1896 S Main

Angels, CA 95222

$225,000B-

3 bd · 1.0 ba · 1,611 sqft · Built 1956 · SingleFamily · Pending · 34 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,150/mo
• Mortgage (P&I): −$1,180
• Tax + insurance: −$273
• HOA: −$0
• Vac / Maint / Mgmt: −$662
• Net cashflow: $1,035/mo
• Annual: $12,422/yr
• Cap rate: 12.17%
• Cash-on-cash: 20.98%
• DSCR: 1.93
• 1% rule: 1.40%
• Cash to close: $63,000

Investor read

• This is a 3-bed/1.0-bath single-family listed at $225k.
• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• It's been on market 34 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $218k (3.0% below list) — sets the bar for market timing.
• 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.
• Location reads 69/100 on livability (#265 in CA) — a middle-class / working-renter tenant base. Strengths: health & safety A+, crime B+, schools B; Watch: amenities F, commute F, cost of living F.
• Bret Harte Union High (town): math 35% / reading 65% proficiency, ranked #429 of 1,400 in CA (top 31%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: flood insurance adds $66/mo; built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 95 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 77 units permitted in Calaveras County in 2024 (0 in 5+ unit buildings).
• Calaveras County population projected at -18% 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 $63k cash investment doubles in ~7 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk; severe 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 12.2% vs local median 4.5% in Angels — 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.

Questions for listing agent

• It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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.
• 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.