15761 Wood St #20 · Delhi, CA 95315

$59,900

2 bd · 1.0 ba · 800 sqft · Manufactured · 174 Days on market

Built 1967 $75/sqft · 24% below area Est $79k · 24% 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
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks

A beautifully remodeled gem in a desirable 55+ community! This upgraded 2-bedroom, 1-bath mobile home showcases modern finishes throughout, including new flooring, updated kitchen cabinetry, and a bright, open-concept layout that instantly feels welcoming. Every detail has been thoughtfully refreshed to offer a clean, stylish, and truly move-in-ready living experience. Located in a well-maintained 55+ community, this home is perfect for buyers seeking comfort, quality, and a peaceful living environment at an incredible value. Schedule your tour today and see the charm and craftsmanship for yourself!

Key facts

• Move-in ready
• Bright open layout
• Upgraded mobile home

Tags

• UPGRADED MOBILE HOME
• MODERN FINISHES
• NEW FLOORING
• UPDATED KITCHEN CABINETRY
• BRIGHT OPEN LAYOUT
• MOVE-IN READY

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $60k.

Deal economics

• At list price, monthly cash flow is $925 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 59/100 on livability (#641 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A+, health & safety A+; Watch: schools F, crime F, amenities F.
• Delhi Unified (suburban): math 17% / reading 28% proficiency, ranked #440 of 517 in CA (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 24 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 459 units permitted in Merced County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $414 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Merced County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 174 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $52,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 174 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 2.83% ✓
• Cap rate: 24.83%
• Cash-on-cash: 66.19%
• DSCR: 3.95
• GRM: 2.9

CMA / ARV

• ARV (median comp): $78,776
• List price: $59,900
• Delta: -23.96%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15761 Woods St #24	0.00mi	2/1.0	800 (0%)	7mo	$80,000	$100	94
15761 Woods St #1	0.00mi	2/1.0	720 (-10%)	15mo	$9,000	$13	71

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 65.4%
• Equity multiple: 3.94×
• Total profit: $49,239
• Equity at exit: $8,931

10-year hold

• IRR: 69.8%
• Equity multiple: 8.09×
• Total profit: $118,849
• Equity at exit: $5,179

Cash invested: $16,772 (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 95315

• Home prices YoY: -17.3%
• Active inventory: 24
• Price-to-rent: 2.9×

Monthly cashflow live

• Estimated rent: $1,695 medium
• Mortgage (P&I): −$314
• Tax est. 1.5%: −$75 /mo · $898/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$356
• Net cashflow: $925

Break-even live

Break-even rent $524

Max offer price $59,900

Occupancy floor 40%

Sensitivity live

Price	-10% $966	-5% $946	+0% $925	+5% $904	+10% $884
Rent	-10% $791	-5% $858	+0% $925	+5% $992	+10% $1,059
Rate	-1.0pp $955	-0.5pp $940	base $925	+0.5pp $910	+1.0pp $894

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15901 Stephens St Delhi, CA	2.0	1.0	1100	$1,695	$1.54	14d	1	0.47mi

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 8/10 Severe
• 🌡 Heat 7/10 Severe 7 d/yr ≥103°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 34 unhealthy d/yr today · 36 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,340
• − Mortgage interest: −$3,355
• − Property taxes: −$898
• − Insurance: −$300
• − Repairs & maintenance: −$1,627
• − Management: −$1,627
• − Depreciation: −$1,743
• Taxable income: $10,790
• Est. tax owed @ 24.0%: −$2,590
• After-tax cash flow: $8,512/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: Delhi Unified
• NCES district ID: 0600039
• Math proficiency: 17% ▼ -9.00%
• Reading proficiency: 28% ▼ -9.00%
• Median HH income: $48,790
• Composite: 19.83/100
• National rank: #8697
• State rank: #440 of 517 in CA

Livability — Delhi

• Score: 59/100
• State rank: #641
• US rank: #20111

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Delhi, CA
• City population: 13,006
• Population (ZIP): 13,006

Population outlook (Merced County) Hauer SSP2

• Today (2025): 285,501 people
• By 2030: 293,437 · +2.8%
• By 2040: 308,808 · +8.2%
• By 2050: 321,011 · +12.4%
• By 2075: 338,497 · +18.6%
• By 2100: 330,493 · +15.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (76%)
• Race & ethnicity: Hispanic / Latino 76% White 18% Two or more races 13% Asian 5% Native American 2%
• Hispanic origin (detail): Mexican 75%
• Common ancestry: Russian 3% Italian 1% Iranian 1%
• Foreign-born: 35% · Canada
• Languages at home: 26% English-only · Spanish 66% Other Indo-European 6% Tagalog/Filipino 1%

Political lean MEDSL · Merced

• 2024 margin: Toss-up / Even · D 46.5% · R 50.9% · Other 2.6%
• 2008→2024 swing: -12.7pp toward R · 2008: 8.3pp · 2024: -4.4pp
• All cycles: 2024: R+4.4 2020: D+10.6 2016: D+7.9 2012: D+5.4 2008: D+8.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -56.66%
• Current HPI: 270.4335
• Rent YoY: —
• Metro: —
• 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

Property tax history

+3.6%/yr

Latest (2020): $96 · +1.6% YoY. Source: county tax records.