692-685 Lahonton Heights Dr

Stones Landing, CA 96130

$185,000D-

2 bd · 1.0 ba · 952 sqft · Built 1985 · SingleFamily · Active · 306 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,389/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$165
• HOA: −$0
• Vac / Maint / Mgmt: −$292
• Net cashflow: $-38/mo
• Annual: $-458/yr
• Cap rate: 6.05%
• Cash-on-cash: -0.88%
• DSCR: 0.96
• 1% rule: 0.75%
• Cash to close: $51,800

Investor read

• This is a 2-bed/1.0-bath single-family listed at $185k.
• At list price, monthly cash flow is $-38 ($-458/yr) — negative.
• To cash-flow at today's rent, offer at most $178k (3.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $139k (24.9% below list).
• It's been on market 306 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $139k (24.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Susanville Elementary (town): math 27% / reading 32% proficiency, ranked #350 of 517 in CA (top 68%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Mckinley Elementary (413 students, 63% FRL); Diamond View Middle (math 24% / reading 34%, grade F, #224 of 498 statewide, top 46%, 303 students, 65% FRL); Lassen High (math 12% / reading 47%, grade F, #750 of 1,170 statewide, top 66%, 820 students, 33% FRL).
• Market conditions: 240 active listings in the ZIP; 6 units permitted in Lassen County in 2024 (0 in 5+ unit buildings).
• Lassen County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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?
• It's been on market 306 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• 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.
• 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?
• 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.