355 Parkview Ter Unit A-8

Vallejo, CA 94589

$235,000D

3 bd · 2.0 ba · 1,069 sqft · Built 1973 · Condo · Active · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,432/mo
• Mortgage (P&I): −$1,232
• Tax + insurance: −$392
• HOA: −$697
• Vac / Maint / Mgmt: −$511
• Net cashflow: $-400/mo
• Annual: $-4,800/yr
• Cap rate: 4.25%
• Cash-on-cash: -7.29%
• DSCR: 0.68
• 1% rule: 1.03%
• Cash to close: $65,800

Investor read

• This is a 3-bed/2.0-bath condo listed at $235k. Condition is rated good.
• At list price, monthly cash flow is $-400 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $177k (24.6% below list).
• Meets the 1% rule at list price ($2k rent vs $235k).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $177k (24.6% below list) — sets the bar for cash-flow.
• 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 67/100 on livability (#304 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: crime F, cost of living F.
• Vallejo City Unified (urban): math 20% / reading 30% proficiency, ranked #1,124 of 1,400 in CA (top 80%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Cave Language Academy (411 students, 68% FRL); Hogan Middle (867 students, 85% FRL); Vallejo High (math 10% / reading 50%, grade F, #723 of 1,170 statewide, top 64%, 1,335 students, 80% FRL) — zoned schools average 78% FRL vs 62% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 29% of rent.
• Market conditions: Rents rising fast (+5.5%/yr); 108 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals lingering (median 71d 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; 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.
• 3 sale attempts 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.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 4.3% vs local median 3.2% in Vallejo — 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.
• This rent runs 31% of the median local income ($93k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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?
• 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?

Repairs flagged (vision-AI assessment)

• Minor: kitchen countertops — Slight wear visible on the countertops.
• Minor: bathroom tiles — Some tiles show signs of wear, but not severe damage.
• Minor: kitchen cabinets — Light wear visible on the cabinets, but still functional and in good condition.