19690 N Highway 99 #164

Lodi, CA 95220

$116,000B

2 bd · 2.0 ba · 1,392 sqft · Built 1980 · Manufactured · Pending · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,250/mo
• Mortgage (P&I): −$608
• Tax + insurance: −$193
• HOA: −$0
• Vac / Maint / Mgmt: −$472
• Net cashflow: $976/mo
• Annual: $11,708/yr
• Cap rate: 16.39%
• Cash-on-cash: 36.05%
• DSCR: 2.60
• 1% rule: 1.94%
• Cash to close: $32,480

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $116k. Condition is rated fair.
• At list price, monthly cash flow is $976 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $116k).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $802 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 58/100 on livability (#730 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A; Watch: schools C-, crime F, amenities F.
• Lodi Unified (urban): math 24% / reading 36% proficiency, ranked #325 of 517 in CA (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 38 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 3,779 units permitted in San Joaquin County in 2024 (0 in 5+ unit buildings).
• San Joaquin County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk; extreme-heat days projected 6→13/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 16.4% vs local median 3.0% in Lodi — 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.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: exterior siding — Significant wear and tear
• Major: exterior paint — Peeling and chipping
• Minor: exterior roof — No visible damage
• Major: interior paint — Worn and peeling
• Minor: kitchen countertops — Standard and outdated
• Minor: bathroom tile — Standard and outdated