189 Kona Cir

Pittsburg, CA 94565

$90,000B-

2 bd · 2.0 ba · 1,166 sqft · Built — · Manufactured · Active · 198 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,627/mo
• Mortgage (P&I): −$472
• Tax + insurance: −$57
• HOA: −$0
• Vac / Maint / Mgmt: −$552
• Net cashflow: $1,546/mo
• Annual: $18,554/yr
• Cap rate: 26.91%
• Cash-on-cash: 73.63%
• DSCR: 4.28
• 1% rule: 2.92%
• Cash to close: $25,200

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $90k.
• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $90k).
• It's been on market 198 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 58/100 on livability (#687 in CA) — a working-class tenant base; expect higher turnover. Strengths: employment A+, housing A+; Watch: schools F, crime D-, amenities F.
• Pittsburg Unified (suburban): math 21% / reading 35% proficiency, ranked #1,069 of 1,400 in CA (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+1.1%/yr); 271 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,169 units permitted in Contra Costa County in 2024 (896 in 5+ unit buildings).
• Contra Costa County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 1.1% rent growth), your $25k 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→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 26.9% vs local median 3.4% in Pittsburg — 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 33% of the median local income ($96k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 198 days. Have you received any prior offers? Is the seller open to a 12% 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?
• Crime grade is D 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?
• 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.