2448 S Lewis Ln · Sanger, CA 93657

$325,000

5 bd · 2.0 ba · 2,560 sqft · SingleFamily public records · 4 Days on market

Built 1952 0.38 ac lot Est $468k · 31% under

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +20.0/30.0
• ARV discount +15.0/15.0
• DSCR +6.3/10.0
• 1% rule +4.1/10.0
• Schools +3.7/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

HUD Home! 5 bed/2 bath country style home in Sanger with a lot of potential. The main house includes a living room with wood stove, large kitchen and dining area, and 2 adjoining bedrooms upstairs. The other buildings include a work shop and partially completed living space. This is an amazing opportunity for someone to make this into their dream home.

Key facts

• Garage conversion
• Large lot
• 0.38 acre lot

Tags

• GARAGE CONVERSION
• SCREENED-IN ENCLOSED PATIO
• LARGE LOT
• ADDITIONAL LIVING SPACE

Property features AI

Exterior

• Parking: Carport; Open parking with RV access/potential RV parking; Work/shop area; 1 garage space
• Utilities: Electric meter on site; Public utilities
• Home design: Single-family residence
• Construction: Stucco and brick construction; Composition roof; Concrete foundation; Built with public records as living area source
• Exterior features: Two-story layout; Enclosed patio/porch; Accessory dwelling unit on the property; Urban lot with fruit/nut trees; Lot dimensions approximately 123 x 135

Interior

• Flooring: Hardwood
• Bathrooms: 2 bathrooms
• Heating & cooling: Floor or wall heating units; Wall/window air conditioning units
• Interior features: Hardwood floors; Free-standing fireplace
• Laundry & utility: Indoor laundry

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $325k.

Deal economics

• At list price, monthly cash flow is $397 ($5k/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 $296k (8.8% below list).
• Recommended offer: $296k (8.8% below list) — sets the bar for 1% rule.
• Cap rate 7.8% vs local median 3.6% in Sanger — 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.

Location & tenants

• Location reads 58/100 on livability (#668 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A+; Watch: employment C-, crime D+, amenities F.
• Sanger Unified (town): math 22% / reading 62% proficiency, ranked #216 of 517 in CA (top 42%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Jefferson Elementary (496 students, 90% FRL); Washington Academic Middle (math 10% / reading 10%, grade F, #474 of 498 statewide, top 99%, 1,462 students, 75% FRL); Sanger High (math 24% / reading 66%, grade D-, #425 of 1,170 statewide, top 37%, 2,734 students, 67% FRL).
• Zoned-school proficiency averages 28% at this address vs 42% district-wide (-14 pts) — the specific schools serving this property underperform the Sanger Unified average; the district grade overstates school quality for this exact location.
• Market conditions: 154 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 2,426 units permitted in Fresno County in 2024 (296 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Fresno County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 24y ago 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 $80k; list at $325k implies a 306% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $296,475 (8.8% below list)

Questions for the listing agent

1. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Crime grade is D 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?
4. 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.
5. 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.
6. 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.

Investment metrics

• 1% rule: 0.91% ✗
• Cap rate: 7.76%
• Cash-on-cash: 5.23%
• DSCR: 1.23
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $468,480
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
537 Elizabeth Ave	0.43mi	5/3.5	2,428 (-5%)	14mo	$450,000	$185	54
704 11th St	0.37mi	4/2.5 (-1)	2,462 (-4%)	23mo	$445,000	$181	50
563 Rebeca Ave	0.28mi	4/2.5 (-1)	2,208 (-14%)	23mo	$450,000	$204	38
556 Elizabeth Ave	0.47mi	4/2.0 (-1)	2,208 (-14%)	21mo	$405,000	$183	32
556 Elizabeth Ave	0.47mi	4/2.2 (-1)	2,208 (-14%)	21mo	$405,000	$183	32

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -8.2%
• Equity multiple: 0.70×
• Total profit: $-27,547
• Equity at exit: $48,459

10-year hold

• IRR: 1.2%
• Equity multiple: 1.09×
• Total profit: $7,967
• Equity at exit: $28,100

Cash invested: $91,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 93657

• Active inventory: 154
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $2,965 medium
• Mortgage (P&I): −$1,704
• Tax from tax record: −$106 /mo · $1,270/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$623
• Net cashflow: $397

Break-even live

Break-even rent $2,463

Max offer price $325,000

Occupancy floor 82%

Sensitivity live

Price	-10% $581	-5% $489	+0% $397	+5% $305	+10% $213
Rent	-10% $162	-5% $279	+0% $397	+5% $514	+10% $631
Rate	-1.0pp $560	-0.5pp $479	base $397	+0.5pp $312	+1.0pp $227

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
812 N St Unit A Sanger, CA	4.0	2.0	2354	$2,300	$0.98	4d	1	1.01mi
812 N St Sanger, CA	4.0	2.0	2354	$2,300	$0.98	4d	1	1.03mi

Listing history 3 events

1. 2026-06-21
   days on market $325,000 Active 4 DOM
2. 2026-06-17
   remarks 699-char remark
3. 2026-06-17
   listed $325,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $1,270 · $106/mo
• Projected year-2 tax: $2,470 · $206/mo
• Expected delta: +$1,200/yr (+$100/mo · 94.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 9/10 Extreme
• 🌡 Heat 8/10 Severe 7 d/yr ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 55 unhealthy d/yr today · 62 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,577
• − Mortgage interest: −$18,205
• − Property taxes: −$1,270
• − Insurance: −$1,625
• − Repairs & maintenance: −$2,846
• − Management: −$2,846
• − Depreciation: −$9,455
• Taxable loss: −$670
• Est. tax savings @ 24.0%: +$161
• After-tax cash flow: $4,920/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Sanger Unified
• NCES district ID: 0635250
• Math proficiency: 22% ▼ -21.00%
• Reading proficiency: 62% ▲ 9.00%
• Median HH income: $57,180
• Composite: 36.67/100
• National rank: #4608
• State rank: #216 of 517 in CA

Livability — Sanger

• Score: 58/100
• State rank: #668
• US rank: #20675

Category grades

Amenities F Commute F Cost of living F Crime D+ Employment C- Housing A+ Health & safety F User ratings B

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Fresno County · 834,801 people
• City population: 36,205
• Metro: Fresno, CA
• Population (ZIP): 36,205
• Household income: $78,904
• Rent vs Own: 31.5% rent · 68.5% own
• Severe rent burden: 878.0

Population outlook (Fresno County) Hauer SSP2

• Today (2025): 1,042,971 people
• By 2030: 1,072,198 · +2.8%
• By 2040: 1,122,408 · +7.6%
• By 2050: 1,157,251 · +11.0%
• By 2075: 1,182,575 · +13.4%
• By 2100: 1,105,899 · +6.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (68%)
• Race & ethnicity: Hispanic / Latino 68% White 25% Two or more races 17% Asian 5% Native American 2%
• Hispanic origin (detail): Mexican 64%
• Common ancestry: Russian 1% Italian 1% Iranian 1%
• Foreign-born: 19% · Canada, China
• Languages at home: 52% English-only · Spanish 44% Other Asian/Pacific 2% Other Indo-European 1%

Political lean MEDSL · Fresno

• 2024 margin: Toss-up / Even · D 46.5% · R 50.9% · Other 2.6%
• 2008→2024 swing: -6.5pp toward R · 2008: 2.1pp · 2024: -4.4pp
• All cycles: 2024: R+4.4 2020: D+7.8 2016: D+3.9 2012: R+2.9 2008: D+2.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -254.86%
• Current HPI: 366.3783
• Rent YoY: —
• Metro: Fresno, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+137.7% since first listed

13 events — show timeline

• 2026-06-17 Listed $325,000 FRESNOMLS
• 2013-03-15 Price Changed $79,000 FRESNOMLS
• 2013-03-14 Sold (MLS) $80,000 CRMLS
• 2013-03-14 Sold (MLS) $80,000 FRESNOMLS
• 2012-11-06 Listing Removed — CRMLS
• 2012-11-06 Delisted — FRESNOMLS
• 2012-11-05 Listed $79,000 CRMLS
• 2012-10-19 Listed $80,000 FRESNOMLS
• 2003-03-13 Sold (Public Records) $137,000 Public Records
• 2003-03-13 Sold (MLS) $136,750 FRESNOMLS
• 2003-01-02 Delisted — FRESNOMLS
• 2003-01-02 Price Changed $145,000 FRESNOMLS
• 2002-08-10 Listed $136,750 FRESNOMLS

Property tax history

+3.3%/yr

Latest (2025): $1,270 · +6.2% YoY. Source: county tax records.