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4098 Manzanita Drive
Single Family Cash-flow positiveWithin your budget

4098 Manzanita Drive

4098 Manzanita Drive, Nice, CA

2 beds 1 baths 780 sqft

Great opportunity here for ownership in a fantastic location in central Nice at a VERY attractive entry price. Walk to everything, right across the street from the Nice US Post Office. Street to Street rectangular lot with driveway parking on the cul de sac section of Lang Way. Surrounded by newer, well-maintained homes. Sunny Southern exposure with expansive views across Clear Lake. Detached cinder block garage with 2 side by side doors fronts onto Manzanita Drive perfect for a workshop and/or vehicle storage. The home is and older 2 bedroom, 1 bath mobile with an addition. As-is sale, the home is in need of a deep cleaning and shows some deferred maintenance. It remains functional and livable with 100-amp PGE service, Nice water, and public sewer all connected and operational. Updated propane forced air furnace, newer Reliance water heater, newer wall mounted A/C, propane range in the kitchen. Covered concrete patio at the rear as well as an expansive deck area both with lake views. W/D hookups in the patio area. Live in it for now and develop plans to build a beautiful new home here in the future!

List price

$67,500

Est. monthly rent

$1,400

DSCR2.96×

Lender minimum: 1.25×

Monthly cash flow

$696

Cash-on-cash return

41.22%

Down payment (25%)$16,875
Closing costs (5%)$3,375
Total cash needed$20,250
Loan amount (75%)$50,625
Monthly mortgage (7.50%, 30yr)$354
Annual property taxes$844
Insurance, vacancy, mgmt.$3,362
Net operating income (yr)$12,595
Gross yield24.89%

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