1400 W Marlette St #21

Ione, CA 95640

$190,000C+

3 bd · 2.0 ba · 2,400 sqft · Built 2003 · Manufactured · Active · 62 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,617/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$143
• HOA: −$0
• Vac / Maint / Mgmt: −$550
• Net cashflow: $928/mo
• Annual: $11,140/yr
• Cap rate: 12.16%
• Cash-on-cash: 20.94%
• DSCR: 1.93
• 1% rule: 1.38%
• Cash to close: $53,200

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $190k.
• At list price, monthly cash flow is $928 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $190k).
• It's been on market 62 days — a 6% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $179k (6.0% below list) — sets the bar for market timing.
• 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 62/100 on livability (#490 in CA) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A-, crime B+; Watch: amenities F, commute F, cost of living F.
• Amador County Unified (town): math 23% / reading 37% proficiency, ranked #330 of 517 in CA (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ione Elementary (math 22% / reading 32%, grade F, #917 of 1,571 statewide, top 60%, 524 students, 35% FRL); Ione Junior High (math 14% / reading 34%, grade F, #364 of 498 statewide, top 74%, 393 students, 40% FRL); Argonaut High (math 22% / reading 52%, grade F, #578 of 1,170 statewide, top 51%, 536 students, 42% FRL) — zoned schools at 39% FRL track the district average.
• Market conditions: 120 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); 66 units permitted in Amador County in 2024 (0 in 5+ unit buildings).
• Amador County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $53k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 12.2% vs local median 3.3% in Ione — 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 62 days. Have you received any prior offers? Is the seller open to a 6% 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.
• 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?
• 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.