33751 Powerhouse Rd #02

Auberry, CA 93602

$20,000D

1 bd · 1.0 ba · 672 sqft · Built 1980 · Manufactured · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,770/mo
• Mortgage (P&I): −$105
• Tax + insurance: −$33
• HOA: −$455
• Vac / Maint / Mgmt: −$372
• Net cashflow: $805/mo
• Annual: $9,665/yr
• Cap rate: 54.62%
• Cash-on-cash: 172.59%
• DSCR: 8.68
• 1% rule: 8.85%
• Cash to close: $5,600

Investor read

• This is a 1-bed/1.0-bath manufactured listed at $20k.
• At list price, monthly cash flow is $805 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $20k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $138 of loan paydown is wiped out by about $600 of value loss. Plan a longer hold.
• Location reads 53/100 on livability (#982 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A+, crime B, employment B; Watch: amenities F, commute F, cost of living F.
• Sierra Unified (rural): math 31% / reading 51% proficiency, ranked #212 of 517 in CA (top 41%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Foothill Elementary (math 37% / reading 48%, grade F, #552 of 1,571 statewide, top 35%, 660 students, 47% FRL); Sierra Junior High (math 32% / reading 57%, grade D, #130 of 498 statewide, top 27%, 185 students, 36% FRL); Sierra High (math 17% / reading 57%, grade F, #578 of 1,170 statewide, top 51%, 399 students, 32% FRL) — zoned schools at 38% FRL track the district average.
• Watch-outs: HOA is 26% of rent.
• Market conditions: 58 active listings in the ZIP; 2,426 units permitted in Fresno County in 2024 (296 in 5+ unit buildings).
• Fresno County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 54.6% vs local median 2.4% in Auberry — 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

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• 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.