9060 Auburn Folsom Rd #19

Granite Bay, CA 95746

$74,500B-

1 bd · 1.0 ba · 504 sqft · Built 1972 · Manufactured · Active · 92 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,319/mo
• Mortgage (P&I): −$391
• Tax + insurance: −$124
• HOA: −$0
• Vac / Maint / Mgmt: −$487
• Net cashflow: $1,317/mo
• Annual: $15,806/yr
• Cap rate: 27.51%
• Cash-on-cash: 75.77%
• DSCR: 4.37
• 1% rule: 3.11%
• Cash to close: $20,860

Investor read

• This is a 1-bed/1.0-bath manufactured listed at $74k. Condition is rated excellent.
• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $74k).
• It's been on market 92 days — a 9% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $68k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $515 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#386 in CA) — a middle-class / working-renter tenant base. Strengths: schools A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Eureka Union (suburban): math 61% / reading 74% proficiency, ranked #48 of 517 in CA (top 9%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 8% free/reduced lunch — higher-income household profile.
• Market conditions: 164 active listings in the ZIP; high-income renter base; 3,535 units permitted in Placer County in 2024 (689 in 5+ unit buildings).
• Placer County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 27.5% vs local median 1.2% in Granite Bay — 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.
• This rent is only 15% of the median local income ($183k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• It's been on market 92 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1972 — 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 A-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?
• 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.