400 Sulphur Bank Dr #73 · Clearlake Oaks, CA 95423

$95,500

3 bd · 2.0 ba · 1,440 sqft · Manufactured · 263 Days on market

Built 1973 $66/sqft · at area comps Est $94k · at est.

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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 +6.6/15.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

THIS SPACIOUS 3 bedroom, 2 bathroom manufactured home located in a gated 55+ park offers comfort and many upgrades. The open concept design seamlessly connects the living room and updated kitchen featuring new flooring, quartz countertops, new appliances and ample cabinet space for storage. The dining area is perfect for entertaining or quiet meals. The roomy primary bedroom and en-suite bathroom are located at one side of the home while guest bedrooms and second bathroom are situated at the opposite side. There are energy efficient split units in each of the three bedrooms as well as the living room for heating and cooling. New flooring throughout. For added storage there is a shed at the end of the carport. Mountain and vineyard views! Lake Village Estates offers a clubhouse, pool, storage area for boats and RVs. Just minutes from wineries!

Key facts

• Quartz countertops
• Open concept design
• New appliances

Tags

• OPEN CONCEPT DESIGN
• QUARTZ COUNTERTOPS
• NEW APPLIANCES
• AMPLE CABINET SPACE
• ENERGY EFFICIENT SPLIT UNITS
• MOUNTAIN VIEWS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $96k.

Deal economics

• At list price, monthly cash flow is $920 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $96k).
• Recommended offer: $84k (12.0% below list) — sets the bar for market timing.
• Cap rate 17.9% vs local median 4.3% in Clearlake Oaks — 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 60/100 on livability (#569 in CA) — a middle-class / working-renter tenant base. Strengths: housing A+, crime B; Watch: health & safety C-, schools F, amenities F.
• Konocti Unified (town): math 9% / reading 21% proficiency, ranked #494 of 517 in CA (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 136 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 107 units permitted in Lake County in 2024 (40 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $660 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Lake County population projected at -15% 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 $27k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 263 days — a 12% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 15y ago 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 $30k; list at $96k implies a 213% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wildfire risk; extreme-heat days projected 8→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $84,040 (12.0% below list)

Questions for the listing agent

1. It's been on market 263 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1973 — 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 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?
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: 2.09% ✓
• Cap rate: 17.85%
• Cash-on-cash: 41.29%
• DSCR: 2.84
• GRM: 4.0

CMA / ARV

• ARV (median comp): $93,547
• List price: $95,500
• Delta: 2.09%
• Verdict: FAIR
• Comps: 9 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
400 Sulphur Bank #22 Dr	0.10mi	3/2.0	1,440 (0%)	10mo	$95,000	$66	88
400 Sulphur Bank Dr #135	0.10mi	2/2.0 (-1)	1,440 (0%)	11mo	$75,000	$52	82
400 Sulpher Bank #138	0.10mi	3/2.0	1,440 (0%)	18mo	$89,000	$62	80
400 Sulphur Bank Dr #42	0.10mi	2/2.0 (-1)	1,344 (-7%)	1mo	$62,500	$47	78
14032 Apple	0.28mi	3/2.0	1,510 (+5%)	1mo	$260,000	$172	78
400 Sulphur Bank Dr #23	0.10mi	3/2.0	1,512 (+5%)	14mo	$130,000	$86	75
13911 Hickory	0.35mi	3/2.0	1,350 (-6%)	0mo	$150,000	$111	73
400 Sulphur Bank Dr #109	0.10mi	3/2.0	1,562 (+8%)	16mo	$153,000	$98	68
13953 Apple Ln	0.32mi	2/2.0 (-1)	1,344 (-7%)	4mo	$215,000	$160	66
400 Sulphur Bank Dr #101	0.10mi	2/2.0 (-1)	1,225 (-15%)	2mo	$54,500	$44	64
14072 Apple Ln	0.32mi	3/2.0	1,620 (+12%)	1mo	$215,000	$133	64
14055 Walnut Way	0.24mi	3/2.0	1,600 (+11%)	16mo	$220,000	$138	56

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: 37.9%
• Equity multiple: 2.61×
• Total profit: $43,152
• Equity at exit: $14,239

10-year hold

• IRR: 44.4%
• Equity multiple: 5.23×
• Total profit: $113,151
• Equity at exit: $8,257

Cash invested: $26,740 (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 95423

• Home prices YoY: -20.6%
• Active inventory: 136
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $2,000 medium
• Mortgage (P&I): −$501
• Tax est. 1.5%: −$119 /mo · $1,432/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$420
• Net cashflow: $920

Break-even live

Break-even rent $835

Max offer price $95,500

Occupancy floor 49%

Sensitivity live

Price	-10% $986	-5% $953	+0% $920	+5% $887	+10% $854
Rent	-10% $762	-5% $841	+0% $920	+5% $999	+10% $1,078
Rate	-1.0pp $968	-0.5pp $944	base $920	+0.5pp $895	+1.0pp $870

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: $23,875
• Closing costs: $2,865
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12755 Blue Heron Ct Clearlake Oaks, CA	2.0	2.0	1134	$2,000	$1.76	44d	1	1.32mi

Listing history 38 events

1. 2026-06-19
   days on market $95,500 Active 263 DOM
2. 2026-06-18
   days on market $95,500 Active 262 DOM
3. 2026-06-17
   days on market $95,500 Active 261 DOM
4. 2026-06-16
   days on market $95,500 Active 260 DOM
5. 2026-06-15
   days on market $95,500 Active 259 DOM
6. 2026-06-14
   days on market $95,500 Active 257 DOM
7. 2026-06-13
   days on market $95,500 Active 256 DOM
8. 2026-06-10
   days on market $95,500 Active 254 DOM
9. 2026-06-09
   days on market $95,500 Active 253 DOM
10. 2026-06-08
    days on market $95,500 Active 252 DOM
11. 2026-06-07
    days on market $95,500 Active 251 DOM
12. 2026-06-05
    days on market $95,500 Active 248 DOM
13. 2026-06-02
    days on market $95,500 Active 246 DOM
14. 2026-06-01
    days on market $95,500 Active 245 DOM
15. 2026-05-31
    days on market $95,500 Active 244 DOM
16. 2026-05-30
    days on market $95,500 Active 243 DOM
17. 2026-04-07
    status Active 854-char remark

    Show marketing remark (854 chars)

    THIS SPACIOUS 3 bedroom, 2 bathroom manufactured home located in a gated 55+ park offers comfort and many upgrades. The open concept design seamlessly connects the living room and updated kitchen featuring new flooring, quartz countertops, new appliances and ample cabinet space for storage. The dining area is perfect for entertaining or quiet meals. The roomy primary bedroom and en-suite bathroom are located at one side of the home while guest bedrooms and second bathroom are situated at the opposite side. There are energy efficient split units in each of the three bedrooms as well as the living room for heating and cooling. New flooring throughout. For added storage there is a shed at the end of the carport. Mountain and vineyard views! Lake Village Estates offers a clubhouse, pool, storage area for boats and RVs. Just minutes from wineries!

18. 2026-03-29
    price $95,500 854-char remark

    Show marketing remark (854 chars)

    THIS SPACIOUS 3 bedroom, 2 bathroom manufactured home located in a gated 55+ park offers comfort and many upgrades. The open concept design seamlessly connects the living room and updated kitchen featuring new flooring, quartz countertops, new appliances and ample cabinet space for storage. The dining area is perfect for entertaining or quiet meals. The roomy primary bedroom and en-suite bathroom are located at one side of the home while guest bedrooms and second bathroom are situated at the opposite side. There are energy efficient split units in each of the three bedrooms as well as the living room for heating and cooling. New flooring throughout. For added storage there is a shed at the end of the carport. Mountain and vineyard views! Lake Village Estates offers a clubhouse, pool, storage area for boats and RVs. Just minutes from wineries!

19. 2026-01-04
    price $95,900 854-char remark

    Show marketing remark (854 chars)

    THIS SPACIOUS 3 bedroom, 2 bathroom manufactured home located in a gated 55+ park offers comfort and many upgrades. The open concept design seamlessly connects the living room and updated kitchen featuring new flooring, quartz countertops, new appliances and ample cabinet space for storage. The dining area is perfect for entertaining or quiet meals. The roomy primary bedroom and en-suite bathroom are located at one side of the home while guest bedrooms and second bathroom are situated at the opposite side. There are energy efficient split units in each of the three bedrooms as well as the living room for heating and cooling. New flooring throughout. For added storage there is a shed at the end of the carport. Mountain and vineyard views! Lake Village Estates offers a clubhouse, pool, storage area for boats and RVs. Just minutes from wineries!

20. 2025-09-29
    listed $99,900 Active 854-char remark

    Show marketing remark (854 chars)

    THIS SPACIOUS 3 bedroom, 2 bathroom manufactured home located in a gated 55+ park offers comfort and many upgrades. The open concept design seamlessly connects the living room and updated kitchen featuring new flooring, quartz countertops, new appliances and ample cabinet space for storage. The dining area is perfect for entertaining or quiet meals. The roomy primary bedroom and en-suite bathroom are located at one side of the home while guest bedrooms and second bathroom are situated at the opposite side. There are energy efficient split units in each of the three bedrooms as well as the living room for heating and cooling. New flooring throughout. For added storage there is a shed at the end of the carport. Mountain and vineyard views! Lake Village Estates offers a clubhouse, pool, storage area for boats and RVs. Just minutes from wineries!

21. 2025-09-29
    listed $99,900 Active 854-char remark

    Show marketing remark (854 chars)

    THIS SPACIOUS 3 bedroom, 2 bathroom manufactured home located in a gated 55+ park offers comfort and many upgrades. The open concept design seamlessly connects the living room and updated kitchen featuring new flooring, quartz countertops, new appliances and ample cabinet space for storage. The dining area is perfect for entertaining or quiet meals. The roomy primary bedroom and en-suite bathroom are located at one side of the home while guest bedrooms and second bathroom are situated at the opposite side. There are energy efficient split units in each of the three bedrooms as well as the living room for heating and cooling. New flooring throughout. For added storage there is a shed at the end of the carport. Mountain and vineyard views! Lake Village Estates offers a clubhouse, pool, storage area for boats and RVs. Just minutes from wineries!

22. 2025-03-07
    historical
23. 2024-09-21
    price $110,000
24. 2024-05-27
    price $145,000
25. 2024-03-08
    listed $155,000 Active
26. 2015-08-21
    historical
27. 2015-08-21
    soldstatus $30,500 Closed Sale
28. 2015-08-11
    historical Active Under Contract
29. 2015-07-29
    status Active
30. 2015-07-17
    historical Active Under Contract
31. 2015-06-23
    price $29,500
32. 2015-06-23
    price $31,500
33. 2015-05-04
    listed $34,500 Active
34. 2014-04-10
    soldstatus $34,500 Closed
35. 2014-03-31
    status Backup Offers Accepted
36. 2013-10-23
    listed $34,500 Active
37. 2012-06-15
    soldstatus $19,500
38. 2011-08-13
    listed $19,500

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 10/10 Extreme
• 🌡 Heat 6/10 Major 8 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 31 unhealthy d/yr today · 33 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,000
• − Mortgage interest: −$5,349
• − Property taxes: −$1,432
• − Insurance: −$478
• − Repairs & maintenance: −$1,920
• − Management: −$1,920
• − Depreciation: −$2,778
• Taxable income: $10,122
• Est. tax owed @ 24.0%: −$2,429
• After-tax cash flow: $8,611/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: Konocti Unified
• NCES district ID: 0620070
• Math proficiency: 9% ▼ -5.00%
• Reading proficiency: 21% ▼ -6.00%
• Median HH income: $30,026
• Composite: 11.81/100
• National rank: #9677
• State rank: #494 of 517 in CA

Livability — Clearlake Oaks

• Score: 60/100
• State rank: #569
• US rank: #18675

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Clearlake Oaks, CA
• Population (ZIP): 3,432

Population outlook (Lake County) Hauer SSP2

• Today (2025): 62,396 people
• By 2030: 60,626 · -2.8%
• By 2040: 56,453 · -9.5%
• By 2050: 53,054 · -15.0%
• By 2075: 47,663 · -23.6%
• By 2100: 41,804 · -33.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Hispanic / Latino 18% Two or more races 9% Native American 3% Black 1% Asian 1%
• Hispanic origin (detail): Mexican 17%
• Common ancestry: Slovak 5% Lithuanian 4% Russian 2%
• Foreign-born: 11% · Canada, Vietnam
• Languages at home: 84% English-only · Spanish 8% Other Indo-European 7% German/W. Germanic 1%

Political lean MEDSL · Lake

• 2024 margin: Toss-up / Even · D 47.8% · R 49.2% · Other 3.0%
• 2008→2024 swing: -20.6pp toward R · 2008: 19.3pp · 2024: -1.4pp
• All cycles: 2024: R+1.4 2020: D+6.3 2016: D+3.7 2012: D+16.5 2008: D+19.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -46.32%
• Current HPI: 178.9812
• Rent YoY: —
• Metro: —
• 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

+389.7% since first listed

22 events — show timeline

• 2026-04-07 Relisted — BAREIS
• 2026-03-29 Price Changed $95,500 CRMLS
• 2026-01-04 Price Changed $95,900 CRMLS
• 2025-09-29 Listed $99,900 BAREIS
• 2025-09-29 Listed $99,900 CRMLS
• 2025-03-07 Listing Removed — CRMLS
• 2024-09-21 Price Changed $110,000 CRMLS
• 2024-05-27 Price Changed $145,000 CRMLS
• 2024-03-08 Listed $155,000 CRMLS
• 2015-08-21 Listing Removed — CRMLS
• 2015-08-21 Sold (MLS) $30,500 CRMLS
• 2015-08-11 Contingent — CRMLS
• 2015-07-29 Relisted — CRMLS
• 2015-07-17 Contingent — CRMLS
• 2015-06-23 Price Changed $31,500 CRMLS
• 2015-06-23 Price Changed $29,500 CRMLS
• 2015-05-04 Listed $34,500 CRMLS
• 2014-04-10 Sold (MLS) $34,500 CRMLS
• 2014-03-31 Pending — CRMLS
• 2013-10-23 Listed $34,500 CRMLS
• 2012-06-15 Sold (MLS) $19,500 CRMLS
• 2011-08-13 Listed $19,500 CRMLS