4372 N Cornelia Ave

Fresno, CA 93722

$295,000D

3 bd · 2.0 ba · 1,155 sqft · Built 1984 · SingleFamily · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,197/mo
• Mortgage (P&I): −$1,547
• Tax + insurance: −$211
• HOA: −$0
• Vac / Maint / Mgmt: −$461
• Net cashflow: $-22/mo
• Annual: $-267/yr
• Cap rate: 6.20%
• Cash-on-cash: -0.32%
• DSCR: 0.99
• 1% rule: 0.74%
• Cash to close: $82,600

Investor read

• This is a 3-bed/2.0-bath single-family listed at $295k.
• At list price, monthly cash flow is $-22 ($-267/yr) — negative.
• To cash-flow at today's rent, offer at most $291k (1.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $220k (25.5% below list).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $220k (25.5% 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 $9k of value loss. Plan a longer hold.
• 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+, crime F.
• Central Unified (urban): math 18% / reading 40% proficiency, ranked #345 of 517 in CA (top 67%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: John Steinbeck Elementary (683 students, 86% FRL); Glacier Point Middle (math 24% / reading 75%, grade C, #98 of 498 statewide, top 21%, 873 students, 86% FRL); Central East High (math 20% / reading 41%, grade F, #710 of 1,170 statewide, top 61%, 2,061 students, 82% FRL) — zoned schools average 85% FRL vs 58% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.8%/yr); 194 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,426 units permitted in Fresno County in 2024 (296 in 5+ unit buildings).
• Fresno County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $60k; list at $295k implies a 392% gain — meaningful room to come down on a strong offer.
• 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.
• Cap rate 6.2% 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.
• This rent runs 33% of the median local income ($80k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.