102 Mason Rd

Bodfish, CA 93205

$195,000D+

3 bd · 2.0 ba · 1,680 sqft · Built 1987 · Manufactured · Active · 59 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,704/mo
• Mortgage (P&I): −$1,023
• Tax + insurance: −$325
• HOA: −$0
• Vac / Maint / Mgmt: −$358
• Net cashflow: $-2/mo
• Annual: $-20/yr
• Cap rate: 6.28%
• Cash-on-cash: -0.04%
• DSCR: 1.00
• 1% rule: 0.87%
• Cash to close: $54,600

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $195k. Condition is rated fair.
• At list price, monthly cash flow is $-2 ($-20/yr) — negative.
• To cash-flow at today's rent, offer at most $195k (0.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $170k (12.6% below list).
• It's been on market 59 days — a 3% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $170k (12.6% below list) — sets the bar for 1% rule.
• In year one you build about $20k of equity ($1k loan paydown + $18k appreciation (9.3% local appreciation)).
• Location reads 48/100 on livability (#1,207 in CA) — a working-class tenant base; expect higher turnover. Strengths: cost of living B+; Watch: housing D+, schools F, amenities F.
• Kernville Union Elementary (rural): math 20% / reading 37% proficiency, ranked #1,128 of 1,400 in CA (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 36 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 3,244 units permitted in Kern County in 2024 (73 in 5+ unit buildings).
• Kern County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 2y 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 (9.3% appreciation + 3.0% rent growth), your $55k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 12→32/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 59 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: exterior siding — Significant wear and tear
• Major: interior walls — Peeling paint
• Major: flooring — Worn carpet