2345 190th #50

Redondo Beach, CA 90278

$115,000B

1 bd · 1.0 ba · 410 sqft · Built 1959 · Manufactured · Active · 79 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,237/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$192
• HOA: −$0
• Vac / Maint / Mgmt: −$470
• Net cashflow: $972/mo
• Annual: $11,666/yr
• Cap rate: 16.44%
• Cash-on-cash: 36.23%
• DSCR: 2.61
• 1% rule: 1.94%
• Cash to close: $32,200

Investor read

• This is a 1-bed/1.0-bath manufactured listed at $115k. Condition is rated good.
• At list price, monthly cash flow is $972 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• It's been on market 79 days — a 6% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $108k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#58 in CA, #2,124 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, employment A+, commute A; Watch: health & safety C-, cost of living F.
• Redondo Beach Unified (suburban): math 72% / reading 78% proficiency, ranked #63 of 1,400 in CA (top 4%) — strong family-tenant draw, lease renewals of 3-5y typical; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: Washington Elementary (800 students, 17% FRL); Adams Middle (math 24% / reading 24%, grade F, #277 of 498 statewide, top 73%, 1,073 students, 20% FRL); Redondo Union High (3,005 students, 16% FRL) — zoned schools at 18% FRL track the district average.
• Zoned-school proficiency averages 24% at this address vs 75% district-wide (-50 pts) — the specific schools serving this property underperform the Redondo Beach Unified average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.8%/yr); 85 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 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 $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 4.8% rent growth), your $32k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 16.4% vs local median 1.9% in Redondo Beach — 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 is only 17% of the median local income ($160k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• It's been on market 79 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1959 — 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?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Awning — Aging but functional.
• Minor: Exterior Siding — Some wear and tear, but not major.
• Minor: Kitchen Countertops — Worn but still functional.
• Minor: Bathroom Fixtures — Worn but still functional.
• Minor: Carpet Flooring — Worn but still functional.