783 Michael Ct Unit Share C · South Lake Tahoe, CA 96150

$245,000

4 bd · 3.0 ba · 2,381 sqft · SingleFamily · 150 Days on market

Built 2021 Good condition $103/sqft · 71% below area ↓ 2% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Condition / age +4.0/5.0
• Schools +3.5/10.0
• Rent growth +3.4/5.0
• Livability +3.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

New co-ownership opportunity: Own one-eighth of this professionally managed, turnkey home by Pacaso. With Cove East Beach and the Truckee River nearby, this newly built mountain contemporary home offers convenient access to outdoor recreation in South Lake Tahoe. The private, wooded backyard borders the Tahoe Keys area. The spacious great room features vaulted ceilings, brushed white oak flooring, a modern gas fireplace, and expansive windows showcasing views of the surrounding trees. Sliding doors lead to an upper deck with filtered mountain views. The kitchen is designed for both function and style, with a blend of textured granite and quartz countertops, alder cabinetry, a waterfall island, and stainless steel appliances, including a commercial-style gas range. The generous en suite bedroom includes two closets and a spa-inspired bathroom with a dual-sink vanity, custom tile shower, and freestanding soaking tub. The lower level includes additional bedrooms, bathrooms, a family room, and direct access to the backyard. Located just minutes from the lake, dining, and local amenities. The home is offered fully furnished and professionally designed.

Key facts

• Turnkey home
• Modern gas fireplace
• Vaulted ceilings

Tags

• CO-OWNERSHIP OPPORTUNITY
• TURNKEY HOME
• PRIVATE WOODED BACKYARD
• VAULTED CEILINGS
• BRUSHED WHITE OAK FLOORING
• MODERN GAS FIREPLACE

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $245k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $245k).
• Recommended offer: $216k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.9% vs local median 2.6% in South Lake Tahoe — 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 65/100 on livability (#371 in CA) — a middle-class / working-renter tenant base. Strengths: health & safety A+; Watch: schools D-, crime F, commute F.
• Lake Tahoe Unified (town): math 33% / reading 43% proficiency, ranked #786 of 1,400 in CA (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.6%/yr); 317 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 437 units permitted in El Dorado County in 2024 (0 in 5+ unit buildings).
• At $4,627/mo this rent would consume 60% of the median local household income ($93k/yr) (locally 1109% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• El Dorado County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.6% rent growth), your $69k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 150 days — a 12% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $215,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 150 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. 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.
7. 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.
8. 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: 1.89% ✓
• Cap rate: 15.90%
• Cash-on-cash: 34.33%
• DSCR: 2.53
• GRM: 4.4

CMA / ARV

• ARV (median comp): $844,829
• List price: $245,000
• Delta: -71.00%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2308 Oregon Ave	0.25mi	4/3.0	2,321 (-2%)	1mo	$1,240,000	$534	83
2298 Idaho Ave	0.17mi	4/2.5	2,328 (-2%)	9mo	$799,000	$343	79
2305 California Ave	0.28mi	3/2.5 (-1)	2,235 (-6%)	3mo	$1,015,000	$454	67
2185 Morro Dr	0.52mi	4/2.5	2,354 (-1%)	7mo	$1,963,000	$834	66
771 Tahoe Keys Blvd	0.15mi	3/2.5 (-1)	2,227 (-6%)	12mo	$837,500	$376	65
2212 Tahoe Vista Dr	0.53mi	4/3.0	2,487 (+4%)	4mo	$1,249,000	$502	64
745 Whitney Dr	0.39mi	3/2.5 (-1)	2,259 (-5%)	5mo	$1,216,000	$538	62
783 Jeffery St	0.22mi	4/3.0	2,076 (-13%)	10mo	$888,000	$428	60
941 Patricia Ln	0.63mi	4/2.5	2,322 (-2%)	9mo	$920,880	$397	57
2948 Pinewood Dr	0.64mi	4/3.0	2,694 (+13%)	6mo	$600,000	$223	43
907 Patricia Ln	0.63mi	3/2.5 (-1)	2,224 (-7%)	12mo	$856,000	$385	42
1054 River Dr	0.71mi	4/3.0	2,653 (+11%)	9mo	$827,000	$312	40

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 · 3.56% rent growth · sell at horizon

5-year hold

• IRR: 30.4%
• Equity multiple: 2.28×
• Total profit: $87,978
• Equity at exit: $36,530

10-year hold

• IRR: 38.0%
• Equity multiple: 4.63×
• Total profit: $248,715
• Equity at exit: $21,183

Cash invested: $68,600 (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 96150

• Rents YoY: 3.6%
• Active inventory: 317
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $4,627 high
• Mortgage (P&I): −$1,285
• Tax est. 1.5%: −$306 /mo · $3,675/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$972
• Net cashflow: $1,962

Break-even live

Break-even rent $2,143

Max offer price $245,000

Occupancy floor 53%

Sensitivity live

Price	-10% $2,132	-5% $2,047	+0% $1,962	+5% $1,878	+10% $1,793
Rent	-10% $1,597	-5% $1,780	+0% $1,962	+5% $2,145	+10% $2,328
Rate	-1.0pp $2,086	-0.5pp $2,025	base $1,962	+0.5pp $1,899	+1.0pp $1,834

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
764 Tuolumne Dr South Lake Tahoe, CA	3.0	3.5	2149	$4,500	$2.09	0d	1	0.25mi
574 Danube Dr Unit 1545963P South Lake Tahoe, CA	4.0	3.0	2238	$6,425	$2.87	21d	1	0.48mi
2953 Pinewood Dr South Lake Tahoe, CA	4.0	2.5	2604	$4,000	$1.54	25d	1	0.68mi
2065 Traverse Ct South Lake Tahoe, CA	4.0	2.0	2328	$13,827	$5.94	5d	1	0.73mi
2158 Harvard Ave South Lake Tahoe, CA	5.0	3.0	2188	$4,200	$1.92	12d	1	0.88mi
314 Beach Dr South Lake Tahoe, CA	4.0	4.0	3036	$12,000	$3.95	13d	1	0.91mi
852 Clement St South Lake Tahoe, CA	3.0	2.0	1654	$2,900	$1.75	21d	1	1.09mi
743 Tallac Ave South Lake Tahoe, CA	3.0	2.0	1704	$3,100	$1.82	45d	1	1.20mi
709 Lakeview Ave #6 South Lake Tahoe, CA	3.0	2.0	1760	$4,000	$2.27	45d	1	1.31mi
709 Lakeview Ave #14 South Lake Tahoe, CA	3.0	2.5	1660	$3,300	$1.99	45d	1	1.33mi

Listing history 17 events

1. 2026-06-21
   days on market $245,000 Active 150 DOM
2. 2026-06-18
   days on market $245,000 Active 147 DOM
3. 2026-06-17
   days on market $245,000 Active 146 DOM
4. 2026-06-16
   days on market $245,000 Active 145 DOM
5. 2026-06-15
   days on market $245,000 Active 144 DOM
6. 2026-06-13
   days on market $245,000 Active 142 DOM
7. 2026-06-09
   days on market $245,000 Active 138 DOM
8. 2026-06-08
   days on market $245,000 Active 137 DOM
9. 2026-06-07
   days on market $245,000 Active 136 DOM
10. 2026-06-03
    days on market $245,000 Active 132 DOM
11. 2026-06-02
    days on market $245,000 Active 131 DOM
12. 2026-06-01
    days on market $245,000 Active 130 DOM
13. 2026-05-31
    days on market $245,000 Active 129 DOM
14. 2026-05-01
    price $245,000 1165-char remark

    Show marketing remark (1165 chars)

    New co-ownership opportunity: Own one-eighth of this professionally managed, turnkey home by Pacaso. With Cove East Beach and the Truckee River nearby, this newly built mountain contemporary home offers convenient access to outdoor recreation in South Lake Tahoe. The private, wooded backyard borders the Tahoe Keys area. The spacious great room features vaulted ceilings, brushed white oak flooring, a modern gas fireplace, and expansive windows showcasing views of the surrounding trees. Sliding doors lead to an upper deck with filtered mountain views. The kitchen is designed for both function and style, with a blend of textured granite and quartz countertops, alder cabinetry, a waterfall island, and stainless steel appliances, including a commercial-style gas range. The generous en suite bedroom includes two closets and a spa-inspired bathroom with a dual-sink vanity, custom tile shower, and freestanding soaking tub. The lower level includes additional bedrooms, bathrooms, a family room, and direct access to the backyard. Located just minutes from the lake, dining, and local amenities. The home is offered fully furnished and professionally designed.

15. 2026-02-18
    status Active 1165-char remark

    Show marketing remark (1165 chars)

    New co-ownership opportunity: Own one-eighth of this professionally managed, turnkey home by Pacaso. With Cove East Beach and the Truckee River nearby, this newly built mountain contemporary home offers convenient access to outdoor recreation in South Lake Tahoe. The private, wooded backyard borders the Tahoe Keys area. The spacious great room features vaulted ceilings, brushed white oak flooring, a modern gas fireplace, and expansive windows showcasing views of the surrounding trees. Sliding doors lead to an upper deck with filtered mountain views. The kitchen is designed for both function and style, with a blend of textured granite and quartz countertops, alder cabinetry, a waterfall island, and stainless steel appliances, including a commercial-style gas range. The generous en suite bedroom includes two closets and a spa-inspired bathroom with a dual-sink vanity, custom tile shower, and freestanding soaking tub. The lower level includes additional bedrooms, bathrooms, a family room, and direct access to the backyard. Located just minutes from the lake, dining, and local amenities. The home is offered fully furnished and professionally designed.

16. 2026-02-18
    historical 1165-char remark

    Show marketing remark (1165 chars)

    New co-ownership opportunity: Own one-eighth of this professionally managed, turnkey home by Pacaso. With Cove East Beach and the Truckee River nearby, this newly built mountain contemporary home offers convenient access to outdoor recreation in South Lake Tahoe. The private, wooded backyard borders the Tahoe Keys area. The spacious great room features vaulted ceilings, brushed white oak flooring, a modern gas fireplace, and expansive windows showcasing views of the surrounding trees. Sliding doors lead to an upper deck with filtered mountain views. The kitchen is designed for both function and style, with a blend of textured granite and quartz countertops, alder cabinetry, a waterfall island, and stainless steel appliances, including a commercial-style gas range. The generous en suite bedroom includes two closets and a spa-inspired bathroom with a dual-sink vanity, custom tile shower, and freestanding soaking tub. The lower level includes additional bedrooms, bathrooms, a family room, and direct access to the backyard. Located just minutes from the lake, dining, and local amenities. The home is offered fully furnished and professionally designed.

17. 2026-01-22
    listed $250,000 Active 1165-char remark

    Show marketing remark (1165 chars)

    New co-ownership opportunity: Own one-eighth of this professionally managed, turnkey home by Pacaso. With Cove East Beach and the Truckee River nearby, this newly built mountain contemporary home offers convenient access to outdoor recreation in South Lake Tahoe. The private, wooded backyard borders the Tahoe Keys area. The spacious great room features vaulted ceilings, brushed white oak flooring, a modern gas fireplace, and expansive windows showcasing views of the surrounding trees. Sliding doors lead to an upper deck with filtered mountain views. The kitchen is designed for both function and style, with a blend of textured granite and quartz countertops, alder cabinetry, a waterfall island, and stainless steel appliances, including a commercial-style gas range. The generous en suite bedroom includes two closets and a spa-inspired bathroom with a dual-sink vanity, custom tile shower, and freestanding soaking tub. The lower level includes additional bedrooms, bathrooms, a family room, and direct access to the backyard. Located just minutes from the lake, dining, and local amenities. The home is offered fully furnished and professionally designed.

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥85°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 13 unhealthy d/yr today · 15 by 30 yrs out

Taxation est. · year 1

• Rental income: $55,527
• − Mortgage interest: −$13,724
• − Property taxes: −$3,675
• − Insurance: −$1,225
• − Repairs & maintenance: −$4,442
• − Management: −$4,442
• − Depreciation: −$7,127
• Taxable income: $20,892
• Est. tax owed @ 24.0%: −$5,014
• After-tax cash flow: $18,535/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.

Condition & rehab AI · 12 photos

Good 80/100 None rehab

This professionally managed, turnkey home in South Lake Tahoe is in excellent condition with modern amenities and a private wooded setting. It is move-in ready and offers high ROI for both resale and rental.

Value-add opportunities

• Both landscaping and hot tub maintenance — improves curb appeal and adds a unique feature
• Both paint touch-ups — keeps interior and exterior looking fresh

Renovation cost estimate screening

Value-add ROI direction

• Both landscaping and hot tub maintenance — improves curb appeal and adds a unique feature ↑
• Both paint touch-ups — keeps interior and exterior looking fresh ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Lake Tahoe Unified
• NCES district ID: 0620640
• Math proficiency: 33% ▼ -1.00%
• Reading proficiency: 43% ▲ 1.00%
• Median HH income: $49,114
• Composite: 35.24/100
• National rank: #9844
• State rank: #786 of 1400 in CA

Livability — South Lake Tahoe

• Score: 65/100
• State rank: #371
• US rank: #12667

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: South Lake Tahoe, CA
• County: El Dorado County · 144,198 people
• City population: 29,646
• Metro: Sacramento-Roseville-Folsom, CA
• Population (ZIP): 29,646
• Household income: $92,517
• Rent vs Own: 38.8% rent · 61.2% own
• Severe rent burden: 1109.0

Population outlook (El Dorado County) Hauer SSP2

• Today (2025): 191,666 people
• By 2030: 193,662 · +1.0%
• By 2040: 192,583 · +0.5%
• By 2050: 185,904 · -3.0%
• By 2075: 169,543 · -11.5%
• By 2100: 139,623 · -27.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Hispanic / Latino 24% Two or more races 11% Asian 5%
• Hispanic origin (detail): Mexican 19%
• Common ancestry: Lithuanian 3% Slovak 3% Romanian 2%
• Foreign-born: 17% · Canada, China, South Korea
• Languages at home: 76% English-only · Spanish 17% Tagalog/Filipino 2% Other Asian/Pacific 1%

Political lean MEDSL · El Dorado

• 2024 margin: R (+12.0) · D 42.6% · R 54.6% · Other 2.8%
• 2008→2024 swing: -1.5pp toward R · 2008: -10.5pp · 2024: -12.0pp
• All cycles: 2024: R+12.0 2020: R+8.8 2016: R+13.9 2012: R+18.2 2008: R+10.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -571.55%
• Current HPI: 316.6411
• Rent YoY: ▲ 3.56%
• Metro: Sacramento-Roseville-Folsom, CA
• 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

-2.0% since first listed

4 events — show timeline

• 2026-05-01 Price Changed $245,000 TSMLS
• 2026-02-18 Relisted — TSMLS
• 2026-02-18 Delisted — TSMLS
• 2026-01-22 Listed $250,000 TSMLS