215 S Sullivan St #220 · Santa Ana, CA 92704

$235,000

4 bd · 2.0 ba · 1,152 sqft · Manufactured · 18 Days on market

Built 1990 Excellent condition $204/sqft · 75% above area

---

Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Condition / age +4.8/5.0
• Rent growth +3.0/5.0
• Livability +2.8/5.0
• Schools +2.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Move-in ready 4-bedroom, 2-bath mobile home featuring new flooring, new kitchen, new bathrooms, new roof, new windows, fresh interior paint, and all new appliances including refrigerator, stove, dishwasher, washer, and dryer. Enjoy the comfort of brand new central A/C, perfect for the summer and hot days. Situated on a desirable corner lot in a 100% family-friendly park, close to schools, shopping, and located in the heart of West Santa Ana.

Key facts

• Spacious kitchen
• High ceilings
• Corner lot

Tags

• CORNER LOT
• SPLIT-BEDROOM FLOOR PLAN
• OPEN-CONCEPT LIVING AREA
• SPACIOUS KITCHEN
• HIGH CEILINGS
• RECESSED CANNED LIGHTING

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $235k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $235k).
• Recommended offer: $231k (1.5% below list) — sets the bar for market timing.
• Cap rate 15.6% vs local median 2.5% in Santa Ana — 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 55/100 on livability (#871 in CA) — a working-class tenant base; expect higher turnover. Strengths: employment A; Watch: schools D, crime D-, amenities F.
• Santa Ana Unified (urban): math 23% / reading 37% proficiency, ranked #329 of 517 in CA (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 83% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.2%/yr); 80 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 6,974 units permitted in Orange County in 2024 (3,839 in 5+ unit buildings).
• At $4,371/mo this rent would consume 53% of the median local household income ($100k/yr) (locally 2188% 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Orange County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 2.2% rent growth), your $66k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($231k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $15k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $231,475 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. Crime grade is D 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?
4. 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.
5. 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.
6. 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: 1.86% ✓
• Cap rate: 15.63%
• Cash-on-cash: 33.36%
• DSCR: 2.48
• GRM: 4.5

CMA / ARV

• ARV (median comp): $134,071
• List price: $235,000
• Delta: 75.28%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
215 S Sullivan Unit 307 Knight	0.01mi	3/2.0 (-1)	1,080 (-6%)	2mo	$82,000	$76	82
105 Prince Ln	0.08mi	3/2.0 (-1)	1,050 (-9%)	8mo	$135,000	$129	70
216 Monaco Ave	0.36mi	3/2.0 (-1)	1,040 (-10%)	6mo	$140,000	$135	57
105 Persimmon	0.22mi	3/2.0 (-1)	1,040 (-10%)	22mo	$169,900	$163	50
214 Sequoia Way	0.53mi	3/2.0 (-1)	1,310 (+14%)	19mo	$180,000	$137	32

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 · 2.16% rent growth · sell at horizon

5-year hold

• IRR: 27.7%
• Equity multiple: 2.14×
• Total profit: $74,821
• Equity at exit: $35,039

10-year hold

• IRR: 34.7%
• Equity multiple: 4.05×
• Total profit: $200,649
• Equity at exit: $20,319

Cash invested: $65,800 (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 92704

• Rents YoY: 2.2%
• Active inventory: 80
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $4,371 medium
• Mortgage (P&I): −$1,232
• Tax est. 1.5%: −$294 /mo · $3,525/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$918
• Net cashflow: $1,829

Break-even live

Break-even rent $2,056

Max offer price $235,000

Occupancy floor 53%

Sensitivity live

Price	-10% $1,992	-5% $1,910	+0% $1,829	+5% $1,748	+10% $1,667
Rent	-10% $1,484	-5% $1,656	+0% $1,829	+5% $2,002	+10% $2,174
Rate	-1.0pp $1,947	-0.5pp $1,889	base $1,829	+0.5pp $1,768	+1.0pp $1,706

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1330 W 10th St Unit 2 Santa Ana, CA	3.0	2.0	993	$3,700	$3.73	13d	1	1.13mi
909 S Elliott Pl Santa Ana, CA	4.0	2.0	1351	$4,700	$3.48	44d	1	1.42mi

Listing history 21 events

1. 2026-06-18
   days on market $235,000 Active 18 DOM
2. 2026-06-17
   days on market $235,000 Active 17 DOM
3. 2026-06-16
   days on market $235,000 Active 16 DOM
4. 2026-06-15
   days on market $235,000 Active 15 DOM
5. 2026-06-13
   days on market $235,000 Active 13 DOM
6. 2026-06-13
   days on market $235,000 Active 12 DOM
7. 2026-06-09
   days on market $235,000 Active 9 DOM
8. 2026-06-08
   days on market $235,000 Active 8 DOM
9. 2026-06-07
   days on market $235,000 Active 7 DOM
10. 2026-06-04
    days on market $235,000 Active 4 DOM
11. 2026-06-03
    days on market $235,000 Active 3 DOM
12. 2026-06-02
    days on market $235,000 Active 2 DOM
13. 2026-06-01
    remarks 699-char remark
14. 2026-06-01
    days on marketlisting id $235,000 Active 1 DOM
15. 2025-11-13
    price $235,000 445-char remark

    Show marketing remark (445 chars)

    Move-in ready 4-bedroom, 2-bath mobile home featuring new flooring, new kitchen, new bathrooms, new roof, new windows, fresh interior paint, and all new appliances including refrigerator, stove, dishwasher, washer, and dryer. Enjoy the comfort of brand new central A/C, perfect for the summer and hot days. Situated on a desirable corner lot in a 100% family-friendly park, close to schools, shopping, and located in the heart of West Santa Ana.

16. 2025-11-06
    status Active 445-char remark

    Show marketing remark (445 chars)

    Move-in ready 4-bedroom, 2-bath mobile home featuring new flooring, new kitchen, new bathrooms, new roof, new windows, fresh interior paint, and all new appliances including refrigerator, stove, dishwasher, washer, and dryer. Enjoy the comfort of brand new central A/C, perfect for the summer and hot days. Situated on a desirable corner lot in a 100% family-friendly park, close to schools, shopping, and located in the heart of West Santa Ana.

17. 2025-10-09
    status Pending Sale 445-char remark

    Show marketing remark (445 chars)

    Move-in ready 4-bedroom, 2-bath mobile home featuring new flooring, new kitchen, new bathrooms, new roof, new windows, fresh interior paint, and all new appliances including refrigerator, stove, dishwasher, washer, and dryer. Enjoy the comfort of brand new central A/C, perfect for the summer and hot days. Situated on a desirable corner lot in a 100% family-friendly park, close to schools, shopping, and located in the heart of West Santa Ana.

18. 2025-08-22
    listed $250,000 Active 445-char remark

    Show marketing remark (445 chars)

    Move-in ready 4-bedroom, 2-bath mobile home featuring new flooring, new kitchen, new bathrooms, new roof, new windows, fresh interior paint, and all new appliances including refrigerator, stove, dishwasher, washer, and dryer. Enjoy the comfort of brand new central A/C, perfect for the summer and hot days. Situated on a desirable corner lot in a 100% family-friendly park, close to schools, shopping, and located in the heart of West Santa Ana.

19. 2025-06-23
    historical
20. 2025-04-24
    price $120,000
21. 2025-01-24
    listed $140,000 Active

ⓘ 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 3/10 Moderate FEMA zone X · 7% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥89°F today · 23 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $52,453
• − Mortgage interest: −$13,164
• − Property taxes: −$3,525
• − Insurance: −$1,175
• − Repairs & maintenance: −$4,196
• − Management: −$4,196
• − Depreciation: −$6,836
• Taxable income: $19,361
• Est. tax owed @ 24.0%: −$4,647
• After-tax cash flow: $17,303/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 · 12 photos

Excellent 95/100 None rehab

This move-in ready 4-bedroom, 2-bath manufactured home is in excellent condition with new updates throughout, making it ideal for both resale and rental.

Value-add opportunities

• Both landscaping — enhances curb appeal and adds value
• Both exterior lighting — improves safety and enhances curb appeal

Renovation cost estimate screening

Value-add ROI direction

• Both landscaping — enhances curb appeal and adds value ↑
• Both exterior lighting — improves safety and enhances curb appeal ↑

ⓘ 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: Santa Ana Unified
• NCES district ID: 0635310
• Math proficiency: 23% ▼ -2.00%
• Reading proficiency: 37% ▲ 5.00%
• Median HH income: $55,752
• Composite: 26.7/100
• National rank: #7152
• State rank: #329 of 517 in CA

Livability — Santa Ana

• Score: 55/100
• State rank: #871
• US rank: #23502

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Santa Ana, CA
• County: Orange County · 3,096,323 people
• City population: 288,255
• Metro: Los Angeles-Long Beach-Anaheim, CA
• Population (ZIP): 82,120
• Household income: $99,777
• Rent vs Own: 50.9% rent · 49.1% own
• Severe rent burden: 2188.0

Population outlook (Orange County) Hauer SSP2

• Today (2025): 3,477,456 people
• By 2030: 3,613,117 · +3.9%
• By 2040: 3,835,945 · +10.3%
• By 2050: 3,968,736 · +14.1%
• By 2075: 4,097,053 · +17.8%
• By 2100: 3,903,633 · +12.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (71%)
• Race & ethnicity: Hispanic / Latino 71% Asian 18% Two or more races 17% White 9% Native American 2%
• Hispanic origin (detail): Mexican 65%
• Common ancestry: Italian 1%
• Foreign-born: 44% · Canada, Vietnam, China
• Languages at home: 22% English-only · Spanish 61% Vietnamese 13% Other Asian/Pacific 2%

Political lean MEDSL · Orange

• 2024 margin: Toss-up / Even · D 49.7% · R 47.1% · Other 3.2%
• 2008→2024 swing: +5.2pp toward D · 2008: -2.6pp · 2024: 2.6pp
• All cycles: 2024: D+2.6 2020: D+9.0 2016: D+7.7 2012: R+8.3 2008: R+2.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -991.35%
• Current HPI: 449.8874
• Rent YoY: ▲ 2.16%
• Metro: Los Angeles-Long Beach-Anaheim, 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

+67.9% since first listed

7 events — show timeline

• 2025-11-13 Price Changed $235,000 CRMLS
• 2025-11-06 Relisted — CRMLS
• 2025-10-09 Pending — CRMLS
• 2025-08-22 Listed $250,000 CRMLS
• 2025-06-23 Listing Removed — CRMLS
• 2025-04-24 Price Changed $120,000 CRMLS
• 2025-01-24 Listed $140,000 CRMLS