2681 Cameron Park Dr #132

Cameron Park, CA 95682

$135,000D+

2 bd · 2.0 ba · 960 sqft · Built 2001 · Manufactured · Pending · 111 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,989/mo
• Mortgage (P&I): −$708
• Tax + insurance: −$85
• HOA: −$800
• Vac / Maint / Mgmt: −$418
• Net cashflow: $-21/mo
• Annual: $-258/yr
• Cap rate: 6.10%
• Cash-on-cash: -0.68%
• DSCR: 0.97
• 1% rule: 1.47%
• Cash to close: $37,800

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $135k.
• At list price, monthly cash flow is $-21 ($-258/yr) — negative.
• To cash-flow at today's rent, offer at most $131k (2.8% below list).
• Meets the 1% rule at list price ($2k rent vs $135k).
• It's been on market 111 days — a 9% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $123k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 55/100 on livability (#832 in CA) — a working-class tenant base; expect higher turnover. Strengths: employment A+, housing B+; Watch: crime D+, amenities F, commute F.
• Rescue Union Elementary (suburban): math 61% / reading 69% proficiency, ranked #56 of 517 in CA (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 11% free/reduced lunch — higher-income household profile.
• Watch-outs: HOA is 40% of rent.
• Market conditions: Rents rising (+2.9%/yr); 236 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 437 units permitted in El Dorado County in 2024 (0 in 5+ unit buildings).
• El Dorado County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.1% vs local median 2.7% in Cameron Park — 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

• 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?
• 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 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?
• Crime grade is D 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?
• 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?