8001 Northstar Dr #314

Truckee, CA 96161

$239,000F

3 bd · 3.5 ba · 1,874 sqft · Built 2007 · Condo · Active · 111 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,525/mo
• Mortgage (P&I): −$1,253
• Tax + insurance: −$345
• HOA: −$2,801
• Vac / Maint / Mgmt: −$950
• Net cashflow: $-824/mo
• Annual: $-9,894/yr
• Cap rate: 2.15%
• Cash-on-cash: -14.78%
• DSCR: 0.34
• 1% rule: 1.89%
• Cash to close: $66,920

Investor read

• This is a 3-bed/3.5-bath condo listed at $239k.
• At list price, monthly cash flow is $-824 ($-10k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $239k).
• It's been on market 111 days — a 9% lower offer ($217k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $217k (9.0% 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 58/100 on livability (#697 in CA) — a working-class tenant base; expect higher turnover. Strengths: employment A+, housing B; Watch: amenities F, commute F, cost of living F.
• Tahoe-Truckee Unified (town): math 44% / reading 56% proficiency, ranked #136 of 517 in CA (top 26%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: HOA is 62% of rent.
• Market conditions: Rents rising fast (+6.6%/yr); 375 active listings in the ZIP; high-income renter base; 3,535 units permitted in Placer County in 2024 (689 in 5+ unit buildings).
• Placer County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 5y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $190k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• This rent runs 41% of the median local income ($132k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• It's been on market 111 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• 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?
• 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.
• 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.