300 E H St #98

Benicia, CA 94510

$240,000D+

2 bd · 2.0 ba · 1,440 sqft · Built 1972 · Manufactured · Pending · 84 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,550/mo
• Mortgage (P&I): −$1,259
• Tax + insurance: −$466
• HOA: −$0
• Vac / Maint / Mgmt: −$535
• Net cashflow: $289/mo
• Annual: $3,471/yr
• Cap rate: 8.07%
• Cash-on-cash: 6.35%
• DSCR: 1.28
• 1% rule: 1.06%
• Cash to close: $67,200

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $240k.
• At list price, monthly cash flow is $289 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• It's been on market 84 days — a 6% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $226k (6.0% 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 68/100 on livability (#269 in CA) — a middle-class / working-renter tenant base. Strengths: employment A+, crime A, housing A-; Watch: amenities F, cost of living F, health & safety F.
• Benicia Unified (suburban): math 75% / reading 75% proficiency, ranked #35 of 517 in CA (top 7%) — strong family-tenant draw, lease renewals of 3-5y typical; only 17% free/reduced lunch — higher-income household profile.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: Rents soft (-0.8%/yr); 118 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 1,472 units permitted in Solano County in 2024 (131 in 5+ unit buildings).
• Solano County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 5 sale attempts since 6y ago; this cycle's ask is 7% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $199k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.1% vs local median 2.6% in Benicia — 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 84 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1972 — 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?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.