26853 Anderson St

Boron, CA 93516

$275,000F

2 bd · 2.0 ba · 755 sqft · Built 1935 · Manufactured · Active · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,375/mo
• Mortgage (P&I): −$1,442
• Tax + insurance: −$202
• HOA: −$0
• Vac / Maint / Mgmt: −$289
• Net cashflow: $-558/mo
• Annual: $-6,692/yr
• Cap rate: 3.86%
• Cash-on-cash: -8.69%
• DSCR: 0.61
• 1% rule: 0.50%
• Cash to close: $77,000

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $275k.
• At list price, monthly cash flow is $-558 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $176k (35.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $138k (50.0% below list).
• It's been on market 45 days — a 3% lower offer ($267k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $138k (50.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 55/100 on livability (#857 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A+, cost of living A; Watch: schools F, amenities F, commute F.
• Muroc Joint Unified (rural): math 22% / reading 39% proficiency, ranked #340 of 517 in CA (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 104 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 3,244 units permitted in Kern County in 2024 (73 in 5+ unit buildings).
• Kern County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 15y 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 $67k; list at $275k implies a 310% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 45 days. Have you received any prior offers? Is the seller open to a 50% concession, seller financing, or rate buy-down credit?
• Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.