2401 Eilers Ln #703

Lodi, CA 95242

$210,000D

1 bd · 1.0 ba · 937 sqft · Built 1988 · Condo · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,262/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$318
• HOA: −$400
• Vac / Maint / Mgmt: −$475
• Net cashflow: $-32/mo
• Annual: $-386/yr
• Cap rate: 6.11%
• Cash-on-cash: -0.66%
• DSCR: 0.97
• 1% rule: 1.08%
• Cash to close: $58,800

Investor read

• This is a 1-bed/1.0-bath condo listed at $210k.
• At list price, monthly cash flow is $-32 ($-386/yr) — negative.
• To cash-flow at today's rent, offer at most $204k (2.7% below list).
• Meets the 1% rule at list price ($2k rent vs $210k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $204k (2.7% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 58/100 on livability (#730 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A; Watch: schools C-, crime F, amenities F.
• Lodi Unified (urban): math 24% / reading 36% proficiency, ranked #325 of 517 in CA (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.2%/yr); 197 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,779 units permitted in San Joaquin County in 2024 (0 in 5+ unit buildings).
• San Joaquin County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: moderate flood 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 6.1% vs local median 3.0% in Lodi — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• 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.
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.