4221 Siskiyou Ave

Dunsmuir, CA 96025

$449,000B-

None bd · 5.0 ba · 26,538 sqft · Built 1950 · MultiFamily · Active · 65 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $13,510/mo
• Mortgage (P&I): −$2,355
• Tax + insurance: −$748
• HOA: −$0
• Vac / Maint / Mgmt: −$2,837
• Net cashflow: $7,570/mo
• Annual: $90,840/yr
• Cap rate: 26.52%
• Cash-on-cash: 72.26%
• DSCR: 4.21
• 1% rule: 3.01%
• Cash to close: $125,720

Investor read

• This is a ?-bed/5.0-bath multifamily listed at $449k. Condition is rated poor.
• At list price, monthly cash flow is $8k ($91k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $449k).
• It's been on market 65 days — a 6% lower offer ($422k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $422k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Location reads 53/100 on livability (#967 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A-; Watch: cost of living D+, crime F, amenities F.
• Dunsmuir Joint Union High (rural): math 25% / reading 75% proficiency, ranked #163 of 517 in CA (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Dunsmuir Elementary (math 15% / reading 24%, grade F, #1,256 of 1,571 statewide, top 81%, 93 students, 89% FRL); Dunsmuir High (math 24% / reading 75%, grade D+, #332 of 1,170 statewide, top 30%, 66 students, 74% FRL).
• Zoned-school proficiency averages 35% at this address vs 50% district-wide (-15 pts) — the specific schools serving this property underperform the Dunsmuir Joint Union High average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 36 active listings in the ZIP; 50 units permitted in Siskiyou County in 2024 (0 in 5+ unit buildings).
• Siskiyou County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 9y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $340k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $126k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 26.5% vs local median 3.8% in Dunsmuir — 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

• It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen — Exposed framing and no visible fixtures
• Major: Bath — Exposed framing and no visible fixtures
• Major: Roof — Weathered and aged
• Major: Exterior — Peeling paint and exposed framing
• Major: Flooring — Exposed subfloor
• Major: Interior walls/paint — Exposed framing and no visible walls