8294 N Heights · Soda Bay, CA 95451

$350,000

2 bd · 1.5 ba · 900 sqft · MultiFamily public records · 167 Days on market

Built 1985 7,841 sqft lot $36/mo HOA · 2% of rent

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +18.3/30.0
• ARV discount +7.5/15.0
• DSCR +5.8/10.0
• 1% rule +4.1/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

RARE DUPLEX FOR SALE! Located in Kelseyville Riviera West Subdivision. Both units are 900 SQ FT 2 bedroom 1 1/2 bath with 1 car garage. Unit B is turnkey ready; Unit A is getting new flooring and some new kitchen appliances January 2026. New roof was installed in 2024

Key facts

• 7,841 sq ft lot
• 2 garage spots
• Community pool

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $323 ($4k/yr) — positive. Per door: $162/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 $319k (8.8% below list).
• Recommended offer: $308k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.4% vs local median 3.6% in Soda Bay — 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.

Location & tenants

• Location reads 60/100 on livability (#595 in CA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: health & safety C-, schools D-, crime F.
• Kelseyville Unified (town): math 18% / reading 33% proficiency, ranked #1,150 of 1,400 in CA (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 268 active listings in the ZIP; 107 units permitted in Lake County in 2024 (40 in 5+ unit buildings).
• At $3,193/mo this rent would consume 61% of the median local household income ($63k/yr) (locally 194% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• 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.
• Lake County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 167 days — a 12% lower offer ($308k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask is 4% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $132k; list at $350k implies a 165% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 8→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $308,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 167 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.91% ✗
• Cap rate: 7.40%
• Cash-on-cash: 3.96%
• DSCR: 1.18
• GRM: 9.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -10.1%
• Equity multiple: 0.63×
• Total profit: $-36,210
• Equity at exit: $52,186

10-year hold

• IRR: -0.8%
• Equity multiple: 0.95×
• Total profit: $-5,368
• Equity at exit: $30,262

Cash invested: $98,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 95451

• Active inventory: 268
• Price-to-rent: 18.3×

Monthly cashflow live

• Estimated rent: $3,193 medium
• Mortgage (P&I): −$1,835
• Tax from tax record: −$182 /mo · $2,183/yr
• Insurance: −$146
• HOA: −$36
• Vacancy / Maint / Mgmt: −$671
• Net cashflow: $323

Break-even live

Break-even rent $2,784

Max offer price $350,000

Occupancy floor 85%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$3,194
Total (2 units)			$3,193

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $36 · $432/yr

Listing history 23 events

1. 2026-06-19
   days on market $350,000 Active 167 DOM
2. 2026-06-18
   days on market $350,000 Active 166 DOM
3. 2026-06-17
   days on market $350,000 Active 165 DOM
4. 2026-06-16
   days on market $350,000 Active 164 DOM
5. 2026-06-15
   days on market $350,000 Active 163 DOM
6. 2026-06-14
   days on market $350,000 Active 161 DOM
7. 2026-06-12
   days on market $350,000 Active 160 DOM
8. 2026-06-09
   days on market $350,000 Active 157 DOM
9. 2026-06-08
   days on market $350,000 Active 156 DOM
10. 2026-06-07
    days on market $350,000 Active 155 DOM
11. 2026-06-07
    days on market $350,000 Active 154 DOM
12. 2026-06-03
    days on market $350,000 Active 151 DOM
13. 2026-06-02
    days on market $350,000 Active 150 DOM
14. 2026-06-01
    days on market $350,000 Active 149 DOM
15. 2026-05-31
    days on market $350,000 Active 148 DOM
16. 2026-05-30
    days on market $350,000 Active 147 DOM
17. 2026-01-19
    status Active 268-char remark

    Show marketing remark (268 chars)

    RARE DUPLEX FOR SALE! Located in Kelseyville Riviera West Subdivision. Both units are 900 SQ FT 2 bedroom 1 1/2 bath with 1 car garage. Unit B is turnkey ready; Unit A is getting new flooring and some new kitchen appliances January 2026. New roof was installed in 2024

18. 2025-12-31
    price $350,000 268-char remark

    Show marketing remark (268 chars)

    RARE DUPLEX FOR SALE! Located in Kelseyville Riviera West Subdivision. Both units are 900 SQ FT 2 bedroom 1 1/2 bath with 1 car garage. Unit B is turnkey ready; Unit A is getting new flooring and some new kitchen appliances January 2026. New roof was installed in 2024

19. 2025-12-31
    price $345,000 268-char remark

    Show marketing remark (268 chars)

    RARE DUPLEX FOR SALE! Located in Kelseyville Riviera West Subdivision. Both units are 900 SQ FT 2 bedroom 1 1/2 bath with 1 car garage. Unit B is turnkey ready; Unit A is getting new flooring and some new kitchen appliances January 2026. New roof was installed in 2024

20. 2025-12-15
    listed $335,000 Active 268-char remark

    Show marketing remark (268 chars)

    RARE DUPLEX FOR SALE! Located in Kelseyville Riviera West Subdivision. Both units are 900 SQ FT 2 bedroom 1 1/2 bath with 1 car garage. Unit B is turnkey ready; Unit A is getting new flooring and some new kitchen appliances January 2026. New roof was installed in 2024

21. 2025-11-25
    historical $335,000 268-char remark

    Show marketing remark (268 chars)

    RARE DUPLEX FOR SALE! Located in Kelseyville Riviera West Subdivision. Both units are 900 SQ FT 2 bedroom 1 1/2 bath with 1 car garage. Unit B is turnkey ready; Unit A is getting new flooring and some new kitchen appliances January 2026. New roof was installed in 2024

22. 2000-11-17
    soldstatus $132,000
23. 1998-09-29
    soldstatus $120,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $2,183 · $182/mo
• Projected year-2 tax: $2,660 · $222/mo
• Expected delta: +$477/yr (+$40/mo · 21.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 8/10 Severe
• 🌡 Heat 5/10 Major 8 d/yr ≥100°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 32 unhealthy d/yr today · 32 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,316
• − Mortgage interest: −$19,605
• − Property taxes: −$2,183
• − Insurance: −$1,750
• − Repairs & maintenance: −$3,065
• − Management: −$3,065
• − HOA: −$432
• − Depreciation: −$10,182
• Taxable loss: −$1,966
• Est. tax savings @ 24.0%: +$472
• After-tax cash flow: $4,352/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Kelseyville Unified
• NCES district ID: 0619320
• Math proficiency: 18% ▼ -1.00%
• Reading proficiency: 33% ▲ 4.00%
• Median HH income: $47,210
• Composite: 25.19/100
• National rank: #12920
• State rank: #1150 of 1400 in CA

Livability — Soda Bay

• Score: 60/100
• State rank: #595
• US rank: #19239

Category grades

Amenities F Commute F Cost of living F Crime F Employment A+ Housing A+ Health & safety C- User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Lake County · 24,333 people
• Metro: Clearlake, CA
• Population (ZIP): 12,592
• Household income: $62,568
• Rent vs Own: 27.1% rent · 72.9% own
• Severe rent burden: 194.0

Population outlook (Lake County) Hauer SSP2

• Today (2025): 62,396 people
• By 2030: 60,626 · -2.8%
• By 2040: 56,453 · -9.5%
• By 2050: 53,054 · -15.0%
• By 2075: 47,663 · -23.6%
• By 2100: 41,804 · -33.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (57%)
• Race & ethnicity: White 57% Hispanic / Latino 38% Two or more races 11% Black 1%
• Hispanic origin (detail): Mexican 35%
• Common ancestry: Russian 3% Slovak 3% Italian 2%
• Foreign-born: 14% · Canada
• Languages at home: 71% English-only · Spanish 28% German/W. Germanic 1%

Political lean MEDSL · Lake

• 2024 margin: Toss-up / Even · D 47.8% · R 49.2% · Other 3.0%
• 2008→2024 swing: -20.6pp toward R · 2008: 19.3pp · 2024: -1.4pp
• All cycles: 2024: R+1.4 2020: D+6.3 2016: D+3.7 2012: D+16.5 2008: D+19.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -158.45%
• Current HPI: 168.6995
• Rent YoY: —
• Metro: Clearlake, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+191.7% since first listed

7 events — show timeline

• 2026-01-19 Relisted — CRMLS
• 2025-12-31 Price Changed $350,000 CRMLS
• 2025-12-31 Price Changed $345,000 CRMLS
• 2025-12-15 Listed $335,000 CRMLS
• 2025-11-25 Coming Soon $335,000 CRMLS
• 2000-11-17 Sold (Public Records) $132,000 Public Records
• 1998-09-29 Sold (Public Records) $120,000 Public Records

Property tax history

+2.0%/yr

Latest (2025): $2,183 · +1.7% YoY. Source: county tax records.