11250 Playa St #43

Culver City, CA 90230

$198,000C

1 bd · 1.0 ba · 495 sqft · Built 1955 · Manufactured · Active · 169 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,147/mo
• Mortgage (P&I): −$1,038
• Tax + insurance: −$330
• HOA: −$0
• Vac / Maint / Mgmt: −$451
• Net cashflow: $328/mo
• Annual: $3,936/yr
• Cap rate: 8.28%
• Cash-on-cash: 7.10%
• DSCR: 1.32
• 1% rule: 1.08%
• Cash to close: $55,440

Investor read

• This is a 1-bed/1.0-bath manufactured listed at $198k. Condition is rated fair.
• At list price, monthly cash flow is $328 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $198k).
• It's been on market 169 days — a 12% lower offer ($174k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $174k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#163 in CA) — a middle-class / working-renter tenant base. Strengths: schools A+, amenities A+, commute A+; Watch: health & safety C-, crime F, cost of living F.
• Culver City Unified (suburban): math 53% / reading 62% proficiency, ranked #79 of 517 in CA (top 15%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.0%/yr); 111 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• Los Angeles County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts since 3y ago; this cycle's ask has dropped $17k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: moderate flood risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.3% vs local median 2.0% in Culver City — 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 169 days. Have you received any prior offers? Is the seller open to a 12% 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 1955 — 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 A-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?
• 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)

• Minor: Kitchen appliances — The appliances are functional but may need cleaning or minor repairs.
• Minor: Bathroom fixtures — The fixtures are functional but may need cleaning or minor repairs.
• Minor: Landscaping — The landscaping could be improved with some updates.