13940 Meda Dr #96

Alta Sierra, CA 95949

$72,000D+

2 bd · 2.0 ba · 924 sqft · Built 1988 · Manufactured · Active · 172 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,024/mo
• Mortgage (P&I): −$378
• Tax + insurance: −$45
• HOA: −$1,095
• Vac / Maint / Mgmt: −$425
• Net cashflow: $81/mo
• Annual: $978/yr
• Cap rate: 7.65%
• Cash-on-cash: 4.85%
• DSCR: 1.22
• 1% rule: 2.81%
• Cash to close: $20,160

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $72k.
• At list price, monthly cash flow is $81 ($978/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $72k).
• It's been on market 172 days — a 12% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $63k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $498 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 59/100 on livability (#662 in CA) — a working-class tenant base; expect higher turnover. Strengths: employment A+, housing A+; Watch: crime C-, schools D+, amenities F.
• Pleasant Ridge Union Elementary (rural): math 33% / reading 49% proficiency, ranked #214 of 517 in CA (top 41%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 54% of rent.
• Market conditions: 252 active listings in the ZIP; solid renter incomes; 215 units permitted in Nevada County in 2024 (0 in 5+ unit buildings).
• Nevada County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.7% vs local median 3.4% in Alta Sierra — 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

• It's been on market 172 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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.