2130 Redwood Hwy Unit G6

Larkspur, CA 94904

$98,500A

1 bd · 1.0 ba · 650 sqft · Built — · Manufactured · Pending · 49 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,397/mo
• Mortgage (P&I): −$517
• Tax + insurance: −$591
• HOA: −$1,500
• Vac / Maint / Mgmt: −$713
• Net cashflow: $77/mo
• Annual: $921/yr
• Cap rate: 12.42%
• Cash-on-cash: 21.90%
• DSCR: 1.97
• 1% rule: 3.45%
• Cash to close: $27,580

Investor read

• This is a 1-bed/1.0-bath manufactured listed at $98k.
• At list price, monthly cash flow is $77 ($921/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $98k).
• It's been on market 49 days — a 3% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $96k (3.0% below list) — sets the bar for market timing.
• In year one you build about $6k of equity ($681 loan paydown + $5k appreciation (5.4% local appreciation)).
• Location reads 86/100 on livability (#5 in CA, #381 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: cost of living F.
• Tamalpais Union High (suburban): math 62% / reading 78% proficiency, ranked #42 of 517 in CA (top 8%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Hall Middle (math 65% / reading 77%, grade A, #35 of 498 statewide, top 7%, 469 students, 9% FRL); Redwood High (math 67% / reading 81%, grade B+, #85 of 1,170 statewide, top 8%, 1,862 students, 8% FRL).
• Watch-outs: flood insurance adds $427/mo; HOA is 44% of rent.
• Market conditions: Rents rising (+3.5%/yr); 51 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 149 units permitted in Marin County in 2024 (5 in 5+ unit buildings).
• Marin County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 5 sale attempts since 9y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (5.4% appreciation + 3.5% rent growth), your $28k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 12.4% vs local median 1.4% in Larkspur — 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 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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.