1305 W Benson Ave Unit -

Ridgecrest, CA 93555

$89,500B-

2 bd · 1.0 ba · 816 sqft · Built 1973 · Manufactured · Pending · 61 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,251/mo
• Mortgage (P&I): −$469
• Tax + insurance: −$113
• HOA: −$0
• Vac / Maint / Mgmt: −$263
• Net cashflow: $406/mo
• Annual: $4,869/yr
• Cap rate: 11.73%
• Cash-on-cash: 19.43%
• DSCR: 1.86
• 1% rule: 1.40%
• Cash to close: $25,060

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $90k.
• At list price, monthly cash flow is $406 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• It's been on market 61 days — a 6% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $84k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $619 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#243 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+; Watch: schools C-, amenities D+, cost of living D+.
• Sierra Sands Unified (town): math 25% / reading 39% proficiency, ranked #294 of 517 in CA (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.6%/yr); 328 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 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.
• 3 sale attempts since 3y ago; this cycle's ask is 5867% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $28k; list at $90k implies a 220% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.6% rent growth), your $25k cash investment doubles in ~7 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 11.7% vs local median 4.0% in Ridgecrest — 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.
• This rent is only 17% of the median local income ($87k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.
• 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.