686-950 Fir Way

Spaulding, CA 96130

$130,000B-

2 bd · 1.0 ba · 1,440 sqft · Built 1984 · Manufactured · Active · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,534/mo
• Mortgage (P&I): −$682
• Tax + insurance: −$217
• HOA: −$0
• Vac / Maint / Mgmt: −$322
• Net cashflow: $313/mo
• Annual: $3,759/yr
• Cap rate: 9.18%
• Cash-on-cash: 10.33%
• DSCR: 1.46
• 1% rule: 1.18%
• Cash to close: $36,400

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $130k.
• At list price, monthly cash flow is $313 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $899 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 49/100 on livability (#1,173 in CA) — a working-class tenant base; expect higher turnover. Watch: schools D-, crime F, amenities F.
• Susanville Elementary (town): math 27% / reading 32% proficiency, ranked #350 of 517 in CA (top 68%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 236 active listings in the ZIP; 6 units permitted in Lassen County in 2024 (0 in 5+ unit buildings).
• Lassen County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.