375 E State Highway 20 #67

Upper Lake, CA 95485

$99,900B

3 bd · 2.0 ba · 1,042 sqft · Built 1994 · Manufactured · Active · 126 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,656/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$166
• HOA: −$0
• Vac / Maint / Mgmt: −$348
• Net cashflow: $618/mo
• Annual: $7,411/yr
• Cap rate: 13.71%
• Cash-on-cash: 26.50%
• DSCR: 2.18
• 1% rule: 1.66%
• Cash to close: $27,972

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $100k.
• At list price, monthly cash flow is $618 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• It's been on market 126 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($691 loan paydown + $392 appreciation (0.4% local appreciation)).
• Location reads 65/100 on livability (#390 in CA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A-; Watch: health & safety D+, schools D-, amenities F.
• Upper Lake Unified (rural): math 17% / reading 32% proficiency, ranked #433 of 517 in CA (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 31 active listings in the ZIP; 107 units permitted in Lake County in 2024 (40 in 5+ unit buildings).
• Lake County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 10y ago; this cycle's ask has dropped $10k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $55k; list at $100k implies a 82% gain — meaningful room to come down on a strong offer.
• At projected returns (0.4% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~4 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 126 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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 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?
• 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.