314 N Albert Ave #85 · Exeter, CA 93221

$89,000

2 bd · 2.0 ba · 1,700 sqft · Land · 2 Days on market

Built 1977

---

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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.4/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this spacious and well-maintained 2-bedroom, 2-bath manufactured home located in a desirable 55+ senior community in Exeter. Offering approximately 1,700 square feet of living space, this home features both a formal living room and a separate family room, providing plenty of room to relax and entertain. Beautiful wood beam ceilings create a warm and inviting atmosphere in the front living area, while built-in shelving and a custom hutch add both character and convenience. The generously sized primary suite features a large closet and a stunning bathroom with double vanities, vanity lighting, and extensive cabinet space. Outside you'll find two storage sheds plus an additional sto

Key facts

• Custom hutch
• Large closet
• Wood beam ceilings

Tags

• FORMAL LIVING ROOM
• SEPARATE FAMILY ROOM
• WOOD BEAM CEILINGS
• BUILT-IN SHELVING
• CUSTOM HUTCH
• LARGE CLOSET

Property features AI

Finance

• Other: Stair lift
• HOA & community: Located in a senior community

Exterior

• Parking: Covered carport
• Security: Carbon monoxide detector(s)
• Utilities: Public water; Private sewer; Electricity connected; Water connected; Sewer connected; Natural gas connected; Natural gas available
• Home design: Manufactured in park (triple wide manufactured home)
• Construction: Composition roof; Aluminum skirting; Mobile home: 12' x 61'
• Exterior features: Awnings; Exterior storage; Covered patio/deck; Deck

Interior

• Kitchen: Dishwasher; Exhaust fan; Microwave; Oven; Refrigerator
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Exhaust fan for ventilation; Central air conditioning; Ceiling fans
• Interior features: Beamed ceilings; Bookcases; Built-in features; Ceiling fans; Storage; Walk-in closet(s)
• Laundry & utility: Laundry inside

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath land listed at $89k.

Deal economics

• At list price, monthly cash flow is $936 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $89k).
• Cap rate 18.9% vs local median 3.0% in Exeter — 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 55/100 on livability (#845 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A; Watch: crime C-, schools D, amenities F.
• Exeter Unified (suburban): math 30% / reading 44% proficiency, ranked #832 of 1,400 in CA (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 97 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,447 units permitted in Tulare County in 2024 (307 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $615 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Tulare County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $89,000

Questions for the listing agent

1. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 2.21% ✓
• Cap rate: 18.92%
• Cash-on-cash: 45.08%
• DSCR: 3.01
• GRM: 3.8

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: 42.2%
• Equity multiple: 2.82×
• Total profit: $45,231
• Equity at exit: $13,270

10-year hold

• IRR: 48.3%
• Equity multiple: 5.67×
• Total profit: $116,281
• Equity at exit: $7,695

Cash invested: $24,920 (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 93221

• Active inventory: 97
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $1,964 medium
• Mortgage (P&I): −$467
• Tax est. 1.5%: −$111 /mo · $1,335/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$412
• Net cashflow: $936

Break-even live

Break-even rent $779

Max offer price $89,000

Occupancy floor 47%

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
821 Woodland Ave Exeter, CA	3.0	2.0	1539	$2,000	$1.30	21d	1	0.14mi
1303 Vine St Exeter, CA	3.0	2.0	1362	$1,895	$1.39	43d	1	0.31mi
1339 Vine St Exeter, CA	3.0	2.0	1552	$1,895	$1.22	21d	1	0.32mi
314 N D St Exeter, CA	3.0	2.0	1900	$2,050	$1.08	43d	1	0.59mi

Listing history 3 events

1. 2026-06-18
   days on market $89,000 Active 2 DOM
2. 2026-06-17
   remarks 699-char remark
3. 2026-06-17
   listed $89,000 Active 1 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 3/10 Moderate FEMA zone X (shaded) · 16% chance over 30 yrs
• 🔥 Wildfire 8/10 Severe
• 🌡 Heat 8/10 Severe 7 d/yr ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 50 unhealthy d/yr today · 53 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,562
• − Mortgage interest: −$4,985
• − Property taxes: −$1,335
• − Insurance: −$445
• − Repairs & maintenance: −$1,885
• − Management: −$1,885
• − Depreciation: −$2,589
• Taxable income: $10,438
• Est. tax owed @ 24.0%: −$2,505
• After-tax cash flow: $8,729/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: Exeter Unified
• NCES district ID: 0601423
• Math proficiency: 30% ▼ -2.00%
• Reading proficiency: 44% ▼ -1.00%
• Median HH income: $46,404
• Composite: 34.19/100
• National rank: #10261
• State rank: #832 of 1400 in CA

Livability — Exeter

• Score: 55/100
• State rank: #845
• US rank: #23297

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Exeter, CA
• Population (ZIP): 14,399

Population outlook (Tulare County) Hauer SSP2

• Today (2025): 484,681 people
• By 2030: 496,241 · +2.4%
• By 2040: 518,507 · +7.0%
• By 2050: 534,920 · +10.4%
• By 2075: 548,417 · +13.2%
• By 2100: 513,085 · +5.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Hispanic (53%)
• Race & ethnicity: Hispanic / Latino 53% White 42% Two or more races 16% Asian 2%
• Hispanic origin (detail): Mexican 50% Puerto Rican 1%
• Common ancestry: Slovak 1% Portuguese 1% Russian 1%
• Foreign-born: 11% · Canada
• Languages at home: 69% English-only · Spanish 28% Tagalog/Filipino 1% Other Indo-European 1%

Political lean MEDSL · Tulare

• 2024 margin: Strong R (+20.7) · D 38.5% · R 59.2% · Other 2.3%
• 2008→2024 swing: -5.4pp toward R · 2008: -15.3pp · 2024: -20.7pp
• All cycles: 2024: R+20.7 2020: R+7.8 2016: R+12.1 2012: R+17.8 2008: R+15.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -187.00%
• Current HPI: 345.1725
• 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

1 event — show timeline

• 2026-06-17 Listed $89,000 TCMLS

Property tax history

-1.7%/yr

Latest (2021): $140 · -2.2% YoY. Source: county tax records.