16401 San Pablo Ave #114

Montalvin Manor, CA 94806

$160,000B-

2 bd · 2.0 ba · 1,440 sqft · Built 1968 · Manufactured · Active · 509 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,974/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$267
• HOA: −$0
• Vac / Maint / Mgmt: −$625
• Net cashflow: $1,244/mo
• Annual: $14,929/yr
• Cap rate: 15.62%
• Cash-on-cash: 33.32%
• DSCR: 2.48
• 1% rule: 1.86%
• Cash to close: $44,800

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $160k.
• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $160k).
• It's been on market 509 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $141k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#262 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, employment A; Watch: amenities F, cost of living F, health & safety F.
• West Contra Costa Unified (suburban): math 24% / reading 35% proficiency, ranked #993 of 1,400 in CA (top 71%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+3.1%/yr); 123 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,169 units permitted in Contra Costa County in 2024 (896 in 5+ unit buildings).
• Contra Costa County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 8y ago; this cycle's ask has dropped $60k (27%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $83k; list at $160k implies a 93% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.1% rent growth), your $45k cash investment doubles in ~4 years — after that, you're playing with house money.
• This rent runs 41% of the median local income ($86k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 509 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1968 — 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.
• 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.