1075 Loma Dr #41

Mira Monte, CA 93023

$110,000B+

1 bd · 1.0 ba · 924 sqft · Built 1967 · Manufactured · Active · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,042/mo
• Mortgage (P&I): −$577
• Tax + insurance: −$183
• HOA: −$0
• Vac / Maint / Mgmt: −$639
• Net cashflow: $1,643/mo
• Annual: $19,719/yr
• Cap rate: 24.22%
• Cash-on-cash: 64.02%
• DSCR: 3.85
• 1% rule: 2.77%
• Cash to close: $30,800

Investor read

• This is a 1-bed/1.0-bath manufactured listed at $110k. Condition is rated fair.
• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $110k).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#401 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, crime A-; Watch: amenities F, cost of living F.
• Ojai Unified (suburban): math 27% / reading 43% proficiency, ranked #257 of 517 in CA (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mira Monte Elementary (math 32% / reading 47%, grade F, #621 of 1,571 statewide, top 42%, 293 students, 39% FRL); Matilija Middle (441 students, 41% FRL); Nordhoff High (666 students, 38% FRL) — zoned schools at 39% FRL track the district average.
• Market conditions: 134 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,759 units permitted in Ventura County in 2024 (1,196 in 5+ unit buildings).
• Ventura County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 9→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 24.2% vs local median 3.2% in Mira Monte — 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.
• At $3,042/mo this rent would consume 45% of the median local household income ($81k/yr) (locally 723% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1967 — 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen countertops — Worn appearance
• Minor: Bathroom fixtures — Worn appearance
• Minor: Exterior siding — Minor stains