863 Nevada St

June Lake, CA 93529

$810,000F

3 bd · 1.0 ba · 1,095 sqft · Built 1926 · Other · Pending · 166 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,253/mo
• Mortgage (P&I): −$4,248
• Tax + insurance: −$1,418
• HOA: −$0
• Vac / Maint / Mgmt: −$1,103
• Net cashflow: $-1,516/mo
• Annual: $-18,188/yr
• Cap rate: 4.15%
• Cash-on-cash: -7.66%
• DSCR: 0.66
• 1% rule: 0.65%
• Cash to close: $226,800

Investor read

• This is a 3-bed/1.0-bath other listed at $810k.
• At list price, monthly cash flow is $-2k ($-18k/yr) — negative.
• To cash-flow at today's rent, offer at most $591k (27.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $525k (35.1% below list).
• It's been on market 166 days — a 12% lower offer ($713k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $525k (35.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $24k of value loss. Plan a longer hold.
• Location reads 59/100 on livability (#639 in CA) — a working-class tenant base; expect higher turnover. Strengths: employment A+, housing A+, crime B; Watch: schools D+, amenities F, commute F.
• Eastern Sierra Unified (rural): math 33% / reading 54% proficiency, ranked #626 of 1,400 in CA (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $68/mo; built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 23 active listings in the ZIP; 123 units permitted in Mono County in 2024 (76 in 5+ unit buildings).
• Mono County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $65k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: severe flood risk; moderate 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 166 days. Have you received any prior offers? Is the seller open to a 35% concession, seller financing, or rate buy-down credit?
• Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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 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?
• 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?