Issue #191October 30, 2026
#191: Sacramento $225k fixer. ~$109k net at list
Four California flips. 3009 Maison Way (Sacramento) nets about $109k at its $225k list and still clears $58k under stress. 11505 Calvert St (North Hollywood) nets about $99k at list. 5049 Meridian St (Highland Park) and 361 Morehouse Pl (Chula Vista) only work as bids.
Financing note
Every card assumes a 10% down hard money loan at 9.95% interest-only, with rehab lender-funded. Every card carries a full 12 months of interest. Cash in is the down payment plus 3% purchase closing costs. ROI is on cash in. Sell costs are 4.5% of ARV. Maison and Calvert are priced at list. Meridian and Morehouse are priced at the bid because list fails stress.
SACRAMENTO FEATURENORTH HOLLYWOOD FEATUREHIGHLAND PARK BIDCHULA VISTA BID
FEATURED FLIP · SACRAMENTO
3009 Maison Way, Sacramento, CA 95864
rehab & flip · at list$225K
UNDERWRITING
Cash In
$29K
Total Profit
$109K
ROI
371%
ARV
$550K
Rehab Est.
$150K
FINANCING
Terms
10% down hard money, 9.95% IO, rehab lender-funded
Hold
12 months
OPPORTUNITY
At list $224,900: cash in $29,237. Rehab $150k lender-funded. 12-month hold, interest included. Net about $108.5k. 371% ROI. On a 6-month hold it nets about $126.1k. Active $224,900 Arden-Arcade fixer, sold as-is. 4 bd / 3 ba, 1,902 sf, 7,840 sf lot, built 1952. Cash, hard money or rehab loans only. Sold comps: 3505 Kersey Ln $645,000, 1921 Belcot Rd $603,000, 2145 Kincaid Way $588,888, 2009 Terrace Dr $555,000. $550k ARV (about $289/sf) sits under every comp, all smaller houses. $150k rehab (about $79/sf): full gut plus a heavy contingency for what the price is hiding. Sold comps: 3505 Kersey Ln (https://www.redfin.com/CA/Sacramento/3505-Kersey-Ln-95864/home/19131696); 1921 Belcot Rd (https://www.redfin.com/CA/Sacramento/1921-Belcot-Rd-95825/home/19136759); 2145 Kincaid Way (https://www.redfin.com/CA/Sacramento/2145-Kincaid-Way-95825/home/19136143); 2009 Terrace Dr (https://www.redfin.com/CA/Sacramento/2009-Terrace-Dr-95825/home/19136125).
RISK
Price is under half of nearby sales with no condition disclosure. Assume a big defect: foundation, fire or water, unpermitted work or title. Over 600 saves on Zillow. Expect multiple offers well over list. Stress hits zero near $276k. Plenty of room, but walk away there.
VERDICT
Feature. Biggest margin on the board if inspection holds. Walk away at about $276k.
FEATURED FLIP · NORTH HOLLYWOOD
11505 Calvert St, North Hollywood, CA 91606
rehab & flip · at list$499K
UNDERWRITING
Cash In
$65K
Total Profit
$99K
ROI
153%
ARV
$850K
Rehab Est.
$140K
FINANCING
Terms
10% down hard money, 9.95% IO, rehab lender-funded
Hold
12 months
OPPORTUNITY
At list $499,000: cash in $64,870. Rehab $140k lender-funded. 12-month hold, interest included. Net about $99.2k. 153% ROI. On a 6-month hold it nets about $128.5k. Active $499,000 fixer, listed last week. 2 bd / 1 ba, 945 sf, 6,799 sf lot, built 1941. Detached 2-car garage with possible ADU upside we don't count. Sold comps: 5902 Lemp Ave $945,000, 6457 Camellia Ave $880,000, 11213 Califa St $1,075,000, 6421 Radford Ave $720,000 (floor). $140k rehab (about $148/sf): full interior, kitchen, bath, systems, roof, exterior. Sold comps: 5902 Lemp Ave (https://www.redfin.com/CA/North-Hollywood/5902-Lemp-Ave-91601/home/5154839); 6457 Camellia Ave (https://www.redfin.com/CA/North-Hollywood/6457-Camellia-Ave-91606/home/5128404); 11213 Califa St (https://www.redfin.com/CA/North-Hollywood/11213-Califa-St-91601/home/5144729); 6421 Radford Ave (https://www.redfin.com/CA/North-Hollywood/6421-Radford-Ave-91606/home/5057169).
RISK
Comps are 3-beds. A 2/1 may sell nearer the $720k floor. At $750k ARV, net drops to about $4k. Listing terms say cash. Confirm the seller takes a hard money close. Stress hits zero near $531k. Don't go far over list.
VERDICT
Feature. Clears stress at list, but the ARV is the bet. Walk away at about $530k.
HIGHLAND PARK BID · LOS ANGELES
5049 Meridian St, Highland Park, Los Angeles, CA 90042
rehab & flip · bid-price$615K bid
UNDERWRITING
Cash In
$80K
Total Profit
$76K
ROI
95%
ARV
$950K
Rehab Est.
$130K
FINANCING
Terms
10% down hard money, 9.95% IO, rehab lender-funded
Hold
12 months
OPPORTUNITY
Headline is the $615k bid, not list. List $650,000 nets about $36.6k (43% ROI) but fails stress. At $615,000: cash in $79,950. Rehab $130k lender-funded. 12-month hold, interest included. Net about $75.8k. 95% ROI. On a 6-month hold it nets about $109.8k. Active $650,000 fixer a block off York Blvd, non-HPOZ. 2 bd / 1 ba, 852 sf, 5,228 sf lot, built 1908. Open house Oct 31 and Nov 1. Sold comps: 1316 N Avenue 46 $885,000, 853 Banks Court Dr $875,000, 929 Dexter St $900,000, 1522 N Avenue 49 $1,127,000. $950k ARV assumes a second bath added in the footprint. $130k rehab includes foundation and sewer allowances. Sold comps: 1316 N Avenue 46 (https://www.redfin.com/CA/Los-Angeles/1316-N-Avenue-46-90041/home/7080408); 853 Banks Court Dr (https://www.redfin.com/CA/Los-Angeles/853-Banks-Court-Dr-90042/home/7082174); 929 Dexter St (https://www.redfin.com/CA/Los-Angeles/929-Dexter-St-90042/home/7082244); 1522 N Avenue 49 (https://www.redfin.com/CA/Los-Angeles/1522-North-Avenue-49-90042/home/7081486).
RISK
Fails stress at list: about -$30k at $650,000. 1908 structure: foundation, knob-and-tube, sewer. The three newest comps are $875k to $900k. At $900k ARV, net at the bid is about $28k. Stress hits zero near $623k. Don't go above about $620k.
VERDICT
Bid $615k. List is too thin. Walk away at about $620k.
CHULA VISTA BID · PROBATE
361 Morehouse Pl, Chula Vista, CA 91911
rehab & flip · bid-price$540K bid
UNDERWRITING
Cash In
$70K
Total Profit
$60K
ROI
86%
ARV
$800K
Rehab Est.
$90K
FINANCING
Terms
10% down hard money, 9.95% IO, rehab lender-funded
Hold
12 months
OPPORTUNITY
Headline is the $540k bid, not list. List $565,000 nets about $32.5k (44% ROI) but fails stress. At $540,000: cash in $70,200. Rehab $90k lender-funded. 12-month hold, interest included. Net about $60.5k. 86% ROI. On a 6-month hold it nets about $89.1k. Active $565,000 probate sale, cosmetic fixer on a cul-de-sac with views. 4 bd / 2 ba, 1,272 sf, 6,969 sf lot, built 1985. Sold comps: 426 Anita June Ct $850,000 (4/2, 0.17 mi), 223 Zenith St $825,000, 1167 Second Ave $675,000, 1216 Elm Ave $593,000 (floor). $800k ARV sits under the closest 4/2 match. $90k cosmetic-plus rehab (about $71/sf). Sold comps: 426 Anita June Ct (https://www.redfin.com/CA/Chula-Vista/426-Anita-June-Ct-91911/home/6117893); 223 Zenith St (https://www.redfin.com/CA/Chula-Vista/223-Zenith-St-91911/home/6131463); 1167 Second Ave (https://www.redfin.com/CA/Chula-Vista/1167-Second-Ave-91911/home/6120141); 1216 Elm Ave (https://www.redfin.com/CA/Chula-Vista/1216-Elm-Ave-91911/home/6120679).
RISK
Fails stress at list: about -$21k at $565,000. Probate may need court confirmation with open-court overbids. Confirm IAEA or court-confirmed first. Tagged Hot Home on Redfin. Stress hits zero near $547k, so walk away there.
VERDICT
Bid $540k. Fails at list. Walk away at about $545k.
Status Verification
All four verified active on October 26, 2026 on Zillow and MLS or broker sites. Underwrite: 10% down hard money at 9.95% for 12 months, 4.5% to sell. All numbers are estimates, not advice. Do your own due diligence. Every card assumes 10% down hard money at 9.95% interest-only with rehab lender-funded and a full 12 months of interest. Cash in is the down payment plus 3% purchase closing costs, selling costs are 4.5% of ARV, and ROI is on cash in. ARVs are set from nearby public-record sold prices. Rehab is an assumption, not a contractor bid. Dealsletter is not affiliated with the listings.
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