36 Los Angeles 104 St #104

June Lake, CA 93529

$715,000C

3 bd · 2.5 ba · 1,897 sqft · Built 2006 · Condo · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,500/mo
• Mortgage (P&I): −$3,750
• Tax + insurance: −$906
• HOA: −$700
• Vac / Maint / Mgmt: −$1,785
• Net cashflow: $1,359/mo
• Annual: $16,308/yr
• Cap rate: 8.57%
• Cash-on-cash: 8.15%
• DSCR: 1.36
• 1% rule: 1.19%
• Cash to close: $200,200

Investor read

• This is a 3-bed/2.5-bath condo listed at $715k.
• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $715k).
• It's been on market 20 days — a 2% lower offer ($704k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $704k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $21k of value loss. Plan a longer hold.
• Location reads 59/100 on livability (#639 in CA) — a working-class tenant base; expect higher turnover. Strengths: employment A+, housing A+, crime B; Watch: schools D+, amenities F, commute F.
• Eastern Sierra Unified (rural): math 33% / reading 54% proficiency, ranked #626 of 1,400 in CA (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 23 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 123 units permitted in Mono County in 2024 (76 in 5+ unit buildings).
• Mono County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 21y ago; this cycle's ask has dropped $74k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.