1500 Hanna Ave Ave · Corcoran, CA 93212

$245,000

4 bd · 2.0 ba · 1,744 sqft · SingleFamily public records · 90 Days on market

Built 1972 8,093 sqft lot Est $323k · 24% under ↓ 18% since listing

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Why this score? — see what drove the C+ 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 +18.9/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +6.0/10.0
• 1% rule +3.9/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0

Listing remarks

Charming Home with Endless Potential in the Heart of Corcoran! Welcome to 1500 Hanna Avenue — where comfort, character, and opportunity meet! This spacious 4-bedroom, 2 1/2-bath home offers 1,744 sq. ft. of living space, designed for families who love to gather, create, and grow. Built in 1972, this home carries timeless charm and solid craftsmanship — ready for your modern touch to make it shine again! Step inside to find an inviting layout perfect for both relaxing evenings and weekend entertaining. Outside, you'll find a detached 2-car garage complete with a built-in shop and air compressor — a dream setup for any hobbyist, mechanic, or DIY enthusiast. Need space fo

Key facts

• Rv access
• Spacious patio area
• Built in shop

Tags

• DETACHED 2 CAR GARAGE
• BUILT IN SHOP
• RV ACCESS
• PARKING IN BACKYARD
• SPACIOUS PATIO AREA
• MINUTES FROM DOWNTOWN CORCORAN

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $245k.

Deal economics

• At list price, monthly cash flow is $253 ($3k/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 $217k (11.4% below list).
• Recommended offer: $217k (11.4% below list) — sets the bar for 1% rule.
• Cap rate 7.5% vs local median 4.2% in Corcoran — 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 49/100 on livability (#1,161 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A+; Watch: crime D, schools F, amenities F.
• Corcoran Joint Unified (town): math 12% / reading 30% proficiency, ranked #464 of 517 in CA (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 66 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 741 units permitted in Kings County in 2024 (307 in 5+ unit buildings).

Forward outlook

• In year one you build about $26k of equity ($2k loan paydown + $24k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $69k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($230k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate 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 $216,996 (11.4% below list)

Questions for the listing agent

1. It's been on market 90 days. Have you received any prior offers? Is the seller open to a 11% 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 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?
6. 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?
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: 0.89% ✗
• Cap rate: 7.53%
• Cash-on-cash: 4.43%
• DSCR: 1.20
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $322,640
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1233 Chase Ave	0.42mi	4/2.0	1,688 (-3%)	8mo	$315,000	$187	69
1424 Norboe Ave	0.49mi	4/2.0	1,722 (-1%)	14mo	$265,000	$154	63
2104 Bell Ave	0.53mi	4/2.0	1,579 (-10%)	0mo	$325,000	$206	59
2117 Circle Dr	0.64mi	3/1.5 (-1)	1,665 (-4%)	9mo	$280,000	$168	48
2312 Brokaw Ave	0.62mi	4/2.0	1,600 (-8%)	11mo	$350,000	$219	48
516 Josephine Ave	0.50mi	4/2.0	1,510 (-13%)	12mo	$338,000	$224	45
2217 Philip Ave	0.73mi	3/2.0 (-1)	1,832 (+5%)	18mo	$330,000	$180	38
1240 Flory Ave Ave	0.58mi	3/2.0 (-1)	1,605 (-8%)	20mo	$285,000	$178	37
1721 Letts Ave	0.61mi	3/2.0 (-1)	1,580 (-9%)	17mo	$259,900	$164	37
1502 Sequoia Ave	0.75mi	4/2.0	1,574 (-10%)	17mo	$339,900	$216	35
1712 Letts Ave Ave	0.60mi	3/2.0 (-1)	1,485 (-15%)	11mo	$265,000	$178	33
1707 Heffner Ave	0.60mi	3/2.0 (-1)	1,918 (+10%)	22mo	$355,000	$185	32

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 27.5%
• Equity multiple: 3.18×
• Total profit: $149,459
• Equity at exit: $220,715

10-year hold

• IRR: 24.0%
• Equity multiple: 7.23×
• Total profit: $427,225
• Equity at exit: $475,981

Cash invested: $68,600 (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 93212

• Home prices YoY: 6.5%
• Active inventory: 66
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $2,170 medium
• Mortgage (P&I): −$1,285
• Tax from tax record: −$74 /mo · $888/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$456
• Net cashflow: $253

Break-even live

Break-even rent $1,849

Max offer price $245,000

Occupancy floor 83%

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1696 Hume Lake Ave Corcoran, CA	3.0	2.0	1213	$2,000	$1.65	13d	1	0.91mi
1732 Sequoia Ave Corcoran, CA	4.0	3.0	1800	$2,300	$1.28	13d	1	0.97mi

Listing history 5 events

1. 2026-01-29
   status Pending
2. 2025-12-09
   price $245,000
3. 2025-10-17
   listed $275,000 Active
4. 2025-07-25
   price $290,000
5. 2025-04-12
   price $300,000

ⓘ 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: $888 · $74/mo
• Projected year-2 tax: $1,862 · $155/mo
• Expected delta: +$974/yr (+$81/mo · 109.6%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 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 36 unhealthy d/yr today · 38 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,040
• − Mortgage interest: −$13,724
• − Property taxes: −$888
• − Insurance: −$1,225
• − Repairs & maintenance: −$2,083
• − Management: −$2,083
• − Depreciation: −$7,127
• Taxable loss: −$1,091
• Est. tax savings @ 24.0%: +$262
• After-tax cash flow: $3,302/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: Corcoran Joint Unified
• NCES district ID: 0609690
• Math proficiency: 12% ▼ -12.00%
• Reading proficiency: 30% ▼ -8.00%
• Median HH income: $34,649
• Composite: 17.2/100
• National rank: #9103
• State rank: #464 of 517 in CA

Livability — Corcoran

• Score: 49/100
• State rank: #1161
• US rank: #25849

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Corcoran, CA
• Population (ZIP): 23,407

Population outlook (Kings County) Hauer SSP2

• Today (2025): 147,136 people
• By 2030: 145,623 · -1.0%
• By 2040: 146,017 · -0.8%
• By 2050: 145,239 · -1.3%
• By 2075: 131,479 · -10.6%
• By 2100: 103,967 · -29.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (74%)
• Race & ethnicity: Hispanic / Latino 74% Two or more races 25% White 12% Black 10% Native American 3% Asian 1%
• Hispanic origin (detail): Mexican 68% Puerto Rican 2%
• Common ancestry: Russian 1%
• Foreign-born: 24% · Canada
• Languages at home: 49% English-only · Spanish 49%

Political lean MEDSL · Kings

• 2024 margin: Strong R (+23.0) · D 37.4% · R 60.4% · Other 2.2%
• 2008→2024 swing: -8.9pp toward R · 2008: -14.1pp · 2024: -23.0pp
• All cycles: 2024: R+23.0 2020: R+12.2 2016: R+14.1 2012: R+16.3 2008: R+14.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 24.86%
• Current HPI: 405.1924
• Rent YoY: —
• Metro: —
• 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

-18.3% since first listed

5 events — show timeline

• 2026-01-29 Pending — TCMLS
• 2025-12-09 Price Changed $245,000 TCMLS
• 2025-10-17 Listed $275,000 TCMLS
• 2025-07-25 Price Changed $290,000 TCMLS
• 2025-04-12 Price Changed $300,000 TCMLS

Property tax history

+2.6%/yr

Latest (2025): $888 · +2.7% YoY. Source: county tax records.