1941 N Golden State Blvd #33 · Fresno, CA 93705

$28,000

1 bd · 1.0 ba · 500 sqft · Manufactured · 85 Days on market

Built 1965 Fair condition $56/sqft · 65% below area ↓ 14% since listing

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +3.8/5.0
• Livability +3.1/5.0
• Schools +2.7/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Key facts

• Community pool
• Built 1965
• Listed 85 days

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath manufactured listed at $28k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $808 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $28k).
• Recommended offer: $26k (6.0% below list) — sets the bar for market timing.
• Cap rate 40.9% vs local median 3.7% in Fresno — 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 62/100 on livability (#469 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+; Watch: amenities D+, employment D+, schools D.
• Fresno Unified (urban): math 18% / reading 47% proficiency, ranked #327 of 517 in CA (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.2%/yr); 96 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 2,426 units permitted in Fresno County in 2024 (296 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $194 of loan paydown is wiped out by about $840 of value loss. Plan a longer hold.
• 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 + 5.2% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 85 days — a 6% lower offer ($26k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $26,320 (6.0% below list)

Questions for the listing agent

1. It's been on market 85 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 4.53% ✓
• Cap rate: 40.94%
• Cash-on-cash: 123.72%
• DSCR: 6.50
• GRM: 1.8

CMA / ARV

• ARV (median comp): $80,787
• List price: $28,000
• Delta: -65.34%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.19% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.35×
• Total profit: $49,820
• Equity at exit: $4,175

10-year hold

• IRR: —
• Equity multiple: 16.56×
• Total profit: $122,006
• Equity at exit: $2,421

Cash invested: $7,840 (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 93705

• Rents YoY: 5.2%
• Active inventory: 96
• Price-to-rent: 1.8×

Monthly cashflow live

• Estimated rent: $1,268 high
• Mortgage (P&I): −$147
• Tax est. 1.5%: −$35 /mo · $420/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$266
• Net cashflow: $808

Break-even live

Break-even rent $245

Max offer price $28,000

Occupancy floor 31%

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: $7,000
• Closing costs: $840
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2130 N Marks Ave Fresno, CA	2.0–4.0	1.0–2.0	900	$1,595	$1.77	1d	5	0.43mi
2212 N Marks Ave Fresno, CA	1.0–2.0	1.0	671	$1,265	$1.89	1d	2	0.46mi
2087 N Marks Ave Fresno, CA	1.0	1.0	700	$1,350	$1.93	2d	1	0.55mi
849 W Cambridge Ave Fresno, CA	1.0	1.0	700	$1,150	$1.64	23d	1	0.75mi
3166 W Princeton Ave Fresno, CA	2.0	1.0	730	$1,300	$1.78	1d	2	0.94mi
1584 N Carruth Ave Unit B Fresno, CA	1.0	1.0	520	$1,250	$2.40	43d	1	0.95mi
3165 W Shields Ave Fresno, CA	2.0	1.0	565	$1,175	$2.08	1d	1	1.01mi
3207 W Shields Ave Fresno, CA	1.0–3.0	1.0–2.0	959	$1,210	$1.26	1d	3	1.07mi
610 W Hammond Ave Unit 614 Fresno, CA	2.0	1.0	750	$1,295	$1.73	1d	1	1.09mi
534 W Hedges Ave Unit 534 Fresno, CA	1.0	1.0	660	$1,200	$1.82	1d	1	1.09mi
1324 N Farris Ave Unit C Fresno, CA	—	1.0	500	$975	$1.95	11d	1	1.40mi

Listing history 16 events

1. 2026-06-18
   days on market $28,000 Active 85 DOM
2. 2026-06-17
   days on market $28,000 Active 84 DOM
3. 2026-06-16
   days on market $28,000 Active 83 DOM
4. 2026-06-15
   days on market $28,000 Active 82 DOM
5. 2026-06-13
   days on market $28,000 Active 80 DOM
6. 2026-06-10
   days on market $28,000 Active 77 DOM
7. 2026-06-09
   days on market $28,000 Active 76 DOM
8. 2026-06-08
   days on market $28,000 Active 75 DOM
9. 2026-06-07
   days on market $28,000 Active 74 DOM
10. 2026-06-05
    days on market $28,000 Active 71 DOM
11. 2026-06-03
    days on market $28,000 Active 70 DOM
12. 2026-06-02
    days on market $28,000 Active 69 DOM
13. 2026-06-01
    days on market $28,000 Active 68 DOM
14. 2026-05-31
    days on market $28,000 Active 67 DOM
15. 2026-04-16
    price $30,000
16. 2026-03-24
    listed $35,000 Active

ⓘ 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 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 48 unhealthy d/yr today · 50 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,218
• − Mortgage interest: −$1,568
• − Property taxes: −$420
• − Insurance: −$140
• − Repairs & maintenance: −$1,217
• − Management: −$1,217
• − Depreciation: −$815
• Taxable income: $9,840
• Est. tax owed @ 24.0%: −$2,362
• After-tax cash flow: $7,338/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 · 7 photos

Fair 45/100 Moderate rehab

This manufactured home requires moderate renovations to improve its exterior, interior, and curb appeal, significantly increasing its resale and rental value.

Repairs flagged

• Major exterior siding — Severe weathering and peeling
• Major kitchen cabinets — Outdated and small
• Major bathroom fixtures — Outdated and small

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value
• Both Replace carpet — Improves comfort and value
• Both Paint interior walls — Freshens the space and adds value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Severe weathering and peeling	Major	$15,000–50,000
kitchen cabinets · Outdated and small	Major	$15,000–50,000
bathroom fixtures · Outdated and small	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Replace carpet — Improves comfort and value ↑
• Both Paint interior walls — Freshens the space and adds value ↑

ⓘ 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: Fresno Unified
• NCES district ID: 0614550
• Math proficiency: 18% ▼ -12.00%
• Reading proficiency: 47% ▲ 9.00%
• Median HH income: $36,095
• Composite: 26.83/100
• National rank: #7111
• State rank: #327 of 517 in CA

Livability — Fresno

• Score: 62/100
• State rank: #469
• US rank: #15907

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fresno, CA
• County: Fresno County · 834,801 people
• City population: 593,114
• Metro: Fresno, CA
• Population (ZIP): 38,888
• Household income: $57,003
• Rent vs Own: 52.6% rent · 47.4% own
• Severe rent burden: 2217.0

Population outlook (Fresno County) Hauer SSP2

• Today (2025): 1,042,971 people
• By 2030: 1,072,198 · +2.8%
• By 2040: 1,122,408 · +7.6%
• By 2050: 1,157,251 · +11.0%
• By 2075: 1,182,575 · +13.4%
• By 2100: 1,105,899 · +6.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: Hispanic / Latino 62% Two or more races 34% White 22% Black 6% Asian 6% Native American 2%
• Hispanic origin (detail): Mexican 60%
• Common ancestry: Lithuanian 1% Iranian 1% Russian 1%
• Foreign-born: 13% · Canada, China
• Languages at home: 61% English-only · Spanish 34% Other Asian/Pacific 2% Other Indo-European 1%

Political lean MEDSL · Fresno

• 2024 margin: Toss-up / Even · D 46.5% · R 50.9% · Other 2.6%
• 2008→2024 swing: -6.5pp toward R · 2008: 2.1pp · 2024: -4.4pp
• All cycles: 2024: R+4.4 2020: D+7.8 2016: D+3.9 2012: R+2.9 2008: D+2.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -331.23%
• Current HPI: 399.0061
• Rent YoY: ▲ 5.19%
• Metro: Fresno, 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

-14.3% since first listed

2 events — show timeline

• 2026-04-16 Price Changed $30,000 FRESNOMLS
• 2026-03-24 Listed $35,000 FRESNOMLS