1551 6th Avenue Dr #157

Kingsburg, CA 93631

$79,900B

3 bd · 2.0 ba · 1,230 sqft · Built 1991 · Manufactured · Pending

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,288/mo
• Mortgage (P&I): −$419
• Tax + insurance: −$60
• HOA: −$0
• Vac / Maint / Mgmt: −$481
• Net cashflow: $1,329/mo
• Annual: $15,950/yr
• Cap rate: 26.26%
• Cash-on-cash: 71.29%
• DSCR: 4.17
• 1% rule: 2.86%
• Cash to close: $22,372

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $80k.
• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $552 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#349 in CA) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A-, employment B; Watch: health & safety D, amenities F, commute F.
• Kingsburg Elementary Charter (town): math 35% / reading 49% proficiency, ranked #213 of 517 in CA (top 41%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Rafer Johnson Junior High (math 31% / reading 46%, grade F, #159 of 498 statewide, top 32%, 442 students, 70% FRL, charter); Kingsburg High (math 33% / reading 70%, grade D+, #312 of 1,170 statewide, top 27%, 1,092 students, 62% FRL) — zoned schools average 66% FRL vs 46% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 73 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 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.
• 4 sale attempts since 4y ago; this cycle's ask has dropped $16k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 26.3% vs local median 2.7% in Kingsburg — 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.
• This rent runs 35% of the median local income ($79k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.