2151 Oakland Rd #569

San Jose, CA 95131

$295,000B

3 bd · 2.0 ba · 1,440 sqft · Built 1973 · Manufactured · Active · 44 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,403/mo
• Mortgage (P&I): −$1,547
• Tax + insurance: −$492
• HOA: −$0
• Vac / Maint / Mgmt: −$925
• Net cashflow: $1,440/mo
• Annual: $17,276/yr
• Cap rate: 12.15%
• Cash-on-cash: 20.92%
• DSCR: 1.93
• 1% rule: 1.49%
• Cash to close: $82,600

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $295k.
• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $295k).
• It's been on market 44 days — a 3% lower offer ($286k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $286k (3.0% 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 $9k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#68 in CA, #2,559 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• Orchard Elementary (urban): math 51% / reading 60% proficiency, ranked #225 of 1,400 in CA (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+4.7%/yr); 49 active listings in the ZIP; 34 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; 3,838 units permitted in Santa Clara County in 2024 (1,886 in 5+ unit buildings).
• Santa Clara County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 26y 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 $100k; list at $295k implies a 195% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 4.7% rent growth), your $83k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 12.1% vs local median 1.6% in San Jose — 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.
• This rent runs 31% of the median local income ($170k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is F 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?
• 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.