1215 Anchors Way Dr #51

San Buenaventura (Ventura), CA 93001

$524,000D-

3 bd · 2.0 ba · 1,456 sqft · Built 2002 · Manufactured · Active · 141 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,986/mo
• Mortgage (P&I): −$2,748
• Tax + insurance: −$873
• HOA: −$0
• Vac / Maint / Mgmt: −$837
• Net cashflow: $-472/mo
• Annual: $-5,665/yr
• Cap rate: 5.21%
• Cash-on-cash: -3.86%
• DSCR: 0.83
• 1% rule: 0.76%
• Cash to close: $146,720

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $524k.
• At list price, monthly cash flow is $-472 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $456k (13.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $399k (23.9% below list).
• It's been on market 141 days — a 12% lower offer ($461k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $399k (23.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Ventura Unified (urban): math 33% / reading 48% proficiency, ranked #218 of 517 in CA (top 42%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.8%/yr); 121 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,759 units permitted in Ventura County in 2024 (1,196 in 5+ unit buildings).
• Ventura County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 5 sale attempts since 5y ago; this cycle's ask has dropped $100k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 5.2% vs local median 2.4% in San Buenaventura (Ventura) — 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.
• At $3,986/mo this rent would consume 54% of the median local household income ($88k/yr) (locally 1724% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 141 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
• 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.
• 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.