117 Silver Dr

Cotati, CA 94931

$218,000C

2 bd · 1.0 ba · 702 sqft · Built 2021 · Manufactured · Active · 88 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,279/mo
• Mortgage (P&I): −$1,143
• Tax + insurance: −$140
• HOA: −$0
• Vac / Maint / Mgmt: −$479
• Net cashflow: $518/mo
• Annual: $6,210/yr
• Cap rate: 9.14%
• Cash-on-cash: 10.17%
• DSCR: 1.45
• 1% rule: 1.05%
• Cash to close: $61,040

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $218k. Condition is rated good.
• At list price, monthly cash flow is $518 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $218k).
• It's been on market 88 days — a 6% lower offer ($205k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $205k (6.0% 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 77/100 on livability (#83 in CA, #3,115 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, health & safety A+; Watch: cost of living F.
• Cotati-Rohnert Park Unified (suburban): math 24% / reading 61% proficiency, ranked #205 of 517 in CA (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Thomas Page Academy (444 students, 57% FRL); Rancho Cotate High (math 12% / reading 57%, grade F, #618 of 1,170 statewide, top 56%, 1,611 students, 36% FRL).
• Market conditions: 22 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,039 units permitted in Sonoma County in 2024 (185 in 5+ unit buildings).
• Sonoma County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.1% vs local median 2.3% in Cotati — 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

• It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% 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.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.