852 E Grangeville Blvd

Hanford, CA 93230

$69,900D

2 bd · 1.0 ba · 400 sqft · Built 1962 · Manufactured · Active · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,512/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$116
• HOA: −$766
• Vac / Maint / Mgmt: −$317
• Net cashflow: $-55/mo
• Annual: $-659/yr
• Cap rate: 5.35%
• Cash-on-cash: -3.37%
• DSCR: 0.85
• 1% rule: 2.16%
• Cash to close: $19,572

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $70k. Condition is rated fair.
• At list price, monthly cash flow is $-55 ($-659/yr) — negative.
• To cash-flow at today's rent, offer at most $62k (11.4% below list).
• Meets the 1% rule at list price ($2k rent vs $70k).
• It's been on market 25 days — a 2% lower offer ($69k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $62k (11.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $483 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#121 in CA, #4,255 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, amenities B; Watch: crime D+, health & safety D+, cost of living F.
• Hanford Joint Union High (urban): math 20% / reading 58% proficiency, ranked #765 of 1,400 in CA (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: George Washington Elementary (math 14% / reading 32%, grade F, #1,162 of 1,571 statewide, top 74%, 463 students, 80% FRL); John F. Kennedy Junior High (math 20% / reading 37%, grade F, #231 of 498 statewide, top 47%, 517 students, 87% FRL); Hanford High (1,549 students, 80% FRL).
• Zoned-school proficiency averages 26% at this address vs 39% district-wide (-13 pts) — the specific schools serving this property underperform the Hanford Joint Union High average; the district grade overstates school quality for this exact location.
• Watch-outs: HOA is 51% of rent.
• Market conditions: Rents rising (+2.9%/yr); 434 active listings in the ZIP; solid renter incomes; 741 units permitted in Kings County in 2024 (307 in 5+ unit buildings).
• 22 sale attempts since 4y ago; this cycle's ask has dropped $60k (46%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.4% vs local median 3.9% in Hanford — 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.

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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is D 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Paint — Chipping and fading paint on exterior and interior walls.
• Minor: Flooring — Light scratches and wear on hardwood floors.
• Minor: Kitchen cabinets — Slight wear on cabinet doors and drawers.
• Minor: Bathroom fixtures — Some discoloration on tiles and fixtures.
• Moderate: HVAC unit — Appears outdated and may need cleaning or minor repairs.
• Major: Landscaping — Dry yard and lack of landscaping significantly reduce curb appeal.