2050 Springfield Dr #138 · Chico, CA 95928

$160,000

2 bd · 2.0 ba · 1,548 sqft · Manufactured public records · 35 Days on market

Built 1995 $103/sqft · 12% below area Est $181k · 12% under ↓ 14% since listing

---

Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +12.8/15.0
• DSCR +10.0/10.0
• 1% rule +7.7/10.0
• Schools +4.6/10.0
• Livability +3.6/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Some homes simply make life feel easier, and this charming home situated in a quiet gated 55+ community is exactly that. Tucked toward the back of the park with very little through traffic, this lovingly maintained 2-bedroom, 2-bathroom home with a spacious den offers the perfect balance of comfort, independence, and low-maintenance living. From the moment you arrive, the curb appeal immediately draws you in with a welcoming front porch, beautiful shade tree, and a setting that feels peaceful and inviting. Inside, the thoughtfully designed layout offers 1,548 square feet with interconnected living spaces that flow naturally together while still giving each area its own sense of purpose. One

Key facts

• Gated community
• Oversized den
• Clubhouse

Tags

• GATED COMMUNITY
• OVERSIZED DEN
• COVERED PATIO
• CLUBHOUSE
• POOL
• GRASSY COMMON AREAS

Property features AI

Finance

• Other: Lot size source and living area source: Assessor's data; Road frontage: private road (paved)
• Financial info: Land lease: $968 monthly (park)
• HOA & community: Senior community; Park name: Springfield Manor; Manager approval required; Pets: contact management; Rent may include pool (see remarks)

Exterior

• Parking: Attached garage with direct access; Garage front entry with single door; 2 garage/parking spaces; Driveway (unimproved/unpaved driveway area)
• Security: Carbon monoxide detector(s); Smoke detector(s)
• Utilities: District/public water; Public sewer; Natural gas connected; Electricity connected
• Home design: Single-story (one level); Mobile/manufactured home (Model: Manor House 561; mobile remains); Entry at level 1; Has a view
• Construction: Permanent foundation; Year built source: Assessor
• Exterior features: Shingle roof; Wood fencing; Covered front porch; Concrete patio/slab; Patio; Outdoor lighting; In-ground fenced community pool; Sprinkler system with drip zones and timer; Lawn and landscaped front and back yards; Lot is level/flat and rectangular; Near public transit; Gutters and curbs

Interior

• Kitchen: Gas cooktop; Built-in range; Self-cleaning oven; Electric oven; Dishwasher; Garbage disposal; Recirculated exhaust fan; Formica counters; Water heater unit
• Bedrooms: Primary bedroom; Primary suite; Primary bathroom; Walk-in closet; Den
• Flooring: Vinyl; Carpet
• Bathrooms: 2 full bathrooms; Soaking tub; Jetted tub; Shower in tub; Exhaust fan(s); Linen closet/storage
• Heating & cooling: Central furnace heating; Central cooling; Wall/window cooling units
• Interior features: High ceilings (9 feet+); Ceiling fan; Storage space; Sliding glass door(s); Double pane windows with blinds and screens; Carbon monoxide and smoke detectors
• Laundry & utility: Laundry room inside; Individual laundry room; Washer hookup; Electric dryer hookup (220V in laundry)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $160k.

Deal economics

• At list price, monthly cash flow is $609 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $155k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.9% vs local median 2.6% in Chico — 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.

Location & tenants

• Location reads 72/100 on livability (#195 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A-; Watch: employment C-, crime F, cost of living F.
• Chico Unified (urban): math 40% / reading 70% proficiency, ranked #117 of 517 in CA (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+3.4%/yr); 139 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 946 units permitted in Butte County in 2024 (254 in 5+ unit buildings).
• This rent runs 38% of the median local income ($65k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Butte County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.4% rent growth), your $45k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($155k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 6→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $155,200 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-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?
4. 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?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 1.27% ✓
• Cap rate: 10.86%
• Cash-on-cash: 16.30%
• DSCR: 1.73
• GRM: 6.5

CMA / ARV

• ARV (median comp): $181,241
• List price: $160,000
• Delta: -11.72%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2050 Springfield Dr #215	0.03mi	2/2.0	1,568 (+1%)	1mo	$180,000	$115	96
2050 Springfield Dr #312	0.08mi	2/2.0	1,512 (-2%)	2mo	$180,000	$119	91
2050 Springfield Dr #314	0.08mi	2/2.0	1,512 (-2%)	10mo	$185,000	$122	84
2050 Springfield Dr #316	0.08mi	2/2.0	1,512 (-2%)	12mo	$189,000	$125	82
2050 Springfield Dr #210	0.07mi	2/2.0	1,512 (-2%)	14mo	$161,000	$106	81
2050 Springfield Dr #303	0.10mi	2/2.0	1,456 (-6%)	7mo	$170,000	$117	80
2050 Springfield Dr #103	0.14mi	2/2.0	1,680 (+8%)	0mo	$160,015	$95	79
2050 Springfield #213	0.04mi	2/2.0	1,404 (-9%)	5mo	$190,000	$135	79
2050 Springfield Dr #155	0.07mi	2/2.0	1,456 (-6%)	10mo	$170,000	$117	79
2050 Springfield Dr #315	0.06mi	2/2.0	1,404 (-9%)	6mo	$187,000	$133	77
2050 Springfield Dr #204	0.10mi	2/2.0	1,404 (-9%)	10mo	$190,000	$135	72
2050 Springfield Dr #123	0.08mi	2/2.0	1,404 (-9%)	20mo	$146,000	$104	64

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.43% rent growth · sell at horizon

5-year hold

• IRR: 7.8%
• Equity multiple: 1.31×
• Total profit: $13,684
• Equity at exit: $23,857

10-year hold

• IRR: 17.4%
• Equity multiple: 2.46×
• Total profit: $65,347
• Equity at exit: $13,834

Cash invested: $44,800 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 95928

• Rents YoY: 3.4%
• Active inventory: 139
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $2,036 high
• Mortgage (P&I): −$839
• Tax from tax record: −$94 /mo · $1,128/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$428
• Net cashflow: $609

Break-even live

Break-even rent $1,265

Max offer price $160,000

Occupancy floor 65%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1826 Bedford Dr Chico, CA	3.0	2.0	1842	$2,750	$1.49	44d	1	0.14mi
1886 Notre Dame Blvd Unit 3 Chico, CA	2.0	2.0	1067	$1,915	$1.79	21d	1	0.27mi
1890 Notre Dame Blvd Unit 3 Chico, CA	2.0	2.0	1067	$1,915	$1.79	21d	1	0.27mi
1450 Springfield Dr Chico, CA	2.0–3.0	2.0	1066	$1,560	$1.46	44d	1	0.30mi
1550 Springfield Dr Chico, CA	1.0–2.0	1.0–2.0	961	$1,518	$1.58	13d	5	0.42mi
2038 Huntington Dr Chico, CA	3.0	2.0	1500	$2,300	$1.53	44d	1	0.45mi
7 Heartwood Ct Chico, CA	3.0	2.0	1316	$2,350	$1.79	44d	1	0.51mi
23 Morning Rose Way Unit 1 Chico, CA	2.0	2.0	1145	$1,925	$1.68	44d	1	0.58mi
1880 Humboldt Rd Apt 19 Chico, CA	3.0	2.0	1230	$1,800	$1.46	44d	1	0.60mi
860 Inyo St Chico, CA	3.0	1.0	1053	$2,150	$2.04	21d	1	0.79mi
100 Sterling Oaks Dr Chico, CA	1.0–2.0	1.0–2.0	938	$1,935	$2.06	13d	6	0.88mi
2361 England St Chico, CA	3.0	2.5	1739	$2,350	$1.35	21d	1	0.90mi
2 Lakeshore Ter Unit l Chico, CA	1.0	2.0	1300	$2,000	$1.54	44d	1	1.08mi
2768 Native Oak Dr Chico, CA	1.0–3.0	1.0–2.0	822	$1,056	$1.28	44d	5	1.11mi
One Illahee LN Cohasset, CA	2.0	1.5	1080	$1,750	$1.62	13d	1	1.14mi
1528 Boucher St Chico, CA	2.0	2.0	1496	$2,000	$1.34	21d	1	1.30mi

Listing history 16 events

1. 2026-06-19
   days on market $160,000 Active 35 DOM
2. 2026-06-18
   days on market $160,000 Active 34 DOM
3. 2026-06-17
   days on market $160,000 Active 33 DOM
4. 2026-06-16
   days on market $160,000 Active 32 DOM
5. 2026-06-15
   days on market $160,000 Active 31 DOM
6. 2026-06-14
   days on market $160,000 Active 29 DOM
7. 2026-06-13
   pricedays on market $160,000 Active 28 DOM
8. 2026-06-10
   days on market $185,000 Active 26 DOM
9. 2026-06-08
   days on market $185,000 Active 24 DOM
10. 2026-06-07
    days on market $185,000 Active 23 DOM
11. 2026-06-05
    days on market $185,000 Active 20 DOM
12. 2026-06-02
    days on market $185,000 Active 18 DOM
13. 2026-06-01
    days on market $185,000 Active 17 DOM
14. 2026-05-31
    days on market $185,000 Active 16 DOM
15. 2026-05-30
    days on market $185,000 Active 15 DOM
16. 2026-05-15
    listed $185,000 Active 1927-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $1,128 · $94/mo
• Projected year-2 tax: $1,216 · $101/mo
• Expected delta: +$88/yr (+$7/mo · 7.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 8/10 Severe
• 🌡 Heat 8/10 Severe 6 d/yr ≥104°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 37 unhealthy d/yr today · 41 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,429
• − Mortgage interest: −$8,962
• − Property taxes: −$1,128
• − Insurance: −$800
• − Repairs & maintenance: −$1,954
• − Management: −$1,954
• − Depreciation: −$4,655
• Taxable income: $4,976
• Est. tax owed @ 24.0%: −$1,194
• After-tax cash flow: $6,109/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Chico Unified
• NCES district ID: 0608370
• Math proficiency: 40% ▼ -2.00%
• Reading proficiency: 70% ▲ 14.00%
• Median HH income: $46,223
• Composite: 46.45/100
• National rank: #2443
• State rank: #117 of 517 in CA

Livability — Chico

• Score: 72/100
• State rank: #195
• US rank: #6332

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment C- Housing B Health & safety A- User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chico, CA
• County: Butte County · 175,030 people
• City population: 117,007
• Metro: Chico, CA
• Population (ZIP): 37,409
• Household income: $64,949
• Rent vs Own: 57.6% rent · 42.4% own
• Severe rent burden: 3612.0

Population outlook (Butte County) Hauer SSP2

• Today (2025): 237,527 people
• By 2030: 243,804 · +2.6%
• By 2040: 253,899 · +6.9%
• By 2050: 262,561 · +10.5%
• By 2075: 283,709 · +19.4%
• By 2100: 282,689 · +19.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Hispanic / Latino 20% Two or more races 12% Asian 3% Black 2%
• Hispanic origin (detail): Mexican 18%
• Common ancestry: Slovak 3% Lithuanian 3% Italian 3%
• Foreign-born: 8% · Canada, China
• Languages at home: 83% English-only · Spanish 12% Other Indo-European 2% Other Asian/Pacific 1%

Political lean MEDSL · Butte

• 2024 margin: Toss-up / Even · D 46.8% · R 49.9% · Other 3.3%
• 2008→2024 swing: -5.5pp toward R · 2008: 2.4pp · 2024: -3.1pp
• All cycles: 2024: R+3.1 2020: D+1.7 2016: R+4.0 2012: R+3.9 2008: D+2.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -313.43%
• Current HPI: 251.1819
• Rent YoY: ▲ 3.43%
• Metro: Chico, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

-13.5% since first listed

2 events — show timeline

• 2026-06-11 Price Changed $160,000 CRMLS
• 2026-05-15 Listed $185,000 CRMLS

Property tax history

+4.6%/yr

Latest (2025): $1,128 · +6.5% YoY. Source: county tax records.