265 Mclane Cir · Corning, CA 96021

$380,000

None bd · None ba · — sqft · MultiFamily · 47 Days on market

Built 1972

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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 +27.5/30.0
• DSCR +9.6/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Don't miss this excellent investment opportunity! This 4-plex is part of the McLane Circle community which consists of five total 4-plex buildings located in a quiet and peaceful well-established neighborhood. Each unit features 2 spacious bedrooms and 1 bathroom with an open-concept kitchen and living area. Tenants enjoy convenient off-street parking and it's very close to local amenities. Don't miss this outstanding opportunity to expand your investment portfolio!

Key facts

• Open-concept kitchen
• Off-street parking
• Built 1972

Tags

• MCLANE CIRCLE COMMUNITY
• OPEN-CONCEPT KITCHEN
• OFF-STREET PARKING
• CLOSE TO LOCAL AMENITIES

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $380k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $280/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $380k).
• Recommended offer: $369k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.8% vs local median 3.1% in Corning — 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 64/100 on livability (#417 in CA) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+; Watch: cost of living C-, schools D-, crime F.
• Corning Union High (rural): math 12% / reading 41% proficiency, ranked #1,151 of 1,400 in CA (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 175 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 186 units permitted in Tehama County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Tehama County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $106k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($369k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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 $129k; list at $380k implies a 195% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 6→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $368,600 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.14% ✓
• Cap rate: 9.83%
• Cash-on-cash: 12.62%
• DSCR: 1.56
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 2.3%
• Equity multiple: 1.09×
• Total profit: $9,583
• Equity at exit: $56,659

10-year hold

• IRR: 11.9%
• Equity multiple: 1.94×
• Total profit: $99,627
• Equity at exit: $32,855

Cash invested: $106,400 (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 96021

• Home prices YoY: -34.8%
• Active inventory: 175
• Price-to-rent: 29.1×

Monthly cashflow live

• Estimated rent: $4,349 medium
• Mortgage (P&I): −$1,993
• Tax from tax record: −$165 /mo · $1,985/yr
• Insurance: −$158
• HOA: −$0
• Vacancy / Maint / Mgmt: −$913
• Net cashflow: $1,119

Break-even live

Break-even rent $2,932

Max offer price $380,000

Occupancy floor 69%

Sensitivity live

Price	-10% $1,334	-5% $1,227	+0% $1,119	+5% $1,012	+10% $904
Rent	-10% $776	-5% $947	+0% $1,119	+5% $1,291	+10% $1,463
Rate	-1.0pp $1,311	-0.5pp $1,216	base $1,119	+0.5pp $1,021	+1.0pp $921

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$4,348
Total (4 units)			$4,349

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: $95,000
• Closing costs: $11,400
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
211 McLane Cir Unit 211 Corning, CA	2.0	1.0	900	$1,000	$1.11	14d	1	0.04mi
800 Butte St Corning, CA	2.0	1.0	1205	$1,600	$1.33	44d	1	0.59mi

Listing history 7 events

1. 2026-03-30
   status Pending
2. 2026-02-10
   listed $380,000 Active
3. 2024-07-17
   status Pending
4. 2024-07-17
   historical
5. 2024-07-16
   listed Active
6. 2003-02-27
   soldstatus $129,000
7. 1993-03-18
   soldstatus $35,000

ⓘ 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: $1,985 · $165/mo
• Projected year-2 tax: $2,888 · $241/mo
• Expected delta: +$903/yr (+$75/mo · 45.5%)

ⓘ 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 9/10 Extreme
• 🌡 Heat 8/10 Severe 6 d/yr ≥106°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 43 unhealthy d/yr today · 44 by 30 yrs out

Taxation est. · year 1

• Rental income: $52,188
• − Mortgage interest: −$21,286
• − Property taxes: −$1,985
• − Insurance: −$1,900
• − Repairs & maintenance: −$4,175
• − Management: −$4,175
• − Depreciation: −$11,055
• Taxable income: $7,613
• Est. tax owed @ 24.0%: −$1,827
• After-tax cash flow: $11,604/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: Corning Union High
• NCES district ID: 0609810
• Math proficiency: 12% ▼ -10.00%
• Reading proficiency: 41% ▼ -2.00%
• Median HH income: $39,060
• Composite: 25.18/100
• National rank: #12925
• State rank: #1151 of 1400 in CA

Livability — Corning

• Score: 64/100
• State rank: #417
• US rank: #14246

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Corning, CA
• Population (ZIP): 15,076

Population outlook (Tehama County) Hauer SSP2

• Today (2025): 61,058 people
• By 2030: 59,493 · -2.6%
• By 2040: 56,076 · -8.2%
• By 2050: 52,372 · -14.2%
• By 2075: 43,895 · -28.1%
• By 2100: 34,186 · -44.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: Hispanic / Latino 51% White 44% Two or more races 20% Asian 3%
• Hispanic origin (detail): Mexican 46%
• Common ancestry: Slovak 2% Serbian 2% Portuguese 1%
• Foreign-born: 23% · Canada
• Languages at home: 59% English-only · Spanish 40%

Political lean MEDSL · Tehama

• 2024 margin: Solid R (+41.8) · D 27.9% · R 69.7% · Other 2.3%
• 2008→2024 swing: -17.7pp toward R · 2008: -24.1pp · 2024: -41.8pp
• All cycles: 2024: R+41.8 2020: R+35.6 2016: R+36.8 2012: R+27.4 2008: R+24.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -145.81%
• Current HPI: 272.9407
• Rent YoY: —
• Metro: —
• 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

+985.7% since first listed

7 events — show timeline

• 2026-03-30 Pending — SAOR
• 2026-02-10 Listed $380,000 SAOR
• 2024-07-17 Pending — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2024-07-17 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2024-07-16 Listed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2003-02-27 Sold (Public Records) $129,000 Public Records
• 1993-03-18 Sold (Public Records) $35,000 Public Records

Property tax history

+2.1%/yr

Latest (2025): $1,985 · +2.7% YoY. Source: county tax records.