571 statewide, top 73%, 565 students, 63% FRL); Chico Junior High (928 students, 63% FRL); Chico High (math 39% / reading 78%, grade C, #223 of 1,170 statewide, top 19%, 1,905 students, 52% FRL) — zoned schools average 59% FRL vs 42% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 42% at this address vs 55% district-wide (-14 pts) — the specific schools serving this property underperform the Chico Unified average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+4.0%/yr); 92 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 946 units permitted in Butte County in 2024 (254 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $310 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Butte County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 4.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 254 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $20k; list at $45k implies a 125% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $39,556 (12.0% below list)

Questions for the listing agent

1. It's been on market 254 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1972 — 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 B-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?
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: 3.11% ✓
• Cap rate: 28.51%
• Cash-on-cash: 79.36%
• DSCR: 4.53
• GRM: 2.7

CMA / ARV

• ARV (median comp): $48,148
• List price: $44,950
• Delta: -6.64%
• Verdict: FAIR
• Comps: 6 within 2.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2135 Nord Ave #13	0.00mi	2/1.5	720 (-14%)	2mo	$35,000	$49	73
2135 Nord Ave SPACE 23	0.02mi	2/1.5	890 (+6%)	20mo	$25,000	$28	70

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 · 3.98% rent growth · sell at horizon

5-year hold

• IRR: 80.5%
• Equity multiple: 4.74×
• Total profit: $47,118
• Equity at exit: $6,702

10-year hold

• IRR: 84.2%
• Equity multiple: 10.15×
• Total profit: $115,111
• Equity at exit: $3,886

Cash invested: $12,586 (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 95926

• Rents YoY: 4.0%
• Active inventory: 92
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $1,399 high
• Mortgage (P&I): −$236
• Tax from tax record: −$18 /mo · $222/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $832

Break-even live

Break-even rent $345

Max offer price $44,950

Occupancy floor 36%

Sensitivity live

Price	-10% $858	-5% $845	+0% $832	+5% $820	+10% $807
Rent	-10% $722	-5% $777	+0% $832	+5% $888	+10% $943
Rate	-1.0pp $855	-0.5pp $844	base $832	+0.5pp $821	+1.0pp $809

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: $11,238
• Closing costs: $1,348
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
811 W East Ave Chico, CA	2.0	1.0	745	$1,275	$1.71	15d	1	0.64mi
711 W East Ave Unit 08 Chico, CA	2.0	1.0	900	$1,300	$1.44	45d	1	0.71mi
711 W East Ave Apt 2 Chico, CA	2.0	1.0	900	$1,300	$1.44	15d	1	0.73mi
820 W 4th Ave Chico, CA	1.0	1.0	700	$1,254	$1.79	45d	1	0.88mi
1267 N Cedar St Unit 3 Chico, CA	2.0	1.0	776	$1,499	$1.93	15d	1	0.89mi
1200 W Sacramento Ave Chico, CA	2.0	2.0	900	$1,380	$1.53	15d	1	0.89mi
1565 N Cherry St Chico, CA	1.0	1.0	605	$1,150	$1.90	15d	7	0.90mi
1501 N Cherry St Chico, CA	2.0	1.0	800	$1,300	$1.62	45d	1	0.92mi
2 Lorayne Ct Unit D Chico, CA	2.0	1.0	930	$1,200	$1.29	45d	1	0.94mi
1101 Columbus Ave #2 Chico, CA	3.0	1.0	950	$1,450	$1.53	22d	1	0.95mi
1133 W Sacramento Ave Chico, CA	2.0	1.0	875	$1,395	$1.59	15d	2	0.97mi
808 W 2nd Ave Chico, CA	2.0	1.0	855	$1,422	$1.66	22d	2	1.01mi
704 W 2nd Ave Chico, CA	2.0–3.0	2.0	1100	$1,250	$1.14	22d	1	1.05mi
1435 Warner St Chico, CA	1.0	1.0	700	$1,175	$1.68	45d	1	1.06mi
400 Mission Ranch Blvd Chico, CA	1.0–3.0	1.0–2.0	995	$1,588	$1.59	15d	1	1.08mi
632 W 2nd Ave Chico, CA	3.0	2.0	1000	$1,610	$1.61	22d	1	1.09mi
728 W 1st Ave Unit 111 Chico, CA	2.0	1.0	650	$1,250	$1.92	45d	1	1.11mi
635 W 2nd Ave Chico, CA	3.0	1.0	1000	$1,600	$1.60	45d	1	1.14mi
1001 W Sacramento Ave Chico, CA	2.0–3.0	1.0–2.0	812	$1,450	$1.78	45d	1	1.15mi
1240 Warner St Apt 5 Chico, CA	2.0	1.0	815	$1,475	$1.81	45d	1	1.16mi
305 W Lindo Ave Unit B Chico, CA	1.0	1.0	600	$1,200	$2.00	45d	1	1.17mi
1421 Citrus Ave Unit Adu Chico, CA	2.0	1.0	610	$1,595	$2.61	45d	1	1.21mi
120 Menlo Way Chico, CA	2.0	1.0	817	$1,330	$1.63	15d	1	1.27mi
710 Nord Ave Chico, CA	2.0–3.0	1.0–2.0	950	$1,400	$1.47	22d	1	1.30mi
2110 Iroquois Ave Chico, CA	2.0	1.0	700	$1,500	$2.14	45d	1	1.31mi
2110 Iroquois Ave Apt 3 Chico, CA	2.0	1.0	700	$1,500	$2.14	15d	1	1.31mi
101 W Lindo Ave Unit Lindo Ave unit 101 2, Chico, CA	2.0	1.0	950	$1,650	$1.74	45d	1	1.33mi
510 Nord Ave Chico, CA	2.0	1.0	750	$1,355	$1.81	45d	1	1.40mi
522 Nord Ave #15 Chico, CA	3.0	2.0	900	$1,425	$1.58	22d	1	1.41mi
458 Nord Ave Chico, CA	2.0	1.0	871	$1,375	$1.58	22d	1	1.44mi
180 E 8th Ave Apt 302 Chico, CA	1.0	1.0	650	$995	$1.53	45d	1	1.46mi
205 W Lassen Ave Chico, CA	2.0	1.0	792	$1,500	$1.89	45d	1	1.47mi
1165 Magnolia Ave Chico, CA	2.0	1.0	575	$1,145	$1.99	15d	1	1.48mi
251 Rio Lindo Ave Chico, CA	2.0	1.0	1100	$1,400	$1.27	45d	1	1.50mi

Listing history 18 events

1. 2026-06-21
   days on market $44,950 Active 254 DOM
2. 2026-06-19
   pricedays on market $44,950 Active 252 DOM
3. 2026-06-18
   days on market $49,950 Active 251 DOM
4. 2026-06-17
   days on market $49,950 Active 250 DOM
5. 2026-06-16
   days on market $49,950 Active 249 DOM
6. 2026-06-15
   days on market $49,950 Active 248 DOM
7. 2026-06-14
   days on market $49,950 Active 246 DOM
8. 2026-06-13
   days on market $49,950 Active 245 DOM
9. 2026-06-10
   days on market $49,950 Active 243 DOM
10. 2026-06-08
    days on market $49,950 Active 241 DOM
11. 2026-06-07
    days on market $49,950 Active 240 DOM
12. 2026-06-05
    days on market $49,950 Active 237 DOM
13. 2026-06-02
    days on market $49,950 Active 235 DOM
14. 2026-06-01
    days on market $49,950 Active 234 DOM
15. 2026-05-31
    days on market $49,950 Active 233 DOM
16. 2026-05-30
    days on market $49,950 Active 232 DOM
17. 2008-03-21
    soldstatus $20,000 219-char remark

    Show marketing remark (219 chars)

    Affordable mobile home in a sought after family park. Good location for this 2 bedroom 1 bath home. New Water Heater and A/C unit were installed 2 1/2 years ago. Call today for your private tour and make an offer today!

18. 2007-10-15
    listed $20,000 219-char remark

    Show marketing remark (219 chars)

    Affordable mobile home in a sought after family park. Good location for this 2 bedroom 1 bath home. New Water Heater and A/C unit were installed 2 1/2 years ago. Call today for your private tour and make an offer today!

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

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $222 · $18/mo
• Projected year-2 tax: $342 · $28/mo
• Expected delta: +$120/yr (+$10/mo · 54.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 8/10 Severe 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 33 unhealthy d/yr today · 39 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,788
• − Mortgage interest: −$2,518
• − Property taxes: −$222
• − Insurance: −$225
• − Repairs & maintenance: −$1,343
• − Management: −$1,343
• − Depreciation: −$1,308
• Taxable income: $9,830
• Est. tax owed @ 24.0%: −$2,359
• After-tax cash flow: $7,629/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: Chico Unified
• NCES district ID: 0608370
• Math proficiency: 40% ▼ -2.00%
• Reading proficiency: 70% ▲ 14.00%
• Median HH income: $46,223
• Composite: 46.45/100
• National rank: #2443
• State rank: #117 of 517 in CA

Livability — Chico

• Score: 72/100
• State rank: #195
• US rank: #6332

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chico, CA
• County: Butte County · 175,030 people
• City population: 117,007
• Metro: Chico, CA
• Population (ZIP): 40,567
• Household income: $61,920
• Rent vs Own: 59.5% rent · 40.5% own
• Severe rent burden: 3912.0

Population outlook (Butte County) Hauer SSP2

• Today (2025): 237,527 people
• By 2030: 243,804 · +2.6%
• By 2040: 253,899 · +6.9%
• By 2050: 262,561 · +10.5%
• By 2075: 283,709 · +19.4%
• By 2100: 282,689 · +19.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 20% Two or more races 13% Asian 6% Black 3%
• Hispanic origin (detail): Mexican 16% Puerto Rican 1%
• Common ancestry: Italian 4% Portuguese 3% Lithuanian 2%
• Foreign-born: 7% · Canada, China
• Languages at home: 83% English-only · Spanish 10% Other Asian/Pacific 2% Chinese 1%

Political lean MEDSL · Butte

• 2024 margin: Toss-up / Even · D 46.8% · R 49.9% · Other 3.3%
• 2008→2024 swing: -5.5pp toward R · 2008: 2.4pp · 2024: -3.1pp
• All cycles: 2024: R+3.1 2020: D+1.7 2016: R+4.0 2012: R+3.9 2008: D+2.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -453.39%
• Current HPI: 256.0261
• Rent YoY: ▲ 3.98%
• Metro: Chico, 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

+0.0% since first listed

2 events — show timeline

• 2008-03-21 Sold (MLS) $20,000 CRMLS
• 2007-10-15 Listed $20,000 CRMLS

Property tax history

+7.8%/yr

Latest (2025): $222 · +7.1% YoY. Source: county tax records.