1400 W Marlette St #2 · Ione, CA 95640

$179,900

4 bd · 2.0 ba · 2,400 sqft · Manufactured public records · 29 Days on market

Built 1993 4,356 sqft lot $75/sqft · 27% below area Est $172k · at est.

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• ARV discount +5.3/15.0
• Livability +3.1/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to Castle Village and this spacious 4 bed, 2 bath home tucked in a private corner of the neighborhood. The thoughtful floorplan starts at the front door, where you immediately get a feeling of open space. The master suite includes two walk-in closets, the larger of which is big enough to be a private sitting room, home office, or nursery. Several updates and upgrades completed in the last 5 years including new water heater, bathroom sinks, window coverings, and some new lighting. The security screen door keeps the home secure while allowing cool breezes to pass through. Ideally located, the home sits one space removed from undeveloped open land where your only neighbor is Mothe

Key facts

• Master suite
• Security screen door
• Golf cart ride

Tags

• MASTER SUITE
• WALK-IN CLOSETS
• SECURITY SCREEN DOOR
• SWIMMING POOL
• BASKETBALL COURT
• GOLF CART RIDE

Property features AI

Finance

• Other: Property located in a land-lease park
• HOA & community: No association; Not a senior community; Land lease: Yes (monthly amount disclosed separately)

Exterior

• Parking: Attached parking
• Utilities: Natural gas connected; Public sewer; Public water; Electric: Other
• Home design: Manufactured home in park (double wide); Updated/remodeled; Built in 1993
• Construction: Shingle/composition roof; Champion Home Builders
• Exterior features: Storage and shed(s); Other lot features

Interior

• Kitchen: Built-in gas oven; Built-in gas range; Dishwasher; Disposal; Microwave; Laminate counters
• Bedrooms: 4 bedrooms
• Flooring: Carpet; Laminate; Tile; Wood
• Bathrooms: 2 full bathrooms; Double sinks; Tub with shower over
• Heating & cooling: Central heating (natural gas); Central cooling; Ceiling fans
• Interior features: Cathedral ceiling; Skylight(s); Dual pane full windows; Uncovered patio and porch; Storage area
• Laundry & utility: Laundry inside (room/area)

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $180k.

Deal economics

• At list price, monthly cash flow is $998 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $180k).
• Recommended offer: $177k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.0% 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.

Location & tenants

• Location reads 62/100 on livability (#490 in CA) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A-, crime B+; Watch: schools F, amenities F, commute 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.
• Market conditions: 119 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 66 units permitted in Amador County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• 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 $50k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($177k) is reasonable based on typical stale-listing flexibility.

Recommended offer $177,201 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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.

Investment metrics

• 1% rule: 1.45% ✓
• Cap rate: 12.95%
• Cash-on-cash: 23.78%
• DSCR: 2.06
• GRM: 5.7

CMA / ARV

• ARV (median comp): $171,676
• List price: $179,900
• Delta: 4.79%
• Verdict: FAIR
• Comps: 6 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1400 W Marlette St #1	0.00mi	3/2.0 (-1)	2,400 (0%)	5mo	$217,000	$90	91
1400 W Marlette St #10	0.00mi	3/2.0 (-1)	2,080 (-13%)	12mo	$225,000	$108	63

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.9%
• Equity multiple: 1.68×
• Total profit: $34,370
• Equity at exit: $26,824

10-year hold

• IRR: 25.4%
• Equity multiple: 3.21×
• Total profit: $111,535
• Equity at exit: $15,554

Cash invested: $50,372 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 95640

• Active inventory: 119
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $2,617 medium
• Mortgage (P&I): −$943
• Tax from tax record: −$51 /mo · $610/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$550
• Net cashflow: $998

Break-even live

Break-even rent $1,353

Max offer price $179,900

Occupancy floor 57%

Sensitivity live

Price	-10% $1,100	-5% $1,049	+0% $998	+5% $947	+10% $897
Rent	-10% $792	-5% $895	+0% $998	+5% $1,102	+10% $1,205
Rate	-1.0pp $1,089	-0.5pp $1,044	base $998	+0.5pp $952	+1.0pp $904

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
303 Pelican Hill Ct Ione, CA	4.0	2.0	1877	$2,600	$1.39	44d	1	0.40mi
107 Ashworth Dr Ione, CA	3.0	2.0	1671	$2,495	$1.49	4d	1	0.46mi
664 Morning Glory Cir Ione, CA	4.0	2.5	2018	$2,975	$1.47	4d	1	1.38mi

Listing history 2 events

1. 2012-03-05
   historical
2. 2011-08-08
   listed $49,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $610 · $51/mo
• Projected year-2 tax: $1,367 · $114/mo
• Expected delta: +$757/yr (+$63/mo · 124.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $31,407
• − Mortgage interest: −$10,077
• − Property taxes: −$610
• − Insurance: −$900
• − Repairs & maintenance: −$2,513
• − Management: −$2,513
• − Depreciation: −$5,233
• Taxable income: $9,561
• Est. tax owed @ 24.0%: −$2,295
• After-tax cash flow: $9,686/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Amador County Unified
• NCES district ID: 0602450
• Math proficiency: 23% ▼ -9.00%
• Reading proficiency: 37% ▼ -10.00%
• Median HH income: $55,428
• Composite: 26.67/100
• National rank: #7163
• State rank: #330 of 517 in CA

Livability — Ione

• Score: 62/100
• State rank: #490
• US rank: #16616

Category grades

Amenities F Commute F Cost of living F Crime B+ Employment A- Housing A+ Health & safety F User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ione, CA
• City population: 12,811
• Population (ZIP): 12,811

Population outlook (Amador County) Hauer SSP2

• Today (2025): 35,295 people
• By 2030: 34,147 · -3.3%
• By 2040: 31,618 · -10.4%
• By 2050: 29,913 · -15.2%
• By 2075: 27,308 · -22.6%
• By 2100: 23,465 · -33.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Hispanic / Latino 21% Two or more races 17% Black 4% Native American 2%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Italian 3% Slovak 3% Romanian 2%
• Foreign-born: 7% · Canada
• Languages at home: 85% English-only · Spanish 11% Arabic 2%

Political lean MEDSL · Amador

• 2024 margin: Strong R (+27.8) · D 34.7% · R 62.6% · Other 2.7%
• 2008→2024 swing: -13.2pp toward R · 2008: -14.6pp · 2024: -27.8pp
• All cycles: 2024: R+27.8 2020: R+24.4 2016: R+25.2 2012: R+19.0 2008: R+14.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -144.63%
• Current HPI: 169.9705
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

2 events — show timeline

• 2012-03-05 Listing Removed — CRMLS
• 2011-08-08 Listed $49,900 CRMLS

Property tax history

-3.2%/yr

Latest (2025): $610 · +2.5% YoY. Source: county tax records.