1662 Eucalyptus Dr · Solvang, CA 93463

$3,299,000

18 bd · 12.0 ba · 9,291 sqft · MultiFamily · 298 Days on market

Built 1962 1.10 ac lot ↓ 8% since listing

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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 +14.2/30.0
• ARV discount +7.5/15.0
• Schools +4.8/10.0
• DSCR +4.3/10.0
• Livability +3.8/5.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Great 11+ unit Multi family Investor opportunity, plus a separate free standing residence located on Laurel Ave. in Solvang. Zoning is R/3, Cities highest density designation, giving the investor the possibility to add additional units on this over one acre parcel. 5 ground level two bed/1 bath units, 6 - 1 bedroom/ 1 bath units(3 upstairs, 3 downstairs), plus detached free standing 2 bedroom, 1 bath residence. 10 space parking structure and common coin-op laundry area. Close to town & schools.

Key facts

• Over one acre parcel
• Zoning is r/3
• 1.1 acre lot

Tags

• ZONING IS R/3
• HIGHEST DENSITY DESIGNATION
• OVER ONE ACRE PARCEL
• 10 SPACE PARKING STRUCTURE
• COMMON COIN-OP LAUNDRY AREA
• WALKING DISTANCE TO TOWN

Property features AI

Finance

• Other:
• Financial info: Operating expenses include insurance, maintenance, water/sewer, electricity, trash, and legal; Owner pays electricity, trash collection, water, gardener, taxes, and insurance; Tenants pay gas, electricity, and cable TV; Vacancy allowance rate listed as 0%
• HOA & community:

Exterior

• Parking: Covered parking; On-street parking; 6–10 parking spaces
• Security:
• Utilities: Public water; Public sewer; Cable available
• Home design: Multi-family property
• Construction: Stucco construction; Composition roof
• Exterior features: Patio; Raised and slab foundation

Interior

• Kitchen:
• Bedrooms: Six 1-bedroom units; Six 2-bedroom units
• Flooring:
• Bathrooms: Twelve full bathrooms total (units each have full baths)
• Heating & cooling: Forced-air heating; Wall furnace heating
• Interior features: Common-area laundry with coin-operated machines and leased laundry equipment; Six 1-bedroom units and six 2-bedroom units (12 units total)
• Laundry & utility: Common-area coin-operated laundry, leased equipment

What this means for you Summary

Snapshot

• This is a 6 × 3-bed/2.0-bath units multifamily listed at $3.30M.

Deal economics

• At list price, monthly cash flow is $528 ($6k/yr) — positive. Per door: $88/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $2.50M (24.1% below list).
• Recommended offer: $2.50M (24.1% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 2.3% in Solvang — 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.

Location & tenants

• Location reads 76/100 on livability (#96 in CA, #3,502 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, health & safety A+; Watch: housing C-, commute D, cost of living F.
• Solvang Elementary (town): math 46% / reading 63% proficiency, ranked #104 of 517 in CA (top 20%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Solvang Elementary (math 46% / reading 63%, grade C, #311 of 1,571 statewide, top 21%, 593 students, 39% FRL); Santa Ynez Valley Union High (847 students, 24% FRL) — zoned schools at 32% FRL track the district average.
• Market conditions: 73 active listings in the ZIP; high-income renter base; 719 units permitted in Santa Barbara County in 2024 (217 in 5+ unit buildings).
• At $25,030/mo this rent would consume 253% of the median local household income ($118k/yr) (locally 394% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $23k of loan paydown is wiped out by about $99k of value loss. Plan a longer hold.
• Santa Barbara County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 298 days — a 12% lower offer ($2.90M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $2,503,000 (24.1% below list)

Questions for the listing agent

1. It's been on market 298 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.76% ✗
• Cap rate: 6.49%
• Cash-on-cash: 0.69%
• DSCR: 1.03
• GRM: 11.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -15.3%
• Equity multiple: 0.46×
• Total profit: $-502,741
• Equity at exit: $491,892

10-year hold

• IRR: -6.8%
• Equity multiple: 0.57×
• Total profit: $-401,792
• Equity at exit: $285,237

Cash invested: $923,720 (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 93463

• Active inventory: 73
• Price-to-rent: 65.9×

Monthly cashflow live

• Estimated rent: $25,030 high
• Mortgage (P&I): −$17,300
• Tax from tax record: −$571 /mo · $6,847/yr
• Insurance: −$1,375
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,256
• Net cashflow: $528

Break-even live

Break-even rent $24,361

Max offer price $3,299,000

Occupancy floor 93%

Sensitivity live

Price	-10% $2,396	-5% $1,462	+0% $528	+5% $-4,165	+10% $-5,305
Rent	-10% $-1,449	-5% $-460	+0% $528	+5% $1,517	+10% $2,506
Rate	-1.0pp $2,190	-0.5pp $1,367	base $528	+0.5pp $-327	+1.0pp $-1,196

6-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 6× units	3	2	$25,032
Total (6 units)			$25,030

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: $824,750
• Closing costs: $98,970
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-23
   days on market $3,299,000 Active 298 DOM
2. 2026-06-22
   days on market $3,299,000 Active 297 DOM
3. 2026-06-18
   days on market $3,299,000 Active 294 DOM
4. 2026-06-17
   days on market $3,299,000 Active 293 DOM
5. 2026-06-16
   days on market $3,299,000 Active 292 DOM
6. 2026-06-15
   days on market $3,299,000 Active 291 DOM
7. 2026-06-14
   pricedays on market $3,299,000 Active 289 DOM
8. 2026-06-10
   days on market $3,499,000 Active 286 DOM
9. 2026-06-09
   days on market $3,499,000 Active 285 DOM
10. 2026-06-08
    days on market $3,499,000 Active 284 DOM
11. 2026-06-07
    days on market $3,499,000 Active 283 DOM
12. 2026-06-05
    days on market $3,499,000 Active 280 DOM
13. 2026-06-03
    days on market $3,499,000 Active 279 DOM
14. 2026-06-02
    days on market $3,499,000 Active 278 DOM
15. 2026-06-01
    days on market $3,499,000 Active 277 DOM
16. 2026-05-31
    days on market $3,499,000 Active 276 DOM
17. 2026-05-30
    days on market $3,499,000 Active 275 DOM
18. 2025-12-02
    price $3,499,000
19. 2025-08-28
    listed $3,800,000 Active

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

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $6,847 · $571/mo
• Projected year-2 tax: $25,072 · $2,089/mo
• Expected delta: +$18,226/yr (+$1,519/mo · 266.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 8 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $300,360
• − Mortgage interest: −$184,795
• − Property taxes: −$6,847
• − Insurance: −$16,495
• − Repairs & maintenance: −$24,029
• − Management: −$24,029
• − Depreciation: −$95,971
• Taxable loss: −$51,805
• Est. tax savings @ 24.0%: +$12,433
• After-tax cash flow: $18,772/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.

Schools (NCES district)

• District: Solvang Elementary
• NCES district ID: 0637110
• Math proficiency: 46% ▼ -22.00%
• Reading proficiency: 63% ▼ -5.00%
• Median HH income: $65,321
• Composite: 47.91/100
• National rank: #2211
• State rank: #104 of 517 in CA

Livability — Solvang

• Score: 76/100
• State rank: #96
• US rank: #3502

Category grades

Amenities B+ Commute D 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: Solvang, CA
• County: Santa Barbara County · 410,380 people
• City population: 8,130
• Metro: Santa Maria-Santa Barbara, CA
• Population (ZIP): 8,130
• Household income: $118,488
• Rent vs Own: 40.3% rent · 59.7% own
• Severe rent burden: 394.0

Population outlook (Santa Barbara County) Hauer SSP2

• Today (2025): 484,679 people
• By 2030: 505,323 · +4.3%
• By 2040: 545,783 · +12.6%
• By 2050: 584,263 · +20.5%
• By 2075: 682,586 · +40.8%
• By 2100: 723,188 · +49.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Hispanic / Latino 19% Two or more races 14% Asian 3%
• Hispanic origin (detail): Mexican 16%
• Common ancestry: Slovak 5% Lithuanian 3% Iranian 2%
• Foreign-born: 15% · Canada, China, Dominican Republic
• Languages at home: 77% English-only · Spanish 15% Chinese 2% Arabic 2%

Political lean MEDSL · Santa Barbara

• 2024 margin: Strong D (+26.7) · D 61.8% · R 35.1% · Other 3.1%
• 2008→2024 swing: +3.8pp toward D · 2008: 22.9pp · 2024: 26.7pp
• All cycles: 2024: D+26.7 2020: D+32.1 2016: D+28.2 2012: D+17.1 2008: D+22.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -273.23%
• Current HPI: 324.7536
• Rent YoY: —
• Metro: Santa Maria-Santa Barbara, 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

-7.9% since first listed

2 events — show timeline

• 2025-12-02 Price Changed $3,499,000 NSBCRMLS
• 2025-08-28 Listed $3,800,000 NSBCRMLS

Property tax history

+0.6%/yr

Latest (2025): $6,847 · +1.8% YoY. Source: county tax records.