701 E Lassen #97 · Chico, CA 95973

$55,000

2 bd · 2.0 ba · 1,536 sqft · Manufactured · 31 Days on market

Built 1977 Est $81k · 32% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.6/10.0
• Livability +3.6/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Room to move. 1500 + square feet with separate living and family rooms. Nice corner lot with yard and deck to spare.

Key facts

• Corner location
• Clubhouse
• Covered carport

Tags

• INDOOR LAUNDRY MUD ROOM
• COVERED CARPORT
• LARGE STORAGE SHED
• CORNER LOCATION
• OVERSIZED SIDE YARD
• CLUBHOUSE

Property features AI

Finance

• Other: Lot is level/flat; Paved road access
• Financial info: Land lease of $790 per month (park); Manager approval required for tenancy; Pets allowed with size limit
• HOA & community: Senior community; Park name: Casa De Flores; Community features include gutters, biking paths, street lighting, and sidewalks

Exterior

• Parking: Attached carport with 2 covered spaces
• Security: Carbon monoxide detector(s); Smoke detector
• Utilities: Public/district water; Public sewer; Natural gas connected; Electricity connected
• Home design: Single-story (one level); Mobile home (24' x 64') — mobile home remains on site; Two or more access exits; Has a view
• Construction: Metal roof; One shed on property
• Exterior features: Covered patio; Community in-ground pool (association); Chain-link fencing; Shed

Interior

• Kitchen: Gas cooktop; Microwave; Refrigerator; Water heater unit
• Bedrooms: Primary bedroom
• Flooring: Vinyl flooring; Carpet
• Bathrooms: Two full bathrooms with walk-in shower and bathtub
• Heating & cooling: Central heating (furnace); Central cooling
• Interior features: Built-in storage; Double-pane windows; Carbon monoxide and smoke detectors
• Laundry & utility: Interior laundry in a dedicated room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $55k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $55k).
• Recommended offer: $53k (3.0% below list) — sets the bar for market timing.
• Cap rate 29.3% vs local median 2.6% in Chico — 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 72/100 on livability (#195 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A-; Watch: employment C-, crime F, cost of living F.
• Chico Unified (urban): math 40% / reading 70% proficiency, ranked #117 of 517 in CA (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.7%/yr); 151 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 946 units permitted in Butte County in 2024 (254 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $380 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Butte County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 1.7% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• 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 $26k; list at $55k implies a 112% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk; extreme-heat days projected 5→12/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $53,350 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. 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?
6. 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.
7. 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.
8. 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: 3.22% ✓
• Cap rate: 29.32%
• Cash-on-cash: 82.23%
• DSCR: 4.66
• GRM: 2.6

CMA / ARV

• ARV (on-the-fly): $81,408
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
701 E Lassen Ave #232	0.20mi	3/2.0 (+1)	1,536 (0%)	3mo	$82,500	$54	83
701 E Lassen Ave #108	0.08mi	3/2.0 (+1)	1,440 (-6%)	2mo	$20,000	$14	79
701 E Lassen Ave #210	0.19mi	2/2.0	1,440 (-6%)	8mo	$43,500	$30	74
701 E Lassen Ave #174	0.10mi	3/2.0 (+1)	1,635 (+6%)	9mo	$95,000	$58	72
701 E Lassen Ave #279	0.21mi	2/2.0	1,400 (-9%)	6mo	$75,000	$54	71
701 E Lassen Ave #84	0.05mi	3/2.0 (+1)	1,640 (+7%)	20mo	$62,000	$38	65
701 E Lassen Ave #33	0.14mi	2/2.0	1,368 (-11%)	14mo	$73,000	$53	63
701 E Lassen Ave #311	0.16mi	3/2.0 (+1)	1,638 (+7%)	22mo	$105,000	$64	58
567 E Lassen #614	0.29mi	2/2.0	1,440 (-6%)	23mo	$34,000	$24	57
982 E Lassen Ave #53	0.40mi	3/2.0 (+1)	1,440 (-6%)	19mo	$75,000	$52	50
982 E Lassen #52	0.40mi	2/2.0	1,344 (-12%)	18mo	$73,000	$54	46

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 · 1.7% rent growth · sell at horizon

5-year hold

• IRR: 81.1%
• Equity multiple: 4.64×
• Total profit: $56,018
• Equity at exit: $8,201

10-year hold

• IRR: 84.1%
• Equity multiple: 9.20×
• Total profit: $126,209
• Equity at exit: $4,755

Cash invested: $15,400 (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 95973

• Rents YoY: 1.7%
• Active inventory: 151
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $1,769 high
• Mortgage (P&I): −$288
• Tax from tax record: −$31 /mo · $366/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$371
• Net cashflow: $1,055

Break-even live

Break-even rent $433

Max offer price $55,000

Occupancy floor 35%

Sensitivity live

Price	-10% $1,086	-5% $1,071	+0% $1,055	+5% $1,040	+10% $1,024
Rent	-10% $916	-5% $985	+0% $1,055	+5% $1,125	+10% $1,195
Rate	-1.0pp $1,083	-0.5pp $1,069	base $1,055	+0.5pp $1,041	+1.0pp $1,027

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
583 Morgan Dr #2 Chico, CA	3.0	2.0	1100	$1,750	$1.59	21d	1	0.31mi
2909 Godman Ave Unit 2909-2 Chico, CA	3.0	2.0	1170	$1,725	$1.47	44d	1	0.34mi
490 Posada Way Chico, CA	3.0	2.0	1200	$2,000	$1.67	14d	1	0.46mi
251 Rio Lindo Ave Chico, CA	2.0	1.0	1100	$1,400	$1.27	44d	1	0.87mi
259 Rio Lindo Ave Unit 259-16 Chico, CA	2.0	2.0	1426	$1,595	$1.12	44d	1	0.91mi
2739 Ceres Ave Chico, CA	3.0	2.0	1100	$2,100	$1.91	44d	1	1.00mi
1717 E Eaton Rd Chico, CA	2.0	1.5	1100	$1,550	$1.41	44d	1	1.06mi
1749 Eaton Rd Chico, CA	2.0–3.0	1.5–2.5	1104	$1,595	$1.44	14d	1	1.10mi
2050 Laburnum Ave Chico, CA	3.0	2.0	1455	$1,795	$1.23	14d	1	1.11mi
225 Mission Serra Ter Chico, CA	2.0	2.0	1358	$2,000	$1.47	14d	1	1.12mi
400 Mission Ranch Blvd Chico, CA	1.0–3.0	1.0–2.0	995	$1,588	$1.59	14d	1	1.15mi
2619 Waverly Ct Chico, CA	2.0	2.0	1225	$2,400	$1.96	21d	1	1.36mi
2833 Eaton Rd Chico, CA	1.0–2.0	1.0–2.0	999	$1,850	$1.85	14d	9	1.39mi
1618 Sunset Ave Chico, CA	3.0	1.0	1362	$1,700	$1.25	14d	1	1.43mi

Listing history 21 events

1. 2026-06-19
   days on market $55,000 Active 31 DOM
2. 2026-06-18
   days on market $55,000 Active 30 DOM
3. 2026-06-17
   days on market $55,000 Active 29 DOM
4. 2026-06-16
   days on market $55,000 Active 28 DOM
5. 2026-06-15
   days on market $55,000 Active 27 DOM
6. 2026-06-14
   days on market $55,000 Active 25 DOM
7. 2026-06-13
   days on market $55,000 Active 24 DOM
8. 2026-06-10
   days on market $55,000 Active 22 DOM
9. 2026-06-08
   days on market $55,000 Active 20 DOM
10. 2026-06-07
    days on market $55,000 Active 19 DOM
11. 2026-06-05
    days on market $55,000 Active 16 DOM
12. 2026-06-02
    days on market $55,000 Active 14 DOM
13. 2026-06-01
    days on market $55,000 Active 13 DOM
14. 2026-05-31
    days on market $55,000 Active 12 DOM
15. 2026-05-30
    days on market $55,000 Active 11 DOM
16. 2026-05-19
    listed $55,000 Active
17. 2014-06-11
    soldstatus $25,900 Closed 117-char remark

    Show marketing remark (117 chars)

    Room to move. 1500 + square feet with separate living and family rooms. Nice corner lot with yard and deck to spare.

18. 2014-06-04
    status Pending 117-char remark

    Show marketing remark (117 chars)

    Room to move. 1500 + square feet with separate living and family rooms. Nice corner lot with yard and deck to spare.

19. 2014-05-23
    status Active 117-char remark

    Show marketing remark (117 chars)

    Room to move. 1500 + square feet with separate living and family rooms. Nice corner lot with yard and deck to spare.

20. 2014-05-17
    status Pending 117-char remark

    Show marketing remark (117 chars)

    Room to move. 1500 + square feet with separate living and family rooms. Nice corner lot with yard and deck to spare.

21. 2014-03-13
    listed $26,500 Active 117-char remark

    Show marketing remark (117 chars)

    Room to move. 1500 + square feet with separate living and family rooms. Nice corner lot with yard and deck to spare.

ⓘ 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: $366 · $31/mo
• Projected year-2 tax: $418 · $35/mo
• Expected delta: +$52/yr (+$4/mo · 14.1%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 8/10 Severe 5 d/yr ≥105°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 35 unhealthy d/yr today · 40 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,223
• − Mortgage interest: −$3,081
• − Property taxes: −$366
• − Insurance: −$275
• − Repairs & maintenance: −$1,698
• − Management: −$1,698
• − Depreciation: −$1,600
• Taxable income: $12,505
• Est. tax owed @ 24.0%: −$3,001
• After-tax cash flow: $9,662/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: Chico Unified
• NCES district ID: 0608370
• Math proficiency: 40% ▼ -2.00%
• Reading proficiency: 70% ▲ 14.00%
• Median HH income: $46,223
• Composite: 46.45/100
• National rank: #2443
• State rank: #117 of 517 in CA

Livability — Chico

• Score: 72/100
• State rank: #195
• US rank: #6332

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chico, CA
• County: Butte County · 175,030 people
• City population: 117,007
• Metro: Chico, CA
• Population (ZIP): 39,031
• Household income: $92,813
• Rent vs Own: 37.9% rent · 62.1% own
• Severe rent burden: 1230.0

Population outlook (Butte County) Hauer SSP2

• Today (2025): 237,527 people
• By 2030: 243,804 · +2.6%
• By 2040: 253,899 · +6.9%
• By 2050: 262,561 · +10.5%
• By 2075: 283,709 · +19.4%
• By 2100: 282,689 · +19.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Hispanic / Latino 19% Two or more races 10% Asian 5% Native American 1%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Slovak 4% Italian 4% Russian 3%
• Foreign-born: 8% · Canada, China
• Languages at home: 84% English-only · Spanish 11% Other Asian/Pacific 2% Chinese 1%

Political lean MEDSL · Butte

• 2024 margin: Toss-up / Even · D 46.8% · R 49.9% · Other 3.3%
• 2008→2024 swing: -5.5pp toward R · 2008: 2.4pp · 2024: -3.1pp
• All cycles: 2024: R+3.1 2020: D+1.7 2016: R+4.0 2012: R+3.9 2008: D+2.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -182.94%
• Current HPI: 259.9774
• Rent YoY: ▲ 1.70%
• Metro: Chico, 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

Price history

+107.5% since first listed

6 events — show timeline

• 2026-05-19 Listed $55,000 CRMLS
• 2014-06-11 Sold (MLS) $25,900 CRMLS
• 2014-06-04 Pending — CRMLS
• 2014-05-23 Relisted — CRMLS
• 2014-05-17 Pending — CRMLS
• 2014-03-13 Listed $26,500 CRMLS

Property tax history

+2.8%/yr

Latest (2025): $366 · +6.4% YoY. Source: county tax records.