500 Atascadero Unit M3 · Morro Bay, CA 93442

$345,000

3 bd · 2.0 ba · 1,520 sqft · Manufactured · 39 Days on market

Built 2018 Good condition $227/sqft · 23% below area Est $450k · 23% under ↓ 4% since listing

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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 +21.2/30.0
• ARV discount +15.0/15.0
• DSCR +6.8/10.0
• 1% rule +5.6/10.0
• Schools +4.6/10.0
• Condition / age +4.2/5.0
• Rent growth +3.5/5.0
• Livability +2.9/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to your oasis that is just under .5 miles from the beach! This beautifully maintained 3 bedroom, 2 bathroom coastal home offers easy, low-maintenance living in the welcoming 55+ Silver City Resort. Built in 2018 with approximately 1,520 square feet of living space, this move-in ready home is a wonderful option for a primary residence, second home, or peaceful Central Coast retreat. Step onto the inviting front porch and enjoy the cool ocean breeze before entering a bright, open floor plan designed for comfort and everyday living. The spacious kitchen features an oversized island, abundant cabinetry, and great flow into the dining and living areas, making it perfect for entertaining, hosting family, or simply relaxing at home. Large windows and skylight bring in plenty of natural light, and the thoughtful layout offers flexibility for guests, hobbies, remote work, or extended stays.The primary suite includes a separate entrance, offering added privacy and convenience. Outside, the lot provides room to personalize and enjoy, with potential for a garden area, pet-friendly space, or your own cozy outdoor retreat. Silver City Resort offers a peaceful yet connected lifestyle with a resident clubhouse, pocket park, and regular community gatherings. You'll love being close to Morro Rock, local restaurants, coffee shops, boutique shopping, scenic coastal trails, kayaking, and nearby wine country. Located on leased land with monthly space rent of approximately $900 plus metered utilities. Park approval required and pets are welcome. This is your opportunity to enjoy beach-close living, coastal breezes, and the relaxed Morro Bay lifestyle in one of the area's established 55+ communities.

Key facts

• Large windows
• Inviting front porch
• Abundant cabinetry

Tags

• INVITING FRONT PORCH
• OVERSIZED ISLAND
• ABUNDANT CABINETRY
• BRIGHT OPEN FLOOR PLAN
• LARGE WINDOWS
• SKYLIGHT

Property features AI

Finance

• Other: Access via Highway; paved road frontage; Directions: Pull into Silver City Resort off Hwy 41, take a left at office; home is on the last row at the end.
• Financial info: Monthly land lease of $999 (seller-provided amount)
• HOA & community: Located in Silver City Resort with park and clubhouse access; Manager approval required; Pets allowed

Exterior

• Parking: Carport (1 space)
• Utilities: Public sewer; District / public water
• Home design: Mobile home (model PMH3410-CT); Double section; Single-story; Entry at front door; Mobile remains on site; Approximate width 27 ft and length 58 ft
• Construction: Asphalt roof; Pier jacks foundation
• Exterior features: Privacy fence; Shed (1); Siding skirt; Close to clubhouse; No pool

Interior

• Kitchen: Corian counters; Kitchen island; Garbage disposal; Microwave; Refrigerator; Gas range; Gas oven; Water line to refrigerator; Dishwasher
• Flooring: Carpet; Laminate
• Bathrooms: Two full bathrooms; Shower and shower-in-tub options
• Interior features: Corian counters; High (9'+) ceilings; Ceiling fan; Pantry; Blinds; Front door entry; One-level home
• Laundry & utility: Laundry inside in a dedicated room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $345k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $435 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $345k).
• Recommended offer: $335k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.0% vs local median 1.8% in Morro Bay — 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 58/100 on livability (#726 in CA) — a working-class tenant base; expect higher turnover. Strengths: crime B, employment B; Watch: amenities F, commute F, cost of living F.
• San Luis Coastal Unified (urban): math 50% / reading 58% proficiency, ranked #118 of 517 in CA (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+4.1%/yr); 59 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,104 units permitted in San Luis Obispo County in 2024 (273 in 5+ unit buildings).
• At $3,653/mo this rent would consume 46% of the median local household income ($96k/yr) (locally 333% 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 $10k of value loss. Plan a longer hold.
• San Luis Obispo 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 39 days — a 3% lower offer ($335k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $334,650 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.06% ✓
• Cap rate: 8.04%
• Cash-on-cash: 6.23%
• DSCR: 1.28
• GRM: 7.9

CMA / ARV

• ARV (median comp): $449,950
• List price: $345,000
• Delta: -23.32%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.1% rent growth · sell at horizon

5-year hold

• IRR: -6.6%
• Equity multiple: 0.75×
• Total profit: $-23,998
• Equity at exit: $51,441

10-year hold

• IRR: 4.4%
• Equity multiple: 1.33×
• Total profit: $32,343
• Equity at exit: $29,829

Cash invested: $96,600 (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 93442

• Rents YoY: 4.1%
• Active inventory: 59
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $3,653 medium
• Mortgage (P&I): −$1,809
• Tax est. 1.5%: −$431 /mo · $5,175/yr
• Insurance: −$144
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$767
• Net cashflow: $435

Break-even live

Break-even rent $3,102

Max offer price $345,000

Occupancy floor 83%

Sensitivity live

Price	-10% $674	-5% $554	+0% $435	+5% $316	+10% $197
Rent	-10% $147	-5% $291	+0% $435	+5% $580	+10% $724
Rate	-1.0pp $609	-0.5pp $523	base $435	+0.5pp $346	+1.0pp $255

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: $86,250
• Closing costs: $10,350
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
482 Rockview St Morro Bay, CA	3.0	3.0	1628	$3,800	$2.33	21d	1	0.13mi
2440 Greenwood Ave Morro Bay, CA	2.0	2.0	1694	$5,595	$3.30	44d	1	0.57mi

Listing history 18 events

1. 2026-06-18
   days on market $345,000 Active 39 DOM
2. 2026-06-17
   days on market $345,000 Active 38 DOM
3. 2026-06-16
   days on market $345,000 Active 37 DOM
4. 2026-06-15
   price $345,000 Active 36 DOM
5. 2026-06-15
   days on market $360,000 Active 36 DOM
6. 2026-06-14
   days on market $360,000 Active 34 DOM

   Show marketing remark (1713 chars)

   Welcome to your oasis that is just under .5 miles from the beach! This beautifully maintained 3 bedroom, 2 bathroom coastal home offers easy, low-maintenance living in the welcoming 55+ Silver City Resort. Built in 2018 with approximately 1,520 square feet of living space, this move-in ready home is a wonderful option for a primary residence, second home, or peaceful Central Coast retreat. Step onto the inviting front porch and enjoy the cool ocean breeze before entering a bright, open floor plan designed for comfort and everyday living. The spacious kitchen features an oversized island, abundant cabinetry, and great flow into the dining and living areas, making it perfect for entertaining, hosting family, or simply relaxing at home. Large windows and skylight bring in plenty of natural light, and the thoughtful layout offers flexibility for guests, hobbies, remote work, or extended stays.The primary suite includes a separate entrance, offering added privacy and convenience. Outside, the lot provides room to personalize and enjoy, with potential for a garden area, pet-friendly space, or your own cozy outdoor retreat. Silver City Resort offers a peaceful yet connected lifestyle with a resident clubhouse, pocket park, and regular community gatherings. You'll love being close to Morro Rock, local restaurants, coffee shops, boutique shopping, scenic coastal trails, kayaking, and nearby wine country. Located on leased land with monthly space rent of approximately $900 plus metered utilities. Park approval required and pets are welcome. This is your opportunity to enjoy beach-close living, coastal breezes, and the relaxed Morro Bay lifestyle in one of the area's established 55+ communities.

7. 2026-06-13
   days on market $360,000 Active 33 DOM
8. 2026-06-10
   days on market $360,000 Active 31 DOM
9. 2026-06-09
   days on market $360,000 Active 30 DOM
10. 2026-06-08
    days on market $360,000 Active 29 DOM
11. 2026-06-07
    days on market $360,000 Active 28 DOM
12. 2026-06-03
    days on market $360,000 Active 24 DOM
13. 2026-06-02
    days on market $360,000 Active 23 DOM
14. 2026-06-01
    days on market $360,000 Active 22 DOM
15. 2026-05-31
    days on market $360,000 Active 21 DOM
16. 2026-05-30
    days on market $360,000 Active 20 DOM
17. 2026-05-10
    listed $360,000 Active 1727-char remark

    Show marketing remark (1713 chars)

    Welcome to your oasis that is just under .5 miles from the beach! This beautifully maintained 3 bedroom, 2 bathroom coastal home offers easy, low-maintenance living in the welcoming 55+ Silver City Resort. Built in 2018 with approximately 1,520 square feet of living space, this move-in ready home is a wonderful option for a primary residence, second home, or peaceful Central Coast retreat. Step onto the inviting front porch and enjoy the cool ocean breeze before entering a bright, open floor plan designed for comfort and everyday living. The spacious kitchen features an oversized island, abundant cabinetry, and great flow into the dining and living areas, making it perfect for entertaining, hosting family, or simply relaxing at home. Large windows and skylight bring in plenty of natural light, and the thoughtful layout offers flexibility for guests, hobbies, remote work, or extended stays.The primary suite includes a separate entrance, offering added privacy and convenience. Outside, the lot provides room to personalize and enjoy, with potential for a garden area, pet-friendly space, or your own cozy outdoor retreat. Silver City Resort offers a peaceful yet connected lifestyle with a resident clubhouse, pocket park, and regular community gatherings. You'll love being close to Morro Rock, local restaurants, coffee shops, boutique shopping, scenic coastal trails, kayaking, and nearby wine country. Located on leased land with monthly space rent of approximately $900 plus metered utilities. Park approval required and pets are welcome. This is your opportunity to enjoy beach-close living, coastal breezes, and the relaxed Morro Bay lifestyle in one of the area's established 55+ communities.

18. 2026-05-10
    listed $360,000 Active 1713-char remark

    Show marketing remark (1713 chars)

    Welcome to your oasis that is just under .5 miles from the beach! This beautifully maintained 3 bedroom, 2 bathroom coastal home offers easy, low-maintenance living in the welcoming 55+ Silver City Resort. Built in 2018 with approximately 1,520 square feet of living space, this move-in ready home is a wonderful option for a primary residence, second home, or peaceful Central Coast retreat. Step onto the inviting front porch and enjoy the cool ocean breeze before entering a bright, open floor plan designed for comfort and everyday living. The spacious kitchen features an oversized island, abundant cabinetry, and great flow into the dining and living areas, making it perfect for entertaining, hosting family, or simply relaxing at home. Large windows and skylight bring in plenty of natural light, and the thoughtful layout offers flexibility for guests, hobbies, remote work, or extended stays.The primary suite includes a separate entrance, offering added privacy and convenience. Outside, the lot provides room to personalize and enjoy, with potential for a garden area, pet-friendly space, or your own cozy outdoor retreat. Silver City Resort offers a peaceful yet connected lifestyle with a resident clubhouse, pocket park, and regular community gatherings. You'll love being close to Morro Rock, local restaurants, coffee shops, boutique shopping, scenic coastal trails, kayaking, and nearby wine country. Located on leased land with monthly space rent of approximately $900 plus metered utilities. Park approval required and pets are welcome. This is your opportunity to enjoy beach-close living, coastal breezes, and the relaxed Morro Bay lifestyle in one of the area's established 55+ communities.

ⓘ 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 7/10 Severe FEMA zone X · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥75°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 13 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,837
• − Mortgage interest: −$19,325
• − Property taxes: −$5,175
• − Insurance: −$2,522
• − Repairs & maintenance: −$3,507
• − Management: −$3,507
• − Depreciation: −$10,036
• Taxable loss: −$236
• Est. tax savings @ 24.0%: +$57
• After-tax cash flow: $5,280/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 · 30 photos

Good 85/100 Cosmetic rehab

This move-in ready, 2018-built home in a 55+ resort offers a bright, open floor plan with modern amenities and a prime location just under 0.5 miles from the beach.

Value-add opportunities

• Both Paint exterior — Fresh paint enhances curb appeal and value
• Both Replace window treatments — Fresh window treatments improve aesthetics and energy efficiency
• Both Install smart home devices — Enhances convenience and marketability

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Fresh paint enhances curb appeal and value ↑
• Both Replace window treatments — Fresh window treatments improve aesthetics and energy efficiency ↑
• Both Install smart home devices — Enhances convenience and marketability ↑

ⓘ 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: San Luis Coastal Unified
• NCES district ID: 0634800
• Math proficiency: 50% ▼ -14.00%
• Reading proficiency: 58% ▼ -12.00%
• Median HH income: $53,428
• Composite: 46.4/100
• National rank: #2455
• State rank: #118 of 517 in CA

Livability — Morro Bay

• Score: 58/100
• State rank: #726
• US rank: #21437

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Morro Bay, CA
• County: San Luis Obispo County · 224,651 people
• City population: 11,571
• Metro: San Luis Obispo-Paso Robles, CA
• Population (ZIP): 11,571
• Household income: $95,623
• Rent vs Own: 34.1% rent · 65.9% own
• Severe rent burden: 333.0

Population outlook (San Luis Obispo County) Hauer SSP2

• Today (2025): 306,977 people
• By 2030: 320,378 · +4.4%
• By 2040: 343,933 · +12.0%
• By 2050: 366,853 · +19.5%
• By 2075: 428,329 · +39.5%
• By 2100: 460,687 · +50.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Hispanic / Latino 13% Two or more races 9% Asian 5%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Slovak 5% Italian 3% Portuguese 3%
• Foreign-born: 6% · Canada, China
• Languages at home: 89% English-only · Spanish 7% Other Indo-European 2% German/W. Germanic 1%

Political lean MEDSL · San Luis Obispo

• 2024 margin: D (+10.9) · D 53.9% · R 43.1% · Other 3.0%
• 2008→2024 swing: +5.5pp toward D · 2008: 5.4pp · 2024: 10.9pp
• All cycles: 2024: D+10.9 2020: D+13.1 2016: D+8.3 2012: D+1.0 2008: D+5.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -758.25%
• Current HPI: 351.1292
• Rent YoY: ▲ 4.10%
• Metro: San Luis Obispo-Paso Robles, 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

-4.2% since first listed

4 events — show timeline

• 2026-06-15 Price Changed $345,000 CRMLS
• 2026-06-14 Price Changed $345,000 NSBCRMLS
• 2026-05-10 Listed $360,000 NSBCRMLS
• 2026-05-10 Listed $360,000 CRMLS