701 E Lassen #88 · Chico, CA 95973

$62,000

2 bd · 2.0 ba · 1,440 sqft · Manufactured public records · 106 Days on market

Built 1975 $43/sqft · 9% below area Est $68k · 9% under ↓ 9% since listing

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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 +30.0/30.0
• ARV discount +11.5/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.6/10.0
• Livability +3.6/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Age restricted park, 55 or older. Clean unit with custom cabinets, newer appliances, new awning and widened parking area, metal shop/storage with work bench. Bathrooms upgraded with shower in the Master and tub/shower in the 2nd bath. Entertainment center included in living area. This unit is bright and clean with ceiling fans in most rooms, matching counters in kitchen and baths, window blinds, central heat and air, and low flow toilets. The long front patio faces north to enjoy cool spring days, and the pool is across the street when summer days hit, and you are looking for a place to cool off. You will find plenty of guest parking just across the street and office, social hall, mailbox and library to be involved in all the activities offered by the park. Don't miss this great affordable unit.

Key facts

• Metal shop
• Custom cabinets
• Newer appliances

Tags

• CUSTOM CABINETS
• NEWER APPLIANCES
• WIDENED PARKING AREA
• METAL SHOP
• UPGRADED BATHROOMS
• SHOWER IN THE MASTER

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $62k.

Deal economics

• At list price, monthly cash flow is $943 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $62k).
• Recommended offer: $56k (9.0% below list) — sets the bar for market timing.
• Cap rate 24.5% vs local median 2.6% in Chico — 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 72/100 on livability (#195 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A-; Watch: employment C-, crime F, cost of living F.
• Chico Unified (urban): math 40% / reading 70% proficiency, ranked #117 of 517 in CA (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.7%/yr); 151 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 41% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 946 units permitted in Butte County in 2024 (254 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $429 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Butte County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 1.7% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 106 days — a 9% lower offer ($56k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $6k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk; extreme-heat days projected 5→12/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $56,420 (9.0% below list)

Questions for the listing agent

1. It's been on market 106 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 2.68% ✓
• Cap rate: 24.55%
• Cash-on-cash: 65.20%
• DSCR: 3.90
• GRM: 3.1

CMA / ARV

• ARV (median comp): $67,979
• List price: $62,000
• Delta: -8.80%
• Verdict: FAIR
• Comps: 16 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
701 E Lassen Ave #108	0.01mi	3/2.0 (+1)	1,440 (0%)	2mo	$20,000	$14	93
701 E Lassen Ave #210	0.15mi	2/2.0	1,440 (0%)	8mo	$43,500	$30	86
701 E Lassen Ave #279	0.23mi	2/2.0	1,400 (-3%)	6mo	$75,000	$54	80
701 E Lassen Ave #33	0.08mi	2/2.0	1,368 (-5%)	14mo	$73,000	$53	76
701 E Lassen Ave #232	0.24mi	3/2.0 (+1)	1,536 (+7%)	3mo	$82,500	$54	70
701 E Lassen Ave #26	0.07mi	2/1.0	1,296 (-10%)	9mo	$37,000	$29	69
982 E Lassen Ave #53	0.37mi	3/2.0 (+1)	1,440 (0%)	19mo	$75,000	$52	62
701 E Lassen Ave #272	0.22mi	3/2.0 (+1)	1,287 (-11%)	7mo	$63,000	$49	62
2875 Morseman Ave #102	0.22mi	2/2.0	1,272 (-12%)	12mo	$75,000	$59	60
701 E Lassen Ave #174	0.11mi	3/2.0 (+1)	1,635 (+14%)	9mo	$95,000	$58	60
982 E Lassen #52	0.36mi	2/2.0	1,344 (-7%)	18mo	$73,000	$54	57
701 E Lassen Ave #84	0.03mi	3/2.0 (+1)	1,640 (+14%)	20mo	$62,000	$38	54

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 · 1.7% rent growth · sell at horizon

5-year hold

• IRR: 62.9%
• Equity multiple: 3.76×
• Total profit: $47,872
• Equity at exit: $9,244

10-year hold

• IRR: 67.0%
• Equity multiple: 7.36×
• Total profit: $110,420
• Equity at exit: $5,361

Cash invested: $17,360 (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 95973

• Rents YoY: 1.7%
• Active inventory: 151
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $1,662 high
• Mortgage (P&I): −$325
• Tax from tax record: −$19 /mo · $223/yr
• Insurance: −$26
• HOA: −$0
• Vacancy / Maint / Mgmt: −$349
• Net cashflow: $943

Break-even live

Break-even rent $468

Max offer price $62,000

Occupancy floor 38%

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: $15,500
• Closing costs: $1,860
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1 Mayfair Dr Chico, CA	2.0	1.0	900	$1,325	$1.47	43d	1	0.13mi
583 Morgan Dr #2 Chico, CA	3.0	2.0	1100	$1,750	$1.59	21d	1	0.29mi
64 Tara Ter Unit 64-2 Chico, CA	2.0	1.5	1048	$1,625	$1.55	43d	1	0.29mi
2909 Godman Ave Unit 2909-2 Chico, CA	3.0	2.0	1170	$1,725	$1.47	43d	1	0.31mi
29 Cameo Dr #2 Chico, CA	2.0	1.0	928	$1,400	$1.51	43d	1	0.41mi
599 East Ave Chico, CA	3.0	1.0	989	$1,750	$1.77	21d	1	0.43mi
1080 E Lassen Ave Chico, CA	1.0–2.0	1.0–2.0	802	$1,650	$2.06	13d	10	0.43mi
490 Posada Way Chico, CA	3.0	2.0	1200	$2,000	$1.67	13d	1	0.44mi
2485 Pillsbury Rd Unit 2485-03 Chico, CA	2.0	2.0	950	$1,595	$1.68	13d	1	0.49mi
2780 Pillsbury Rd Chico, CA	2.0	1.0	905	$1,345	$1.49	43d	2	0.50mi
390 Rio Lindo Ave Chico, CA	1.0–2.0	1.0	727	$1,550	$2.13	13d	6	0.75mi
194 E Shasta Ave Unit 3B Chico, CA	2.0	1.0	875	$1,900	$2.17	43d	1	0.77mi
251 Rio Lindo Ave Chico, CA	2.0	1.0	1100	$1,400	$1.27	43d	1	0.94mi
259 Rio Lindo Ave Unit 259-16 Chico, CA	2.0	2.0	1426	$1,595	$1.12	43d	1	0.98mi
2739 Ceres Ave Chico, CA	3.0	2.0	1100	$2,100	$1.91	43d	1	0.99mi
1717 E Eaton Rd Chico, CA	2.0	1.5	1100	$1,550	$1.41	43d	1	1.03mi
1749 Eaton Rd Chico, CA	2.0–3.0	1.5–2.5	1104	$1,595	$1.44	13d	1	1.07mi
2050 Laburnum Ave Chico, CA	3.0	2.0	1455	$1,795	$1.23	13d	1	1.18mi
225 Mission Serra Ter Chico, CA	2.0	2.0	1358	$2,000	$1.47	13d	1	1.19mi
400 Mission Ranch Blvd Chico, CA	1.0–3.0	1.0–2.0	995	$1,588	$1.59	13d	1	1.21mi
2777 Eaton Rd Chico, CA	1.0–2.0	1.0–2.0	790	$1,634	$2.07	13d	3	1.23mi
101 W Lindo Ave Unit Lindo Ave unit 101 2, Chico, CA	2.0	1.0	950	$1,650	$1.74	43d	1	1.25mi
298 E 9th Ave Chico, CA	2.0	1.0	947	$2,195	$2.32	13d	1	1.35mi
2833 Eaton Rd Chico, CA	1.0–2.0	1.0–2.0	999	$1,850	$1.85	13d	9	1.38mi
1836 Laburnum Ave Chico, CA	2.0	1.0	905	$1,450	$1.60	13d	2	1.38mi
2619 Waverly Ct Chico, CA	2.0	2.0	1225	$2,400	$1.96	21d	1	1.40mi
1618 Sunset Ave Chico, CA	3.0	1.0	1362	$1,700	$1.25	13d	1	1.48mi

Listing history 17 events

1. 2026-06-19
   days on market $62,000 Active 106 DOM
2. 2026-06-18
   days on market $62,000 Active 105 DOM
3. 2026-06-17
   days on market $62,000 Active 104 DOM
4. 2026-06-16
   days on market $62,000 Active 103 DOM
5. 2026-06-15
   days on market $62,000 Active 102 DOM
6. 2026-06-14
   days on market $62,000 Active 100 DOM
7. 2026-06-13
   days on market $62,000 Active 99 DOM
8. 2026-06-10
   days on market $62,000 Active 97 DOM
9. 2026-06-08
   days on market $62,000 Active 95 DOM
10. 2026-06-07
    days on market $62,000 Active 94 DOM
11. 2026-06-05
    days on market $62,000 Active 91 DOM
12. 2026-05-30
    days on market $62,000 Active 90 DOM
13. 2026-05-16
    price $62,000 806-char remark

    Show marketing remark (806 chars)

    Age restricted park, 55 or older. Clean unit with custom cabinets, newer appliances, new awning and widened parking area, metal shop/storage with work bench. Bathrooms upgraded with shower in the Master and tub/shower in the 2nd bath. Entertainment center included in living area. This unit is bright and clean with ceiling fans in most rooms, matching counters in kitchen and baths, window blinds, central heat and air, and low flow toilets. The long front patio faces north to enjoy cool spring days, and the pool is across the street when summer days hit, and you are looking for a place to cool off. You will find plenty of guest parking just across the street and office, social hall, mailbox and library to be involved in all the activities offered by the park. Don't miss this great affordable unit.

14. 2026-05-01
    price $64,950 806-char remark

    Show marketing remark (806 chars)

    Age restricted park, 55 or older. Clean unit with custom cabinets, newer appliances, new awning and widened parking area, metal shop/storage with work bench. Bathrooms upgraded with shower in the Master and tub/shower in the 2nd bath. Entertainment center included in living area. This unit is bright and clean with ceiling fans in most rooms, matching counters in kitchen and baths, window blinds, central heat and air, and low flow toilets. The long front patio faces north to enjoy cool spring days, and the pool is across the street when summer days hit, and you are looking for a place to cool off. You will find plenty of guest parking just across the street and office, social hall, mailbox and library to be involved in all the activities offered by the park. Don't miss this great affordable unit.

15. 2026-04-16
    status Active 806-char remark

    Show marketing remark (806 chars)

    Age restricted park, 55 or older. Clean unit with custom cabinets, newer appliances, new awning and widened parking area, metal shop/storage with work bench. Bathrooms upgraded with shower in the Master and tub/shower in the 2nd bath. Entertainment center included in living area. This unit is bright and clean with ceiling fans in most rooms, matching counters in kitchen and baths, window blinds, central heat and air, and low flow toilets. The long front patio faces north to enjoy cool spring days, and the pool is across the street when summer days hit, and you are looking for a place to cool off. You will find plenty of guest parking just across the street and office, social hall, mailbox and library to be involved in all the activities offered by the park. Don't miss this great affordable unit.

16. 2026-04-14
    historical Active Under Contract 806-char remark

    Show marketing remark (806 chars)

    Age restricted park, 55 or older. Clean unit with custom cabinets, newer appliances, new awning and widened parking area, metal shop/storage with work bench. Bathrooms upgraded with shower in the Master and tub/shower in the 2nd bath. Entertainment center included in living area. This unit is bright and clean with ceiling fans in most rooms, matching counters in kitchen and baths, window blinds, central heat and air, and low flow toilets. The long front patio faces north to enjoy cool spring days, and the pool is across the street when summer days hit, and you are looking for a place to cool off. You will find plenty of guest parking just across the street and office, social hall, mailbox and library to be involved in all the activities offered by the park. Don't miss this great affordable unit.

17. 2026-03-01
    listed $68,500 Active 806-char remark

    Show marketing remark (806 chars)

    Age restricted park, 55 or older. Clean unit with custom cabinets, newer appliances, new awning and widened parking area, metal shop/storage with work bench. Bathrooms upgraded with shower in the Master and tub/shower in the 2nd bath. Entertainment center included in living area. This unit is bright and clean with ceiling fans in most rooms, matching counters in kitchen and baths, window blinds, central heat and air, and low flow toilets. The long front patio faces north to enjoy cool spring days, and the pool is across the street when summer days hit, and you are looking for a place to cool off. You will find plenty of guest parking just across the street and office, social hall, mailbox and library to be involved in all the activities offered by the park. Don't miss this great affordable unit.

ⓘ 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: $223 · $19/mo
• Projected year-2 tax: $471 · $39/mo
• Expected delta: +$249/yr (+$21/mo · 111.7%)

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 8/10 Severe 5 d/yr ≥105°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 35 unhealthy d/yr today · 40 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,941
• − Mortgage interest: −$3,473
• − Property taxes: −$223
• − Insurance: −$310
• − Repairs & maintenance: −$1,595
• − Management: −$1,595
• − Depreciation: −$1,804
• Taxable income: $10,941
• Est. tax owed @ 24.0%: −$2,626
• After-tax cash flow: $8,693/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: Chico Unified
• NCES district ID: 0608370
• Math proficiency: 40% ▼ -2.00%
• Reading proficiency: 70% ▲ 14.00%
• Median HH income: $46,223
• Composite: 46.45/100
• National rank: #2443
• State rank: #117 of 517 in CA

Livability — Chico

• Score: 72/100
• State rank: #195
• US rank: #6332

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chico, CA
• County: Butte County · 175,030 people
• City population: 117,007
• Metro: Chico, CA
• Population (ZIP): 39,031
• Household income: $92,813
• Rent vs Own: 37.9% rent · 62.1% own
• Severe rent burden: 1230.0

Population outlook (Butte County) Hauer SSP2

• Today (2025): 237,527 people
• By 2030: 243,804 · +2.6%
• By 2040: 253,899 · +6.9%
• By 2050: 262,561 · +10.5%
• By 2075: 283,709 · +19.4%
• By 2100: 282,689 · +19.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Hispanic / Latino 19% Two or more races 10% Asian 5% Native American 1%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Slovak 4% Italian 4% Russian 3%
• Foreign-born: 8% · Canada, China
• Languages at home: 84% English-only · Spanish 11% Other Asian/Pacific 2% Chinese 1%

Political lean MEDSL · Butte

• 2024 margin: Toss-up / Even · D 46.8% · R 49.9% · Other 3.3%
• 2008→2024 swing: -5.5pp toward R · 2008: 2.4pp · 2024: -3.1pp
• All cycles: 2024: R+3.1 2020: D+1.7 2016: R+4.0 2012: R+3.9 2008: D+2.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -182.94%
• Current HPI: 259.9774
• Rent YoY: ▲ 1.70%
• Metro: Chico, 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

-9.5% since first listed

5 events — show timeline

• 2026-05-16 Price Changed $62,000 CRMLS
• 2026-05-01 Price Changed $64,950 CRMLS
• 2026-04-16 Relisted — CRMLS
• 2026-04-14 Contingent — CRMLS
• 2026-03-01 Listed $68,500 CRMLS

Property tax history

+2.8%/yr

Latest (2025): $223 · +6.4% YoY. Source: county tax records.