7660 Myrtle Ave #8

Indianola, CA 95503

$45,000B-

2 bd · 1.0 ba · 760 sqft · Built 1975 · Manufactured · Active · 100 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,563/mo
• Mortgage (P&I): −$236
• Tax + insurance: −$30
• HOA: −$0
• Vac / Maint / Mgmt: −$328
• Net cashflow: $968/mo
• Annual: $11,622/yr
• Cap rate: 32.12%
• Cash-on-cash: 92.24%
• DSCR: 5.10
• 1% rule: 3.47%
• Cash to close: $12,600

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $45k.
• At list price, monthly cash flow is $968 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $45k).
• It's been on market 100 days — a 9% lower offer ($41k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $41k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $311 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 44/100 on livability (#1,322 in CA) — a working-class tenant base; expect higher turnover. Watch: health & safety C-, crime F, amenities F.
• Zoned schools: Freshwater Elementary (math 32% / reading 52%, grade F, #557 of 1,571 statewide, top 38%, 264 students, 40% FRL); Freshwater Charter Middle (math 34% / reading 54%, grade D, #130 of 498 statewide, top 27%, 43 students, 46% FRL, charter).
• Market conditions: 160 active listings in the ZIP; 188 units permitted in Humboldt County in 2024 (17 in 5+ unit buildings).
• Humboldt County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 7y 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 $19k; list at $45k implies a 137% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 100 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1975 — 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 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?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.