15761 Wood St #20

Delhi, CA 95315

$59,900B

2 bd · 1.0 ba · 800 sqft · Built 1967 · Manufactured · Active · 174 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,695/mo
• Mortgage (P&I): −$314
• Tax + insurance: −$100
• HOA: −$0
• Vac / Maint / Mgmt: −$356
• Net cashflow: $925/mo
• Annual: $11,101/yr
• Cap rate: 24.83%
• Cash-on-cash: 66.19%
• DSCR: 3.95
• 1% rule: 2.83%
• Cash to close: $16,772

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $60k.
• 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).
• It's been on market 174 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.
• 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.
• Location reads 59/100 on livability (#641 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A+, health & safety A+; Watch: crime F, amenities F, commute 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.
• Zoned schools: Harmony Elementary (math 22% / reading 29%, grade F, #950 of 1,571 statewide, top 61%, 492 students, 76% FRL); Delhi Middle (math 20% / reading 30%, grade F, #272 of 498 statewide, top 55%, 387 students, 84% FRL); Delhi High (math 12% / reading 47%, grade F, #750 of 1,170 statewide, top 66%, 732 students, 81% FRL).
• 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).
• 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.
• 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.

Questions for listing agent

• 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?
• Built in 1967 — 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?
• 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.