1875 Cherokee Dr #4 · Salinas, CA 93906

$299,000

3 bd · 1.5 ba · 952 sqft · Condo public records · 6 Days on market

Built 1984 $595/mo HOA · 20% of rent

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Why this score? — see what drove the D 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 +11.8/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• Rent growth +3.7/5.0
• DSCR +3.5/10.0
• Livability +3.2/5.0
• Schools +3.0/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Here’s the truth—most buyers are chasing “move-in ready, ” which means they’re also paying a premium for someone else’s taste. This one? It’s different. This is where value is created. Welcome to Northgate Village—where opportunity meets location. This rare 3-bedroom, 1.5-bath condo stands out in a market where larger floor plans are hard to come by. Whether you’re a first-time buyer ready to plant roots or an investor looking for upside, this is the kind of property that doesn’t sit around for long. Inside, you’ll find a layout that just makes sense—spacious living area, designated dining space, and all bedrooms privat

Key facts

• Gated community
• Green space
• Community pool

Tags

• PRIVATE PATIO
• GATED COMMUNITY
• COMMUNITY POOL
• GREEN SPACE
• ON-SITE PARK
• ACCESS TO SHOPPING

Property features AI

Finance

• HOA & community: Monthly HOA fee of $595; HOA includes common area maintenance; Community pool

Exterior

• Parking: 1-car garage; 1 covered carport space (carport)
• Utilities: Public water; Public sewer; 220 volts in kitchen
• Home design: Residential condominium; Built in 1984
• Construction: Wood shingle exterior; Shingle roof
• Exterior features: No yard; Rectangular lot

Interior

• Kitchen: Refrigerator; 220 volt outlet
• Bedrooms: Walk-in closet(s) in non-primary bathroom area
• Flooring: Parquet; Tile; Vinyl
• Bathrooms: 2 total bathrooms (1 full, 1 partial); Primary bathroom: shower over tub, tile
• Heating & cooling: Forced air heating
• Interior features: No additional rooms listed; 220 volt outlet in kitchen
• Laundry & utility: Laundry room (common area)

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath condo listed at $299k.

Deal economics

• At list price, monthly cash flow is $-85 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $284k (5.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $299k (0.0% below list).
• Recommended offer: $284k (5.0% below list) — sets the bar for cash-flow.
• Cap rate 6.0% vs local median 2.7% in Salinas — 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 63/100 on livability (#465 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, employment B+; Watch: schools F, crime D-, amenities F.
• Salinas Union High (urban): math 23% / reading 39% proficiency, ranked #998 of 1,400 in CA (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+4.9%/yr); 45 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 530 units permitted in Monterey County in 2024 (50 in 5+ unit buildings).
• This rent runs 37% of the median local income ($98k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Monterey County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $82k; list at $299k implies a 267% gain — meaningful room to come down on a strong offer.

Recommended offer $284,048 (5.0% below list)

Questions for the listing agent

1. 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?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.00% ✗
• Cap rate: 5.95%
• Cash-on-cash: -1.21%
• DSCR: 0.95
• GRM: 8.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.87% rent growth · sell at horizon

5-year hold

• IRR: -15.7%
• Equity multiple: 0.43×
• Total profit: $-47,835
• Equity at exit: $44,582

10-year hold

• IRR: -3.8%
• Equity multiple: 0.72×
• Total profit: $-23,044
• Equity at exit: $25,852

Cash invested: $83,720 (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 93906

• Rents YoY: 4.9%
• Active inventory: 45
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $2,989 high
• Mortgage (P&I): −$1,568
• Tax from tax record: −$158 /mo · $1,898/yr
• Insurance: −$125
• HOA: −$595
• Vacancy / Maint / Mgmt: −$628
• Net cashflow: $-85

Break-even live

Break-even rent $3,096

Max offer price $284,048

Occupancy floor 98%

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1823 Cherokee Dr Salinas, CA	3.0	1.5	952	$3,295	$3.46	13d	1	0.16mi
1450 N 1st St Salinas, CA	1.0–2.0	1.0	745	$2,884	$3.87	13d	4	0.39mi
196 E Alvin Dr Salinas, CA	1.0–2.0	1.0	735	$2,650	$3.61	12d	2	0.47mi
436 Noice Dr Salinas, CA	1.0–2.0	1.0	773	$2,690	$3.48	13d	12	0.55mi
425 W Laurel Dr Salinas, CA	1.0–2.0	1.0–2.0	797	$3,300	$4.14	13d	11	0.87mi
2073 Santa Rita St Salinas, CA	2.0	1.0	492	$2,593	$5.26	2d	13	0.87mi
93 Castro St Salinas, CA	2.0	1.0–2.0	828	$2,400	$2.90	12d	3	0.87mi
417 Tyler Pl Unit B Salinas, CA	2.0	2.0	932	$2,750	$2.95	21d	1	0.88mi
1134 Parkside St Apt 5 Salinas, CA	2.0	1.0	750	$2,145	$2.86	13d	1	0.97mi
2198 Brutus St Salinas, CA	1.0–2.0	1.0–1.5	893	$2,645	$2.96	7d	2	1.10mi
2290 N Main St Salinas, CA	1.0–3.0	1.0–2.0	985	$3,611	$3.67	1d	13	1.27mi
939 Heather Cir Salinas, CA	1.0–2.0	1.0	730	$2,697	$3.69	13d	16	1.31mi
922 Lupin Dr Unit 2 Salinas, CA	2.0	1.0	768	$2,495	$3.25	13d	1	1.42mi
2402 N Main St Salinas, CA	2.0	1.0	900	$2,500	$2.78	13d	1	1.43mi
35 Rosarita Dr Salinas, CA	1.0–3.0	1.0	825	$3,100	$3.76	13d	3	1.46mi

HOA detail condo

• Monthly dues: $595 · $7,140/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 4 events

1. 2026-05-19
   status Pending
2. 2026-05-13
   listed $299,000 Active
3. 1988-03-10
   soldstatus $81,500
4. 1983-06-29
   soldstatus $79,000

ⓘ 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: $1,898 · $158/mo
• Projected year-2 tax: $2,272 · $189/mo
• Expected delta: +$374/yr (+$31/mo · 19.7%)

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 6 d/yr ≥81°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 11 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,865
• − Mortgage interest: −$16,749
• − Property taxes: −$1,898
• − Insurance: −$1,495
• − Repairs & maintenance: −$2,869
• − Management: −$2,869
• − HOA: −$7,140
• − Depreciation: −$8,698
• Taxable loss: −$5,853
• Est. tax savings @ 24.0%: +$1,405
• After-tax cash flow: $389/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: Salinas Union High
• NCES district ID: 0633980
• Math proficiency: 23% ▲ 2.00%
• Reading proficiency: 39% ▲ 1.00%
• Median HH income: $50,670
• Composite: 29.86/100
• National rank: #11691
• State rank: #998 of 1400 in CA

Livability — Salinas

• Score: 63/100
• State rank: #465
• US rank: #15876

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Salinas, CA
• County: Monterey County · 241,191 people
• City population: 119,069
• Metro: Salinas, CA
• Population (ZIP): 64,199
• Household income: $97,555
• Rent vs Own: 45.7% rent · 54.3% own
• Severe rent burden: 1736.0

Population outlook (Monterey County) Hauer SSP2

• Today (2025): 458,436 people
• By 2030: 469,418 · +2.4%
• By 2040: 489,615 · +6.8%
• By 2050: 506,696 · +10.5%
• By 2075: 531,048 · +15.8%
• By 2100: 519,153 · +13.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (76%)
• Race & ethnicity: Hispanic / Latino 76% Two or more races 13% White 13% Asian 7% Black 2%
• Hispanic origin (detail): Mexican 70% Salvadoran 1%
• Common ancestry: Russian 1% Italian 1% Romanian 1%
• Foreign-born: 33% · Canada, China
• Languages at home: 33% English-only · Spanish 60% Tagalog/Filipino 2% Chinese 1%

Political lean MEDSL · Monterey

• 2024 margin: Strong D (+29.9) · D 63.4% · R 33.5% · Other 3.0%
• 2008→2024 swing: -8.4pp toward R · 2008: 38.3pp · 2024: 29.9pp
• All cycles: 2024: D+29.9 2020: D+41.3 2016: D+39.7 2012: D+33.9 2008: D+38.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -690.60%
• Current HPI: 262.5003
• Rent YoY: ▲ 4.87%
• Metro: Salinas, 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

+278.5% since first listed

4 events — show timeline

• 2026-05-19 Pending — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-05-13 Listed $299,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 1988-03-10 Sold (Public Records) $81,500 Public Records
• 1983-06-29 Sold (Public Records) $79,000 Public Records

Property tax history

+2.0%/yr

Latest (2025): $1,898 · +9.2% YoY. Source: county tax records.