890 38th Ave #48 · Pleasure Point, CA 95062

$349,000

2 bd · 1.0 ba · 412 sqft · Manufactured · 13 Days on market

Built 1955 Excellent condition

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +12.4/30.0
• ARV discount +7.5/15.0
• Schools +5.1/10.0
• Condition / age +4.8/5.0
• Livability +4.0/5.0
• DSCR +3.7/10.0
• 1% rule +3.5/10.0
• Rent growth +2.7/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

SANTA CRUZ BEACH LIFE! Santa Cruz offers a gateway to coastal living and a vibrant local community. This property is perfectly positioned near iconic surf spots, PLEASURE POINT and THE HOOK, surf shops and some of the best eateries, coffee shops, and so much more! This "tiny home" delivers BIG with almost every inch thoughtfully renovated using luxury materials and maximized for space and storage. Filled with natural light, features include quartz countertops, mini-split heating and A/C, spacious tiled shower, murphy bed in second bedroom, built in audio system and washer and dryer. Front and rear yards are bordered with tall hedges and fencing for ultimate privacy plus a fantastic outdoor shower and surfboard storage. Enjoy nearby surfing, biking, walking, the beach, free Twilight Beach Concerts in Capitola, Farmers Markets, and Street Fairs to enjoy. Additionally, LR couch, TV stand, Dresser, washer and dryer are included with sale making this spotless home truly move-in ready. If you have been dreaming of becoming Coastal and enjoying the amenities and natural beauty that make Santa Cruz a sought-after destination and lifestyle, come sea this unique home and opportunity to live in a relaxed atmosphere that balances outdoor recreation with urban conveniences. All Age Park.

Key facts

• Luxury materials
• Quartz countertops
• Natural light

Tags

• THOUGHTFULLY RENOVATED
• LUXURY MATERIALS
• NATURAL LIGHT
• QUARTZ COUNTERTOPS
• MINI-SPLIT HEATING
• SPACIOUS TILED SHOWER

Property features AI

Finance

• Other: Unit located in Opal Cliffs Mobile Home Park (directions: Portola to 38th Ave; turn in at sign for Opal Cliffs Mobile Home Park; turn left into park and park at manager's office; property is the 2nd one in on the right); Double-pane windows and other energy-saving features (low-flow shower and toilet)
• Financial info: Tax status: In Lieu of Tax (ILT)
• HOA & community: Common utility room

Exterior

• Parking: Guest/visitor parking; Uncovered parking space #48 (space rent applies)
• Security: Video/Audio system
• Utilities: Public sewer; Public water; Natural gas
• Home design: Single-story; Leased land / unit may be leased (park home site)
• Construction: Composition roof
• Exterior features: Composition roof; Skylights; Age restrictions: none (no age restriction); Board approval required; Pets allowed

Interior

• Kitchen: Dishwasher; Garbage disposal; Gas oven/range; Refrigerator
• Bedrooms: 2 bedrooms (one on the ground floor)
• Flooring: Laminate flooring
• Bathrooms: One full bathroom with dual-flush toilet, tile, and updated finishes
• Heating & cooling: Heating: Other (see remarks); Cooling: Other (see remarks)
• Interior features: Skylights; Video/Audio system; Storage
• Laundry & utility: Washer and dryer included; Tankless water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $349k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-56 ($-672/yr) — negative.
• To cash-flow at today's rent, offer at most $341k (2.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $298k (14.6% below list).
• Recommended offer: $298k (14.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 80/100 on livability (#53 in CA, #1,968 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: housing C-, cost of living F.
• Soquel Union Elementary (suburban): math 49% / reading 63% proficiency, ranked #302 of 1,400 in CA (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Soquel Elementary (358 students, 39% FRL).
• Market conditions: Rents flat; 68 active listings in the ZIP; high-income renter base; 224 units permitted in Santa Cruz County in 2024 (25 in 5+ unit buildings).
• This rent runs 32% of the median local income ($112k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Santa Cruz County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 3y 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.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $298,208 (14.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 0.85% ✗
• Cap rate: 6.10%
• Cash-on-cash: -0.69%
• DSCR: 0.97
• GRM: 9.8

CMA / ARV

• ARV (on-the-fly): $192,404
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
560 30th Ave #9	0.53mi	1/1.0 (-1)	460 (+12%)	21mo	$215,000	$467	33

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.61% rent growth · sell at horizon

5-year hold

• IRR: -20.1%
• Equity multiple: 0.31×
• Total profit: $-67,080
• Equity at exit: $52,037

10-year hold

• IRR: -19.4%
• Equity multiple: 0.08×
• Total profit: $-90,220
• Equity at exit: $30,175

Cash invested: $97,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 95062

• Rents YoY: 0.6%
• Active inventory: 68
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $2,982 medium
• Mortgage (P&I): −$1,830
• Tax est. 1.5%: −$436 /mo · $5,235/yr
• Insurance: −$145
• HOA: −$0
• Vacancy / Maint / Mgmt: −$626
• Net cashflow: $-56

Break-even live

Break-even rent $3,053

Max offer price $340,894

Occupancy floor 97%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $87,250
• Closing costs: $10,470
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-18
   days on market $349,000 Active 13 DOM
2. 2026-06-17
   days on market $349,000 Active 12 DOM
3. 2026-06-16
   days on market $349,000 Active 11 DOM
4. 2026-06-15
   days on market $349,000 Active 10 DOM
5. 2026-06-14
   days on market $349,000 Active 8 DOM
6. 2026-06-13
   days on market $349,000 Active 7 DOM
7. 2026-06-10
   days on market $349,000 Active 5 DOM
8. 2026-06-09
   days on market $349,000 Active 4 DOM
9. 2026-06-08
   days on market $349,000 Active 3 DOM
10. 2026-06-07
    remarks 689-char remark
11. 2026-06-07
    listed $349,000 Active 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥84°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 13 unhealthy d/yr today · 14 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,785
• − Mortgage interest: −$19,549
• − Property taxes: −$5,235
• − Insurance: −$1,745
• − Repairs & maintenance: −$2,863
• − Management: −$2,863
• − Depreciation: −$10,153
• Taxable loss: −$6,623
• Est. tax savings @ 24.0%: +$1,589
• After-tax cash flow: $917/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 13 photos

Excellent 95/100 None rehab

This well-maintained and thoughtfully renovated manufactured home in Pleasure Point, Santa Cruz, offers a perfect blend of coastal living and modern amenities.

Value-add opportunities

• Both Landscaping and curb appeal — Enhances the home's curb appeal and can attract more buyers or renters.
• Both Add a smart home system — Improves convenience and energy efficiency, appealing to tech-savvy buyers and renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping and curb appeal — Enhances the home's curb appeal and can attract more buyers or renters. ↑
• Both Add a smart home system — Improves convenience and energy efficiency, appealing to tech-savvy buyers and renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Soquel Union Elementary
• NCES district ID: 0637290
• Math proficiency: 49% ▬ 0.00%
• Reading proficiency: 63% ▲ 1.00%
• Median HH income: $66,999
• Composite: 51.13/100
• National rank: #3779
• State rank: #302 of 1400 in CA

Livability — Pleasure Point

• Score: 80/100
• State rank: #53
• US rank: #1968

Category grades

Amenities A+ Commute A+ Cost of living F Crime A+ Employment A+ Housing C- Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pleasure Point, CA
• County: Santa Cruz County · 225,113 people
• Metro: Santa Cruz-Watsonville, CA
• Population (ZIP): 35,607
• Household income: $112,106
• Rent vs Own: 46.5% rent · 53.5% own
• Severe rent burden: 1672.0

Population outlook (Santa Cruz County) Hauer SSP2

• Today (2025): 299,046 people
• By 2030: 311,246 · +4.1%
• By 2040: 332,813 · +11.3%
• By 2050: 352,797 · +18.0%
• By 2075: 406,837 · +36.0%
• By 2100: 435,763 · +45.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Hispanic / Latino 20% Two or more races 12% Asian 4% Black 1%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Lithuanian 4% Italian 3% Romanian 2%
• Foreign-born: 12% · Canada, China, Vietnam
• Languages at home: 81% English-only · Spanish 12% Other Indo-European 2% Other Asian/Pacific 1%

Political lean MEDSL · Santa Cruz

• 2024 margin: Solid D (+54.4) · D 75.3% · R 20.9% · Other 3.9%
• 2008→2024 swing: -3.2pp toward R · 2008: 57.7pp · 2024: 54.4pp
• All cycles: 2024: D+54.4 2020: D+60.3 2016: D+57.3 2012: D+54.1 2008: D+57.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1390.84%
• Current HPI: 319.0529
• Rent YoY: ▲ 0.61%
• Metro: Santa Cruz-Watsonville, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+0.0% since first listed

14 events — show timeline

• 2026-06-05 Listed $349,000 MLSListings
• 2026-06-05 Listed $349,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2025-05-28 Sold (MLS) $338,000 MLSListings
• 2025-05-28 Sold (MLS) $338,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2025-04-07 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2025-03-08 Contingent — MLSListings
• 2024-10-18 Rental Removed $2,800 APPFOLIO
• 2024-10-15 Listed $349,000 MLSListings
• 2024-10-15 Listed $349,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2024-09-07 Listed for Rent $2,800 APPFOLIO
• 2023-11-20 Pending — MLSListings
• 2023-11-20 Sold (MLS) $312,500 MLSListings
• 2023-11-07 Contingent — MLSListings
• 2023-10-17 Listed $349,000 MLSListings