1400 N Tully Rd #43 · Turlock, CA 95380

$115,000

2 bd · 2.0 ba · 1,440 sqft · Manufactured · 8 Days on market

Built 1979 Est $107k · 8% over

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +3.9/15.0
• Livability +3.3/5.0
• Rent growth +2.8/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Must see this beautiful move in ready light open 2 bedroom 2 bathroom, in the nice Western View Mobile Ranch park of Turlock. This home features new porch decking, with vinal fencing all around. New flooring, Vaulted ceilings, brand new quartz kitchen counter tops and new bathroom & kitchen faucets with new paint in the kitchen. There is lots of cabinet space through out. A great storage shed that matches the house. There is lots of shade, a patio area, nice flower/garden beds with automatic sprinklers and a beautiful grapevine. New out side sun shade curtain on the deck. The mobile home has a newer roof, water heater, HVAC and dual pane windows. The park club house is clean and has a

Key facts

• New flooring
• New bathroom faucets
• Vinal fencing

Tags

• NEW PORCH DECKING
• VINAL FENCING
• NEW FLOORING
• VAULTED CEILINGS
• QUARTZ KITCHEN COUNTER TOPS
• NEW BATHROOM FAUCETS

Property features AI

Finance

• Financial info: Non-land-lease (land lease indicator: No) — current listed land lease amount noted separately
• HOA & community: No homeowners association; Senior community

Exterior

• Parking: Covered parking; Guest parking available
• Utilities: Water from local water district; Sewer: other; Cable and internet available; Gas plumbed; Individual electric meter; 220V in kitchen
• Home design: Manufactured home in park; Double wide; Manufactured by GOLDEN WEST (Villa West); Built in 1979
• Construction: Metal skirting
• Exterior features: Composition roof; Auto sprinkler front and rear; Fenced yard; Garden area; Landscaped front and back; See remarks

Interior

• Kitchen: Built-in electric oven; Built-in electric range; Dishwasher; Microwave
• Bedrooms: 2 bedrooms
• Flooring: Laminate flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central cooling; Ceiling fans
• Interior features: Cathedral/vaulted living and family room ceilings; Pantry closet; Stone countertops; Shower stall(s); Pets allowed (with limits)
• Laundry & utility: Indoor laundry room; 220V in laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $115k.

Deal economics

• At list price, monthly cash flow is $847 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Cap rate 15.1% vs local median 3.1% in Turlock — 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.

Location & tenants

• Location reads 66/100 on livability (#353 in CA) — a middle-class / working-renter tenant base. Strengths: housing A, health & safety A-, commute B; Watch: amenities D, crime D-, cost of living F.
• Turlock Unified (suburban): math 23% / reading 38% proficiency, ranked #334 of 517 in CA (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Crowell Elementary (math 8% / reading 21%, grade F, #1,428 of 1,571 statewide, top 92%, 672 students, 81% FRL); Marvin A. Dutcher Middle (math 23% / reading 42%, grade F, #202 of 498 statewide, top 41%, 851 students, 57% FRL); John H. Pitman High (math 24% / reading 57%, grade F, #508 of 1,170 statewide, top 44%, 2,082 students, 58% FRL).
• Market conditions: Rents rising (+1.3%/yr); 131 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 923 units permitted in Stanislaus County in 2024 (63 in 5+ unit buildings).
• This rent runs 33% of the median local income ($75k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Stanislaus County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 1.3% rent growth), your $32k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $115,000

Questions for the listing agent

1. Built in 1979 — 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. Crime grade is D 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?
5. 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.
6. 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.
7. 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: 1.81% ✓
• Cap rate: 15.13%
• Cash-on-cash: 31.58%
• DSCR: 2.41
• GRM: 4.6

CMA / ARV

• ARV (on-the-fly): $106,560
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1400 N Tully Rd #121	0.00mi	2/2.0	1,440 (0%)	1mo	$110,000	$76	100
1400 N Tully Rd #168	0.00mi	2/2.0	1,500 (+4%)	2mo	$114,950	$77	91
1400 N Tully Rd #60	0.00mi	2/2.0	1,440 (0%)	12mo	$76,000	$53	90
1400 N Tully Rd #137	0.00mi	2/2.0	1,536 (+7%)	5mo	$113,000	$74	85
1400 N Tully Rd #91	0.15mi	2/2.0	1,492 (+4%)	3mo	$85,000	$57	84
1400 - 2030 N Tully Rd #156	0.00mi	2/2.0	1,440 (0%)	21mo	$110,000	$76	83
1400 N Tully Rd #125	0.00mi	3/2.0 (+1)	1,440 (0%)	18mo	$132,000	$92	80
1400 N Tully #118	0.00mi	2/2.0	1,344 (-7%)	14mo	$79,900	$59	77
1400 N Tully Rd #111	0.00mi	2/2.0	1,584 (+10%)	10mo	$118,000	$74	75
1400 N Tully (Space 109) Rd #109	0.00mi	3/2.0 (+1)	1,536 (+7%)	14mo	$110,000	$72	72
1400 N Tully Rd #2	0.00mi	2/2.0	1,250 (-13%)	9mo	$74,000	$59	70
520 Allen Way	0.72mi	3/2.0 (+1)	1,536 (+7%)	3mo	$130,000	$85	48

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

Projected returns pro-forma

-3.0% appreciation · 1.27% rent growth · sell at horizon

5-year hold

• IRR: 24.5%
• Equity multiple: 1.99×
• Total profit: $31,806
• Equity at exit: $17,147

10-year hold

• IRR: 31.2%
• Equity multiple: 3.58×
• Total profit: $83,218
• Equity at exit: $9,943

Cash invested: $32,200 (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 95380

• Rents YoY: 1.3%
• Active inventory: 131
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $2,079 high
• Mortgage (P&I): −$603
• Tax est. 1.5%: −$144 /mo · $1,725/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$436
• Net cashflow: $847

Break-even live

Break-even rent $1,006

Max offer price $115,000

Occupancy floor 54%

Sensitivity live

Price	-10% $927	-5% $887	+0% $847	+5% $808	+10% $768
Rent	-10% $683	-5% $765	+0% $847	+5% $929	+10% $1,012
Rate	-1.0pp $905	-0.5pp $877	base $847	+0.5pp $818	+1.0pp $787

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1700 N Tully Rd Turlock, CA	1.0–3.0	1.0–2.0	892	$1,795	$2.01	15d	1	0.35mi
2541 Carnival Dr Turlock, CA	3.0	2.0	1309	$2,295	$1.75	45d	1	0.84mi
1020 W Minnesota Ave Turlock, CA	3.0	2.0	1691	$2,600	$1.54	23d	1	0.90mi
475 Georgetown Ave Turlock, CA	3.0	2.0	1204	$2,350	$1.95	23d	1	1.19mi
1020 W Monte Vista Ave Turlock, CA	3.0	2.0	1691	$2,600	$1.54	23d	1	1.20mi
1055 Vermont Ave Turlock, CA	3.0	2.0	1283	$2,000	$1.56	45d	1	1.25mi
731 Vermont Ave Turlock, CA	3.0	1.0	1238	$1,750	$1.41	15d	1	1.31mi
3293 Dewar Ln Turlock, CA	3.0	2.5	1456	$2,750	$1.89	15d	1	1.31mi
402 S Laurel St Turlock, CA	2.0	1.0	1150	$2,200	$1.91	15d	1	1.47mi

Listing history 9 events

1. 2026-06-19
   status $115,000 Pending 8 DOM
2. 2026-06-18
   days on market $115,000 Active 8 DOM
3. 2026-06-17
   days on market $115,000 Active 7 DOM
4. 2026-06-16
   days on market $115,000 Active 6 DOM
5. 2026-06-15
   days on market $115,000 Active 5 DOM
6. 2026-06-14
   days on market $115,000 Active 3 DOM
7. 2026-06-13
   days on market $115,000 Active 2 DOM
8. 2026-06-10
   remarks 695-char remark
9. 2026-06-10
   listed $115,000 Active 1 DOM

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 21% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥102°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 33 unhealthy d/yr today · 35 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,943
• − Mortgage interest: −$6,442
• − Property taxes: −$1,725
• − Insurance: −$575
• − Repairs & maintenance: −$1,995
• − Management: −$1,995
• − Depreciation: −$3,345
• Taxable income: $8,865
• Est. tax owed @ 24.0%: −$2,128
• After-tax cash flow: $8,040/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: Turlock Unified
• NCES district ID: 0600158
• Math proficiency: 23% ▼ -8.00%
• Reading proficiency: 38% ▼ -7.00%
• Median HH income: $50,249
• Composite: 26.58/100
• National rank: #7184
• State rank: #334 of 517 in CA

Livability — Turlock

• Score: 66/100
• State rank: #353
• US rank: #11971

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Turlock, CA
• County: Stanislaus County · 445,786 people
• City population: 83,043
• Metro: Modesto, CA
• Population (ZIP): 43,960
• Household income: $74,534
• Rent vs Own: 51.2% rent · 48.8% own
• Severe rent burden: 1545.0

Population outlook (Stanislaus County) Hauer SSP2

• Today (2025): 579,493 people
• By 2030: 598,000 · +3.2%
• By 2040: 630,930 · +8.9%
• By 2050: 658,300 · +13.6%
• By 2075: 712,363 · +22.9%
• By 2100: 719,805 · +24.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Hispanic / Latino 54% White 36% Two or more races 14% Asian 4% Black 1%
• Hispanic origin (detail): Mexican 51%
• Common ancestry: Russian 8% Italian 1% Portuguese 1%
• Foreign-born: 22% · Canada
• Languages at home: 52% English-only · Spanish 39% Other Indo-European 7%

Political lean MEDSL · Stanislaus

• 2024 margin: R (+11.0) · D 43.2% · R 54.2% · Other 2.6%
• 2008→2024 swing: -12.7pp toward R · 2008: 1.7pp · 2024: -11.0pp
• All cycles: 2024: R+11.0 2020: D+0.8 2016: D+0.6 2012: D+0.7 2008: D+1.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -614.27%
• Current HPI: 307.7264
• Rent YoY: ▲ 1.27%
• Metro: Modesto, CA
• 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