3424 W Washington #228 · Santa Ana, CA 92703

$275,000

4 bd · 2.0 ba · 1,344 sqft · Manufactured · 328 Days on market

Built 2016 Fair condition $205/sqft · 65% above area ↓ 2% since listing

---

Why this score? — see what drove the C+ 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 +27.7/30.0
• DSCR +9.7/10.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• Schools +4.5/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 3424 W Washington Ave, Space 228 – a spacious 4-bedroom, 2-bathroom mobile home located in the desirable Holiday Mobile Home Estates, a well-maintained and gated community in the heart of Santa Ana. This charming home offers a functional layout ideal for families or those needing extra space. Enjoy the convenience of being close to local restaurants, shopping centers, schools, and with easy access to the 5 and 22 freeways for commuting.

Key facts

• Gated community
• Community pool
• Built 2016

Tags

• GATED COMMUNITY
• CLOSE TO LOCAL RESTAURANTS
• EASY ACCESS TO FREEWAYS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $275k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $827 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Recommended offer: $242k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.9% 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.
• Garden Grove Unified (suburban): math 38% / reading 65% proficiency, ranked #132 of 517 in CA (top 26%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 59 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 6,974 units permitted in Orange County in 2024 (3,839 in 5+ unit buildings).
• At $3,452/mo this rent would consume 49% of the median local household income ($84k/yr) (locally 1835% 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 $8k 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 + 3.0% rent growth), your $77k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 328 days — a 12% lower offer ($242k) is reasonable based on typical stale-listing flexibility.

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 $242,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 328 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.26% ✓
• Cap rate: 9.90%
• Cash-on-cash: 12.88%
• DSCR: 1.57
• GRM: 6.6

CMA / ARV

• ARV (median comp): $166,243
• List price: $275,000
• Delta: 65.42%
• Verdict: OVERPRICED
• Comps: 14 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
230 Green Dr	0.03mi	3/2.0 (-1)	1,248 (-7%)	4mo	$170,000	$136	78
14300 Clinton St #105	0.40mi	4/2.0	1,344 (0%)	20mo	$205,000	$153	65
14300 Clinton St #61	0.40mi	3/2.0 (-1)	1,440 (+7%)	5mo	$165,000	$115	60
14300 Clinton St #64	0.40mi	3/2.0 (-1)	1,440 (+7%)	6mo	$245,000	$170	59
14300 CLINTON St N #155	0.42mi	3/2.0 (-1)	1,344 (0%)	20mo	$185,000	$138	59
14300 Clinton St #117	0.40mi	4/2.0	1,500 (+12%)	4mo	$285,000	$190	58
14300 Clinton St #120	0.40mi	3/2.0 (-1)	1,344 (0%)	23mo	$195,000	$145	57
14300 Clinton St #96	0.40mi	3/3.0 (-1)	1,440 (+7%)	7mo	$170,000	$118	55

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 2.8%
• Equity multiple: 1.11×
• Total profit: $8,144
• Equity at exit: $41,003

10-year hold

• IRR: 12.3%
• Equity multiple: 1.98×
• Total profit: $75,104
• Equity at exit: $23,777

Cash invested: $77,000 (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 92703

• Active inventory: 59
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $3,452 high
• Mortgage (P&I): −$1,442
• Tax est. 1.5%: −$344 /mo · $4,125/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$725
• Net cashflow: $827

Break-even live

Break-even rent $2,406

Max offer price $275,000

Occupancy floor 71%

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12562 Cardinal Ave Unit B Garden Grove, CA	3.0	1.0	1100	$2,800	$2.55	43d	1	0.64mi
5010 W Maurie Ave Santa Ana, CA	3.0	2.0	1580	$4,000	$2.53	2d	1	1.19mi
13884 Euclid St Unit D07 Garden Grove, CA	3.0	1.5	1060	$3,300	$3.11	2d	1	1.30mi
13884 Euclid St Apt C12 Garden Grove, CA	3.0	1.5	1060	$3,335	$3.15	24d	1	1.30mi
13884 Euclid St Garden Grove, CA	2.0–3.0	1.5	980	$3,300	$3.37	2d	4	1.30mi

Listing history 17 events

1. 2026-06-18
   days on market $275,000 Active 328 DOM
2. 2026-06-17
   days on market $275,000 Active 327 DOM
3. 2026-06-16
   days on market $275,000 Active 326 DOM
4. 2026-06-15
   days on market $275,000 Active 325 DOM
5. 2026-06-13
   days on market $275,000 Active 323 DOM
6. 2026-06-13
   days on market $275,000 Active 322 DOM
7. 2026-06-09
   days on market $275,000 Active 319 DOM
8. 2026-06-08
   days on market $275,000 Active 318 DOM
9. 2026-06-07
   days on market $275,000 Active 317 DOM
10. 2026-06-04
    days on market $275,000 Active 314 DOM
11. 2026-06-03
    days on market $275,000 Active 313 DOM
12. 2026-06-02
    days on market $275,000 Active 312 DOM
13. 2026-06-01
    days on market $275,000 Active 311 DOM
14. 2026-05-31
    days on market $275,000 Active 310 DOM
15. 2025-12-10
    price $275,000 457-char remark

    Show marketing remark (457 chars)

    Welcome to 3424 W Washington Ave, Space 228 – a spacious 4-bedroom, 2-bathroom mobile home located in the desirable Holiday Mobile Home Estates, a well-maintained and gated community in the heart of Santa Ana. This charming home offers a functional layout ideal for families or those needing extra space. Enjoy the convenience of being close to local restaurants, shopping centers, schools, and with easy access to the 5 and 22 freeways for commuting.

16. 2025-11-11
    price $259,000 457-char remark

    Show marketing remark (457 chars)

    Welcome to 3424 W Washington Ave, Space 228 – a spacious 4-bedroom, 2-bathroom mobile home located in the desirable Holiday Mobile Home Estates, a well-maintained and gated community in the heart of Santa Ana. This charming home offers a functional layout ideal for families or those needing extra space. Enjoy the convenience of being close to local restaurants, shopping centers, schools, and with easy access to the 5 and 22 freeways for commuting.

17. 2025-07-25
    listed $279,900 Active 457-char remark

    Show marketing remark (457 chars)

    Welcome to 3424 W Washington Ave, Space 228 – a spacious 4-bedroom, 2-bathroom mobile home located in the desirable Holiday Mobile Home Estates, a well-maintained and gated community in the heart of Santa Ana. This charming home offers a functional layout ideal for families or those needing extra space. Enjoy the convenience of being close to local restaurants, shopping centers, schools, and with easy access to the 5 and 22 freeways for commuting.

ⓘ 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 · 0% 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 6/10 Major 12 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $41,426
• − Mortgage interest: −$15,404
• − Property taxes: −$4,125
• − Insurance: −$1,375
• − Repairs & maintenance: −$3,314
• − Management: −$3,314
• − Depreciation: −$8,000
• Taxable income: $5,893
• Est. tax owed @ 24.0%: −$1,414
• After-tax cash flow: $8,506/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

Fair 45/100 Moderate rehab

This mobile home requires moderate repairs and maintenance, particularly to the exterior siding and driveway. Upgrading the paint and appliances can significantly increase its value for resale or rental.

Repairs flagged

• Moderate Exterior siding — Weathered appearance suggests need for repainting or replacement.
• Moderate Driveway — Signs of wear and tear, may need resurfacing or repair.

Value-add opportunities

• Resale Paint interior walls and trim — Fresh paint can significantly improve the home's curb appeal and interior aesthetics.
• Rental Replace worn-out appliances — Upgrading to newer, energy-efficient appliances can attract renters and increase rental value.
• Both Resurface or repair driveway — A well-maintained driveway enhances the home's overall appearance and can attract both buyers and renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Weathered appearance suggests need for repainting or replacement.	Moderate	$3,000–15,000
Driveway · Signs of wear and tear, may need resurfacing or repair.	Moderate	$3,000–15,000
Total estimated repair cost · 2 items		$6,000–30,000

Value-add ROI direction

• Resale Paint interior walls and trim — Fresh paint can significantly improve the home's curb appeal and interior aesthetics. ↑
• Rental Replace worn-out appliances — Upgrading to newer, energy-efficient appliances can attract renters and increase rental value. ↑
• Both Resurface or repair driveway — A well-maintained driveway enhances the home's overall appearance and can attract both 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: Garden Grove Unified
• NCES district ID: 0614880
• Math proficiency: 38% ▼ -14.00%
• Reading proficiency: 65% ▲ 4.00%
• Median HH income: $60,089
• Composite: 44.89/100
• National rank: #2715
• State rank: #132 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): 62,447
• Household income: $84,437
• Rent vs Own: 49.0% rent · 51.0% own
• Severe rent burden: 1835.0

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 (77%)
• Race & ethnicity: Hispanic / Latino 77% Two or more races 19% Asian 16% White 5% Native American 2%
• Hispanic origin (detail): Mexican 72%
• Common ancestry: Iranian 1%
• Foreign-born: 47% · Canada, Vietnam, China
• Languages at home: 17% English-only · Spanish 68% Vietnamese 13% Other Asian/Pacific 1%

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: ▼ -666.61%
• Current HPI: 458.1824
• Rent YoY: —
• 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

-1.8% since first listed

3 events — show timeline

• 2025-12-10 Price Changed $275,000 CRMLS
• 2025-11-11 Price Changed $259,000 CRMLS
• 2025-07-25 Listed $279,900 CRMLS