8880 Auburn Folsom Rd #53

Granite Bay, CA 95842

$84,900A-

2 bd · 2.0 ba · 1,440 sqft · Built 1978 · Manufactured · Active · 159 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,228/mo
• Mortgage (P&I): −$445
• Tax + insurance: −$142
• HOA: −$0
• Vac / Maint / Mgmt: −$468
• Net cashflow: $1,173/mo
• Annual: $14,081/yr
• Cap rate: 22.88%
• Cash-on-cash: 59.23%
• DSCR: 3.64
• 1% rule: 2.62%
• Cash to close: $23,772

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $85k. Condition is rated fair.
• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• It's been on market 159 days — a 12% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $75k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $587 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#386 in CA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A-; Watch: amenities F, commute F, cost of living F.
• Eureka Union (suburban): math 61% / reading 74% proficiency, ranked #48 of 517 in CA (top 9%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: Greenhills Elementary (math 72% / reading 67%, grade A-, #147 of 1,571 statewide, top 10%, 507 students, 16% FRL); Ridgeview Elementary (math 67% / reading 75%, grade A, #35 of 498 statewide, top 7%, 515 students, 7% FRL); Granite Bay High (math 61% / reading 87%, grade B+, #85 of 1,170 statewide, top 8%, 1,972 students, 11% FRL) — zoned schools at 11% FRL track the district average.
• Market conditions: Rents rising fast (+6.5%/yr); 132 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 3,535 units permitted in Placer County in 2024 (689 in 5+ unit buildings).
• Placer County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 6.5% rent growth), your $24k 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→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 22.9% vs local median 1.1% in Granite Bay — 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 39% of the median local income ($68k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 159 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 A-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.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen countertops — The countertops appear to be in good condition, but they may need updating for a more modern look.
• Minor: Primary bathroom tub/shower — The tub/shower combination could be updated for a more modern look.
• Minor: Exterior siding — There is some discoloration and wear visible on the exterior siding.
• Minor: Flooring — The flooring in the living areas may need updating.
• Minor: Paint — The paint may need touch-ups.