29 Calle Susanna

Elk Grove, CA 95624

$107,000B+

3 bd · 1.0 ba · 1,440 sqft · Built 1977 · Manufactured · Active · 69 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,771/mo
• Mortgage (P&I): −$561
• Tax + insurance: −$178
• HOA: −$0
• Vac / Maint / Mgmt: −$582
• Net cashflow: $1,450/mo
• Annual: $17,395/yr
• Cap rate: 22.55%
• Cash-on-cash: 58.06%
• DSCR: 3.58
• 1% rule: 2.59%
• Cash to close: $29,960

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $107k.
• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $107k).
• It's been on market 69 days — a 6% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $101k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $740 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#212 in CA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B+; Watch: commute F, cost of living F.
• Elk Grove Unified (suburban): math 40% / reading 51% proficiency, ranked #165 of 517 in CA (top 32%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Florence Markofer Elementary (math 35% / reading 36%, grade F, #709 of 1,571 statewide, top 45%, 625 students, 40% FRL); Joseph Kerr Middle (math 38% / reading 51%, grade D, #130 of 498 statewide, top 27%, 791 students, 40% FRL); Elk Grove High (math 43% / reading 58%, grade D+, #324 of 1,170 statewide, top 28%, 1,774 students, 31% FRL).
• Market conditions: Rents flat; 243 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals leasing fast (median 9d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 6,825 units permitted in Sacramento County in 2024 (1,752 in 5+ unit buildings).
• Sacramento County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.1% rent growth), your $30k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 6→13/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 22.6% vs local median 2.8% in Elk Grove — 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 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1977 — 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 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.