1215 Bentley Dr

Corcoran, CA 93212

$299,900D-

4 bd · 2.0 ba · 1,338 sqft · Built 1991 · SingleFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,132/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$257
• HOA: −$0
• Vac / Maint / Mgmt: −$448
• Net cashflow: $-146/mo
• Annual: $-1,753/yr
• Cap rate: 5.71%
• Cash-on-cash: -2.09%
• DSCR: 0.91
• 1% rule: 0.71%
• Cash to close: $83,972

Investor read

• This is a 4-bed/2.0-bath single-family listed at $300k.
• At list price, monthly cash flow is $-146 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $274k (8.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $213k (28.9% below list).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $213k (28.9% below list) — sets the bar for 1% rule.
• In year one you build about $32k of equity ($2k loan paydown + $30k appreciation (10.0% local appreciation)).
• Location reads 49/100 on livability (#1,161 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A+; Watch: crime D, amenities F, commute F.
• Corcoran Joint Unified (town): math 12% / reading 30% proficiency, ranked #464 of 517 in CA (top 90%) — 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: Bret Harte Elementary (531 students, 93% FRL); John Muir Middle (math 14% / reading 29%, grade F, #400 of 498 statewide, top 82%, 783 students, 88% FRL); Corcoran High (math 17% / reading 67%, grade F, #472 of 1,170 statewide, top 42%, 902 students, 84% FRL).
• Market conditions: 69 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 741 units permitted in Kings County in 2024 (307 in 5+ unit buildings).
• Current owner paid $85k; list at $300k implies a 253% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$52k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 6→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.7% vs local median 4.1% in Corcoran — 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?
• 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 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.
• 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 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.