23 E Strother Ave · Fresno, CA 93706

$200,000

3 bd · 1.0 ba · 1,156 sqft · SingleFamily public records · 67 Days on market

Built 1951 7,501 sqft lot $173/sqft · 20% below area Est $251k · 20% under

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Why this score? — see what drove the C- 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 +18.5/30.0
• ARV discount +15.0/15.0
• DSCR +5.8/10.0
• 1% rule +3.6/10.0
• 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 MLS

Ideal project opportunity. Home experienced major fire damage in 2023 and is ready for redevelopment. Home all cleaned up and ready for construction. Permits pulled for building, plumbing, mechanical, electrical.The home will be open to the public on Friday April 3rd 11-2pm only so be sure to stop by!

Key facts

• 7,501 sq ft lot
• Garage
• Built 1951

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $189 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $172k (14.2% below list).
• Recommended offer: $172k (14.2% below list) — sets the bar for 1% rule.
• Cap rate 7.4% vs local median 3.7% in Fresno — 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 (#469 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+; Watch: amenities D+, employment D+, schools D.
• Fresno Unified (urban): math 18% / reading 47% proficiency, ranked #327 of 517 in CA (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 81 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 2,426 units permitted in Fresno County in 2024 (296 in 5+ unit buildings).
• At $1,716/mo this rent would consume 50% of the median local household income ($41k/yr) (locally 2589% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Fresno County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 67 days — a 6% lower offer ($188k) is reasonable based on typical stale-listing flexibility.
• 3 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.
• Current owner paid $123k; list at $200k implies a 63% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; moderate wildfire risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $171,591 (14.2% below list)

Questions for the listing agent

1. It's been on market 67 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
2. Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.86% ✗
• Cap rate: 7.43%
• Cash-on-cash: 4.05%
• DSCR: 1.18
• GRM: 9.7

CMA / ARV

• ARV (median comp): $251,496
• List price: $200,000
• Delta: -20.48%
• 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
23 E Strother Ave	0.00mi	3/1.0	1,156 (0%)	6mo	$123,000	$106	95
122 E Eden Ave	0.13mi	3/1.0	1,158 (+0%)	4mo	$230,000	$199	91
356 W Strother Ave	0.21mi	3/1.0	1,104 (-4%)	0mo	$260,000	$236	82
5 E Oleander Ave	0.23mi	3/1.5	1,247 (+8%)	8mo	$210,000	$168	68
530 E Oleander Ave	0.46mi	3/2.0	1,120 (-3%)	2mo	$255,000	$228	67
51 E Tuolumne St	0.31mi	3/2.0	1,207 (+4%)	10mo	$275,000	$228	66
241 E Tuolumne St	0.36mi	3/2.0	1,268 (+10%)	4mo	$210,000	$166	60
1015 Jones Ave	0.42mi	3/1.8	1,300 (+12%)	8mo	$350,000	$269	50
78 E Geary St	0.57mi	3/2.0	1,264 (+9%)	7mo	$325,000	$257	48
90 E Geary St	0.57mi	3/2.0	1,264 (+9%)	7mo	$325,000	$257	48
221 W San Joaquin St	0.45mi	4/2.0 (+1)	1,300 (+12%)	6mo	$330,000	$254	44
1007 Woodward	0.68mi	3/2.0	992 (-14%)	3mo	$280,000	$282	38

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: -10.0%
• Equity multiple: 0.63×
• Total profit: $-20,490
• Equity at exit: $29,821

10-year hold

• IRR: -0.7%
• Equity multiple: 0.95×
• Total profit: $-2,792
• Equity at exit: $17,292

Cash invested: $56,000 (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 93706

• Home prices YoY: -28.5%
• Active inventory: 81
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,716 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$35 /mo · $415/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$360
• Net cashflow: $189

Break-even live

Break-even rent $1,477

Max offer price $200,000

Occupancy floor 84%

Sensitivity live

Price	-10% $302	-5% $245	+0% $189	+5% $-96	+10% $-165
Rent	-10% $53	-5% $121	+0% $189	+5% $257	+10% $324
Rate	-1.0pp $290	-0.5pp $240	base $189	+0.5pp $137	+1.0pp $84

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
937 S Thorne Ave Fresno, CA	2.0	1.0	700	$1,280	$1.83	24d	1	0.42mi
927 S Thorne Ave Fresno, CA	2.0	1.0	700	$1,280	$1.83	3d	1	0.42mi
137 W Amador St Fresno, CA	3.0	1.0	1264	$1,600	$1.27	3d	1	0.54mi
824 W Valencia Ave Fresno, CA	3.0	1.0	1000	$1,950	$1.95	11d	1	0.54mi
119 E Amador St Apt 103 Fresno, CA	2.0	1.0	800	$1,395	$1.74	16d	1	0.58mi
1540 B St Unit Advertising Unit Fresno, CA	2.0	2.0	1000	$1,650	$1.65	44d	1	0.62mi
1540 B St Unit 206 Fresno, CA	2.0	2.0	1000	$1,500	$1.50	44d	1	0.62mi
2225 S Lee Ave Unit 108 Fresno, CA	3.0	2.0	1200	$1,795	$1.50	2d	1	0.85mi
2167 S Martin Luther King Junior Blvd Unit 102 Fresno, CA	3.0	1.0	980	$1,350	$1.38	2d	1	0.89mi
2155 S Bardell Ave Fresno, CA	3.0	1.0	1140	$1,799	$1.58	2d	1	0.99mi
2358 S Clara Ave Fresno, CA	3.0	2.0	1144	$2,000	$1.75	3d	1	1.25mi
1759 Fulton St Fresno, CA	2.0	1.0–2.5	882	$1,900	$2.15	2d	1	1.26mi
2221 S Poppy Ave #101 Fresno, CA	4.0	1.5	1140	$1,725	$1.51	2d	1	1.42mi
2303 S Poppy Ave Unit 101 Fresno, CA	4.0	2.0	1140	$1,550	$1.36	2d	1	1.46mi

Listing history 8 events

1. 2026-05-31
   days on market $200,000 Active 67 DOM
2. 2026-03-25
   listed $200,000 Active 302-char remark

   Show marketing remark (302 chars)

   Ideal project opportunity. Home experienced major fire damage in 2023 and is ready for redevelopment. Home all cleaned up and ready for construction. Permits pulled for building, plumbing, mechanical, electrical.The home will be open to the public on Friday April 3rd 11-2pm only so be sure to stop by!

3. 2026-01-13
   price $159,000
4. 2026-01-03
   listed $149,000 Active
5. 2026-01-02
   soldstatus $123,000 Sold
6. 2026-01-02
   soldstatus $123,000
7. 2025-10-02
   historical Pending Accepting Backups
8. 2025-09-18
   listed $95,000 Active

ⓘ 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: $415 · $35/mo
• Projected year-2 tax: $1,520 · $127/mo
• Expected delta: +$1,105/yr (+$92/mo · 265.9%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 72% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 8/10 Severe 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 40 unhealthy d/yr today · 44 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,591
• − Mortgage interest: −$11,203
• − Property taxes: −$415
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,647
• − Management: −$1,647
• − Depreciation: −$5,818
• Taxable loss: −$1,140
• Est. tax savings @ 24.0%: +$274
• After-tax cash flow: $2,539/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: Fresno Unified
• NCES district ID: 0614550
• Math proficiency: 18% ▼ -12.00%
• Reading proficiency: 47% ▲ 9.00%
• Median HH income: $36,095
• Composite: 26.83/100
• National rank: #7111
• State rank: #327 of 517 in CA

Livability — Fresno

• Score: 62/100
• State rank: #469
• US rank: #15907

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fresno, CA
• County: Fresno County · 834,801 people
• City population: 593,114
• Metro: Fresno, CA
• Population (ZIP): 40,638
• Household income: $40,930
• Rent vs Own: 64.6% rent · 35.4% own
• Severe rent burden: 2589.0

Population outlook (Fresno County) Hauer SSP2

• Today (2025): 1,042,971 people
• By 2030: 1,072,198 · +2.8%
• By 2040: 1,122,408 · +7.6%
• By 2050: 1,157,251 · +11.0%
• By 2075: 1,182,575 · +13.4%
• By 2100: 1,105,899 · +6.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Hispanic (65%)
• Race & ethnicity: Hispanic / Latino 65% Two or more races 22% Black 12% White 12% Asian 8% Native American 2%
• Hispanic origin (detail): Mexican 61%
• Common ancestry: Russian 1%
• Foreign-born: 22% · Canada, China
• Languages at home: 43% English-only · Spanish 51% Other Asian/Pacific 5% Chinese 1%

Political lean MEDSL · Fresno

• 2024 margin: Toss-up / Even · D 46.5% · R 50.9% · Other 2.6%
• 2008→2024 swing: -6.5pp toward R · 2008: 2.1pp · 2024: -4.4pp
• All cycles: 2024: R+4.4 2020: D+7.8 2016: D+3.9 2012: R+2.9 2008: D+2.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -158.53%
• Current HPI: 397.904
• Rent YoY: —
• Metro: Fresno, 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

+110.5% since first listed

7 events — show timeline

• 2026-03-25 Listed $200,000 FRESNOMLS
• 2026-01-13 Price Changed $159,000 FRESNOMLS
• 2026-01-03 Listed $149,000 FRESNOMLS
• 2026-01-02 Sold (Public Records) $123,000 Public Records
• 2026-01-02 Sold (MLS) $123,000 FRESNOMLS
• 2025-10-02 Contingent — FRESNOMLS
• 2025-09-18 Listed $95,000 FRESNOMLS

Property tax history

+2.7%/yr

Latest (2025): $415 · +4.2% YoY. Source: county tax records.