400 Sulphur Bank #59 · Clearlake Oaks, CA 95423

$72,500

2 bd · 2.0 ba · 1,440 sqft · Land · 3 Days on market

Built 1978

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks

There's a large covered deck leading to front door. Very nice floor plan. Dining area has built-in hutch and large living room. Beautiful chandelier near built-in hutch. Family room is off kitchen. Spacious bedrooms and baths. Primary bath has garden or soaking tub with a separate shower stall. Main bath has large, step-in shower. New oven, gas countertop range and dishwasher in kitchen. Washer and dryer are included. There's a storage shed in back

Key facts

• Covered deck
• Soaking tub
• Built-in hutch

Tags

• COVERED DECK
• BUILT-IN HUTCH
• GARDEN TUB
• SOAKING TUB
• SEPARATE SHOWER STALL
• STEP-IN SHOWER

Property features AI

Finance

• Other: Double body type; Model: Silvercrest; Year built: see remarks
• Financial info: Land lease: $675 monthly (park)
• HOA & community: Part of an association; Senior community; Park name: Lake Village Estates; Community features: Foothills; Manager approval required; Pets allowed with breed restrictions

Exterior

• Parking: Attached carport with 2 spaces
• Security: Gated community; Carbon monoxide detector(s)
• Utilities: 220V in kitchen and laundry; Propane available; Electricity connected; Public/district water; Public sewer
• Home design: Single-story mobile home (Silvercrest model, 24' x 60'); Entry at level 1 with side entry; Total of 1 story; Mobile home remains on site
• Construction: Composition roof; No foundation specified
• Exterior features: Covered patio/porch; Porch; Deck; Association pool with fenced area; Shed; Level/rectangular lot, level with street; Has view

Interior

• Kitchen: Gas cooktop; Refrigerator; Dishwasher; Formica counters; Kitchen open to family room; Water heater unit
• Bedrooms: Primary bedroom on main level; All bedrooms on main level
• Flooring: Vinyl flooring; Carpet
• Bathrooms: 2 full bathrooms; Soaking tub; Walk-in shower; Shower; Formica counters in bathrooms
• Heating & cooling: Heat pump for heating and cooling
• Interior features: Sliding glass door(s); Blinds; Gated community; Carbon monoxide detector(s)
• Laundry & utility: Dedicated laundry room; Washer included; Dryer included

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath land listed at $72k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $72k).
• Cap rate 25.1% vs local median 4.3% in Clearlake Oaks — 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 60/100 on livability (#569 in CA) — a middle-class / working-renter tenant base. Strengths: housing A+, crime B; Watch: health & safety C-, schools F, amenities F.
• Konocti Unified (town): math 9% / reading 21% proficiency, ranked #494 of 517 in CA (top 96%) — 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: 136 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 107 units permitted in Lake County in 2024 (40 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $501 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Lake County population projected at -15% 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 $20k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 21y 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 $53k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wildfire risk; extreme-heat days projected 8→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $72,500

Questions for the listing agent

1. Built in 1978 — 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 F-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: 2.76% ✓
• Cap rate: 25.12%
• Cash-on-cash: 67.24%
• DSCR: 3.99
• GRM: 3.0

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: 66.6%
• Equity multiple: 3.99×
• Total profit: $60,697
• Equity at exit: $10,810

10-year hold

• IRR: 70.8%
• Equity multiple: 8.20×
• Total profit: $146,122
• Equity at exit: $6,268

Cash invested: $20,300 (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 95423

• Home prices YoY: -20.6%
• Active inventory: 136
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $2,000 medium
• Mortgage (P&I): −$380
• Tax from tax record: −$32 /mo · $385/yr
• Insurance: −$30
• HOA: −$0
• Vacancy / Maint / Mgmt: −$420
• Net cashflow: $1,138

Break-even live

Break-even rent $560

Max offer price $72,500

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: $18,125
• Closing costs: $2,175
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12755 Blue Heron Ct Clearlake Oaks, CA	2.0	2.0	1134	$2,000	$1.76	43d	1	1.21mi

Listing history 4 events

1. 2026-06-19
   days on market $72,500 Active 3 DOM
2. 2026-06-18
   days on market $72,500 Active 2 DOM
3. 2026-06-17
   remarks 452-char remark
4. 2026-06-17
   listed $72,500 Active 1 DOM

ⓘ 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: $385 · $32/mo
• Projected year-2 tax: $551 · $46/mo
• Expected delta: +$166/yr (+$14/mo · 43.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 10/10 Extreme
• 🌡 Heat 6/10 Major 8 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 31 unhealthy d/yr today · 33 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,000
• − Mortgage interest: −$4,061
• − Property taxes: −$385
• − Insurance: −$362
• − Repairs & maintenance: −$1,920
• − Management: −$1,920
• − Depreciation: −$2,109
• Taxable income: $13,243
• Est. tax owed @ 24.0%: −$3,178
• After-tax cash flow: $10,472/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: Konocti Unified
• NCES district ID: 0620070
• Math proficiency: 9% ▼ -5.00%
• Reading proficiency: 21% ▼ -6.00%
• Median HH income: $30,026
• Composite: 11.81/100
• National rank: #9677
• State rank: #494 of 517 in CA

Livability — Clearlake Oaks

• Score: 60/100
• State rank: #569
• US rank: #18675

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Clearlake Oaks, CA
• Population (ZIP): 3,432

Population outlook (Lake County) Hauer SSP2

• Today (2025): 62,396 people
• By 2030: 60,626 · -2.8%
• By 2040: 56,453 · -9.5%
• By 2050: 53,054 · -15.0%
• By 2075: 47,663 · -23.6%
• By 2100: 41,804 · -33.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Hispanic / Latino 18% Two or more races 9% Native American 3% Black 1% Asian 1%
• Hispanic origin (detail): Mexican 17%
• Common ancestry: Slovak 5% Lithuanian 4% Russian 2%
• Foreign-born: 11% · Canada, Vietnam
• Languages at home: 84% English-only · Spanish 8% Other Indo-European 7% German/W. Germanic 1%

Political lean MEDSL · Lake

• 2024 margin: Toss-up / Even · D 47.8% · R 49.2% · Other 3.0%
• 2008→2024 swing: -20.6pp toward R · 2008: 19.3pp · 2024: -1.4pp
• All cycles: 2024: R+1.4 2020: D+6.3 2016: D+3.7 2012: D+16.5 2008: D+19.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -46.32%
• Current HPI: 178.9812
• 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

+26.1% since first listed

12 events — show timeline

• 2026-06-16 Listed $72,500 CRMLS
• 2015-07-30 Listing Removed — CRMLS
• 2015-07-08 Price Changed $35,500 CRMLS
• 2015-06-15 Listed $37,750 CRMLS
• 2014-09-08 Listing Removed — CRMLS
• 2014-02-07 Listed $45,900 CRMLS
• 2008-09-30 Listing Removed — CRMLS
• 2008-03-03 Listed $57,500 CRMLS
• 2006-07-14 Sold (MLS) $53,000 CRMLS
• 2006-01-30 Listed $57,500 CRMLS
• 2005-12-16 Listing Removed — CRMLS
• 2005-04-16 Listed $57,500 CRMLS

Property tax history

+2.7%/yr

Latest (2025): $385 · +83.7% YoY. Source: county tax records.