213 N Fred Haight Dr

Smith River, CA 95567

$109,000C

2 bd · 2.0 ba · 1,152 sqft · Built 1991 · Manufactured · Active · 121 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,181/mo
• Mortgage (P&I): −$572
• Tax + insurance: −$182
• HOA: −$0
• Vac / Maint / Mgmt: −$248
• Net cashflow: $180/mo
• Annual: $2,158/yr
• Cap rate: 8.27%
• Cash-on-cash: 7.07%
• DSCR: 1.31
• 1% rule: 1.08%
• Cash to close: $30,520

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $109k. Condition is rated fair.
• At list price, monthly cash flow is $180 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $109k).
• It's been on market 121 days — a 12% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $96k (12.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($754 loan paydown + $412 appreciation (0.4% local appreciation)).
• Location reads 59/100 on livability (#640 in CA) — a working-class tenant base; expect higher turnover. Strengths: employment A+, housing A+; Watch: health & safety C-, schools F, crime F.
• Del Norte County Unified (town): math 25% / reading 36% proficiency, ranked #1,047 of 1,400 in CA (top 75%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 45 active listings in the ZIP; 55 units permitted in Del Norte County in 2024 (22 in 5+ unit buildings).
• Del Norte County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 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 $26k; list at $109k implies a 323% gain — meaningful room to come down on a strong offer.
• At projected returns (0.4% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~7 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 121 days. Have you received any prior offers? Is the seller open to a 12% 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?
• 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 F 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.

Repairs flagged (vision-AI assessment)

• Moderate: Kitchen cabinets — Dated appearance
• Moderate: Bathtub and fixtures — Dated appearance
• Moderate: Exterior siding — Weathered appearance
• Moderate: Landscaping — Overgrown and needs trimming