248 Mammoth Slopes Dr #f-53 Unit F-53 · Mammoth Lakes, CA 03546

$98,000

2 bd · 2.0 ba · 1,109 sqft · Condo · 97 Days on market

Built 1973 $388/mo HOA · 11% of rent

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Why this score? — see what drove the B+ 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Schools +4.2/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Great opportunity to own 1/6 share of this fractional property, or 5/6 as these sellers own 5 of the 6 shares Only 4 steps to front door! Great south views, underground parking, large storage area for owners. Kitchen recently updated, new cabinets, counters, appliances. Gas fireplace, full bath on main living level, and a full bath downstairs for 2 bedrooms. Nice views from dining, living, and both bedrooms. HOA includes all utilities and maintenance repairs to interior and reserves for interior upgrades. For each share monthly HOA is $388, if buyer purchases all 5 shares, the HOA is $1940. Special assessment for new exterior That assessment runs for 4 additional years, with amounts decrea

Key facts

• Underground parking
• Large storage area
• Full bath downstairs

Tags

• UNDERGROUND PARKING
• LARGE STORAGE AREA
• KITCHEN RECENTLY UPDATED
• GAS FIREPLACE
• FULL BATH ON MAIN LIVING LEVEL
• FULL BATH DOWNSTAIRS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $98k.

Deal economics

• 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 ($4k rent vs $98k).
• Recommended offer: $89k (9.0% below list) — sets the bar for market timing.
• Cap rate 27.1% vs local median 1.3% in Mammoth Lakes — 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 71/100 on livability (#213 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, health & safety A; Watch: schools D, crime D, cost of living F.
• Mammoth Unified (town): math 37% / reading 52% proficiency, ranked #549 of 1,400 in CA (top 39%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 1 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 123 units permitted in Mono County in 2024 (76 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($678 loan paydown + $3k appreciation (3.0% local appreciation)).
• Mono County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($89k) is reasonable based on typical stale-listing flexibility.

Recommended offer $89,180 (9.0% below list)

Questions for the listing agent

1. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 D 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. 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.
10. 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.
11. 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: 3.57% ✓
• Cap rate: 27.10%
• Cash-on-cash: 74.32%
• DSCR: 4.31
• GRM: 2.3

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: 79.0%
• Equity multiple: 5.39×
• Total profit: $120,341
• Equity at exit: $44,065

10-year hold

• IRR: 78.5%
• Equity multiple: 11.10×
• Total profit: $277,118
• Equity at exit: $67,909

Cash invested: $27,440 (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 03546

• Active inventory: 1
• Price-to-rent: 2.3×

Monthly cashflow live

• Estimated rent: $3,500 medium
• Mortgage (P&I): −$514
• Tax est. 1.5%: −$122 /mo · $1,470/yr
• Insurance: −$41
• HOA: −$388
• Vacancy / Maint / Mgmt: −$735
• Net cashflow: $1,700

Break-even live

Break-even rent $1,348

Max offer price $98,000

Occupancy floor 46%

Sensitivity live

Price	-10% $1,767	-5% $1,733	+0% $1,700	+5% $1,666	+10% $1,632
Rent	-10% $1,423	-5% $1,561	+0% $1,700	+5% $1,838	+10% $1,976
Rate	-1.0pp $1,749	-0.5pp $1,724	base $1,700	+0.5pp $1,674	+1.0pp $1,648

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: $24,500
• Closing costs: $2,940
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
273 Rainbow Ln #12 Mammoth Lakes, CA	2.0	2.0	1147	$3,400	$2.96	2d	1	0.19mi
153 Lake Mary Rd #35 Mammoth Lakes, CA	1.0	1.0	713	$2,995	$4.20	12d	1	0.68mi
1500 Lodestar Dr Mammoth Lakes, CA	2.0	2.0	1204	$5,000	$4.15	15d	1	0.98mi
865 Majestic Pines Dr #225 Mammoth Lakes, CA	2.0	2.0	1178	$3,000	$2.55	17d	1	1.14mi

HOA detail condo

• Monthly dues: $388 · $4,656/yr
• Likely covers: gas
• ⚠ Special-assessment mentions:

  …reserves for interior upgrades. For each share monthly HOA is $388, if buyer purchases all 5 shares, the HOA is $1940. Special assessment for new exterior That assessment runs for 4 additional years, with amounts decrea

Listing history 4 events

1. 2026-06-21
   days on market $98,000 Active 97 DOM
2. 2026-06-18
   days on market $98,000 Active 94 DOM
3. 2026-06-17
   remarks 699-char remark
4. 2026-06-17
   listed $98,000 Active 93 DOM

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

Taxation est. · year 1

• Rental income: $41,997
• − Mortgage interest: −$5,490
• − Property taxes: −$1,470
• − Insurance: −$490
• − Repairs & maintenance: −$3,360
• − Management: −$3,360
• − HOA: −$4,656
• − Depreciation: −$2,851
• Taxable income: $20,321
• Est. tax owed @ 24.0%: −$4,877
• After-tax cash flow: $15,517/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: Mammoth Unified
• NCES district ID: 0623530
• Math proficiency: 37% ▲ 1.00%
• Reading proficiency: 52% ▲ 6.00%
• Median HH income: $61,602
• Composite: 41.54/100
• National rank: #7267
• State rank: #549 of 1400 in CA

Livability — Mammoth Lakes

• Score: 71/100
• State rank: #213
• US rank: #6710

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mammoth Lakes, CA

Population outlook (Mono County) Hauer SSP2

• Today (2025): 13,077 people
• By 2030: 12,478 · -4.6%
• By 2040: 11,119 · -15.0%
• By 2050: 9,769 · -25.3%
• By 2075: 6,861 · -47.5%
• By 2100: 5,762 · -55.9%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• 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