541 Mason St #8

Healdsburg, CA 95448

$285,000C+

2 bd · 2.0 ba · 800 sqft · Built 1977 · Manufactured · Active · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,413/mo
• Mortgage (P&I): −$1,495
• Tax + insurance: −$475
• HOA: −$0
• Vac / Maint / Mgmt: −$717
• Net cashflow: $727/mo
• Annual: $8,725/yr
• Cap rate: 9.35%
• Cash-on-cash: 10.93%
• DSCR: 1.49
• 1% rule: 1.20%
• Cash to close: $79,800

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $285k.
• At list price, monthly cash flow is $727 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $285k).
• It's been on market 25 days — a 2% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $281k (1.5% 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 70/100 on livability (#244 in CA) — a middle-class / working-renter tenant base. Strengths: employment A+, health & safety A+, schools B; Watch: commute F, cost of living F.
• Healdsburg Unified (suburban): math 35% / reading 48% proficiency, ranked #608 of 1,400 in CA (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+6.9%/yr); 196 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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.
• 7 sale attempts since 12y 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 $56k; list at $285k implies a 409% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 6.9% rent growth), your $80k cash investment doubles in ~8 years — after that, you're playing with house money.
• Cap rate 9.4% vs local median 1.1% in Healdsburg — 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 39% of the median local income ($105k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1977 — 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.
• 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?
• 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.