130 Fillmore St

Coalinga, CA 93210

$1,050,000D-

14 bd · 8.0 ba · 5,808 sqft · Built 1962 · MultiFamily · Active · 52 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,152/mo
• Mortgage (P&I): −$5,506
• Tax + insurance: −$1,090
• HOA: −$0
• Vac / Maint / Mgmt: −$1,922
• Net cashflow: $634/mo
• Annual: $7,605/yr
• Cap rate: 7.02%
• Cash-on-cash: 2.59%
• DSCR: 1.12
• 1% rule: 0.87%
• Cash to close: $294,000

Investor read

• This is a 6×2bd/1ba + 2×1bd/1ba units multifamily listed at $1.05M.
• At list price, monthly cash flow is $634 ($8k/yr) — positive. Per door: $79/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $915k (12.8% below list).
• It's been on market 52 days — a 3% lower offer ($1.02M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $915k (12.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $32k of value loss. Plan a longer hold.
• Location reads 53/100 on livability (#946 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A+; Watch: cost of living D+, schools F, amenities F.
• Coalinga-Huron Unified (town): math 14% / reading 40% proficiency, ranked #384 of 517 in CA (top 74%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 76 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.
• 6 sale attempts since 18y ago; this cycle's ask has dropped $200k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $600k; list at $1.05M implies a 75% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 6→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.0% vs local median 3.9% in Coalinga — 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.
• At $9,152/mo this rent would consume 147% of the median local household income ($75k/yr) (locally 336% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 52 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-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.