120 Buena Vis #2

Soledad, CA 93960

$379,000D

3 bd · 1.5 ba · 1,145 sqft · Built 1976 · Condo · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,152/mo
• Mortgage (P&I): −$1,988
• Tax + insurance: −$296
• HOA: −$54
• Vac / Maint / Mgmt: −$662
• Net cashflow: $153/mo
• Annual: $1,834/yr
• Cap rate: 6.78%
• Cash-on-cash: 1.73%
• DSCR: 1.08
• 1% rule: 0.83%
• Cash to close: $106,120

Investor read

• This is a 3-bed/1.5-bath condo listed at $379k.
• At list price, monthly cash flow is $153 ($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 $315k (16.8% below list).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $315k (16.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#443 in CA) — a middle-class / working-renter tenant base. Strengths: health & safety A, crime A-, employment A-; Watch: amenities F, commute F, cost of living F.
• Soledad Unified (town): math 21% / reading 33% proficiency, ranked #1,109 of 1,400 in CA (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 86% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Gabilan Elementary (462 students, 79% FRL); Main Street Middle (749 students, 74% FRL); Soledad High (1,534 students, 73% FRL).
• Market conditions: 14 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 weeks tenant-placement turnaround); 530 units permitted in Monterey County in 2024 (50 in 5+ unit buildings).
• Monterey County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 5 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.
• Current owner paid $76k; list at $379k implies a 399% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→13/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1976 — 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 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?
• 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?
• 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.