701 E Lassen Ave #294 · Chico, CA 95973

$49,500

2 bd · 2.0 ba · 1,440 sqft · Manufactured · 151 Days on market

Built 1978 $34/sqft · 15% below area Est $58k · 15% under ↓ 29% since listing

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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 +14.3/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.6/10.0
• Livability +3.6/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Enjoy mobile home living at its finest in the desirable Casa de Flores Senior Park. This spacious home offers approximately 1,400 sq. ft. of well-designed living space, featuring both a formal living room and a separate family room—perfect for relaxing or entertaining. The home includes two bedrooms and two bathrooms, with a generously sized primary suite complete with both a soaking tub and a separate stall shower. The open-concept kitchen flows seamlessly into the family room and showcases ample counter space and cabinetry; the refrigerator is included for added convenience. The expansive living room is filled with natural light, creating a warm and inviting atmosphere. Year-round comfort is ensured with central heating and air conditioning, complemented by ceiling fans throughout the home. Outside, enjoy a nicely sized yard, covered parking, a storage shed, and two wood decks—ideal for outdoor living. The dedicated laundry room includes both a washer and dryer. Casa de Flores is centrally located, offering easy access to shopping, dining, theaters, and local businesses, making this home as convenient as it is comfortable.

Key facts

• Soaking tub
• Open-concept kitchen
• Formal living room

Tags

• FORMAL LIVING ROOM
• SEPARATE FAMILY ROOM
• GENEROUSLY SIZED PRIMARY SUITE
• SOAKING TUB
• SEPARATE STALL SHOWER
• OPEN-CONCEPT KITCHEN

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $50k.

Deal economics

• At list price, monthly cash flow is $952 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $50k).
• Recommended offer: $44k (12.0% below list) — sets the bar for market timing.
• Cap rate 29.4% 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 (+1.7%/yr); 151 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 46% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 946 units permitted in Butte County in 2024 (254 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $342 of loan paydown is wiped out by about $1k 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 + 1.7% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 151 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk; extreme-heat days projected 5→12/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $43,560 (12.0% below list)

Questions for the listing agent

1. It's been on market 151 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 3.34% ✓
• Cap rate: 29.38%
• Cash-on-cash: 82.46%
• DSCR: 4.67
• GRM: 2.5

CMA / ARV

• ARV (median comp): $58,284
• List price: $49,500
• Delta: -15.07%
• Verdict: UNDERPRICED
• Comps: 14 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
701 E Lassen Ave #210	0.06mi	2/2.0	1,440 (0%)	8mo	$43,500	$30	90
701 E Lassen Ave #279	0.13mi	2/2.0	1,400 (-3%)	6mo	$75,000	$54	84
701 E Lassen Ave #108	0.19mi	3/2.0 (+1)	1,440 (0%)	2mo	$20,000	$14	84
701 E Lassen Ave #232	0.17mi	3/2.0 (+1)	1,536 (+7%)	3mo	$82,500	$54	74
701 E Lassen Ave #33	0.15mi	2/2.0	1,368 (-5%)	14mo	$73,000	$53	73
982 E Lassen Ave #53	0.18mi	3/2.0 (+1)	1,440 (0%)	19mo	$75,000	$52	71
982 E Lassen #52	0.17mi	2/2.0	1,344 (-7%)	18mo	$73,000	$54	66
701 E Lassen Ave #272	0.13mi	3/2.0 (+1)	1,287 (-11%)	7mo	$63,000	$49	66
701 E Lassen Ave #26	0.18mi	2/1.0	1,296 (-10%)	9mo	$37,000	$29	63
2875 Morseman Ave #102	0.18mi	2/2.0	1,272 (-12%)	12mo	$75,000	$59	62
701 E Lassen Ave #174	0.13mi	3/2.0 (+1)	1,635 (+14%)	9mo	$95,000	$58	59
701 E Lassen Ave #84	0.23mi	3/2.0 (+1)	1,640 (+14%)	20mo	$62,000	$38	45

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 · 1.7% rent growth · sell at horizon

5-year hold

• IRR: 81.3%
• Equity multiple: 4.65×
• Total profit: $50,531
• Equity at exit: $7,381

10-year hold

• IRR: 84.3%
• Equity multiple: 9.20×
• Total profit: $113,700
• Equity at exit: $4,280

Cash invested: $13,860 (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 95973

• Rents YoY: 1.7%
• Active inventory: 151
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,654 high
• Mortgage (P&I): −$260
• Tax from tax record: −$74 /mo · $890/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$347
• Net cashflow: $952

Break-even live

Break-even rent $449

Max offer price $49,500

Occupancy floor 37%

Sensitivity live

Price	-10% $980	-5% $966	+0% $952	+5% $938	+10% $924
Rent	-10% $822	-5% $887	+0% $952	+5% $1,018	+10% $1,083
Rate	-1.0pp $977	-0.5pp $965	base $952	+0.5pp $940	+1.0pp $926

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: $12,375
• Closing costs: $1,485
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
64 Tara Ter Unit 64-2 Chico, CA	2.0	1.5	1048	$1,625	$1.55	44d	1	0.19mi
1 Mayfair Dr Chico, CA	2.0	1.0	900	$1,325	$1.47	44d	1	0.22mi
1080 E Lassen Ave Chico, CA	1.0–2.0	1.0–2.0	802	$1,650	$2.06	14d	10	0.25mi
29 Cameo Dr #2 Chico, CA	2.0	1.0	928	$1,400	$1.51	44d	1	0.27mi
583 Morgan Dr #2 Chico, CA	3.0	2.0	1100	$1,750	$1.59	21d	1	0.39mi
2909 Godman Ave Unit 2909-2 Chico, CA	3.0	2.0	1170	$1,725	$1.47	44d	1	0.40mi
2780 Pillsbury Rd Chico, CA	2.0	1.0	905	$1,345	$1.49	44d	2	0.47mi
490 Posada Way Chico, CA	3.0	2.0	1200	$2,000	$1.67	14d	1	0.54mi
599 East Ave Chico, CA	3.0	1.0	989	$1,750	$1.77	21d	1	0.55mi
2485 Pillsbury Rd Unit 2485-03 Chico, CA	2.0	2.0	950	$1,595	$1.68	14d	1	0.60mi
2739 Ceres Ave Chico, CA	3.0	2.0	1100	$2,100	$1.91	44d	1	0.88mi
1717 E Eaton Rd Chico, CA	2.0	1.5	1100	$1,550	$1.41	44d	1	0.89mi
390 Rio Lindo Ave Chico, CA	1.0–2.0	1.0	727	$1,550	$2.13	14d	6	0.89mi
194 E Shasta Ave Unit 3B Chico, CA	2.0	1.0	875	$1,900	$2.17	44d	1	0.91mi
1749 Eaton Rd Chico, CA	2.0–3.0	1.5–2.5	1104	$1,595	$1.44	14d	1	0.93mi
251 Rio Lindo Ave Chico, CA	2.0	1.0	1100	$1,400	$1.27	44d	1	1.09mi
2777 Eaton Rd Chico, CA	1.0–2.0	1.0–2.0	790	$1,634	$2.07	14d	3	1.10mi
259 Rio Lindo Ave Unit 259-16 Chico, CA	2.0	2.0	1426	$1,595	$1.12	44d	1	1.13mi
2833 Eaton Rd Chico, CA	1.0–2.0	1.0–2.0	999	$1,850	$1.85	14d	9	1.27mi
2050 Laburnum Ave Chico, CA	3.0	2.0	1455	$1,795	$1.23	14d	1	1.31mi
225 Mission Serra Ter Chico, CA	2.0	2.0	1358	$2,000	$1.47	14d	1	1.36mi
400 Mission Ranch Blvd Chico, CA	1.0–3.0	1.0–2.0	995	$1,588	$1.59	14d	1	1.38mi
101 W Lindo Ave Unit Lindo Ave unit 101 2, Chico, CA	2.0	1.0	950	$1,650	$1.74	44d	1	1.40mi
298 E 9th Ave Chico, CA	2.0	1.0	947	$2,195	$2.32	14d	1	1.47mi

Listing history 21 events

1. 2026-06-19
   days on market $49,500 Active 151 DOM
2. 2026-06-18
   days on market $49,500 Active 150 DOM
3. 2026-06-17
   days on market $49,500 Active 149 DOM
4. 2026-06-16
   days on market $49,500 Active 148 DOM
5. 2026-06-15
   days on market $49,500 Active 147 DOM
6. 2026-06-14
   days on market $49,500 Active 145 DOM
7. 2026-06-13
   days on market $49,500 Active 144 DOM
8. 2026-06-10
   days on market $49,500 Active 142 DOM
9. 2026-06-08
   days on market $49,500 Active 140 DOM
10. 2026-06-07
    days on market $49,500 Active 139 DOM
11. 2026-06-05
    pricedays on market $49,500 Active 136 DOM
12. 2026-06-02
    days on market $55,500 Active 134 DOM
13. 2026-06-01
    days on market $55,500 Active 133 DOM
14. 2026-05-31
    days on market $55,500 Active 132 DOM
15. 2026-05-30
    days on market $55,500 Active 131 DOM
16. 2026-05-12
    price $55,500 1154-char remark

    Show marketing remark (1154 chars)

    Enjoy mobile home living at its finest in the desirable Casa de Flores Senior Park. This spacious home offers approximately 1,400 sq. ft. of well-designed living space, featuring both a formal living room and a separate family room—perfect for relaxing or entertaining. The home includes two bedrooms and two bathrooms, with a generously sized primary suite complete with both a soaking tub and a separate stall shower. The open-concept kitchen flows seamlessly into the family room and showcases ample counter space and cabinetry; the refrigerator is included for added convenience. The expansive living room is filled with natural light, creating a warm and inviting atmosphere. Year-round comfort is ensured with central heating and air conditioning, complemented by ceiling fans throughout the home. Outside, enjoy a nicely sized yard, covered parking, a storage shed, and two wood decks—ideal for outdoor living. The dedicated laundry room includes both a washer and dryer. Casa de Flores is centrally located, offering easy access to shopping, dining, theaters, and local businesses, making this home as convenient as it is comfortable.

17. 2026-04-23
    price $59,500 1154-char remark

    Show marketing remark (1154 chars)

    Enjoy mobile home living at its finest in the desirable Casa de Flores Senior Park. This spacious home offers approximately 1,400 sq. ft. of well-designed living space, featuring both a formal living room and a separate family room—perfect for relaxing or entertaining. The home includes two bedrooms and two bathrooms, with a generously sized primary suite complete with both a soaking tub and a separate stall shower. The open-concept kitchen flows seamlessly into the family room and showcases ample counter space and cabinetry; the refrigerator is included for added convenience. The expansive living room is filled with natural light, creating a warm and inviting atmosphere. Year-round comfort is ensured with central heating and air conditioning, complemented by ceiling fans throughout the home. Outside, enjoy a nicely sized yard, covered parking, a storage shed, and two wood decks—ideal for outdoor living. The dedicated laundry room includes both a washer and dryer. Casa de Flores is centrally located, offering easy access to shopping, dining, theaters, and local businesses, making this home as convenient as it is comfortable.

18. 2026-04-02
    price $64,500 1154-char remark

    Show marketing remark (1154 chars)

    Enjoy mobile home living at its finest in the desirable Casa de Flores Senior Park. This spacious home offers approximately 1,400 sq. ft. of well-designed living space, featuring both a formal living room and a separate family room—perfect for relaxing or entertaining. The home includes two bedrooms and two bathrooms, with a generously sized primary suite complete with both a soaking tub and a separate stall shower. The open-concept kitchen flows seamlessly into the family room and showcases ample counter space and cabinetry; the refrigerator is included for added convenience. The expansive living room is filled with natural light, creating a warm and inviting atmosphere. Year-round comfort is ensured with central heating and air conditioning, complemented by ceiling fans throughout the home. Outside, enjoy a nicely sized yard, covered parking, a storage shed, and two wood decks—ideal for outdoor living. The dedicated laundry room includes both a washer and dryer. Casa de Flores is centrally located, offering easy access to shopping, dining, theaters, and local businesses, making this home as convenient as it is comfortable.

19. 2026-03-09
    price $69,500 1154-char remark

    Show marketing remark (1154 chars)

    Enjoy mobile home living at its finest in the desirable Casa de Flores Senior Park. This spacious home offers approximately 1,400 sq. ft. of well-designed living space, featuring both a formal living room and a separate family room—perfect for relaxing or entertaining. The home includes two bedrooms and two bathrooms, with a generously sized primary suite complete with both a soaking tub and a separate stall shower. The open-concept kitchen flows seamlessly into the family room and showcases ample counter space and cabinetry; the refrigerator is included for added convenience. The expansive living room is filled with natural light, creating a warm and inviting atmosphere. Year-round comfort is ensured with central heating and air conditioning, complemented by ceiling fans throughout the home. Outside, enjoy a nicely sized yard, covered parking, a storage shed, and two wood decks—ideal for outdoor living. The dedicated laundry room includes both a washer and dryer. Casa de Flores is centrally located, offering easy access to shopping, dining, theaters, and local businesses, making this home as convenient as it is comfortable.

20. 2026-02-16
    price $74,500 1154-char remark

    Show marketing remark (1154 chars)

    Enjoy mobile home living at its finest in the desirable Casa de Flores Senior Park. This spacious home offers approximately 1,400 sq. ft. of well-designed living space, featuring both a formal living room and a separate family room—perfect for relaxing or entertaining. The home includes two bedrooms and two bathrooms, with a generously sized primary suite complete with both a soaking tub and a separate stall shower. The open-concept kitchen flows seamlessly into the family room and showcases ample counter space and cabinetry; the refrigerator is included for added convenience. The expansive living room is filled with natural light, creating a warm and inviting atmosphere. Year-round comfort is ensured with central heating and air conditioning, complemented by ceiling fans throughout the home. Outside, enjoy a nicely sized yard, covered parking, a storage shed, and two wood decks—ideal for outdoor living. The dedicated laundry room includes both a washer and dryer. Casa de Flores is centrally located, offering easy access to shopping, dining, theaters, and local businesses, making this home as convenient as it is comfortable.

21. 2026-01-19
    listed $78,500 Active 1154-char remark

    Show marketing remark (1154 chars)

    Enjoy mobile home living at its finest in the desirable Casa de Flores Senior Park. This spacious home offers approximately 1,400 sq. ft. of well-designed living space, featuring both a formal living room and a separate family room—perfect for relaxing or entertaining. The home includes two bedrooms and two bathrooms, with a generously sized primary suite complete with both a soaking tub and a separate stall shower. The open-concept kitchen flows seamlessly into the family room and showcases ample counter space and cabinetry; the refrigerator is included for added convenience. The expansive living room is filled with natural light, creating a warm and inviting atmosphere. Year-round comfort is ensured with central heating and air conditioning, complemented by ceiling fans throughout the home. Outside, enjoy a nicely sized yard, covered parking, a storage shed, and two wood decks—ideal for outdoor living. The dedicated laundry room includes both a washer and dryer. Casa de Flores is centrally located, offering easy access to shopping, dining, theaters, and local businesses, making this home as convenient as it is comfortable.

ⓘ 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: $890 · $74/mo
• Projected year-2 tax: $890 · $74/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 8/10 Severe 5 d/yr ≥105°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 35 unhealthy d/yr today · 40 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,849
• − Mortgage interest: −$2,773
• − Property taxes: −$890
• − Insurance: −$248
• − Repairs & maintenance: −$1,588
• − Management: −$1,588
• − Depreciation: −$1,440
• Taxable income: $11,323
• Est. tax owed @ 24.0%: −$2,718
• After-tax cash flow: $8,711/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): 39,031
• Household income: $92,813
• Rent vs Own: 37.9% rent · 62.1% own
• Severe rent burden: 1230.0

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 (71%)
• Race & ethnicity: White 71% Hispanic / Latino 19% Two or more races 10% Asian 5% Native American 1%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Slovak 4% Italian 4% Russian 3%
• Foreign-born: 8% · Canada, China
• Languages at home: 84% English-only · Spanish 11% Other Asian/Pacific 2% Chinese 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: ▼ -182.94%
• Current HPI: 259.9774
• Rent YoY: ▲ 1.70%
• 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

-29.3% since first listed

6 events — show timeline

• 2026-05-12 Price Changed $55,500 CRMLS
• 2026-04-23 Price Changed $59,500 CRMLS
• 2026-04-02 Price Changed $64,500 CRMLS
• 2026-03-09 Price Changed $69,500 CRMLS
• 2026-02-16 Price Changed $74,500 CRMLS
• 2026-01-19 Listed $78,500 CRMLS

Property tax history

+10.6%/yr

Latest (2025): $890 · +6.5% YoY. Source: county tax records.