4117 McFadden #6 · Santa Ana, CA 92704

$175,000

3 bd · 2.0 ba · 1,200 sqft · Manufactured · 103 Days on market

Built 1963 $146/sqft · 27% above area Est $138k · 27% over ↓ 5% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.5/10.0
• Rent growth +3.0/5.0
• Livability +2.8/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

This is a mobile home for the people 55+. The mobile home has 3 bedrooms and 2 bathroom with the patio It 's very bright and clean . Swimming pool in the park for people want relaxing . Buyer must have income $ 3,600/ month. The mobile home park approval , close to shopping , restaurants . ..

Key facts

• Built 1963
• Listed 103 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $175k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $175k).
• Recommended offer: $159k (9.0% below list) — sets the bar for market timing.
• Cap rate 14.6% 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.
• 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: Rents rising (+2.2%/yr); 80 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 47% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 6,974 units permitted in Orange County in 2024 (3,839 in 5+ unit buildings).
• This rent runs 37% of the median local income ($100k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 $49k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 103 days — a 9% lower offer ($159k) 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 $159,250 (9.0% below list)

Questions for the listing agent

1. It's been on market 103 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.75% ✓
• Cap rate: 14.63%
• Cash-on-cash: 29.79%
• DSCR: 2.33
• GRM: 4.7

CMA / ARV

• ARV (median comp): $138,229
• List price: $175,000
• Delta: 26.60%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4117 W Mcfadden Ave #9	0.06mi	3/2.0	1,200 (0%)	0mo	$166,000	$138	97
432 S Harbor Blvd #20	0.16mi	3/2.0	1,248 (+4%)	17mo	$144,500	$116	72
4080 W 1st St #174	0.23mi	3/2.0	1,152 (-4%)	18mo	$191,500	$166	68
4080 W 1st St #114	0.23mi	2/2.0 (-1)	1,152 (-4%)	16mo	$140,000	$122	64
4080 W First #175	0.23mi	3/2.0	1,100 (-8%)	15mo	$165,000	$150	63
4117 W Mcfadden Ave #612	0.00mi	2/2.0 (-1)	1,045 (-13%)	17mo	$165,500	$158	60
323 N Euclid #63	0.73mi	3/2.0	1,200 (0%)	8mo	$200,000	$167	59
4117 W McFadden #116	0.12mi	2/2.0 (-1)	1,040 (-13%)	15mo	$160,000	$154	55
432 S Harbor Blvd #34	0.16mi	2/2.0 (-1)	1,040 (-13%)	14mo	$109,000	$105	54
323 N Euclid st, sp 65 #65	0.73mi	4/2.0 (+1)	1,281 (+7%)	1mo	$250,000	$195	49
4801 W First St #78	0.55mi	4/2.0 (+1)	1,344 (+12%)	12mo	$203,000	$151	39
3929 W 5th St #49	0.72mi	2/2.0 (-1)	1,040 (-13%)	7mo	$152,000	$146	33

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: 23.4%
• Equity multiple: 1.95×
• Total profit: $46,583
• Equity at exit: $26,093

10-year hold

• IRR: 30.8%
• Equity multiple: 3.66×
• Total profit: $130,120
• Equity at exit: $15,131

Cash invested: $49,000 (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 92704

• Rents YoY: 2.2%
• Active inventory: 80
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $3,071 high
• Mortgage (P&I): −$918
• Tax est. 1.5%: −$219 /mo · $2,625/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$645
• Net cashflow: $1,216

Break-even live

Break-even rent $1,531

Max offer price $175,000

Occupancy floor 55%

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
517 S Newhope St Santa Ana, CA	2.0	1.0	840	$2,125	$2.53	44d	1	0.15mi
909 S Elliott Pl Santa Ana, CA	4.0	2.0	1351	$4,700	$3.48	44d	1	0.31mi
4200 W 1st St Santa Ana, CA	1.0–2.0	1.0–2.0	714	$2,997	$4.19	2d	4	0.35mi
4800 W McFadden Ave Santa Ana, CA	2.0	1.0	820	$2,450	$2.99	19d	1	0.52mi
3900 W 5th St Santa Ana, CA	1.0–2.0	1.0–2.0	780	$2,175	$2.79	13d	1	0.57mi
4201 W 5th St Santa Ana, CA	2.0	1.0	921	$2,800	$3.04	7d	1	0.60mi
308 S Laurel St Unit C Santa Ana, CA	2.0	1.0	950	$2,650	$2.79	44d	1	0.61mi
4109 W 5th St Unit C3 Santa Ana, CA	2.0	2.0	921	$2,500	$2.71	22d	1	0.64mi
4109 W 5th St Unit C3 Santa Ana, CA	2.0	2.0	921	$2,900	$3.15	44d	1	0.64mi
3200 W 5th St Santa Ana, CA	1.0–2.0	1.0–2.0	769	$2,795	$3.63	2d	9	0.89mi
10956 Obsidian Ct Fountain Valley, CA	3.0	1.5	1388	$3,500	$2.52	19d	1	0.94mi
16350 S Harbor Blvd Santa Ana, CA	1.0–2.0	1.0	800	$2,870	$3.59	44d	1	1.07mi
16245 Mount Baden Powell St Fountain Valley, CA	2.0	2.0	900	$2,650	$2.94	44d	1	1.11mi
1314 N Harbor Blvd Santa Ana, CA	2.0	2.0	884	$2,742	$3.10	13d	4	1.18mi
15951 Los Reyes St Unit A Fountain Valley, CA	3.0	2.0	1000	$3,100	$3.10	44d	1	1.22mi
1500 N Harbor Blvd Santa Ana, CA	1.0–2.0	1.0–2.0	780	$2,575	$3.30	15d	1	1.25mi
3630 Westminster Ave Santa Ana, CA	2.0	2.0	997	$2,758	$2.77	44d	1	1.35mi

Listing history 19 events

1. 2026-06-18
   days on market $175,000 Active 103 DOM
2. 2026-06-17
   days on market $175,000 Active 102 DOM
3. 2026-06-16
   days on market $175,000 Active 101 DOM
4. 2026-06-15
   days on market $175,000 Active 100 DOM
5. 2026-06-13
   days on market $175,000 Active 98 DOM
6. 2026-06-13
   days on market $175,000 Active 97 DOM
7. 2026-06-09
   days on market $175,000 Active 94 DOM
8. 2026-06-08
   days on market $175,000 Active 93 DOM
9. 2026-06-07
   days on market $175,000 Active 92 DOM
10. 2026-06-04
    days on market $175,000 Active 89 DOM
11. 2026-06-03
    days on market $175,000 Active 88 DOM
12. 2026-06-02
    days on market $175,000 Active 87 DOM
13. 2026-06-01
    days on market $175,000 Active 86 DOM
14. 2026-05-31
    days on market $175,000 Active 85 DOM
15. 2026-03-31
    price $175,000 293-char remark

    Show marketing remark (293 chars)

    This is a mobile home for the people 55+. The mobile home has 3 bedrooms and 2 bathroom with the patio It 's very bright and clean . Swimming pool in the park for people want relaxing . Buyer must have income $ 3,600/ month. The mobile home park approval , close to shopping , restaurants . ..

16. 2026-03-11
    price $184,000 293-char remark

    Show marketing remark (293 chars)

    This is a mobile home for the people 55+. The mobile home has 3 bedrooms and 2 bathroom with the patio It 's very bright and clean . Swimming pool in the park for people want relaxing . Buyer must have income $ 3,600/ month. The mobile home park approval , close to shopping , restaurants . ..

17. 2026-03-11
    price $172,000 293-char remark

    Show marketing remark (293 chars)

    This is a mobile home for the people 55+. The mobile home has 3 bedrooms and 2 bathroom with the patio It 's very bright and clean . Swimming pool in the park for people want relaxing . Buyer must have income $ 3,600/ month. The mobile home park approval , close to shopping , restaurants . ..

18. 2026-03-07
    listed $185,000 Active 293-char remark

    Show marketing remark (293 chars)

    This is a mobile home for the people 55+. The mobile home has 3 bedrooms and 2 bathroom with the patio It 's very bright and clean . Swimming pool in the park for people want relaxing . Buyer must have income $ 3,600/ month. The mobile home park approval , close to shopping , restaurants . ..

19. 2026-03-06
    historical $185,000 293-char remark

    Show marketing remark (293 chars)

    This is a mobile home for the people 55+. The mobile home has 3 bedrooms and 2 bathroom with the patio It 's very bright and clean . Swimming pool in the park for people want relaxing . Buyer must have income $ 3,600/ month. The mobile home park approval , close to shopping , restaurants . ..

ⓘ 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 4/10 Moderate 5 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $36,846
• − Mortgage interest: −$9,803
• − Property taxes: −$2,625
• − Insurance: −$875
• − Repairs & maintenance: −$2,948
• − Management: −$2,948
• − Depreciation: −$5,091
• Taxable income: $12,557
• Est. tax owed @ 24.0%: −$3,014
• After-tax cash flow: $11,582/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: 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): 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

-5.4% since first listed

5 events — show timeline

• 2026-03-31 Price Changed $175,000 CRMLS
• 2026-03-11 Price Changed $184,000 CRMLS
• 2026-03-11 Price Changed $172,000 CRMLS
• 2026-03-07 Listed $185,000 CRMLS
• 2026-03-06 Coming Soon $185,000 CRMLS

Property tax history

+0.5%/yr

Latest (2025): $47 · +0.5% YoY. Source: county tax records.