13399 Davenport St

North Edwards, CA 93523

$320,000C-

2 bd · 1.0 ba · 3,252 sqft · Built 1964 · MultiFamily · Active · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,874/mo
• Mortgage (P&I): −$1,678
• Tax + insurance: −$355
• HOA: −$0
• Vac / Maint / Mgmt: −$604
• Net cashflow: $237/mo
• Annual: $2,849/yr
• Cap rate: 7.65%
• Cash-on-cash: 4.86%
• DSCR: 1.22
• 1% rule: 0.90%
• Cash to close: $89,600

Investor read

• This is a 2 × 1-bed/?-bath units multifamily listed at $320k.
• At list price, monthly cash flow is $237 ($3k/yr) — positive. Per door: $119/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $287k (10.2% below list).
• It's been on market 31 days — a 3% lower offer ($310k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $287k (10.2% below list) — sets the bar for 1% rule.
• In year one you build about $35 of equity ($2k loan paydown + $-2k appreciation (-0.7% local appreciation)).
• Location reads 53/100 on livability (#930 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A+, cost of living A; Watch: employment D, crime F, amenities F.
• Muroc Joint Unified (rural): math 22% / reading 39% proficiency, ranked #340 of 517 in CA (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Irving L. Branch Elementary (math 25% / reading 42%, grade F, #764 of 1,571 statewide, top 49%, 383 students, 14% FRL); Desert Junior-Senior High (math 25% / reading 55%, grade F, #514 of 1,170 statewide, top 44%, 442 students, 11% FRL).
• Watch-outs: flood insurance adds $125/mo.
• Market conditions: 93 active listings in the ZIP; 3,244 units permitted in Kern County in 2024 (73 in 5+ unit buildings).
• Kern County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 15y ago; this cycle's ask is 7% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $191k; list at $320k implies a 68% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 31 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• 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?