11639 Snowpeak Way #505

Truckee, CA 96161

$369,000C-

2 bd · 1.5 ba · 824 sqft · Built 1975 · Condo · Active · 41 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,404/mo
• Mortgage (P&I): −$1,935
• Tax + insurance: −$615
• HOA: −$217
• Vac / Maint / Mgmt: −$715
• Net cashflow: $-78/mo
• Annual: $-935/yr
• Cap rate: 6.04%
• Cash-on-cash: -0.91%
• DSCR: 0.96
• 1% rule: 0.92%
• Cash to close: $103,320

Investor read

• This is a 2-bed/1.5-bath condo listed at $369k. Condition is rated good.
• At list price, monthly cash flow is $-78 ($-935/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $340k (7.8% below list).
• It's been on market 41 days — a 3% lower offer ($358k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $340k (7.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 58/100 on livability (#697 in CA) — a working-class tenant base; expect higher turnover. Strengths: employment A+, housing B; Watch: amenities F, commute F, cost of living F.
• Tahoe-Truckee Unified (town): math 44% / reading 56% proficiency, ranked #136 of 517 in CA (top 26%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Truckee Elementary (math 33% / reading 45%, grade F, #656 of 1,571 statewide, top 42%, 451 students, 52% FRL); Alder Creek Middle (math 41% / reading 54%, grade C-, #113 of 498 statewide, top 23%, 538 students, 26% FRL); Tahoe Truckee High (math 47% / reading 62%, grade C-, #256 of 1,170 statewide, top 24%, 890 students, 24% FRL) — zoned schools at 34% FRL track the district average.
• Market conditions: Rents rising fast (+6.6%/yr); 381 active listings in the ZIP; high-income renter base; 215 units permitted in Nevada County in 2024 (0 in 5+ unit buildings).
• Nevada County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 21y ago; this cycle's ask has dropped $30k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $310k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: moderate flood risk; major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.0% vs local median 2.1% in Truckee — 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 31% of the median local income ($132k/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?
• It's been on market 41 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.