3499 E Bayshore Rd #13

Redwood City, CA 94063

$219,000B+

2 bd · 1.0 ba · 784 sqft · Built 1980 · Manufactured · Active · 266 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,162/mo
• Mortgage (P&I): −$1,148
• Tax + insurance: −$792
• HOA: −$0
• Vac / Maint / Mgmt: −$874
• Net cashflow: $1,348/mo
• Annual: $16,179/yr
• Cap rate: 16.02%
• Cash-on-cash: 34.73%
• DSCR: 2.55
• 1% rule: 1.90%
• Cash to close: $61,320

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $219k.
• 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 ($4k rent vs $219k).
• It's been on market 266 days — a 12% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $193k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Sequoia Union High (suburban): math 52% / reading 69% proficiency, ranked #159 of 1,400 in CA (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: Rents rising fast (+4.9%/yr); 29 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,019 units permitted in San Mateo County in 2024 (484 in 5+ unit buildings).
• San Mateo County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 7 sale attempts since 25y ago; this cycle's ask has dropped $81k (27%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $125k; list at $219k implies a 75% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 4.9% rent growth), your $61k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 16.0% vs local median 1.3% in Redwood City — 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.
• This rent runs 43% of the median local income ($117k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 266 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.