5431 Perkins Rd

Oxnard, CA 93033

$2,500,000B-

153 bd · 99.0 ba · — sqft · Built 1961 · MultiFamily · Active · 150 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $39,872/mo
• Mortgage (P&I): −$13,110
• Tax + insurance: −$1,731
• HOA: −$0
• Vac / Maint / Mgmt: −$8,373
• Net cashflow: $16,657/mo
• Annual: $199,885/yr
• Cap rate: 14.29%
• Cash-on-cash: 28.56%
• DSCR: 2.27
• 1% rule: 1.59%
• Cash to close: $700,000

Investor read

• This is a 9 × 17-bed/11.0-bath units multifamily listed at $2.50M.
• At list price, monthly cash flow is $17k ($200k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($40k rent vs $2.50M).
• It's been on market 150 days — a 12% lower offer ($2.20M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $2.20M (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $17k of loan paydown is wiped out by about $75k 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-.
• Hueneme Elementary (urban): math 17% / reading 30% proficiency, ranked #1,163 of 1,400 in CA (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents flat; 31 active listings in the ZIP; 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.
• 12 sale attempts since 31y 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $700k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 14.3% 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 $39,872/mo this rent would consume 548% 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 150 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 1961 — 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?