1801 Old Mammoth · Mammoth Lakes, CA 93546

$1,898,000

3 bd · 2.0 ba · 960 sqft · MultiFamily public records · 51 Days on market

Built 1969 10,019 sqft lot

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 7 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Located in the highly desirable mountain community of Mammoth Lakes, this well-maintained 7-unit income property offers a rare opportunity to own a stable, cash-flowing asset with significant upside potential. Featuring a charming mountain chalet aesthetic, the property blends rustic appeal with practical functionality, making it highly attractive to both long-term tenants and seasonal renters. The property boasts consistent rental income across all seven units, complemented by an on-site laundry facility that generates additional revenue. A detached studio provides ideal accommodations for an on-site caretaker, enhancing property management efficiency and tenant satisfaction. One of the units is a spacious three-bedroom, two-bath layout, presenting a unique opportunity for an owner-user conversion or premium rental upgrade. Ample on-site parking adds convenience and desirability for residents and guests alike. Positioned just minutes from world-class recreation, including Mammoth Mountain Ski Resort, as well as dining, shopping, and year-round outdoor amenities, the location is a major draw. With Mammoth Lakes continuing to experience strong growth and development, this property presents both immediate income stability and long-term appreciation potential. Ideal for investors or owner-users seeking a foothold in a high-demand resort market, this is a versatile asset with multiple value-add opportunities, including potential expansion or redevelopment.

Key facts

• 0.23 acre lot
• Built 1969
• Listed 51 days

What this means for you Summary

Snapshot

• This is a 7 × 1-bed/1-bath units multifamily listed at $1.90M.

Deal economics

• At list price, monthly cash flow is $7k ($88k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($24k rent vs $1.90M).
• Recommended offer: $1.84M (3.0% below list) — sets the bar for market timing.
• Cap rate 10.9% vs local median 1.3% in Mammoth Lakes — 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.

Location & tenants

• Location reads 71/100 on livability (#213 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, health & safety A; Watch: schools D, crime D, cost of living F.
• Mammoth Unified (town): math 37% / reading 52% proficiency, ranked #549 of 1,400 in CA (top 39%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 252 active listings in the ZIP; solid renter incomes; 123 units permitted in Mono County in 2024 (76 in 5+ unit buildings).
• At $24,266/mo this rent would consume 276% of the median local household income ($106k/yr) (locally 182% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $13k of loan paydown is wiped out by about $57k of value loss. Plan a longer hold.
• Mono County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $531k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($1.84M) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 19y ago; this cycle's ask has dropped $100k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $1.04M; list at $1.90M implies a 82% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,841,060 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.28% ✓
• Cap rate: 10.92%
• Cash-on-cash: 16.52%
• DSCR: 1.74
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 7.6%
• Equity multiple: 1.30×
• Total profit: $158,094
• Equity at exit: $282,998

10-year hold

• IRR: 16.9%
• Equity multiple: 2.39×
• Total profit: $736,128
• Equity at exit: $164,104

Cash invested: $531,440 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 93546

• Active inventory: 252
• Price-to-rent: 45.6×

Monthly cashflow live

• Estimated rent: $24,266 high
• Mortgage (P&I): −$9,953
• Tax from tax record: −$1,108 /mo · $13,300/yr
• Insurance: −$791
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,096
• Net cashflow: $7,318

Break-even live

Break-even rent $15,003

Max offer price $1,898,000

Occupancy floor 65%

Sensitivity live

Price	-10% $8,392	-5% $7,855	+0% $7,318	+5% $6,780	+10% $6,243
Rent	-10% $5,401	-5% $6,359	+0% $7,318	+5% $8,276	+10% $9,235
Rate	-1.0pp $8,273	-0.5pp $7,800	base $7,318	+0.5pp $6,826	+1.0pp $6,325

7-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 7× units	1	1	$24,269
Total (7 units)			$24,266

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $474,500
• Closing costs: $56,940
• Reserves months: —
• Total cash needed: —

Listing history 33 events

1. 2026-06-18
   days on market $1,898,000 Active 51 DOM
2. 2026-06-17
   days on market $1,898,000 Active 50 DOM
3. 2026-06-16
   days on market $1,898,000 Active 49 DOM
4. 2026-06-15
   days on market $1,898,000 Active 48 DOM
5. 2026-06-14
   days on market $1,898,000 Active 46 DOM
6. 2026-06-13
   days on market $1,898,000 Active 45 DOM
7. 2026-06-10
   days on market $1,898,000 Active 43 DOM
8. 2026-06-09
   days on market $1,898,000 Active 42 DOM
9. 2026-06-08
   days on market $1,898,000 Active 41 DOM
10. 2026-06-07
    days on market $1,898,000 Active 40 DOM
11. 2026-06-05
    days on market $1,898,000 Active 37 DOM
12. 2026-06-03
    days on market $1,898,000 Active 36 DOM
13. 2026-06-02
    pricedays on market $1,898,000 Active 35 DOM
14. 2026-06-01
    days on market $1,998,000 Active 34 DOM
15. 2026-05-31
    days on market $1,998,000 Active 33 DOM
16. 2026-05-31
    days on market $1,998,000 Active 32 DOM
17. 2026-04-28
    listed $1,998,000 Active 1476-char remark

    Show marketing remark (1476 chars)

    Located in the highly desirable mountain community of Mammoth Lakes, this well-maintained 7-unit income property offers a rare opportunity to own a stable, cash-flowing asset with significant upside potential. Featuring a charming mountain chalet aesthetic, the property blends rustic appeal with practical functionality, making it highly attractive to both long-term tenants and seasonal renters. The property boasts consistent rental income across all seven units, complemented by an on-site laundry facility that generates additional revenue. A detached studio provides ideal accommodations for an on-site caretaker, enhancing property management efficiency and tenant satisfaction. One of the units is a spacious three-bedroom, two-bath layout, presenting a unique opportunity for an owner-user conversion or premium rental upgrade. Ample on-site parking adds convenience and desirability for residents and guests alike. Positioned just minutes from world-class recreation, including Mammoth Mountain Ski Resort, as well as dining, shopping, and year-round outdoor amenities, the location is a major draw. With Mammoth Lakes continuing to experience strong growth and development, this property presents both immediate income stability and long-term appreciation potential. Ideal for investors or owner-users seeking a foothold in a high-demand resort market, this is a versatile asset with multiple value-add opportunities, including potential expansion or redevelopment.

18. 2025-11-17
    listed $1,500,000 Active 407-char remark

    Show marketing remark (407 chars)

    7 unit apt building an old Mammoth plus owners unit all units just remodeled all units have 6 month leases Rents 11,300 a month What the owner loves about this home Building was just completely remodeled all units have fresh paint new flooring some new appliances six month leases were given out so a new owner could bring in own tenants owner’s unit is currently vacant could rent for more income

19. 2023-03-24
    historical
20. 2023-01-08
    status Active
21. 2023-01-05
    historical
22. 2022-12-01
    listed $1,900,000 Active
23. 2021-05-26
    soldstatus $1,040,000
24. 2021-05-26
    soldstatus $1,040,000
25. 2020-12-08
    listed $1,085,000
26. 2014-03-11
    soldstatus $577,000
27. 2013-09-30
    listed $570,000
28. 2012-11-08
    listed $599,000
29. 2007-07-27
    soldstatus $255,000
30. 2007-07-02
    soldstatus $815,000
31. 2007-07-02
    soldstatus $815,000
32. 2007-04-05
    listed $829,000
33. 2004-01-16
    soldstatus $685,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $13,300 · $1,108/mo
• Projected year-2 tax: $14,425 · $1,202/mo
• Expected delta: +$1,124/yr (+$94/mo · 8.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 1/10 Low 9 d/yr ≥79°F today · 28 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 53 unhealthy d/yr today · 56 by 30 yrs out

Taxation est. · year 1

• Rental income: $291,192
• − Mortgage interest: −$106,318
• − Property taxes: −$13,300
• − Insurance: −$9,490
• − Repairs & maintenance: −$23,295
• − Management: −$23,295
• − Depreciation: −$55,215
• Taxable income: $60,279
• Est. tax owed @ 24.0%: −$14,467
• After-tax cash flow: $73,344/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Mammoth Unified
• NCES district ID: 0623530
• Math proficiency: 37% ▲ 1.00%
• Reading proficiency: 52% ▲ 6.00%
• Median HH income: $61,602
• Composite: 41.54/100
• National rank: #7267
• State rank: #549 of 1400 in CA

Livability — Mammoth Lakes

• Score: 71/100
• State rank: #213
• US rank: #6710

Category grades

Amenities C Commute A+ Cost of living F Crime D Employment A+ Housing B- Health & safety A User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mammoth Lakes, CA
• County: Mono County · 9,000 people
• City population: 9,000
• Metro: nan
• Population (ZIP): 9,000
• Household income: $105,577
• Rent vs Own: 39.7% rent · 60.3% own
• Severe rent burden: 182.0

Population outlook (Mono County) Hauer SSP2

• Today (2025): 13,077 people
• By 2030: 12,478 · -4.6%
• By 2040: 11,119 · -15.0%
• By 2050: 9,769 · -25.3%
• By 2075: 6,861 · -47.5%
• By 2100: 5,762 · -55.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Hispanic / Latino 26% Two or more races 17% Asian 3%
• Hispanic origin (detail): Mexican 24%
• Common ancestry: Romanian 4% Iranian 3% Slovak 3%
• Foreign-born: 19% · Canada
• Languages at home: 75% English-only · Spanish 19% Other Indo-European 2% German/W. Germanic 1%

Political lean MEDSL · Mono

• 2024 margin: Strong D (+20.2) · D 58.1% · R 37.8% · Other 4.1%
• 2008→2024 swing: +7.0pp toward D · 2008: 13.3pp · 2024: 20.2pp
• All cycles: 2024: D+20.2 2020: D+22.3 2016: D+11.9 2012: D+7.6 2008: D+13.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -338.42%
• Current HPI: 166.8869
• Rent YoY: —
• Metro: nan
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+191.7% since first listed

17 events — show timeline

• 2026-04-28 Listed $1,998,000 CRMLS
• 2025-11-17 Listed $1,500,000 Fizber.com
• 2023-03-24 Delisted — MLBOR
• 2023-01-08 Relisted — MLBOR
• 2023-01-05 Delisted — MLBOR
• 2022-12-01 Listed $1,900,000 MLBOR
• 2021-05-26 Sold (Public Records) $1,040,000 Public Records
• 2021-05-26 Sold (MLS) $1,040,000 CRMLS
• 2020-12-08 Listed $1,085,000 CRMLS
• 2014-03-11 Sold (MLS) $577,000 MLBOR
• 2013-09-30 Listed $570,000 MLBOR
• 2012-11-08 Listed $599,000 MLBOR
• 2007-07-27 Sold (Public Records) $255,000 Public Records
• 2007-07-02 Sold (Public Records) $815,000 Public Records
• 2007-07-02 Sold (MLS) $815,000 MLBOR
• 2007-04-05 Listed $829,000 MLBOR
• 2004-01-16 Sold (Public Records) $685,000 Public Records

Property tax history

+6.6%/yr

Latest (2025): $13,300 · +4.2% YoY. Source: county tax records.