39615 Meyers Ln

Anza, CA 92539

$210,000D-

2 bd · 1.0 ba · 568 sqft · Built 1967 · Manufactured · Active · 413 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,580/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$248
• HOA: −$0
• Vac / Maint / Mgmt: −$332
• Net cashflow: $-101/mo
• Annual: $-1,211/yr
• Cap rate: 5.72%
• Cash-on-cash: -2.06%
• DSCR: 0.91
• 1% rule: 0.75%
• Cash to close: $58,800

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $210k.
• At list price, monthly cash flow is $-101 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $192k (8.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $158k (24.7% below list).
• It's been on market 413 days — a 12% lower offer ($185k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $158k (24.7% below list) — sets the bar for 1% rule.
• In year one you build about $22k of equity ($1k loan paydown + $21k appreciation (10.0% local appreciation)).
• Location reads 45/100 on livability (#1,301 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A-, crime B; Watch: schools F, amenities F, commute F.
• Hemet Unified (suburban): math 19% / reading 41% proficiency, ranked #360 of 517 in CA (top 70%) — 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: 155 active listings in the ZIP; 9,195 units permitted in Riverside County in 2024 (1,512 in 5+ unit buildings).
• Riverside County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 sale attempts since 21y ago; this cycle's ask has dropped $32k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $150k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 2, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.7% vs local median 3.5% in Anza — 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

• 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 413 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• Built in 1967 — 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.
• 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?
• 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.