2888 Iris Ave #76 · San Diego, CA 92154

$250,000

4 bd · 2.0 ba · 1,493 sqft · Manufactured public records · 17 Days on market

Built 2011 7.77 ac lot Est $269k · 7% under

---

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
• ARV discount +10.6/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +3.9/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks

Spacious, stylish, and move-in ready! This beautifully maintained 4-bedroom, 2-bath manufactured home offers 1,493 sq. ft. of comfortable living in a desirable all-ages community. Built in 2011, this home features a thoughtfully designed open-concept floor plan where the kitchen and dining area flow seamlessly into the bright and inviting living room, creating an ideal space for both everyday living and entertaining. The spacious layout offers flexibility for a variety of needs, along with a private primary suite designed for comfort and relaxation. A dedicated indoor laundry area adds everyday convenience, while the rare 3-car carport provides plenty of parking and extra versatility. Step

Key facts

• 7.77 acre lot
• 3 parking spots
• Community pool

Property features AI

Finance

• Other: Assessments: Unknown
• Financial info: Monthly land lease of $1,250
• HOA & community: Located in Greenfield Mobile Club (land-lease community)

Exterior

• Parking: 3 parking spaces; 3 carport spaces
• Utilities: Public sewer
• Home design: Single-story mobile home (13' x 56'); Mobile home remains on site
• Construction: Living area and lot details from public records; Located in a 6–10 units per acre neighborhood
• Exterior features: Community pool; Street lighting in the community

Interior

• Kitchen: Kitchen included
• Bedrooms: Primary bedroom; All bedrooms on ground level
• Bathrooms: 2 full bathrooms
• Interior features: One-level home with front-door entry; Has a view
• Laundry & utility: In-unit laundry in a dedicated laundry room

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $250k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $250k).
• Recommended offer: $246k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.9% vs local median 2.0% in San Diego — 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 75/100 on livability (#123 in CA, #4,206 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: health & safety C-, crime D+, cost of living F.
• Sweetwater Union High (suburban): math 36% / reading 52% proficiency, ranked #187 of 517 in CA (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Howard Pence Elementary (math 11% / reading 17%, grade F, #1,452 of 1,571 statewide, top 93%, 495 students, 74% FRL); Southwest Middle (math 12% / reading 24%, grade F, #431 of 498 statewide, top 88%, 441 students, 78% FRL); Southwest Senior High (math 28% / reading 56%, grade F, #472 of 1,170 statewide, top 42%, 1,645 students, 88% FRL) — zoned schools average 80% FRL vs 53% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 25% at this address vs 44% district-wide (-19 pts) — the specific schools serving this property underperform the Sweetwater Union High average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-0.5%/yr); 208 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 11,759 units permitted in San Diego County in 2024 (7,244 in 5+ unit buildings).
• At $3,915/mo this rent would consume 50% of the median local household income ($95k/yr) (locally 2959% 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.
• San Diego County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $70k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($246k) is reasonable based on typical stale-listing flexibility.

Recommended offer $246,250 (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 B-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?
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: 1.57% ✓
• Cap rate: 13.86%
• Cash-on-cash: 27.03%
• DSCR: 2.20
• GRM: 5.3

CMA / ARV

• ARV (on-the-fly): $268,740
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2626 Coronado Ave #115	0.52mi	3/2.0 (-1)	1,530 (+2%)	7mo	$275,000	$180	61
1011 Beyer Way #32	0.75mi	4/2.0	1,511 (+1%)	6mo	$225,000	$149	58
3340 Del Sol Blvd #102	0.67mi	3/2.0 (-1)	1,440 (-4%)	1mo	$217,000	$151	57
2626 Coronado Ave Spc 53	0.52mi	3/2.0 (-1)	1,333 (-11%)	22mo	$310,000	$233	34

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 17.7%
• Equity multiple: 1.69×
• Total profit: $48,379
• Equity at exit: $37,276

10-year hold

• IRR: 24.1%
• Equity multiple: 2.81×
• Total profit: $126,821
• Equity at exit: $21,615

Cash invested: $70,000 (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 92154

• Rents YoY: -0.5%
• Active inventory: 208
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $3,915 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$101 /mo · $1,213/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$822
• Net cashflow: $1,577

Break-even live

Break-even rent $1,919

Max offer price $250,000

Occupancy floor 55%

Sensitivity live

Price	-10% $1,718	-5% $1,648	+0% $1,577	+5% $1,506	+10% $1,435
Rent	-10% $1,268	-5% $1,422	+0% $1,577	+5% $1,732	+10% $1,886
Rate	-1.0pp $1,703	-0.5pp $1,641	base $1,577	+0.5pp $1,512	+1.0pp $1,446

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1311 Carnell Ct San Diego, CA	5.0	2.5	1812	$4,100	$2.26	0d	1	0.54mi
2683 Caulfield Dr San Diego, CA	3.0	2.0	1445	$3,995	$2.76	0d	1	0.57mi
2709 Elm Ave Unit B San Diego, CA	3.0	3.0	1560	$3,449	$2.21	0d	1	0.64mi
2871 Wardlow Ave San Diego, CA	5.0	2.0	1604	$4,200	$2.62	0d	1	0.74mi
1729 Hollister St #15 San Diego, CA	3.0	2.0	1224	$3,100	$2.53	0d	1	0.76mi
3580 Marzo St San Diego, CA	3.0	2.0	1700	$3,500	$2.06	18d	1	0.79mi
2750 Dahlia Ave San Diego, CA	4.0	2.0	1196	$3,995	$3.34	0d	1	0.79mi
813 Beyer Way San Diego, CA	3.0	2.5	1495	$3,500	$2.34	4d	1	0.84mi
3624 Marzo St San Diego, CA	3.0	2.0	1330	$3,295	$2.48	21d	1	0.85mi
2171 Ilex Ave San Diego, CA	3.0	2.0	1654	$4,200	$2.54	0d	1	0.85mi
3791 Agosto St San Diego, CA	4.0	2.0	1488	$3,900	$2.62	0d	1	1.03mi
3590 Arey Dr San Diego, CA	3.0	2.0	1061	$3,995	$3.77	0d	1	1.09mi
1662 Neptune Ave San Diego, CA	4.0	2.5	1670	$4,195	$2.51	0d	1	1.18mi
1683 Neptune Ave San Diego, CA	4.0	2.5	1670	$4,195	$2.51	21d	1	1.21mi
3822 Enero Ct San Diego, CA	3.0	2.0	1012	$3,850	$3.80	11d	1	1.22mi
3763 Via del Bardo San Ysidro, CA	3.0	2.5	1472	$4,200	$2.85	4d	1	1.24mi
1515 Kenalan Dr San Diego, CA	3.0	2.0	1140	$3,500	$3.07	0d	1	1.37mi
910 Saturn Blvd San Diego, CA	3.0	1.5	1400	$3,400	$2.43	3d	1	1.38mi
1041 Sea Glass Way San Diego, CA	3.0	2.5	1665	$3,950	$2.37	0d	1	1.43mi
1246 Thermal Ave San Diego, CA	3.0	2.0	1226	$7,000	$5.71	0d	1	1.49mi

Listing history 14 events

1. 2026-06-21
   days on market $250,000 Active 17 DOM
2. 2026-06-18
   days on market $250,000 Active 14 DOM
3. 2026-06-17
   days on market $250,000 Active 13 DOM
4. 2026-06-16
   days on market $250,000 Active 12 DOM
5. 2026-06-15
   days on market $250,000 Active 11 DOM
6. 2026-06-13
   days on market $250,000 Active 9 DOM
7. 2026-06-13
   days on market $250,000 Active 8 DOM
8. 2026-06-09
   days on market $250,000 Active 5 DOM
9. 2026-06-08
   days on market $250,000 Active 4 DOM
10. 2026-06-07
    status $250,000 Active 3 DOM
11. 2026-06-04
    days on market $250,000 Coming Soon 3 DOM
12. 2026-06-03
    days on market $250,000 Coming Soon 2 DOM
13. 2026-06-02
    remarks 699-char remark
14. 2026-06-02
    listed $250,000 Coming Soon 1 DOM

ⓘ 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: $1,213 · $101/mo
• Projected year-2 tax: $1,900 · $158/mo
• Expected delta: +$687/yr (+$57/mo · 56.6%)

ⓘ 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 2/10 Low
• 🌡 Heat 4/10 Moderate 6 d/yr ≥86°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $46,985
• − Mortgage interest: −$14,004
• − Property taxes: −$1,213
• − Insurance: −$1,250
• − Repairs & maintenance: −$3,759
• − Management: −$3,759
• − Depreciation: −$7,273
• Taxable income: $15,728
• Est. tax owed @ 24.0%: −$3,775
• After-tax cash flow: $15,148/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: Sweetwater Union High
• NCES district ID: 0638640
• Math proficiency: 36% ▲ 3.00%
• Reading proficiency: 52% ▼ -2.00%
• Median HH income: $59,051
• Composite: 38.61/100
• National rank: #4158
• State rank: #187 of 517 in CA

Livability — San Diego

• Score: 75/100
• State rank: #123
• US rank: #4206

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Diego, CA
• County: San Diego County · 3,178,799 people
• City population: 1,397,612
• Metro: San Diego-Chula Vista-Carlsbad, CA
• Population (ZIP): 80,445
• Household income: $94,901
• Rent vs Own: 38.9% rent · 61.1% own
• Severe rent burden: 2959.0

Population outlook (San Diego County) Hauer SSP2

• Today (2025): 3,678,185 people
• By 2030: 3,856,546 · +4.8%
• By 2040: 4,171,407 · +13.4%
• By 2050: 4,421,607 · +20.2%
• By 2075: 4,831,599 · +31.4%
• By 2100: 4,832,502 · +31.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (68%)
• Race & ethnicity: Hispanic / Latino 68% Two or more races 30% White 12% Asian 12% Black 5% Native American 1%
• Hispanic origin (detail): Mexican 65%
• Foreign-born: 32% · Canada, China
• Languages at home: 35% English-only · Spanish 56% Tagalog/Filipino 7% Chinese 1%

Political lean MEDSL · San Diego

• 2024 margin: D (+16.8) · D 56.9% · R 40.1% · Other 2.9%
• 2008→2024 swing: +6.6pp toward D · 2008: 10.2pp · 2024: 16.8pp
• All cycles: 2024: D+16.8 2020: D+22.8 2016: D+17.8 2012: D+5.1 2008: D+10.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -568.62%
• Current HPI: 393.1836
• Rent YoY: ▼ -0.52%
• Metro: San Diego-Chula Vista-Carlsbad, 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 event — show timeline

• 2026-06-01 Coming Soon $250,000 CRMLS