5055 N Wishon Ave Unit A-FIK

Fresno, CA 93704

$2,000,000F

18 bd · 16.2 ba · 13,650 sqft · Built 1966 · Condo · Active · 160 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,774/mo
• Mortgage (P&I): −$10,488
• Tax + insurance: −$3,333
• HOA: −$1,758
• Vac / Maint / Mgmt: −$582
• Net cashflow: $-13,388/mo
• Annual: $-160,661/yr
• Cap rate: -1.74%
• Cash-on-cash: -28.69%
• DSCR: -0.28
• 1% rule: 0.14%
• Cash to close: $560,000

Investor read

• This is a 18-bed/16.2-bath condo listed at $2.00M. Condition is rated good.
• At list price, monthly cash flow is $-13k ($-161k/yr) — negative.
• To cash-flow at today's rent, offer at most $317k (84.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $277k (86.1% below list).
• It's been on market 160 days — a 12% lower offer ($1.76M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $277k (86.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $14k of loan paydown is wiped out by about $60k 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.
• Fresno Unified (urban): math 18% / reading 47% proficiency, ranked #327 of 517 in CA (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Kratt Elementary (562 students, 79% FRL); Tenaya Middle (816 students, 66% FRL); Bullard High (math 28% / reading 55%, grade F, #498 of 1,170 statewide, top 43%, 2,492 students, 60% FRL).
• Watch-outs: HOA is 63% of rent.
• Market conditions: Rents rising (+3.0%/yr); 213 active listings in the ZIP; 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.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate -1.7% vs local median 3.8% in Fresno — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• At $2,774/mo this rent would consume 45% of the median local household income ($73k/yr) — very limited rent-growth headroom before tenants either downsize or default.

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 160 days. Have you received any prior offers? Is the seller open to a 86% concession, seller financing, or rate buy-down credit?
• Built in 1966 — 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?