1815 Sweetwater #1

La Presa, CA 91977

$179,000B

2 bd · 2.0 ba · 1,200 sqft · Built 1979 · Manufactured · Active · 72 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,786/mo
• Mortgage (P&I): −$939
• Tax + insurance: −$298
• HOA: −$0
• Vac / Maint / Mgmt: −$585
• Net cashflow: $964/mo
• Annual: $11,571/yr
• Cap rate: 12.76%
• Cash-on-cash: 23.09%
• DSCR: 2.03
• 1% rule: 1.56%
• Cash to close: $50,120

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $179k. Condition is rated average.
• At list price, monthly cash flow is $964 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $179k).
• It's been on market 72 days — a 6% lower offer ($168k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $168k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 60/100 on livability (#571 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, employment B, housing B; Watch: schools D+, health & safety D, crime F.
• La Mesa-Spring Valley (suburban): math 41% / reading 53% proficiency, ranked #478 of 1,400 in CA (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 158 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 11,759 units permitted in San Diego County in 2024 (7,244 in 5+ unit buildings).
• San Diego County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.9% rent growth), your $50k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 12.8% vs local median 3.0% in La Presa — 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.
• This rent runs 34% of the median local income ($100k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1979 — 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.
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: kitchen cabinets — dated and could be replaced
• Minor: bathroom fixtures — dated and could be replaced
• Minor: HVAC units — standard units