23858 Fiddletown Rd

Lockwood, CA 95689

$225,000D

1 bd · 1.0 ba · 896 sqft · Built 1974 · SingleFamily · Pending · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,895/mo
• Mortgage (P&I): −$1,180
• Tax + insurance: −$183
• HOA: −$0
• Vac / Maint / Mgmt: −$398
• Net cashflow: $133/mo
• Annual: $1,600/yr
• Cap rate: 7.00%
• Cash-on-cash: 2.54%
• DSCR: 1.11
• 1% rule: 0.84%
• Cash to close: $63,000

Investor read

• This is a 1-bed/1.0-bath single-family listed at $225k.
• At list price, monthly cash flow is $133 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $189k (15.8% below list).
• It's been on market 20 days — a 2% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $189k (15.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#455 in CA) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A-, commute B; Watch: crime F, amenities F, cost of living F.
• Amador County Unified (town): math 23% / reading 37% proficiency, ranked #330 of 517 in CA (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Sutter Creek Elementary (math 32% / reading 37%, grade F, #719 of 1,571 statewide, top 48%, 380 students, 38% FRL); Ione Junior High (math 14% / reading 34%, grade F, #364 of 498 statewide, top 74%, 393 students, 40% FRL); Amador High (math 17% / reading 42%, grade F, #750 of 1,170 statewide, top 66%, 702 students, 35% FRL) — zoned schools at 38% FRL track the district average.
• Market conditions: 32 active listings in the ZIP; 66 units permitted in Amador County in 2024 (0 in 5+ unit buildings).
• Amador County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $125k; list at $225k implies a 80% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1974 — 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.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• 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.
• 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.