2135 Nord #40 · Chico, CA 95926

$124,950

3 bd · 2.0 ba · 1,230 sqft · Manufactured · 185 Days on market

Built 2025 Good condition $102/sqft · 42% above area Est $88k · 42% over

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Why this score? — see what drove the C+ 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
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• Schools +4.6/10.0
• Condition / age +4.0/5.0
• Livability +3.6/5.0
• Rent growth +3.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Discover modern living in this beautiful, brand new 2025 Clayton Tempo Series home, located in the desirable Royal Palm Mobile Home Park. This spacious 3-bedroom, 2-bathroom home features an open-concept layout with stylish finishes throughout. Enjoy the comfort of contemporary design, all with an affordable space rent of just $695/month. Don't miss this opportunity for quality living at a great value!

Key facts

• Built 2025
• Listed 185 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $125k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $494 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.0% 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 (+4.0%/yr); 92 active listings in the ZIP; 39 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 41% of comp listings sitting > 30 days — soft ceiling on asking rent; 946 units permitted in Butte County in 2024 (254 in 5+ unit buildings).
• This rent runs 33% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k 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 + 4.0% rent growth), your $35k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 185 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $109,956 (12.0% below list)

Questions for the listing agent

1. It's been on market 185 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.38% ✓
• Cap rate: 11.04%
• Cash-on-cash: 16.94%
• DSCR: 1.75
• GRM: 6.1

CMA / ARV

• ARV (median comp): $88,000
• List price: $124,950
• Delta: 41.99%
• Verdict: OVERPRICED
• Comps: 9 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2135 Nord #9	0.00mi	3/2.0	1,306 (+6%)	17mo	$129,950	$100	75

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 · 3.98% rent growth · sell at horizon

5-year hold

• IRR: 9.3%
• Equity multiple: 1.37×
• Total profit: $12,948
• Equity at exit: $18,630

10-year hold

• IRR: 19.3%
• Equity multiple: 2.69×
• Total profit: $59,049
• Equity at exit: $10,803

Cash invested: $34,986 (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 95926

• Rents YoY: 4.0%
• Active inventory: 92
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,718 high
• Mortgage (P&I): −$655
• Tax est. 1.5%: −$156 /mo · $1,874/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$361
• Net cashflow: $494

Break-even live

Break-even rent $1,093

Max offer price $124,950

Occupancy floor 66%

Sensitivity live

Price	-10% $580	-5% $537	+0% $494	+5% $451	+10% $408
Rent	-10% $358	-5% $426	+0% $494	+5% $562	+10% $630
Rate	-1.0pp $557	-0.5pp $526	base $494	+0.5pp $462	+1.0pp $429

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: $31,238
• Closing costs: $3,748
• Reserves months: —
• Total cash needed: —

Rent comps 39 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1570 Nord Ave Chico, CA	3.0	1.0	1394	$1,850	$1.33	45d	1	0.62mi
811 W East Ave Chico, CA	2.0	1.0	745	$1,275	$1.71	14d	1	0.72mi
711 W East Ave Unit 08 Chico, CA	2.0	1.0	900	$1,300	$1.44	45d	1	0.79mi
711 W East Ave Apt 2 Chico, CA	2.0	1.0	900	$1,300	$1.44	14d	1	0.81mi
1200 W Sacramento Ave Chico, CA	2.0	2.0	900	$1,380	$1.53	14d	1	0.90mi
1267 N Cedar St Unit 3 Chico, CA	2.0	1.0	776	$1,499	$1.93	14d	1	0.93mi
1501 N Cherry St Chico, CA	2.0	1.0	800	$1,300	$1.62	45d	1	0.97mi
1101 Columbus Ave #2 Chico, CA	3.0	1.0	950	$1,450	$1.53	22d	1	0.97mi
1125 W Sacramento Ave Chico, CA	4.0	2.0	1450	$1,675	$1.16	14d	1	0.97mi
1133 W Sacramento Ave Chico, CA	2.0	1.0	875	$1,395	$1.59	14d	2	0.97mi
2 Lorayne Ct Unit D Chico, CA	2.0	1.0	930	$1,200	$1.29	45d	1	0.99mi
1119 W Sacramento Ave Unit D Chico, CA	4.0	2.0	1384	$1,595	$1.15	14d	1	1.00mi
747 W 4th Ave Chico, CA	4.0	2.0	1250	$1,595	$1.28	45d	2	1.03mi
808 W 2nd Ave Chico, CA	2.0	1.0	855	$1,422	$1.66	22d	2	1.04mi
2619 Waverly Ct Chico, CA	2.0	2.0	1225	$2,400	$1.96	22d	1	1.07mi
704 W 2nd Ave Chico, CA	2.0–3.0	2.0	1100	$1,395	$1.27	22d	1	1.09mi
803 W 2nd Ave Chico, CA	3.0–4.0	2.0	1450	$1,750	$1.21	45d	1	1.09mi
648 W 2nd Ave Unit 648-C Chico, CA	4.0	2.0	1500	$1,695	$1.13	45d	1	1.11mi
632 W 2nd Ave Chico, CA	3.0	2.0	1000	$1,610	$1.61	22d	1	1.14mi
1267 Warner St Chico, CA	3.0	2.0	1200	$2,300	$1.92	14d	1	1.14mi
400 Mission Ranch Blvd Chico, CA	1.0–3.0	1.0–2.0	995	$1,775	$1.78	14d	1	1.16mi
647 W 2nd Ave Chico, CA	4.0	2.0	1450	$2,162	$1.49	45d	1	1.17mi
1001 W Sacramento Ave Chico, CA	2.0–3.0	1.0–2.0	812	$1,599	$1.97	45d	1	1.17mi
635 W 2nd Ave Chico, CA	3.0	1.0	1000	$1,600	$1.60	45d	1	1.18mi
917 W Sacramento Ave Chico, CA	3.0	3.0	1450	$2,250	$1.55	14d	1	1.18mi
225 Mission Serra Ter Chico, CA	2.0	2.0	1358	$2,000	$1.47	14d	1	1.19mi
1240 Warner St Apt 5 Chico, CA	2.0	1.0	815	$1,475	$1.81	45d	1	1.20mi
610 W 1st Ave Chico, CA	3.0	1.0	1250	$1,800	$1.44	45d	1	1.24mi
812 Nord Ave Chico, CA	3.0–4.0	2.0	1525	$1,875	$1.23	14d	1	1.25mi
1421 Citrus Ave Unit Main House Chico, CA	3.0	2.0	1210	$2,245	$1.86	45d	1	1.26mi
1740 Arcadian Ave Unit 1740-104 Chico, CA	2.0	2.0	1218	$2,095	$1.72	22d	1	1.30mi
710 Nord Ave Chico, CA	2.0–3.0	1.0–2.0	950	$1,650	$1.74	22d	1	1.32mi
120 Menlo Way Chico, CA	2.0	1.0	817	$1,330	$1.63	14d	1	1.36mi
2110 Iroquois Ave Apt 3 Chico, CA	2.0	1.0	700	$1,500	$2.14	14d	1	1.39mi
2110 Iroquois Ave Chico, CA	2.0	1.0	700	$1,500	$2.14	45d	1	1.39mi
510 Nord Ave Chico, CA	2.0	1.0	750	$1,355	$1.81	45d	1	1.41mi
101 W Lindo Ave Unit Lindo Ave unit 101 2, Chico, CA	2.0	1.0	950	$1,650	$1.74	45d	1	1.41mi
522 Nord Ave #15 Chico, CA	3.0	2.0	900	$1,425	$1.58	22d	1	1.42mi
458 Nord Ave Chico, CA	2.0	1.0	871	$1,375	$1.58	22d	1	1.45mi

Listing history 15 events

1. 2026-06-19
   status $124,950 Pending 185 DOM
2. 2026-06-18
   days on market $124,950 Active 185 DOM
3. 2026-06-17
   days on market $124,950 Active 184 DOM
4. 2026-06-16
   days on market $124,950 Active 183 DOM
5. 2026-06-15
   days on market $124,950 Active 182 DOM
6. 2026-06-14
   days on market $124,950 Active 180 DOM
7. 2026-06-13
   days on market $124,950 Active 179 DOM
8. 2026-06-10
   days on market $124,950 Active 177 DOM
9. 2026-06-08
   days on market $124,950 Active 175 DOM
10. 2026-06-07
    days on market $124,950 Active 174 DOM
11. 2026-06-05
    days on market $124,950 Active 171 DOM
12. 2026-06-02
    days on market $124,950 Active 169 DOM
13. 2026-06-01
    days on market $124,950 Active 168 DOM
14. 2026-05-31
    days on market $124,950 Active 167 DOM
15. 2026-05-30
    days on market $124,950 Active 166 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 8/10 Severe 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 33 unhealthy d/yr today · 39 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,619
• − Mortgage interest: −$6,999
• − Property taxes: −$1,874
• − Insurance: −$625
• − Repairs & maintenance: −$1,650
• − Management: −$1,650
• − Depreciation: −$3,635
• Taxable income: $4,187
• Est. tax owed @ 24.0%: −$1,005
• After-tax cash flow: $4,922/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.

Condition & rehab AI · 6 photos

Good 80/100 Cosmetic rehab

This 2025 Clayton Tempo Series manufactured home is in good condition with a fresh paint job and well-maintained landscaping. It offers a good balance of curb appeal and interior space, making it an attractive option for both resale and rental markets.

Value-add opportunities

• Both Paint exterior siding — Fresh paint can enhance curb appeal and property value.
• Both Landscaping improvements — A well-maintained garden can increase both resale and rental value.
• Both Replace carpet with hardwood or tile — Hardwood or tile flooring can increase both resale and rental value.
• Both Update kitchen and bathrooms — Modernizing the kitchen and bathrooms can significantly boost both resale and rental value.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior siding — Fresh paint can enhance curb appeal and property value. ↑
• Both Landscaping improvements — A well-maintained garden can increase both resale and rental value. ↑
• Both Replace carpet with hardwood or tile — Hardwood or tile flooring can increase both resale and rental value. ↑
• Both Update kitchen and bathrooms — Modernizing the kitchen and bathrooms can significantly boost both resale and rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 40,567
• Household income: $61,920
• Rent vs Own: 59.5% rent · 40.5% own
• Severe rent burden: 3912.0

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 (65%)
• Race & ethnicity: White 65% Hispanic / Latino 20% Two or more races 13% Asian 6% Black 3%
• Hispanic origin (detail): Mexican 16% Puerto Rican 1%
• Common ancestry: Italian 4% Portuguese 3% Lithuanian 2%
• Foreign-born: 7% · Canada, China
• Languages at home: 83% English-only · Spanish 10% 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: ▼ -453.39%
• Current HPI: 256.0261
• Rent YoY: ▲ 3.98%
• 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