121464 U.s. 101 None

Orick, CA 95555

$210,000B-

3 bd · None ba · 1,370 sqft · Built 1952 · MultiFamily · Active · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,541/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$350
• HOA: −$0
• Vac / Maint / Mgmt: −$1,164
• Net cashflow: $2,926/mo
• Annual: $35,114/yr
• Cap rate: 23.01%
• Cash-on-cash: 59.72%
• DSCR: 3.66
• 1% rule: 2.64%
• Cash to close: $58,800

Investor read

• This is a 3-bed/?-bath multifamily listed at $210k. Condition is rated poor.
• At list price, monthly cash flow is $3k ($35k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $210k).
• It's been on market 21 days — a 2% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $207k (1.5% below list) — sets the bar for market timing.
• In year one you build about $8k of equity ($1k loan paydown + $6k appreciation (3.0% local appreciation)).
• Location reads 52/100 on livability (#1,002 in CA) — a working-class tenant base; expect higher turnover. Watch: cost of living C-, health & safety C-, crime F.
• Orick Elementary (rural): math 0% / reading 0% proficiency, ranked #1,389 of 1,400 in CA (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Orick Elementary (math 10% / reading 50%, 10 students, 100% FRL); Mckinleyville High (math 10% / reading 50%, grade F, #723 of 1,170 statewide, top 64%, 556 students, 51% FRL) — zoned schools at 75% FRL track the district average.
• Zoned-school proficiency averages 30% at this address vs 0% district-wide (+30 pts) — the actual schools serving this property are materially stronger than the Orick Elementary average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 4 active listings in the ZIP; 188 units permitted in Humboldt County in 2024 (17 in 5+ unit buildings).
• Humboldt County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $59k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1952 — 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 D-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.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Repairs flagged (vision-AI assessment)

• Major: landscaping — Overgrown vegetation and unkempt lawn
• Major: exterior siding — General lack of maintenance and overgrown vegetation
• Major: interior walls and paint — No visible condition