701 E Lassen Ave #38 · Chico, CA 95973

$40,000

2 bd · 2.0 ba · 1,440 sqft · Manufactured · 526 Days on market

Built 1976 Fair condition $28/sqft · 36% below area Est $62k · 36% under ↓ 50% since listing

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.6/10.0
• Livability +3.6/5.0
• Rent growth +2.9/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Well maintained Senior home in Casa De Flores Mobile Home Park. Needs a little TLC.

Key facts

• Built 1976
• Listed 525 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $40k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• Recommended offer: $35k (12.0% below list) — sets the bar for market timing.
• Cap rate 37.1% vs local median 2.6% in Chico — 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 72/100 on livability (#195 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A-; Watch: employment C-, crime F, cost of living F.
• Chico Unified (urban): math 40% / reading 70% proficiency, ranked #117 of 517 in CA (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.7%/yr); 153 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 946 units permitted in Butte County in 2024 (254 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $277 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Butte County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 1.7% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 526 days — a 12% lower offer ($35k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $40k (50%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk; extreme-heat days projected 5→12/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $35,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 526 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. Crime grade is F 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 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.

Investment metrics

• 1% rule: 4.13% ✓
• Cap rate: 37.13%
• Cash-on-cash: 110.12%
• DSCR: 5.90
• GRM: 2.0

CMA / ARV

• ARV (median comp): $62,036
• List price: $40,000
• Delta: -35.52%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
701 E Lassen Ave #108	0.07mi	3/2.0 (+1)	1,440 (0%)	2mo	$20,000	$14	90
701 E Lassen Ave #210	0.09mi	2/2.0	1,440 (0%)	8mo	$43,500	$30	89
701 E Lassen Ave #279	0.22mi	2/2.0	1,400 (-3%)	6mo	$75,000	$54	80
701 E Lassen Ave #33	0.00mi	2/2.0	1,368 (-5%)	14mo	$73,000	$53	80
701 E Lassen Ave #232	0.24mi	3/2.0 (+1)	1,536 (+7%)	3mo	$82,500	$54	70
701 E Lassen Ave #26	0.04mi	2/1.0	1,296 (-10%)	9mo	$37,000	$29	70
982 E Lassen Ave #53	0.30mi	3/2.0 (+1)	1,440 (0%)	19mo	$75,000	$52	65
2875 Morseman Ave #102	0.15mi	2/2.0	1,272 (-12%)	12mo	$75,000	$59	63
701 E Lassen Ave #272	0.21mi	3/2.0 (+1)	1,287 (-11%)	7mo	$63,000	$49	62
982 E Lassen #52	0.29mi	2/2.0	1,344 (-7%)	18mo	$73,000	$54	60
701 E Lassen Ave #174	0.11mi	3/2.0 (+1)	1,635 (+14%)	9mo	$95,000	$58	60
567 Troy Ln	0.74mi	2/2.0	1,248 (-13%)	14mo	$179,050	$143	31

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.7% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.08×
• Total profit: $56,870
• Equity at exit: $5,964

10-year hold

• IRR: —
• Equity multiple: 12.20×
• Total profit: $125,389
• Equity at exit: $3,458

Cash invested: $11,200 (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 95973

• Rents YoY: 1.7%
• Active inventory: 153
• Price-to-rent: 2.0×

Monthly cashflow live

• Estimated rent: $1,651 high
• Mortgage (P&I): −$210
• Tax est. 1.5%: −$50 /mo · $600/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$347
• Net cashflow: $1,028

Break-even live

Break-even rent $350

Max offer price $40,000

Occupancy floor 33%

Sensitivity live

Price	-10% $1,055	-5% $1,042	+0% $1,028	+5% $1,014	+10% $1,000
Rent	-10% $897	-5% $963	+0% $1,028	+5% $1,093	+10% $1,158
Rate	-1.0pp $1,048	-0.5pp $1,038	base $1,028	+0.5pp $1,017	+1.0pp $1,007

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1 Mayfair Dr Chico, CA	2.0	1.0	900	$1,325	$1.47	45d	1	0.10mi
583 Morgan Dr #2 Chico, CA	3.0	2.0	1100	$1,750	$1.59	22d	1	0.28mi
64 Tara Ter Unit 64-2 Chico, CA	2.0	1.5	1048	$1,625	$1.55	45d	1	0.28mi
2909 Godman Ave Unit 2909-2 Chico, CA	3.0	2.0	1170	$1,725	$1.47	45d	1	0.29mi
1080 E Lassen Ave Chico, CA	1.0–2.0	1.0–2.0	802	$1,650	$2.06	14d	10	0.37mi
29 Cameo Dr #2 Chico, CA	2.0	1.0	928	$1,400	$1.51	45d	1	0.39mi
490 Posada Way Chico, CA	3.0	2.0	1200	$2,000	$1.67	14d	1	0.43mi
599 East Ave Chico, CA	3.0	1.0	989	$1,750	$1.77	22d	1	0.49mi
2780 Pillsbury Rd Chico, CA	2.0	1.0	905	$1,345	$1.49	45d	2	0.53mi
2485 Pillsbury Rd Unit 2485-03 Chico, CA	2.0	2.0	950	$1,595	$1.68	14d	1	0.55mi
194 E Shasta Ave Unit 3B Chico, CA	2.0	1.0	875	$1,900	$2.17	45d	1	0.79mi
390 Rio Lindo Ave Chico, CA	1.0–2.0	1.0	727	$1,550	$2.13	14d	6	0.82mi
2739 Ceres Ave Chico, CA	3.0	2.0	1100	$2,100	$1.91	45d	1	0.99mi
251 Rio Lindo Ave Chico, CA	2.0	1.0	1100	$1,400	$1.27	45d	1	1.00mi
1717 E Eaton Rd Chico, CA	2.0	1.5	1100	$1,550	$1.41	45d	1	1.01mi
1749 Eaton Rd Chico, CA	2.0–3.0	1.5–2.5	1104	$1,595	$1.44	14d	1	1.05mi
259 Rio Lindo Ave Unit 259-16 Chico, CA	2.0	2.0	1426	$1,595	$1.12	45d	1	1.05mi
2777 Eaton Rd Chico, CA	1.0–2.0	1.0–2.0	790	$1,634	$2.07	14d	3	1.22mi
225 Mission Serra Ter Chico, CA	2.0	2.0	1358	$2,000	$1.47	14d	1	1.25mi
2050 Laburnum Ave Chico, CA	3.0	2.0	1455	$1,795	$1.23	14d	1	1.25mi
400 Mission Ranch Blvd Chico, CA	1.0–3.0	1.0–2.0	995	$1,588	$1.59	14d	1	1.27mi
101 W Lindo Ave Unit Lindo Ave unit 101 2, Chico, CA	2.0	1.0	950	$1,650	$1.74	45d	1	1.32mi
2833 Eaton Rd Chico, CA	1.0–2.0	1.0–2.0	999	$1,850	$1.85	14d	9	1.38mi
298 E 9th Ave Chico, CA	2.0	1.0	947	$2,195	$2.32	14d	1	1.42mi
1836 Laburnum Ave Chico, CA	2.0	1.0	905	$1,450	$1.60	14d	2	1.45mi
2619 Waverly Ct Chico, CA	2.0	2.0	1225	$2,400	$1.96	22d	1	1.45mi

Listing history 28 events

1. 2026-06-21
   days on market $40,000 Active 526 DOM
2. 2026-06-19
   days on market $40,000 Active 524 DOM
3. 2026-06-18
   days on market $40,000 Active 523 DOM
4. 2026-06-17
   days on market $40,000 Active 522 DOM
5. 2026-06-16
   days on market $40,000 Active 521 DOM
6. 2026-06-15
   days on market $40,000 Active 520 DOM
7. 2026-06-14
   days on market $40,000 Active 518 DOM
8. 2026-06-13
   days on market $40,000 Active 517 DOM
9. 2026-06-10
   days on market $40,000 Active 515 DOM
10. 2026-06-08
    days on market $40,000 Active 513 DOM
11. 2026-06-07
    days on market $40,000 Active 512 DOM
12. 2026-06-05
    days on market $40,000 Active 509 DOM
13. 2026-06-02
    days on market $40,000 Active 507 DOM
14. 2026-06-01
    days on market $40,000 Active 506 DOM
15. 2026-05-31
    days on market $40,000 Active 505 DOM
16. 2026-05-30
    days on market $40,000 Active 504 DOM
17. 2026-04-20
    price $40,000 83-char remark

    Show marketing remark (83 chars)

    Well maintained Senior home in Casa De Flores Mobile Home Park. Needs a little TLC.

18. 2026-02-11
    price $45,000 83-char remark

    Show marketing remark (83 chars)

    Well maintained Senior home in Casa De Flores Mobile Home Park. Needs a little TLC.

19. 2026-01-06
    price $50,000 83-char remark

    Show marketing remark (83 chars)

    Well maintained Senior home in Casa De Flores Mobile Home Park. Needs a little TLC.

20. 2025-09-10
    status Active 83-char remark

    Show marketing remark (83 chars)

    Well maintained Senior home in Casa De Flores Mobile Home Park. Needs a little TLC.

21. 2025-09-08
    historical 83-char remark

    Show marketing remark (83 chars)

    Well maintained Senior home in Casa De Flores Mobile Home Park. Needs a little TLC.

22. 2025-07-25
    price $55,000 83-char remark

    Show marketing remark (83 chars)

    Well maintained Senior home in Casa De Flores Mobile Home Park. Needs a little TLC.

23. 2025-07-09
    status Active 83-char remark

    Show marketing remark (83 chars)

    Well maintained Senior home in Casa De Flores Mobile Home Park. Needs a little TLC.

24. 2025-07-08
    historical 83-char remark

    Show marketing remark (83 chars)

    Well maintained Senior home in Casa De Flores Mobile Home Park. Needs a little TLC.

25. 2025-06-27
    price $60,000 83-char remark

    Show marketing remark (83 chars)

    Well maintained Senior home in Casa De Flores Mobile Home Park. Needs a little TLC.

26. 2025-05-27
    price $65,000 83-char remark

    Show marketing remark (83 chars)

    Well maintained Senior home in Casa De Flores Mobile Home Park. Needs a little TLC.

27. 2025-03-06
    price $78,000 83-char remark

    Show marketing remark (83 chars)

    Well maintained Senior home in Casa De Flores Mobile Home Park. Needs a little TLC.

28. 2025-01-08
    listed $80,000 Active 83-char remark

    Show marketing remark (83 chars)

    Well maintained Senior home in Casa De Flores Mobile Home Park. Needs a little TLC.

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 8/10 Severe 5 d/yr ≥105°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 35 unhealthy d/yr today · 40 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,811
• − Mortgage interest: −$2,241
• − Property taxes: −$600
• − Insurance: −$200
• − Repairs & maintenance: −$1,585
• − Management: −$1,585
• − Depreciation: −$1,164
• Taxable income: $12,437
• Est. tax owed @ 24.0%: −$2,985
• After-tax cash flow: $9,348/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This manufactured home requires moderate renovations, including painting, flooring, and kitchen updates, to significantly enhance its resale and rental value.

Repairs flagged

• Moderate Exterior siding — Weathered and needs repainting
• Major Carpeted floors — Worn and should be replaced
• Major Walls — Peeling paint and should be repainted

Value-add opportunities

• Both Painting and repainting — Enhances curb appeal and interior aesthetics
• Both New flooring — Improves comfort and value
• Both Kitchen cabinets and appliances — Modernizes the space and increases value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Weathered and needs repainting	Moderate	$3,000–15,000
Carpeted floors · Worn and should be replaced	Major	$15,000–50,000
Walls · Peeling paint and should be repainted	Major	$15,000–50,000
Total estimated repair cost · 3 items		$33,000–115,000

Value-add ROI direction

• Both Painting and repainting — Enhances curb appeal and interior aesthetics ↑
• Both New flooring — Improves comfort and value ↑
• Both Kitchen cabinets and appliances — Modernizes the space and increases value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Chico Unified
• NCES district ID: 0608370
• Math proficiency: 40% ▼ -2.00%
• Reading proficiency: 70% ▲ 14.00%
• Median HH income: $46,223
• Composite: 46.45/100
• National rank: #2443
• State rank: #117 of 517 in CA

Livability — Chico

• Score: 72/100
• State rank: #195
• US rank: #6332

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chico, CA
• County: Butte County · 175,030 people
• City population: 117,007
• Metro: Chico, CA
• Population (ZIP): 39,031
• Household income: $92,813
• Rent vs Own: 37.9% rent · 62.1% own
• Severe rent burden: 1230.0

Population outlook (Butte County) Hauer SSP2

• Today (2025): 237,527 people
• By 2030: 243,804 · +2.6%
• By 2040: 253,899 · +6.9%
• By 2050: 262,561 · +10.5%
• By 2075: 283,709 · +19.4%
• By 2100: 282,689 · +19.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Hispanic / Latino 19% Two or more races 10% Asian 5% Native American 1%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Slovak 4% Italian 4% Russian 3%
• Foreign-born: 8% · Canada, China
• Languages at home: 84% English-only · Spanish 11% Other Asian/Pacific 2% Chinese 1%

Political lean MEDSL · Butte

• 2024 margin: Toss-up / Even · D 46.8% · R 49.9% · Other 3.3%
• 2008→2024 swing: -5.5pp toward R · 2008: 2.4pp · 2024: -3.1pp
• All cycles: 2024: R+3.1 2020: D+1.7 2016: R+4.0 2012: R+3.9 2008: D+2.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -182.94%
• Current HPI: 259.9774
• Rent YoY: ▲ 1.70%
• Metro: Chico, CA
• 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

-50.0% since first listed

12 events — show timeline

• 2026-04-20 Price Changed $40,000 CRMLS
• 2026-02-11 Price Changed $45,000 CRMLS
• 2026-01-06 Price Changed $50,000 CRMLS
• 2025-09-10 Relisted — CRMLS
• 2025-09-08 Listing Removed — CRMLS
• 2025-07-25 Price Changed $55,000 CRMLS
• 2025-07-09 Relisted — CRMLS
• 2025-07-08 Listing Removed — CRMLS
• 2025-06-27 Price Changed $60,000 CRMLS
• 2025-05-27 Price Changed $65,000 CRMLS
• 2025-03-06 Price Changed $78,000 CRMLS
• 2025-01-08 Listed $80,000 CRMLS