6201 Wible Rd #12

Bakersfield, CA 93313

$119,990C

3 bd · 2.0 ba · 1,344 sqft · Built 1978 · Manufactured · Active · 72 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,141/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$168
• HOA: −$825
• Vac / Maint / Mgmt: −$450
• Net cashflow: $70/mo
• Annual: $837/yr
• Cap rate: 6.99%
• Cash-on-cash: 2.49%
• DSCR: 1.11
• 1% rule: 1.78%
• Cash to close: $33,597

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $120k.
• At list price, monthly cash flow is $70 ($837/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• It's been on market 72 days — a 6% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $113k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 58/100 on livability (#716 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A+; Watch: health & safety D, schools D-, crime F.
• Panama-Buena Vista Union (urban): math 37% / reading 52% proficiency, ranked #542 of 1,400 in CA (top 39%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 39% of rent.
• Market conditions: Rents rising (+2.1%/yr); 271 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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 since 4y 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.
• 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 7.0% vs local median 3.6% in Bakersfield — 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.

Questions for listing agent

• It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1978 — 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?
• 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?
• 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.