7341 Eleanor #23

Riverbank, CA 95361

$72,500B-

2 bd · 2.0 ba · 1,152 sqft · Built 1992 · Manufactured · Active · 58 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,129/mo
• Mortgage (P&I): −$380
• Tax + insurance: −$121
• HOA: −$0
• Vac / Maint / Mgmt: −$447
• Net cashflow: $1,181/mo
• Annual: $14,171/yr
• Cap rate: 25.84%
• Cash-on-cash: 69.81%
• DSCR: 4.11
• 1% rule: 2.94%
• Cash to close: $20,300

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $72k. Condition is rated fair.
• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $72k).
• It's been on market 58 days — a 3% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $70k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $501 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 57/100 on livability (#757 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A+, crime B+, employment B; Watch: schools F, amenities D-, commute F.
• Riverbank Unified (suburban): math 16% / reading 32% proficiency, ranked #424 of 517 in CA (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 199 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 923 units permitted in Stanislaus County in 2024 (63 in 5+ unit buildings).
• Stanislaus County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 25.8% vs local median 3.0% in Riverbank — 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 58 days. Have you received any prior offers? Is the seller open to a 3% 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-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 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: Paint — Light blue siding and walls show some discoloration
• Minor: Flooring — Carpeted floors in living areas show some wear
• Minor: Kitchen — Standard kitchen appliances show some clutter
• Minor: Bathrooms — Standard fixtures show some wear