1239 S C St

Oxnard, CA 93033

$2,000,000B-

None bd · None ba · 2,252 sqft · Built 1915 · MultiFamily · Active · 300 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $48,904/mo
• Mortgage (P&I): −$10,488
• Tax + insurance: −$1,456
• HOA: −$0
• Vac / Maint / Mgmt: −$10,270
• Net cashflow: $26,690/mo
• Annual: $320,275/yr
• Cap rate: 22.31%
• Cash-on-cash: 57.19%
• DSCR: 3.54
• 1% rule: 2.45%
• Cash to close: $560,000

Investor read

• This is a 9×1bd/1.5ba + 14×2bd/1.5ba units multifamily listed at $2.00M.
• At list price, monthly cash flow is $27k ($320k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($49k rent vs $2.00M).
• It's been on market 300 days — a 12% lower offer ($1.76M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.76M (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $14k of loan paydown is wiped out by about $60k of value loss. Plan a longer hold.
• Location reads 54/100 on livability (#905 in CA) — a working-class tenant base; expect higher turnover. Strengths: employment A-, health & safety A-, housing B; Watch: schools F, crime F, amenities D-.
• Oxnard Union High (urban): math 28% / reading 51% proficiency, ranked #220 of 517 in CA (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents flat; 31 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,759 units permitted in Ventura County in 2024 (1,196 in 5+ unit buildings).
• Ventura County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 10y ago; this cycle's ask has dropped $1.55M (44%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $525k; list at $2.00M implies a 281% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $560k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 22.3% vs local median 2.5% in Oxnard — 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.
• At $48,904/mo this rent would consume 672% of the median local household income ($87k/yr) (locally 1968% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 300 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?
• 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?