1408 North St

Susanville, CA 96130

$340,000C

4 bd · 4.0 ba · 2,590 sqft · Built 1940 · MultiFamily · Active · 479 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,504/mo
• Mortgage (P&I): −$1,783
• Tax + insurance: −$365
• HOA: −$0
• Vac / Maint / Mgmt: −$946
• Net cashflow: $1,410/mo
• Annual: $16,923/yr
• Cap rate: 11.27%
• Cash-on-cash: 17.78%
• DSCR: 1.79
• 1% rule: 1.32%
• Cash to close: $95,200

Investor read

• This is a 4 × 1-bed/1.0-bath units multifamily listed at $340k.
• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $353/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $340k).
• It's been on market 479 days — a 12% lower offer ($299k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $299k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#421 in CA) — a middle-class / working-renter tenant base. Strengths: housing A+, commute A-, health & safety A-; Watch: schools F, crime F, amenities F.
• Susanville Elementary (town): math 27% / reading 32% proficiency, ranked #350 of 517 in CA (top 68%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 236 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 6 units permitted in Lassen County in 2024 (0 in 5+ unit buildings).
• Lassen County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 7y ago; this cycle's ask has dropped $35k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $225k; list at $340k implies a 51% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $95k cash investment doubles in ~7 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 3.8% in Susanville — 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 479 days. Have you received any prior offers? Is the seller open to a 12% 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 1940 — 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 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?