34 Pine Via

Fullerton, CA 92801

$169,000B+

2 bd · 2.0 ba · 1,620 sqft · Built 1968 · Manufactured · Active · 150 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,385/mo
• Mortgage (P&I): −$886
• Tax + insurance: −$282
• HOA: −$0
• Vac / Maint / Mgmt: −$711
• Net cashflow: $1,506/mo
• Annual: $18,070/yr
• Cap rate: 16.99%
• Cash-on-cash: 38.19%
• DSCR: 2.70
• 1% rule: 2.00%
• Cash to close: $47,320

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $169k.
• At list price, monthly cash flow is $2k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $169k).
• It's been on market 150 days — a 12% lower offer ($149k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $149k (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 67/100 on livability (#328 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+; Watch: schools C-, health & safety D, crime D-.
• Fullerton Joint Union High (suburban): math 51% / reading 66% proficiency, ranked #82 of 517 in CA (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+5.1%/yr); 72 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 6,974 units permitted in Orange County in 2024 (3,839 in 5+ unit buildings).
• Orange County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 5.1% rent growth), your $47k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 17.0% vs local median 2.0% in Fullerton — 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.
• At $3,385/mo this rent would consume 49% of the median local household income ($84k/yr) (locally 3604% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 150 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.
• 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?
• 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.