307 S Curry St

Tehachapi, CA 93561

$125,000B-

2 bd · 1.0 ba · 795 sqft · Built 1929 · SingleFamily · Active · 57 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,631/mo
• Mortgage (P&I): −$656
• Tax + insurance: −$108
• HOA: −$0
• Vac / Maint / Mgmt: −$343
• Net cashflow: $525/mo
• Annual: $6,304/yr
• Cap rate: 11.34%
• Cash-on-cash: 18.01%
• DSCR: 1.80
• 1% rule: 1.30%
• Cash to close: $35,000

Investor read

• This is a 2-bed/1.0-bath single-family listed at $125k.
• At list price, monthly cash flow is $525 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• It's been on market 57 days — a 3% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $121k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 51/100 on livability (#1,093 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A; Watch: employment D+, crime F, amenities F.
• Tehachapi Unified (town): math 26% / reading 40% proficiency, ranked #285 of 517 in CA (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Tompkins Elementary (math 26% / reading 32%, grade F, #891 of 1,571 statewide, top 57%, 642 students, 44% FRL); Jacobsen Middle (math 20% / reading 38%, grade F, #224 of 498 statewide, top 46%, 917 students, 33% FRL); Tehachapi High (math 32% / reading 57%, grade F, #434 of 1,170 statewide, top 39%, 1,254 students, 32% FRL) — zoned schools at 36% FRL track the district average.
• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents flat; 658 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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 with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $25k; list at $125k implies a 400% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 0.1% rent growth), your $35k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 11.3% vs local median 3.5% in Tehachapi — 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 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1929 — 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?
• 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.
• 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.