192 N School St

Big Pine, CA 93513

$140,000D-

2 bd · 1.0 ba · 1,056 sqft · Built 1947 · SingleFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,132/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$228
• HOA: −$0
• Vac / Maint / Mgmt: −$238
• Net cashflow: $-68/mo
• Annual: $-818/yr
• Cap rate: 5.71%
• Cash-on-cash: -2.09%
• DSCR: 0.91
• 1% rule: 0.81%
• Cash to close: $39,200

Investor read

• This is a 2-bed/1.0-bath single-family listed at $140k.
• At list price, monthly cash flow is $-68 ($-818/yr) — negative.
• To cash-flow at today's rent, offer at most $128k (8.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $113k (19.2% below list).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $113k (19.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#529 in CA) — a middle-class / working-renter tenant base. Strengths: housing A, crime A-, commute A-; Watch: amenities F, cost of living F, health & safety F.
• Big Pine Unified (rural): math 25% / reading 30% proficiency, ranked #1,086 of 1,400 in CA (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Big Pine Elementary (math 17% / reading 27%, grade F, #1,179 of 1,571 statewide, top 78%, 125 students, 59% FRL); Big Pine High (math 24% / reading 24%, grade F, #826 of 1,170 statewide, top 80%, 32 students, 59% FRL).
• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 11 active listings in the ZIP; 18 units permitted in Inyo County in 2024 (0 in 5+ unit buildings).
• Inyo County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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?
• Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.
• 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.
• 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.