306 Navigators

Bethel Island, CA 94511

$1,199,000A-

4 bd · 5.0 ba · 3,332 sqft · Built 2022 · SingleFamily · Active · 219 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $16,966/mo
• Mortgage (P&I): −$6,288
• Tax + insurance: −$2,683
• HOA: −$439
• Vac / Maint / Mgmt: −$3,563
• Net cashflow: $3,993/mo
• Annual: $47,919/yr
• Cap rate: 10.29%
• Cash-on-cash: 14.27%
• DSCR: 1.64
• 1% rule: 1.42%
• Cash to close: $335,720

Investor read

• This is a 4-bed/5.0-bath single-family listed at $1.20M.
• At list price, monthly cash flow is $4k ($48k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($17k rent vs $1.20M).
• It's been on market 219 days — a 12% lower offer ($1.06M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.06M (12.0% below list) — sets the bar for market timing.
• In year one you build about $128k of equity ($8k loan paydown + $120k appreciation (10.0% local appreciation)).
• Location reads 49/100 on livability (#1,166 in CA) — a working-class tenant base; expect higher turnover. Strengths: crime A-; Watch: employment C-, schools F, amenities F.
• Oakley Union Elementary (suburban): math 26% / reading 40% proficiency, ranked #837 of 1,400 in CA (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 79 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 2,169 units permitted in Contra Costa County in 2024 (896 in 5+ unit buildings).
• Contra Costa County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $100k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $336k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$206k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 10.3% vs local median 2.7% in Bethel Island — 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 219 days. Have you received any prior offers? Is the seller open to a 12% 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?
• 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?
• 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.