Plan 5 Plan

Eastvale, CA 92880

$529,990F

3 bd · 2.0 ba · 1,643 sqft · Built — · Condo · Active · 99 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,591/mo
• Mortgage (P&I): −$3,234
• Tax + insurance: −$1,028
• HOA: −$175
• Vac / Maint / Mgmt: −$754
• Net cashflow: $-1,600/mo
• Annual: $-19,200/yr
• Cap rate: 3.18%
• Cash-on-cash: -11.12%
• DSCR: 0.51
• 1% rule: 0.58%
• Cash to close: $172,683

Investor read

• This is a 3-bed/2.0-bath condo listed at $530k.
• At list price, monthly cash flow is $-2k ($-19k/yr) — negative.
• To cash-flow at today's rent, offer at most $411k (22.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $359k (32.2% below list).
• It's been on market 99 days — a 9% lower offer ($482k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $359k (32.2% below list) — sets the bar for 1% rule.
• In year one you build about $15k of equity ($4k loan paydown + $11k appreciation (1.7% local appreciation)).
• Location reads 63/100 on livability (#464 in CA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A-; Watch: amenities F, commute F, cost of living F.
• Corona-Norco Unified (suburban): math 46% / reading 61% proficiency, ranked #312 of 1,400 in CA (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Harada Elementary (1,267 students, 67% FRL); River Heights Intermediate (1,145 students, 70% FRL); Eleanor Roosevelt High (4,566 students, 66% FRL) — zoned schools average 68% FRL vs 35% district-wide (33 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.2%/yr); 96 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 9,195 units permitted in Riverside County in 2024 (1,512 in 5+ unit buildings).
• Riverside County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 3, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• It's been on market 99 days. Have you received any prior offers? Is the seller open to a 32% 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?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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?