1212 W Water St · Hanford, CA 93230

$149,900

3 bd · 2.0 ba · 1,212 sqft · SingleFamily public records · 4 Days on market

Built 1961 6,900 sqft lot

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Why this score? — see what drove the B- 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 +29.4/30.0
• DSCR +10.0/10.0
• 1% rule +7.5/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Schools +3.6/10.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Flip - As-Is! Bring your vision to life! Whether you choose to rebuild or reimagine, this property offers a blank canvas with great possibilities. Great investor property.

Key facts

• 6,900 sq ft lot
• Garage
• Built 1961

Property features AI

Exterior

• Parking: Attached garage; Carport; Converted garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Single story
• Construction: Composition roof
• Exterior features: Wood fencing; Corner lot; City street frontage

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (natural gas); Central air conditioning
• Interior features: Gas water heater
• Laundry & utility: Laundry located in garage

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $533 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Cap rate 10.6% vs local median 3.9% in Hanford — 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 75/100 on livability (#121 in CA, #4,255 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, amenities B; Watch: crime D+, health & safety D+, cost of living F.
• Hanford Joint Union High (urban): math 20% / reading 58% proficiency, ranked #765 of 1,400 in CA (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.9%/yr); 430 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 741 units permitted in Kings County in 2024 (307 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 2.9% rent growth), your $42k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $70k; list at $150k implies a 114% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $149,900

Questions for the listing agent

1. Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.25% ✓
• Cap rate: 10.56%
• Cash-on-cash: 15.23%
• DSCR: 1.68
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $306,636
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1209 W Water St	0.04mi	3/2.0	1,212 (0%)	8mo	$335,000	$276	92
1585 Fitzgerald Ln	0.36mi	3/2.0	1,200 (-1%)	7mo	$288,000	$240	76
1401 N Williams St	0.16mi	4/2.0 (+1)	1,323 (+9%)	2mo	$340,000	$257	70
915 Neville St	0.29mi	3/1.0	1,039 (-14%)	1mo	$285,000	$274	58
854 Laurence Ct	0.55mi	3/1.0	1,296 (+7%)	1mo	$239,000	$184	58
2127 N 11th Ave	0.74mi	3/1.0	1,200 (-1%)	7mo	$304,000	$253	54
1818 Mckinley Ave	0.56mi	2/1.0 (-1)	1,330 (+10%)	0mo	$330,000	$248	48
1366 Muscat Ct	0.64mi	3/2.0	1,357 (+12%)	6mo	$369,500	$272	45
1807 N 11th Ave	0.50mi	2/1.0 (-1)	1,092 (-10%)	8mo	$270,000	$247	44
1807 N 11th Ave	0.50mi	2/1.0 (-1)	1,092 (-10%)	8mo	$270,000	$247	44
604 W Florinda St	0.71mi	3/1.0	1,330 (+10%)	4mo	$225,000	$169	43
408 W Malone St	0.71mi	2/1.0 (-1)	1,078 (-11%)	6mo	$300,000	$278	34

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 · 2.87% rent growth · sell at horizon

5-year hold

• IRR: 5.8%
• Equity multiple: 1.22×
• Total profit: $9,376
• Equity at exit: $22,351

10-year hold

• IRR: 15.0%
• Equity multiple: 2.21×
• Total profit: $50,752
• Equity at exit: $12,961

Cash invested: $41,972 (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 93230

• Rents YoY: 2.9%
• Active inventory: 430
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,870 high
• Mortgage (P&I): −$786
• Tax from tax record: −$96 /mo · $1,153/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$393
• Net cashflow: $533

Break-even live

Break-even rent $1,196

Max offer price $149,900

Occupancy floor 67%

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1424 Rodgers Rd Unit 1496 Hanford, CA	2.0	1.0	741	$1,250	$1.69	21d	1	0.21mi
630 Neville St Hanford, CA	2.0	1.0	1399	$1,550	$1.11	21d	1	0.46mi
1920 N 11th Ave Hanford, CA	3.0	2.0	1500	$1,650	$1.10	21d	1	0.53mi
2068 W Merritt St Hanford, CA	3.0	2.0	1332	$2,200	$1.65	21d	1	1.06mi
412 Ford St Unit 2 Hanford, CA	2.0	1.0	725	$1,150	$1.59	21d	1	1.10mi
1975 W Escher Dr Hanford, CA	3.0	2.0	1450	$2,750	$1.90	14d	1	1.26mi
201 E 11th St Unit C Hanford, CA	2.0	1.0	700	$1,295	$1.85	21d	1	1.31mi
1819 N 10th Ave Hanford, CA	2.0	1.0	900	$1,450	$1.61	14d	1	1.49mi

Listing history 4 events

1. 2026-05-05
   status Pending
2. 2026-05-01
   listed $149,900 Active
3. 1998-05-26
   soldstatus $70,000
4. 1995-07-28
   soldstatus $75,000

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

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $1,153 · $96/mo
• Projected year-2 tax: $1,153 · $96/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 8/10 Severe 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 31 unhealthy d/yr today · 35 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,443
• − Mortgage interest: −$8,397
• − Property taxes: −$1,153
• − Insurance: −$750
• − Repairs & maintenance: −$1,795
• − Management: −$1,795
• − Depreciation: −$4,361
• Taxable income: $4,192
• Est. tax owed @ 24.0%: −$1,006
• After-tax cash flow: $5,388/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.

Schools (NCES district)

• District: Hanford Joint Union High
• NCES district ID: 0616500
• Math proficiency: 20% ▲ 1.00%
• Reading proficiency: 58% ▬ 0.00%
• Median HH income: $47,265
• Composite: 35.8/100
• National rank: #9626
• State rank: #765 of 1400 in CA

Livability — Hanford

• Score: 75/100
• State rank: #121
• US rank: #4255

Category grades

Amenities B Commute A+ Cost of living F Crime D+ Employment C Housing A+ Health & safety D+ User ratings B

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hanford, CA
• County: Kings County · 107,655 people
• City population: 69,684
• Metro: Hanford-Corcoran, CA
• Population (ZIP): 69,684
• Household income: $76,023
• Rent vs Own: 38.7% rent · 61.3% own
• Severe rent burden: 2081.0

Population outlook (Kings County) Hauer SSP2

• Today (2025): 147,136 people
• By 2030: 145,623 · -1.0%
• By 2040: 146,017 · -0.8%
• By 2050: 145,239 · -1.3%
• By 2075: 131,479 · -10.6%
• By 2100: 103,967 · -29.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: Hispanic / Latino 52% White 35% Two or more races 19% Black 5% Asian 3% Native American 2%
• Hispanic origin (detail): Mexican 49%
• Common ancestry: Russian 6% Italian 2% Lithuanian 1%
• Foreign-born: 17% · Canada
• Languages at home: 65% English-only · Spanish 31% Other Indo-European 2% Tagalog/Filipino 2%

Political lean MEDSL · Kings

• 2024 margin: Strong R (+23.0) · D 37.4% · R 60.4% · Other 2.2%
• 2008→2024 swing: -8.9pp toward R · 2008: -14.1pp · 2024: -23.0pp
• All cycles: 2024: R+23.0 2020: R+12.2 2016: R+14.1 2012: R+16.3 2008: R+14.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -267.79%
• Current HPI: 321.3409
• Rent YoY: ▲ 2.87%
• Metro: Hanford-Corcoran, 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

Price history

+99.9% since first listed

4 events — show timeline

• 2026-05-05 Pending — KCBOR
• 2026-05-01 Listed $149,900 KCBOR
• 1998-05-26 Sold (Public Records) $70,000 Public Records
• 1995-07-28 Sold (Public Records) $75,000 Public Records

Property tax history

+1.7%/yr

Latest (2025): $1,153 · +3.8% YoY. Source: county tax records.