6468 Washington St #190

Yountville, CA 94599

$425,000B+

3 bd · 2.0 ba · 2,184 sqft · Built 2005 · Manufactured · Active · 86 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,943/mo
• Mortgage (P&I): −$2,229
• Tax + insurance: −$268
• HOA: −$0
• Vac / Maint / Mgmt: −$1,038
• Net cashflow: $1,409/mo
• Annual: $16,904/yr
• Cap rate: 10.27%
• Cash-on-cash: 14.21%
• DSCR: 1.63
• 1% rule: 1.16%
• Cash to close: $119,000

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $425k.
• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $425k).
• It's been on market 86 days — a 6% lower offer ($400k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $400k (6.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($3k loan paydown + $1k appreciation (0.3% local appreciation)).
• Location reads 61/100 on livability (#551 in CA) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A-; Watch: health & safety D, amenities F, commute F.
• Napa Valley Unified (urban): math 35% / reading 48% proficiency, ranked #599 of 1,400 in CA (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 19 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 427 units permitted in Napa County in 2024 (189 in 5+ unit buildings).
• Napa County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts since 10y ago; this cycle's ask has dropped $100k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $285k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (0.3% appreciation + 3.0% rent growth), your $119k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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 10.3% vs local median 0.7% in Yountville — 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 86 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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.
• 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.