2011 Parkway Dr

Bertsch-Oceanview, CA 95531

$95,000B-

2 bd · 1.0 ba · 1,304 sqft · Built 1948 · Other · Active · 84 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,759/mo
• Mortgage (P&I): −$498
• Tax + insurance: −$177
• HOA: −$0
• Vac / Maint / Mgmt: −$369
• Net cashflow: $714/mo
• Annual: $8,572/yr
• Cap rate: 15.32%
• Cash-on-cash: 32.22%
• DSCR: 2.43
• 1% rule: 1.85%
• Cash to close: $26,600

Investor read

• This is a 2-bed/1.0-bath other listed at $95k.
• At list price, monthly cash flow is $714 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $95k).
• It's been on market 84 days — a 6% lower offer ($89k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $89k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $657 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Del Norte County Unified (town): math 25% / reading 36% proficiency, ranked #1,047 of 1,400 in CA (top 75%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 226 active listings in the ZIP; 55 units permitted in Del Norte County in 2024 (22 in 5+ unit buildings).
• Del Norte County population projected at -14% 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 $27k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 15.3% vs local median 3.1% in Bertsch-Oceanview — 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.

Questions for listing agent

• It's been on market 84 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.