14621 W C St

Kerman, CA 93630

$134,950C+

2 bd · 1.0 ba · 600 sqft · Built 1930 · SingleFamily · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,500/mo
• Mortgage (P&I): −$708
• Tax + insurance: −$87
• HOA: −$0
• Vac / Maint / Mgmt: −$315
• Net cashflow: $391/mo
• Annual: $4,687/yr
• Cap rate: 9.77%
• Cash-on-cash: 12.40%
• DSCR: 1.55
• 1% rule: 1.11%
• Cash to close: $37,786

Investor read

• This is a 2-bed/1.0-bath single-family listed at $135k.
• At list price, monthly cash flow is $391 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $934 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 56/100 on livability (#802 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A+; Watch: amenities F, commute F, cost of living F.
• Kerman Unified (town): math 21% / reading 40% proficiency, ranked #347 of 517 in CA (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Kerman-Floyd Elementary (math 16% / reading 33%, grade F, #973 of 1,571 statewide, top 73%, 705 students, 86% FRL); Kerman Middle (math 19% / reading 44%, grade F, #212 of 498 statewide, top 43%, 798 students, 86% FRL); Kerman High (math 16% / reading 49%, grade F, #669 of 1,170 statewide, top 57%, 1,540 students, 84% FRL).
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 66 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 2,426 units permitted in Fresno County in 2024 (296 in 5+ unit buildings).
• Fresno County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.8% vs local median 3.2% in Kerman — 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

• Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.