3510 Woodrow

Selma, CA 93662

$329,000D

3 bd · 2.0 ba · 1,182 sqft · Built 1992 · SingleFamily · Active · 89 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,423/mo
• Mortgage (P&I): −$1,725
• Tax + insurance: −$310
• HOA: −$0
• Vac / Maint / Mgmt: −$509
• Net cashflow: $-121/mo
• Annual: $-1,454/yr
• Cap rate: 5.85%
• Cash-on-cash: -1.58%
• DSCR: 0.93
• 1% rule: 0.74%
• Cash to close: $92,120

Investor read

• This is a 3-bed/2.0-bath single-family listed at $329k.
• At list price, monthly cash flow is $-121 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $308k (6.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $242k (26.4% below list).
• It's been on market 89 days — a 6% lower offer ($309k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $242k (26.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 59/100 on livability (#658 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A-, commute B+; Watch: crime F, amenities F, employment F.
• Selma Unified (town): math 20% / reading 58% proficiency, ranked #250 of 517 in CA (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Theodore Roosevelt Elementary (636 students, 91% FRL); Abraham Lincoln Middle (math 24% / reading 24%, grade F, #277 of 498 statewide, top 73%, 888 students, 91% FRL); Selma High (math 22% / reading 63%, grade F, #466 of 1,170 statewide, top 40%, 1,742 students, 88% FRL) — zoned schools average 90% FRL vs 73% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 61 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 2,426 units permitted in Fresno County in 2024 (296 in 5+ unit buildings).
• Fresno County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts since 9y 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 $226k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.9% vs local median 4.8% in Selma — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• At $2,423/mo this rent would consume 47% of the median local household income ($62k/yr) (locally 797% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 89 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.