108 Ensenada Dr

Novato, CA 94949

$239,999B

2 bd · 1.0 ba · 756 sqft · Built 2025 · Manufactured · Active · 75 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,846/mo
• Mortgage (P&I): −$1,259
• Tax + insurance: −$400
• HOA: −$0
• Vac / Maint / Mgmt: −$598
• Net cashflow: $590/mo
• Annual: $7,075/yr
• Cap rate: 9.24%
• Cash-on-cash: 10.53%
• DSCR: 1.47
• 1% rule: 1.19%
• Cash to close: $67,200

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $240k. Condition is rated good.
• At list price, monthly cash flow is $590 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• It's been on market 75 days — a 6% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $226k (6.0% below list) — sets the bar for market timing.
• 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 71/100 on livability (#211 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+; Watch: amenities D, cost of living F, health & safety F.
• Novato Unified (suburban): math 38% / reading 50% proficiency, ranked #160 of 517 in CA (top 31%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Hamilton Meadow Park (math 21% / reading 28%, grade F, #973 of 1,571 statewide, top 73%, 531 students, 58% FRL); Novato High (math 31% / reading 63%, grade D-, #389 of 1,170 statewide, top 35%, 1,458 students, 34% FRL) — zoned schools average 46% FRL vs 30% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.1%/yr); 75 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 149 units permitted in Marin County in 2024 (5 in 5+ unit buildings).
• Marin County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Cap rate 9.2% vs local median 2.4% in Novato — 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 75 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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.