2459 N Oaks St #28 · Tulare, CA 93274

$62,500

2 bd · 2.0 ba · 1,440 sqft · Land · 164 Days on market

Built 1987 ↓ 37% since listing

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.2/5.0
• Schools +3.0/10.0
• Livability +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Lovely Home on a Corner Lot with Spacious Bedrooms and Open Floor Plan! This charming home is located within a gated community that offers a host of amenities, including a beautiful swimming pool and clubhouse. Monthly park rent is $725, with additional fees for sewer ($32.91) and trash ($14.18) . Upon opening escrow, buyers are required to complete an application with the park, showing proof of income at least three times the monthly rent ($2325.00). Note: All information should be verified by the buyer's satisfaction before close of escrow.

Key facts

• Gated community
• Clubhouse
• Swimming pool

Tags

• CORNER LOT
• GATED COMMUNITY
• SWIMMING POOL
• CLUBHOUSE

Property features AI

Finance

• Other: Located in North Oaks Estates (directions: From N M St turn West onto North Oaks St then West into park; home is to your left on the southwest corner)

Exterior

• Utilities: Public water; Public sewer; Electricity connected; Natural gas connected/available; Water connected; Sewer connected
• Home design: Manufactured in-park home (double wide); Faces south; No one above
• Construction: Lap siding exterior; Raised foundation; Composition roof; Mobile home dimensions approximately 24' x 60'
• Exterior features: Private and community pool access

Interior

• Kitchen: Disposal; Gas oven; Oven; Refrigerator
• Flooring: Carpet; Linoleum
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Central air conditioning; Natural gas heating
• Interior features: Disposal; Gas oven; Oven; Refrigerator

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath land listed at $62k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $62k).
• Recommended offer: $55k (12.0% below list) — sets the bar for market timing.
• Cap rate 30.7% vs local median 3.3% in Tulare — 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 58/100 on livability (#701 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A+; Watch: commute C-, employment D+, schools D-.
• Tulare Joint Union High (suburban): math 18% / reading 52% proficiency, ranked #280 of 517 in CA (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.7%/yr); 352 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 1,447 units permitted in Tulare County in 2024 (307 in 5+ unit buildings).
• This rent runs 34% of the median local income ($73k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $432 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Tulare County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 2.7% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 164 days — a 12% lower offer ($55k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $55,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 164 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 3.32% ✓
• Cap rate: 30.66%
• Cash-on-cash: 87.03%
• DSCR: 4.87
• GRM: 2.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.67% rent growth · sell at horizon

5-year hold

• IRR: 87.2%
• Equity multiple: 5.00×
• Total profit: $70,012
• Equity at exit: $9,319

10-year hold

• IRR: 90.2%
• Equity multiple: 10.27×
• Total profit: $162,224
• Equity at exit: $5,404

Cash invested: $17,500 (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 93274

• Rents YoY: 2.7%
• Active inventory: 352
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $2,073 medium
• Mortgage (P&I): −$328
• Tax from tax record: −$14 /mo · $173/yr
• Insurance: −$26
• HOA: −$0
• Vacancy / Maint / Mgmt: −$435
• Net cashflow: $1,269

Break-even live

Break-even rent $466

Max offer price $62,500

Occupancy floor 34%

Sensitivity live

Price	-10% $1,305	-5% $1,287	+0% $1,269	+5% $1,251	+10% $1,234
Rent	-10% $1,105	-5% $1,187	+0% $1,269	+5% $1,351	+10% $1,433
Rate	-1.0pp $1,301	-0.5pp $1,285	base $1,269	+0.5pp $1,253	+1.0pp $1,236

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: $15,625
• Closing costs: $1,875
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1989 N Oaks St Tulare, CA	3.0	2.5	1590	$2,195	$1.38	14d	1	0.43mi
1927 N Oaks St Tulare, CA	3.0	2.5	1590	$2,050	$1.29	14d	1	0.46mi
1919 N Oaks St Tulare, CA	3.0	3.0	1380	$2,325	$1.68	14d	1	0.47mi
1170 N Petaluma St Tulare, CA	3.0	2.0	1547	$2,200	$1.42	22d	1	1.21mi

Listing history 21 events

1. 2026-06-03
   status $62,500 Pending 164 DOM
2. 2026-06-02
   days on market $62,500 Active 164 DOM
3. 2026-06-01
   days on market $62,500 Active 163 DOM
4. 2026-05-31
   days on market $62,500 Active 162 DOM
5. 2026-05-30
   days on market $62,500 Active 161 DOM
6. 2026-04-02
   price $62,500
7. 2026-01-29
   price $70,000
8. 2025-12-20
   listed $75,000 Active
9. 2025-09-30
   price $75,000
10. 2025-09-10
    price $78,900
11. 2025-08-17
    price $80,000
12. 2025-07-28
    price $81,000
13. 2025-06-06
    price $82,000
14. 2025-05-08
    price $83,000
15. 2025-05-07
    price $84,000
16. 2025-04-24
    price $85,000
17. 2025-04-04
    price $86,000
18. 2025-03-26
    price $87,000
19. 2025-03-13
    price $89,000
20. 2025-02-12
    price $95,000
21. 2024-12-12
    price $99,000

ⓘ 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: $173 · $14/mo
• Projected year-2 tax: $475 · $40/mo
• Expected delta: +$302/yr (+$25/mo · 174.7%)

ⓘ 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 · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 33 unhealthy d/yr today · 38 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,872
• − Mortgage interest: −$3,501
• − Property taxes: −$173
• − Insurance: −$312
• − Repairs & maintenance: −$1,990
• − Management: −$1,990
• − Depreciation: −$1,818
• Taxable income: $15,088
• Est. tax owed @ 24.0%: −$3,621
• After-tax cash flow: $11,609/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: Tulare Joint Union High
• NCES district ID: 0639930
• Math proficiency: 18% ▼ -6.00%
• Reading proficiency: 52% ▼ -1.00%
• Median HH income: $46,858
• Composite: 29.91/100
• National rank: #6384
• State rank: #280 of 517 in CA

Livability — Tulare

• Score: 58/100
• State rank: #701
• US rank: #21185

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Tulare, CA
• County: Tulare County · 323,826 people
• City population: 80,026
• Metro: Visalia, CA
• Population (ZIP): 80,026
• Household income: $72,650
• Rent vs Own: 42.9% rent · 57.1% own
• Severe rent burden: 2393.0

Population outlook (Tulare County) Hauer SSP2

• Today (2025): 484,681 people
• By 2030: 496,241 · +2.4%
• By 2040: 518,507 · +7.0%
• By 2050: 534,920 · +10.4%
• By 2075: 548,417 · +13.2%
• By 2100: 513,085 · +5.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Hispanic (64%)
• Race & ethnicity: Hispanic / Latino 64% White 29% Two or more races 24% Asian 2% Black 2%
• Hispanic origin (detail): Mexican 60%
• Common ancestry: Russian 7% Iranian 1% Italian 1%
• Foreign-born: 19% · Canada, Vietnam
• Languages at home: 52% English-only · Spanish 42% Other Indo-European 3% Other Asian/Pacific 1%

Political lean MEDSL · Tulare

• 2024 margin: Strong R (+20.7) · D 38.5% · R 59.2% · Other 2.3%
• 2008→2024 swing: -5.4pp toward R · 2008: -15.3pp · 2024: -20.7pp
• All cycles: 2024: R+20.7 2020: R+7.8 2016: R+12.1 2012: R+17.8 2008: R+15.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -402.03%
• Current HPI: 316.0806
• Rent YoY: ▲ 2.67%
• Metro: Visalia, 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

-36.9% since first listed

16 events — show timeline

• 2026-04-02 Price Changed $62,500 TCMLS
• 2026-01-29 Price Changed $70,000 TCMLS
• 2025-12-20 Listed $75,000 TCMLS
• 2025-09-30 Price Changed $75,000 TCMLS
• 2025-09-10 Price Changed $78,900 TCMLS
• 2025-08-17 Price Changed $80,000 TCMLS
• 2025-07-28 Price Changed $81,000 TCMLS
• 2025-06-06 Price Changed $82,000 TCMLS
• 2025-05-08 Price Changed $83,000 TCMLS
• 2025-05-07 Price Changed $84,000 TCMLS
• 2025-04-24 Price Changed $85,000 TCMLS
• 2025-04-04 Price Changed $86,000 TCMLS
• 2025-03-26 Price Changed $87,000 TCMLS
• 2025-03-13 Price Changed $89,000 TCMLS
• 2025-02-12 Price Changed $95,000 TCMLS
• 2024-12-12 Price Changed $99,000 TCMLS

Property tax history

-2.7%/yr

Latest (2021): $173 · -4.1% YoY. Source: county tax records.