2230 Harnage St

Lake Isabella, CA 93240

$99,990B-

3 bd · 2.0 ba · 1,440 sqft · Built 1970 · Manufactured · Active · 250 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,747/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$135
• HOA: −$0
• Vac / Maint / Mgmt: −$367
• Net cashflow: $721/mo
• Annual: $8,653/yr
• Cap rate: 14.95%
• Cash-on-cash: 30.91%
• DSCR: 2.38
• 1% rule: 1.75%
• Cash to close: $27,997

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $100k.
• At list price, monthly cash flow is $721 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• It's been on market 250 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• In year one you build about $6k of equity ($692 loan paydown + $6k appreciation (5.5% local appreciation)).
• Location reads 52/100 on livability (#999 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A, cost of living B+; Watch: crime C-, 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: 135 active listings in the ZIP; 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.
• 6 sale attempts 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.
• Current owner paid $9k; list at $100k implies a 1011% gain — meaningful room to come down on a strong offer.
• At projected returns (5.5% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$34k 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 10→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 14.9% vs local median 7.4% in Lake Isabella — 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 250 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?
• 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.