1411 Annadale Ave Unit A-C

Sanger, CA 93657

$410,000B-

15 bd · 9.0 ba · 440 sqft · Built 1930 · MultiFamily · Active · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,280/mo
• Mortgage (P&I): −$2,150
• Tax + insurance: −$683
• HOA: −$0
• Vac / Maint / Mgmt: −$1,109
• Net cashflow: $1,338/mo
• Annual: $16,053/yr
• Cap rate: 10.21%
• Cash-on-cash: 13.98%
• DSCR: 1.62
• 1% rule: 1.29%
• Cash to close: $114,800

Investor read

• This is a 3 × 2-bed/1-bath units multifamily listed at $410k. Condition is rated fair.
• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $446/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $410k).
• It's been on market 21 days — a 2% lower offer ($404k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $404k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 58/100 on livability (#668 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A+; Watch: schools C-, employment C-, crime D+.
• Sanger Unified (town): math 22% / reading 62% proficiency, ranked #216 of 517 in CA (top 42%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 151 active listings in the ZIP; solid renter incomes; 2,426 units permitted in Fresno County in 2024 (296 in 5+ unit buildings).
• Fresno County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $115k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 10.2% vs local median 3.6% in Sanger — 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 $5,280/mo this rent would consume 80% of the median local household income ($79k/yr) (locally 878% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is D 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: exterior siding — Significant wear and tear
• Major: landscaping — Overgrown yard and debris
• Major: HVAC/mechanicals — No visible photos, but likely outdated