900 Old Stockton #124

Oakdale, CA 95361

$109,949B

3 bd · 2.0 ba · 1,248 sqft · Built 1978 · Manufactured · Active · 119 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,656/mo
• Mortgage (P&I): −$577
• Tax + insurance: −$183
• HOA: −$0
• Vac / Maint / Mgmt: −$348
• Net cashflow: $549/mo
• Annual: $6,585/yr
• Cap rate: 12.28%
• Cash-on-cash: 21.39%
• DSCR: 1.95
• 1% rule: 1.51%
• Cash to close: $30,786

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $110k. Condition is rated good.
• At list price, monthly cash flow is $549 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• It's been on market 119 days — a 9% lower offer ($100k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $100k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $760 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#412 in CA) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety B; Watch: commute F, cost of living F.
• Oakdale Joint Unified (suburban): math 27% / reading 45% proficiency, ranked #256 of 517 in CA (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Cloverland Elementary (math 25% / reading 43%, grade F, #755 of 1,571 statewide, top 49%, 513 students, 45% FRL); Oakdale Junior High (math 19% / reading 38%, grade F, #231 of 498 statewide, top 47%, 756 students, 40% FRL); Oakdale High (math 47% / reading 67%, grade C, #234 of 1,170 statewide, top 21%, 1,644 students, 34% FRL) — zoned schools at 40% FRL track the district average.
• Market conditions: 280 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 63d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 923 units permitted in Stanislaus County in 2024 (63 in 5+ unit buildings).
• Stanislaus County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 12.3% vs local median 2.8% in Oakdale — 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 119 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1978 — 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.
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen cabinets — Dated appearance and need for updating.
• Minor: Bathroom fixtures — Simple and dated appearance.
• Minor: Exterior paint — Some wear visible, could benefit from touch-up.