1 Four Place Ln

Topaz, CA 89410

$250,000D

3 bd · 2.0 ba · 1,737 sqft · Built 2000 · Manufactured · Active Under Contract-No Show · 72 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,050/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$191
• HOA: −$0
• Vac / Maint / Mgmt: −$431
• Net cashflow: $118/mo
• Annual: $1,410/yr
• Cap rate: 6.86%
• Cash-on-cash: 2.01%
• DSCR: 1.09
• 1% rule: 0.82%
• Cash to close: $70,000

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $250k.
• At list price, monthly cash flow is $118 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $205k (18.0% below list).
• It's been on market 72 days — a 6% lower offer ($235k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $205k (18.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#555 in CA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: commute C-, health & safety C-, crime D.
• Douglas County School District (town): math 36% / reading 51% proficiency, ranked #3 of 17 in NV (top 18%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Minden Elementary School (math 57% / reading 57%, grade C+, #33 of 402 statewide, top 9%, 380 students, 25% FRL); Pau Wa Lu Middle School (math 27% / reading 41%, grade F, #35 of 109 statewide, top 33%, 481 students, 36% FRL); Douglas High School (math 30% / reading 54%, grade F, #35 of 131 statewide, top 28%, 1,643 students, 22% FRL) — zoned schools at 28% FRL track the district average.
• Market conditions: 314 units permitted in Douglas County in 2024 (0 in 5+ unit buildings).
• Douglas County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 9y 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.
• Current owner paid $180k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 72 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
• 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?
• 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?
• 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.