22 Front St #22

Soledad, CA 93960

$269,000C+

3 bd · 2.0 ba · 1,440 sqft · Built 2024 · Manufactured · Active · 41 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,228/mo
• Mortgage (P&I): −$1,411
• Tax + insurance: −$448
• HOA: −$0
• Vac / Maint / Mgmt: −$678
• Net cashflow: $691/mo
• Annual: $8,297/yr
• Cap rate: 9.38%
• Cash-on-cash: 11.02%
• DSCR: 1.49
• 1% rule: 1.20%
• Cash to close: $75,320

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $269k. Condition is rated good.
• At list price, monthly cash flow is $691 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $269k).
• It's been on market 41 days — a 3% lower offer ($261k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $261k (3.0% below list) — sets the bar for market timing.
• 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 63/100 on livability (#443 in CA) — a middle-class / working-renter tenant base. Strengths: health & safety A, crime A-, employment A-; Watch: schools F, amenities F, commute F.
• Soledad Unified (town): math 21% / reading 33% proficiency, ranked #1,109 of 1,400 in CA (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 86% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 14 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); 530 units permitted in Monterey County in 2024 (50 in 5+ unit buildings).
• Monterey County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $75k cash investment doubles in ~10 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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?
• 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.