112 Aspen

Bodfish, CA 93205

$149,000C+

2 bd · 2.0 ba · 1,152 sqft · Built 1965 · SingleFamily · Active · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,423/mo
• Mortgage (P&I): −$781
• Tax + insurance: −$192
• HOA: −$0
• Vac / Maint / Mgmt: −$299
• Net cashflow: $151/mo
• Annual: $1,812/yr
• Cap rate: 7.51%
• Cash-on-cash: 4.34%
• DSCR: 1.19
• 1% rule: 0.96%
• Cash to close: $41,720

Investor read

• This is a 2-bed/2.0-bath single-family listed at $149k.
• At list price, monthly cash flow is $151 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $142k (4.5% below list).
• It's been on market 29 days — a 2% lower offer ($147k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $142k (4.5% below list) — sets the bar for 1% rule.
• In year one you build about $15k of equity ($1k loan paydown + $14k appreciation (9.3% local appreciation)).
• Location reads 48/100 on livability (#1,207 in CA) — a working-class tenant base; expect higher turnover. Strengths: cost of living B+; Watch: housing D+, amenities F, commute F.
• Kernville Union Elementary (rural): math 20% / reading 37% proficiency, ranked #1,128 of 1,400 in CA (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Woodrow W. Wallace Elementary (418 students, 86% FRL); Woodrow Wallace Middle (273 students, 81% FRL); Kern Valley High (reading 75%, 466 students, 72% FRL).
• Market conditions: 36 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 3,244 units permitted in Kern County in 2024 (73 in 5+ unit buildings).
• Kern County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $98k; list at $149k implies a 53% gain — meaningful room to come down on a strong offer.
• At projected returns (9.3% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 12→31/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.5% vs local median 5.9% in Bodfish — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Questions for listing agent

• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.