1941 N Golden State Blvd #50

Fresno, CA 93705

$49,999B+

1 bd · 1.0 ba · 500 sqft · Built 1958 · Manufactured · Active · 40 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,262/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$83
• HOA: −$0
• Vac / Maint / Mgmt: −$265
• Net cashflow: $652/mo
• Annual: $7,822/yr
• Cap rate: 21.94%
• Cash-on-cash: 55.87%
• DSCR: 3.49
• 1% rule: 2.53%
• Cash to close: $14,000

Investor read

• This is a 1-bed/1.0-bath manufactured listed at $50k. Condition is rated fair.
• At list price, monthly cash flow is $652 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• It's been on market 40 days — a 3% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $48k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $345 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#469 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+; Watch: amenities D+, employment D+, crime F.
• Fresno Unified (urban): math 18% / reading 47% proficiency, ranked #327 of 517 in CA (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Addams Elementary (800 students, 97% FRL); Rutherford B. Gaston Sr. Middle (821 students, 98% FRL); Edison High (math 35% / reading 67%, grade D+, #319 of 1,170 statewide, top 28%, 2,466 students, 81% FRL) — zoned schools average 92% FRL vs 77% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 51% at this address vs 32% district-wide (+18 pts) — the actual schools serving this property are materially stronger than the Fresno Unified average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.2%/yr); 99 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 2,426 units permitted in Fresno County in 2024 (296 in 5+ unit buildings).
• Fresno County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $5k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 5.2% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 21.9% vs local median 3.7% in Fresno — 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 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: wood siding — slight weathering
• Minor: interior walls — faded paint