11662 N Ham Ln #27

Lodi, CA 95242

$135,000C+

2 bd · 2.0 ba · 960 sqft · Built 1969 · Manufactured · Pending · 34 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,103/mo
• Mortgage (P&I): −$708
• Tax + insurance: −$225
• HOA: −$0
• Vac / Maint / Mgmt: −$442
• Net cashflow: $728/mo
• Annual: $8,738/yr
• Cap rate: 12.77%
• Cash-on-cash: 23.12%
• DSCR: 2.03
• 1% rule: 1.56%
• Cash to close: $37,800

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $135k.
• At list price, monthly cash flow is $728 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• It's been on market 34 days — a 3% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $131k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 58/100 on livability (#730 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A; Watch: crime F, amenities F, commute F.
• Lodi Unified (urban): math 24% / reading 36% proficiency, ranked #325 of 517 in CA (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ellerth E. Larson Elementary (math 42% / reading 48%, grade D-, #490 of 1,571 statewide, top 31%, 858 students, 59% FRL); Lodi Middle (math 19% / reading 33%, grade F, #256 of 498 statewide, top 52%, 898 students, 80% FRL); Tokay High (math 31% / reading 49%, grade F, #514 of 1,170 statewide, top 44%, 2,059 students, 68% FRL).
• Market conditions: Rents rising fast (+4.2%/yr); 201 active listings in the ZIP; solid renter incomes; 3,779 units permitted in San Joaquin County in 2024 (0 in 5+ unit buildings).
• San Joaquin County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.2% rent growth), your $38k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: moderate flood risk; moderate wildfire risk; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 12.8% vs local median 3.0% in Lodi — 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 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1969 — 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.
• 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.