267 Rodgers St #267

San Buenaventura (Ventura), CA 93003

$430,000D-

3 bd · None ba · 1,512 sqft · Built 2004 · Manufactured · Active · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,814/mo
• Mortgage (P&I): −$2,255
• Tax + insurance: −$717
• HOA: −$0
• Vac / Maint / Mgmt: −$801
• Net cashflow: $41/mo
• Annual: $495/yr
• Cap rate: 6.41%
• Cash-on-cash: 0.41%
• DSCR: 1.02
• 1% rule: 0.89%
• Cash to close: $120,400

Investor read

• This is a 3-bed/?-bath manufactured listed at $430k.
• At list price, monthly cash flow is $41 ($495/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $381k (11.3% below list).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $381k (11.3% below list) — sets the bar for 1% rule.
• 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: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Ventura Unified (urban): math 33% / reading 48% proficiency, ranked #218 of 517 in CA (top 42%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Elmhurst Elementary (math 22% / reading 32%, grade F, #917 of 1,571 statewide, top 60%, 362 students, 68% FRL); Anacapa Middle (math 19% / reading 36%, grade F, #239 of 498 statewide, top 48%, 691 students, 67% FRL); Buena High (math 38% / reading 67%, grade C-, #289 of 1,170 statewide, top 25%, 1,710 students, 53% FRL) — zoned schools average 63% FRL vs 40% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.9%/yr); 91 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,759 units permitted in Ventura County in 2024 (1,196 in 5+ unit buildings).
• Ventura County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 16y 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.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.4% vs local median 2.4% in San Buenaventura (Ventura) — 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.
• This rent runs 44% of the median local income ($104k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.