1200 S Carpenter Rd #10 · Modesto, CA 95351

$110,000

2 bd · 2.0 ba · 1,344 sqft · Manufactured · 94 Days on market

Built 1980 Est $85k · 30% over

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Why this score? — see what drove the C 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 1200 S. Carpenter Rd. Space 10 in Modesto! This beautifully updated 2-bedroom, 2 bath home offers 1,344 square feet of comfortable living space with modern upgrades throughout. Step inside to find brand-new vinyl flooring and fresh interior paint that create a bright, inviting atmosphere. The home features a newly installed roof for peace of mind, along with a newer A/C unit that's only 2 years old to keep you comfortable year round. The updated kitchen shines with a new stove, new dishwasher, and stylish new countertops-perfect for everyday cooking and entertaining. With spacious bedrooms, two updated bathrooms, and lots of upgrades throughout, this move in ready home combines c

Key facts

• New stove
• New a/c unit
• Newly installed roof

Tags

• NEWLY INSTALLED ROOF
• NEW A/C UNIT
• UPDATED KITCHEN
• NEW STOVE
• NEW DISHWASHER
• NEW COUNTERTOPS

Property features AI

Finance

• Other: Located in a mobile home park at 1200 S Carpenter Rd #10, Modesto, CA 95351
• HOA & community: No homeowners association; Located in a senior community; Land lease: No (note: land lease amount listed separately)

Exterior

• Parking: Attached covered parking; Guest parking available
• Utilities: Public water; Septic system; Cable available; Internet available; 220 volts in laundry
• Home design: Manufactured in-park double wide; Fleetwood Stoneridge model; Built in 1980; Updated/remodeled
• Construction: Wood skirting; Composition roof; Storage/shed structures on lot
• Exterior features: Backyard; Patio awning; Carport awning; Shed(s)/storage; Storage area

Interior

• Kitchen: Hood over range; Dishwasher; Disposal; Free-standing gas oven; Laminate countertops
• Bedrooms: 2 bedrooms (including master bedroom)
• Flooring: Laminate flooring
• Bathrooms: 2 full bathrooms; Tub with shower over; Shower stall(s)
• Heating & cooling: Central heating; Central air conditioning; Ceiling fans
• Interior features: Updated/remodeled interior; Covered porch with carpeted covered patio/porch; Storage area inside
• Laundry & utility: Laundry room inside; Washer/Dryer hookups only; 220-volt outlet in laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $110k.

Deal economics

• At list price, monthly cash flow is $610 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $100k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.9% vs local median 3.2% in Modesto — 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 63/100 on livability (#451 in CA) — a middle-class / working-renter tenant base. Strengths: housing A+; Watch: amenities C-, schools D+, health & safety D+.
• Modesto City Elementary (urban): math 15% / reading 26% proficiency, ranked #462 of 517 in CA (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 111 active listings in the ZIP; 923 units permitted in Stanislaus County in 2024 (63 in 5+ unit buildings).
• This rent runs 36% of the median local income ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Stanislaus County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($100k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $100,100 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.58% ✓
• Cap rate: 12.94%
• Cash-on-cash: 23.75%
• DSCR: 2.06
• GRM: 5.3

CMA / ARV

• ARV (on-the-fly): $84,672
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1200 S Carpenter Rd #144	0.13mi	2/2.0	1,344 (0%)	2mo	$83,000	$62	93
1200 S Carpenter Rd #72	0.00mi	2/2.0	1,344 (0%)	16mo	$89,800	$67	87
1200 S Carpenter Rd #133	0.00mi	3/2.0 (+1)	1,344 (0%)	11mo	$90,000	$67	85
1200 S Carpenter Rd #40	0.12mi	2/2.0	1,344 (0%)	18mo	$50,000	$37	79
1200 S Carpenter Rd #127	0.00mi	3/2.0 (+1)	1,440 (+7%)	14mo	$90,000	$63	71
1200 S Carpenter Rd #66	0.20mi	2/2.0	1,248 (-7%)	15mo	$85,000	$68	67
1200 S Carpenter Rd #74	0.13mi	3/2.0 (+1)	1,248 (-7%)	15mo	$55,000	$44	64
1200 S Carpenter Rd #118	0.20mi	3/2.0 (+1)	1,440 (+7%)	20mo	$87,000	$60	58

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.9%
• Equity multiple: 1.68×
• Total profit: $21,025
• Equity at exit: $16,401

10-year hold

• IRR: 25.5%
• Equity multiple: 3.22×
• Total profit: $68,407
• Equity at exit: $9,511

Cash invested: $30,800 (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 95351

• Active inventory: 111
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,734 medium
• Mortgage (P&I): −$577
• Tax est. 1.5%: −$138 /mo · $1,650/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$364
• Net cashflow: $610

Break-even live

Break-even rent $962

Max offer price $110,000

Occupancy floor 60%

Sensitivity live

Price	-10% $686	-5% $648	+0% $610	+5% $572	+10% $534
Rent	-10% $473	-5% $541	+0% $610	+5% $678	+10% $747
Rate	-1.0pp $665	-0.5pp $638	base $610	+0.5pp $581	+1.0pp $552

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $110,000 Active 94 DOM
2. 2026-06-18
   days on market $110,000 Active 91 DOM
3. 2026-06-17
   days on market $110,000 Active 90 DOM
4. 2026-06-16
   days on market $110,000 Active 89 DOM
5. 2026-06-15
   days on market $110,000 Active 88 DOM
6. 2026-06-14
   days on market $110,000 Active 86 DOM
7. 2026-06-13
   days on market $110,000 Active 85 DOM
8. 2026-06-10
   days on market $110,000 Active 83 DOM
9. 2026-06-09
   days on market $110,000 Active 82 DOM
10. 2026-06-08
    days on market $110,000 Active 81 DOM
11. 2026-06-07
    days on market $110,000 Active 80 DOM
12. 2026-06-05
    days on market $110,000 Active 77 DOM
13. 2026-06-03
    days on market $110,000 Active 76 DOM
14. 2026-06-02
    days on market $110,000 Active 75 DOM
15. 2026-06-01
    days on market $110,000 Active 74 DOM
16. 2026-05-31
    days on market $110,000 Active 73 DOM
17. 2026-05-30
    days on market $110,000 Active 72 DOM

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 6/10 Major 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 33 unhealthy d/yr today · 38 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,806
• − Mortgage interest: −$6,162
• − Property taxes: −$1,650
• − Insurance: −$550
• − Repairs & maintenance: −$1,665
• − Management: −$1,665
• − Depreciation: −$3,200
• Taxable income: $5,916
• Est. tax owed @ 24.0%: −$1,420
• After-tax cash flow: $5,895/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: Modesto City Elementary
• NCES district ID: 0625130
• Math proficiency: 15% ▼ -7.00%
• Reading proficiency: 26% ▼ -5.00%
• Median HH income: $39,725
• Composite: 17.31/100
• National rank: #9083
• State rank: #462 of 517 in CA

Livability — Modesto

• Score: 63/100
• State rank: #451
• US rank: #15229

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Modesto, CA
• County: Stanislaus County · 445,786 people
• City population: 225,261
• Metro: Modesto, CA
• Population (ZIP): 48,498
• Household income: $58,275
• Rent vs Own: 51.7% rent · 48.3% own
• Severe rent burden: 1964.0

Population outlook (Stanislaus County) Hauer SSP2

• Today (2025): 579,493 people
• By 2030: 598,000 · +3.2%
• By 2040: 630,930 · +8.9%
• By 2050: 658,300 · +13.6%
• By 2075: 712,363 · +22.9%
• By 2100: 719,805 · +24.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (76%)
• Race & ethnicity: Hispanic / Latino 76% Two or more races 40% White 13% Asian 5% Black 3% Native American 2%
• Hispanic origin (detail): Mexican 72%
• Common ancestry: Russian 1% Lithuanian 1% Slovak 1%
• Foreign-born: 30% · Canada
• Languages at home: 34% English-only · Spanish 62% Other Asian/Pacific 2% Other Indo-European 1%

Political lean MEDSL · Stanislaus

• 2024 margin: R (+11.0) · D 43.2% · R 54.2% · Other 2.6%
• 2008→2024 swing: -12.7pp toward R · 2008: 1.7pp · 2024: -11.0pp
• All cycles: 2024: R+11.0 2020: D+0.8 2016: D+0.6 2012: D+0.7 2008: D+1.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -405.77%
• Current HPI: 360.246
• Rent YoY: —
• Metro: Modesto, 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