213 N Fred Height #18 Dr

Smith River, CA 95567

$82,500B-

2 bd · 1.0 ba · 784 sqft · Built 1990 · Manufactured · Active · 100 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,018/mo
• Mortgage (P&I): −$433
• Tax + insurance: −$204
• HOA: −$0
• Vac / Maint / Mgmt: −$214
• Net cashflow: $168/mo
• Annual: $2,015/yr
• Cap rate: 9.70%
• Cash-on-cash: 12.18%
• DSCR: 1.54
• 1% rule: 1.23%
• Cash to close: $23,100

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $82k. Condition is rated fair.
• At list price, monthly cash flow is $168 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $82k).
• It's been on market 100 days — a 9% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $75k (9.0% below list) — sets the bar for market timing.
• In year one you build about $882 of equity ($570 loan paydown + $312 appreciation (0.4% local appreciation)).
• Location reads 59/100 on livability (#640 in CA) — a working-class tenant base; expect higher turnover. Strengths: employment A+, housing A+; Watch: health & safety C-, schools F, crime F.
• Del Norte County Unified (town): math 25% / reading 36% proficiency, ranked #1,047 of 1,400 in CA (top 75%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 45 active listings in the ZIP; 55 units permitted in Del Norte County in 2024 (22 in 5+ unit buildings).
• Del Norte County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (0.4% appreciation + 3.0% rent growth), your $23k cash investment doubles in ~7 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 100 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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 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?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — The roof appears to be in poor condition, with visible wear and tear.
• Minor: exterior siding — The exterior siding appears to have some discoloration and wear, which may be due to age and exposure to the elements.
• Minor: exterior fencing — The exterior fencing appears to have some wear and tear, which may be due to age and exposure to the elements.
• Minor: landscaping — The landscaping appears to have some overgrown areas, which may need trimming and maintenance.