8001 Northstar Dr #214

Tahoe Vista, CA 96161-1900

$129,000F

3 bd · 3.5 ba · 1,874 sqft · Built 2007 · Condo · Active · 110 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,282/mo
• Mortgage (P&I): −$676
• Tax + insurance: −$191
• HOA: −$2,801
• Vac / Maint / Mgmt: −$269
• Net cashflow: $-2,655/mo
• Annual: $-31,865/yr
• Cap rate: -18.41%
• Cash-on-cash: -88.22%
• DSCR: -2.93
• 1% rule: 0.99%
• Cash to close: $36,120

Investor read

• This is a 3-bed/3.5-bath condo listed at $129k.
• At list price, monthly cash flow is $-3k ($-32k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $128k (0.6% below list).
• It's been on market 110 days — a 9% lower offer ($117k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $117k (9.0% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($892 loan paydown + $4k appreciation (3.0% local appreciation)).
• Location reads 52/100 on livability (#1,011 in CA) — a working-class tenant base; expect higher turnover. Strengths: crime A+, employment A+; Watch: schools F, amenities F, commute F.
• Tahoe-Truckee Unified (town): math 44% / reading 56% proficiency, ranked #136 of 517 in CA (top 26%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: HOA is 218% of rent.
• Market conditions: 1 active listings in the ZIP; 3,535 units permitted in Placer County in 2024 (689 in 5+ unit buildings).
• Placer County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 7, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate -18.4% vs local median 1.7% in Tahoe Vista — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 110 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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 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?
• 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?