3535 Linda Vista Dr #130

San Marcos, CA 92078

$299,000B-

3 bd · 2.0 ba · 1,440 sqft · Built 1973 · Manufactured · Active · 83 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,593/mo
• Mortgage (P&I): −$1,568
• Tax + insurance: −$498
• HOA: −$0
• Vac / Maint / Mgmt: −$754
• Net cashflow: $772/mo
• Annual: $9,262/yr
• Cap rate: 9.39%
• Cash-on-cash: 11.06%
• DSCR: 1.49
• 1% rule: 1.20%
• Cash to close: $83,720

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $299k.
• At list price, monthly cash flow is $772 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $299k).
• It's been on market 83 days — a 6% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $281k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#80 in CA, #3,074 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: health & safety D+, cost of living F.
• San Marcos Unified (suburban): math 52% / reading 67% proficiency, ranked #249 of 1,400 in CA (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents flat; 232 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 11,759 units permitted in San Diego County in 2024 (7,244 in 5+ unit buildings).
• San Diego County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 9y ago; this cycle's ask has dropped $21k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $114k; list at $299k implies a 162% gain — meaningful room to come down on a strong offer.
• Cap rate 9.4% vs local median 2.5% in San Marcos — 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.
• This rent runs 36% of the median local income ($120k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.