2032 Rainbow Dr · Lake Isabella, CA 93240

$175,000

2 bd · 1.0 ba · 1,128 sqft · SingleFamily public records · 5 Days on market

Built 1959 7,405 sqft lot Est $209k · 16% under

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +18.7/30.0
• ARV discount +14.8/15.0
• Appreciation +7.8/10.0
• DSCR +5.9/10.0
• 1% rule +4.2/10.0
• Schools +2.6/10.0
• Livability +2.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Cute income property close to beautiful Lake Isabella, close to town, boating and river rafting. Two homes on one lot with RV parking, Front home is 2 bedroom. Also the back home is a cozy studio with a kitchen and bathroom. Mouintain living with all the amenities.

Key facts

• Detached adu
• Fully fenced
• Large mature trees

Tags

• DETACHED ADU
• FULLY FENCED
• CROSS FENCED
• PRIVATE PARKING
• LARGE MATURE TREES
• RV BOAT TOY PARKING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $173 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $161k (7.8% below list).
• Recommended offer: $161k (7.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 52/100 on livability (#999 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A, cost of living B+; Watch: crime C-, schools F, amenities F.
• Kernville Union Elementary (rural): math 20% / reading 37% proficiency, ranked #1,128 of 1,400 in CA (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 135 active listings in the ZIP; 3,244 units permitted in Kern County in 2024 (73 in 5+ unit buildings).

Forward outlook

• In year one you build about $11k of equity ($1k loan paydown + $10k appreciation (5.5% local appreciation)).
• Kern County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (5.5% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 12y 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 $90k; list at $175k implies a 94% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; severe wildfire risk; extreme-heat days projected 11→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $161,343 (7.8% below list)

Questions for the listing agent

1. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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.

Investment metrics

• 1% rule: 0.92% ✗
• Cap rate: 7.48%
• Cash-on-cash: 4.23%
• DSCR: 1.19
• GRM: 9.0

CMA / ARV

• ARV (on-the-fly): $208,680
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2032 Rainbow Dr	0.00mi	2/1.0	1,128 (0%)	1mo	$178,500	$158	99
2720 Webb Ave	0.73mi	2/1.0	1,136 (+1%)	21mo	$210,000	$185	47
2101 Kem Ave	0.61mi	3/2.0 (+1)	1,260 (+12%)	5mo	$230,000	$183	39
2348 Sweetwater Dr	0.65mi	3/1.0 (+1)	960 (-15%)	3mo	$197,500	$206	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

5.55% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 17.8%
• Equity multiple: 2.16×
• Total profit: $56,849
• Equity at exit: $105,076

10-year hold

• IRR: 17.6%
• Equity multiple: 4.26×
• Total profit: $159,873
• Equity at exit: $186,429

Cash invested: $49,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 93240

• Home prices YoY: 1.6%
• Active inventory: 135
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,613 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$111 /mo · $1,334/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$339
• Net cashflow: $173

Break-even live

Break-even rent $1,395

Max offer price $175,000

Occupancy floor 84%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-04-15
   status Pending
2. 2026-04-10
   listed $175,000 Active
3. 2018-12-15
   price $90,000 265-char remark

   Show marketing remark (265 chars)

   Cute income property close to beautiful Lake Isabella, close to town, boating and river rafting. Two homes on one lot with RV parking, Front home is 2 bedroom. Also the back home is a cozy studio with a kitchen and bathroom. Mouintain living with all the amenities.

4. 2018-12-07
   soldstatus $90,000 Sold 265-char remark

   Show marketing remark (265 chars)

   Cute income property close to beautiful Lake Isabella, close to town, boating and river rafting. Two homes on one lot with RV parking, Front home is 2 bedroom. Also the back home is a cozy studio with a kitchen and bathroom. Mouintain living with all the amenities.

5. 2018-12-07
   soldstatus $90,000

   Show marketing remark (265 chars)

   Cute income property close to beautiful Lake Isabella, close to town, boating and river rafting. Two homes on one lot with RV parking, Front home is 2 bedroom. Also the back home is a cozy studio with a kitchen and bathroom. Mouintain living with all the amenities.

6. 2018-11-29
   status Pending 265-char remark

   Show marketing remark (265 chars)

   Cute income property close to beautiful Lake Isabella, close to town, boating and river rafting. Two homes on one lot with RV parking, Front home is 2 bedroom. Also the back home is a cozy studio with a kitchen and bathroom. Mouintain living with all the amenities.

7. 2018-10-11
   historical 265-char remark

   Show marketing remark (265 chars)

   Cute income property close to beautiful Lake Isabella, close to town, boating and river rafting. Two homes on one lot with RV parking, Front home is 2 bedroom. Also the back home is a cozy studio with a kitchen and bathroom. Mouintain living with all the amenities.

8. 2018-10-11
   price $95,000 265-char remark

   Show marketing remark (265 chars)

   Cute income property close to beautiful Lake Isabella, close to town, boating and river rafting. Two homes on one lot with RV parking, Front home is 2 bedroom. Also the back home is a cozy studio with a kitchen and bathroom. Mouintain living with all the amenities.

9. 2018-09-14
   listed $95,000 Active 265-char remark

   Show marketing remark (265 chars)

   Cute income property close to beautiful Lake Isabella, close to town, boating and river rafting. Two homes on one lot with RV parking, Front home is 2 bedroom. Also the back home is a cozy studio with a kitchen and bathroom. Mouintain living with all the amenities.

10. 2014-06-20
    soldstatus $55,000 349-char remark

    Show marketing remark (349 chars)

    Price REDUCED! HUD Home located in Lake Isabella. This property features 2-bedrooms and 1-bath. Built in 1959. Per FHA Appraisal 962 square feet. Open floor plan. Spacious kitchen with lots of storage. Two tone paint. Indoor laundry. Ceiling fans. Situated on a large lot with mature landscaping. Close to shopping and freeway. FHA Case #045-660534.

11. 2014-06-06
    price $57,285 349-char remark

    Show marketing remark (349 chars)

    Price REDUCED! HUD Home located in Lake Isabella. This property features 2-bedrooms and 1-bath. Built in 1959. Per FHA Appraisal 962 square feet. Open floor plan. Spacious kitchen with lots of storage. Two tone paint. Indoor laundry. Ceiling fans. Situated on a large lot with mature landscaping. Close to shopping and freeway. FHA Case #045-660534.

12. 2014-06-06
    historical 349-char remark

    Show marketing remark (349 chars)

    Price REDUCED! HUD Home located in Lake Isabella. This property features 2-bedrooms and 1-bath. Built in 1959. Per FHA Appraisal 962 square feet. Open floor plan. Spacious kitchen with lots of storage. Two tone paint. Indoor laundry. Ceiling fans. Situated on a large lot with mature landscaping. Close to shopping and freeway. FHA Case #045-660534.

13. 2014-02-21
    listed $55,000 349-char remark

    Show marketing remark (349 chars)

    Price REDUCED! HUD Home located in Lake Isabella. This property features 2-bedrooms and 1-bath. Built in 1959. Per FHA Appraisal 962 square feet. Open floor plan. Spacious kitchen with lots of storage. Two tone paint. Indoor laundry. Ceiling fans. Situated on a large lot with mature landscaping. Close to shopping and freeway. FHA Case #045-660534.

14. 2003-10-01
    soldstatus $49,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $1,334 · $111/mo
• Projected year-2 tax: $1,334 · $111/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 62% chance over 30 yrs
• 🔥 Wildfire 9/10 Extreme
• 🌡 Heat 7/10 Severe 11 d/yr ≥93°F today · 29 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 24 unhealthy d/yr today · 30 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,361
• − Mortgage interest: −$9,803
• − Property taxes: −$1,334
• − Insurance: −$875
• − Repairs & maintenance: −$1,549
• − Management: −$1,549
• − Depreciation: −$5,091
• Taxable loss: −$840
• Est. tax savings @ 24.0%: +$202
• After-tax cash flow: $2,275/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Kernville Union Elementary
• NCES district ID: 0619590
• Math proficiency: 20% ▲ 4.00%
• Reading proficiency: 37% ▲ 11.00%
• Median HH income: $29,896
• Composite: 25.91/100
• National rank: #12766
• State rank: #1128 of 1400 in CA

Livability — Lake Isabella

• Score: 52/100
• State rank: #999
• US rank: #24814

Category grades

Amenities F Commute F Cost of living B+ Crime C- Employment F Housing A Health & safety F User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lake Isabella, CA
• City population: 5,622
• Population (ZIP): 5,622

Population outlook (Kern County) Hauer SSP2

• Today (2025): 947,286 people
• By 2030: 978,984 · +3.3%
• By 2040: 1,045,018 · +10.3%
• By 2050: 1,105,232 · +16.7%
• By 2075: 1,229,538 · +29.8%
• By 2100: 1,238,059 · +30.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Hispanic / Latino 13% Two or more races 5% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Italian 3% Portuguese 2% Iranian 2%
• Foreign-born: 5% · Canada, South Korea
• Languages at home: 93% English-only · Spanish 4% Korean 1% Other Asian/Pacific 1%

Political lean MEDSL · Kern

• 2024 margin: Strong R (+21.1) · D 38.2% · R 59.3% · Other 2.5%
• 2008→2024 swing: -3.3pp toward R · 2008: -17.8pp · 2024: -21.1pp
• All cycles: 2024: R+21.1 2020: R+10.2 2016: R+15.0 2012: R+20.9 2008: R+17.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.55%
• Current HPI: 341.2481
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+257.1% since first listed

14 events — show timeline

• 2026-04-15 Pending — SSMLS
• 2026-04-10 Listed $175,000 SSMLS
• 2018-12-15 Price Changed $90,000 GEMLS
• 2018-12-07 Sold (Public Records) $90,000 Public Records
• 2018-12-07 Sold (MLS) $90,000 GEMLS
• 2018-11-29 Pending — GEMLS
• 2018-10-11 Price Changed $95,000 GEMLS
• 2018-10-11 Delisted — GEMLS
• 2018-09-14 Listed $95,000 GEMLS
• 2014-06-20 Sold (MLS) $55,000 GEMLS
• 2014-06-06 Delisted — GEMLS
• 2014-06-06 Price Changed $57,285 GEMLS
• 2014-02-21 Listed $55,000 GEMLS
• 2003-10-01 Sold (Public Records) $49,000 Public Records

Property tax history

+7.5%/yr

Latest (2025): $1,334 · +2.7% YoY. Source: county tax records.