14851 Jeffrey Rd #331

Irvine, CA 92618

$239,000B+

2 bd · 2.0 ba · 1,344 sqft · Built 1989 · Manufactured · Active · 47 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,828/mo
• Mortgage (P&I): −$1,253
• Tax + insurance: −$398
• HOA: −$0
• Vac / Maint / Mgmt: −$804
• Net cashflow: $1,373/mo
• Annual: $16,471/yr
• Cap rate: 13.18%
• Cash-on-cash: 24.61%
• DSCR: 2.10
• 1% rule: 1.60%
• Cash to close: $66,920

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $239k.
• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $239k).
• It's been on market 47 days — a 3% lower offer ($232k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $232k (3.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($2k loan paydown + $2k appreciation (0.6% local appreciation)).
• Location reads 76/100 on livability (#100 in CA, #3,537 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, employment A+; Watch: health & safety C-, cost of living F.
• Irvine Unified (urban): math 74% / reading 80% proficiency, ranked #31 of 517 in CA (top 6%) — strong family-tenant draw, lease renewals of 3-5y typical; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Greentree Elementary (449 students, 30% FRL); Venado Middle (583 students, 20% FRL); Irvine High (math 70% / reading 74%, grade B+, #92 of 1,170 statewide, top 8%, 1,862 students, 21% FRL).
• Market conditions: Rents rising (+2.1%/yr); 465 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 6,974 units permitted in Orange County in 2024 (3,839 in 5+ unit buildings).
• Orange County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (0.6% appreciation + 2.1% rent growth), your $67k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: extreme-heat days projected 6→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 13.2% vs local median 1.2% in Irvine — 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.
• This rent runs 32% of the median local income ($146k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 47 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 A-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?
• 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.