1351 Silver Lake Pl #92 · Brea, CA 92821

$275,000

2 bd · 2.0 ba · 1,956 sqft · Manufactured · 65 Days on market

Built 1980 Fair condition Est $346k · 21% under

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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 +29.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• Schools +5.1/10.0
• Livability +3.8/5.0
• Rent growth +2.9/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Senior Park Community 55+. .. Featured Home for Sale: This spacious 2br. , 2ba. , home features 1956 sq. , ft. , of living space. The formal living room features large picture windows with vaulted ceilings overlooking the lush greenbelt. From there you enter the formal dining area with a built-in hutch. Just steps away is the kitchen offering updated oven and gas cook top, and plenty of cabinet and counter space perfect for entertaining family and friends. The large den features a built-in desk area and fire place perfect to cozy up on cold days. Large master suite features a walk-in closet attached bath with walk in shower, linen closet space and a tub for soaking. Just down the hall is th

Key facts

• Updated oven
• Gas cook top
• Lush greenbelt

Tags

• LARGE PICTURE WINDOWS
• VAULTED CEILINGS
• LUSH GREENBELT
• BUILT-IN HUTCH
• UPDATED OVEN
• GAS COOK TOP

Property features AI

Finance

• Other: Access via city streets; paved road frontage; Wheelchair access available; Has view
• Financial info: Land lease in park (monthly)
• HOA & community: Senior community; Park name: Lake Park Brea; Community features include curbs, street lighting, sidewalks and storm drains; Manager approval required for sale; Pets allowed

Exterior

• Parking: Concrete driveway; Attached carport; Additional parking spaces
• Security: Smoke and carbon monoxide detectors; Resident manager
• Utilities: Public/district water; Public sewer; Electricity connected; Natural gas connected; Telephone in street; Cable available or not available (varies)
• Home design: Single-story home; Entry from front door; Faces northwest; Mobile home model: Signature (34' x 64'); Mobile home remains
• Construction: Wood and hardboard construction; Shingle/composition roof; Brick skirt; Pillar/post/pier foundation
• Exterior features: Concrete patio; Rain gutters; Shed (1); Masonry fencing; Landscaped grounds; Greenbelt; Lake on lot and community fishing access; Community pool (in-ground, heated)

Interior

• Kitchen: Garbage disposal; Built-in range; Gas range and gas oven; Electric oven; Refrigerator; Dishwasher; Formica countertops
• Bedrooms: Primary suite; Walk-in closet
• Flooring: Vinyl flooring; Carpet
• Bathrooms: Two full bathrooms; Soaking tub; Walk-in shower; Bathtub
• Heating & cooling: Central heating (furnace); Central air conditioning
• Interior features: Wood product walls; Built-in shelving/units; Formica counters; Mirrored closet doors; Screens on windows; Carbon monoxide and smoke detectors; Resident manager on-site; In-ground, heated community spa
• Laundry & utility: Inside laundry room; Individual laundry room; Washer hookup; Gas and electric dryer hookup; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $275k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $940 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $275k).
• Recommended offer: $258k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.4% vs local median 2.1% in Brea — 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 76/100 on livability (#100 in CA, #3,570 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, employment A+, schools A-; Watch: health & safety C-, cost of living F.
• Fullerton Joint Union High (suburban): math 51% / reading 66% proficiency, ranked #82 of 517 in CA (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.8%/yr); 63 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 6,974 units permitted in Orange County in 2024 (3,839 in 5+ unit buildings).
• This rent runs 35% of the median local income ($124k/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 $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 + 1.8% rent growth), your $77k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($258k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $258,499 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% 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 A-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?
6. 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.
7. 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.
8. 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: 1.31% ✓
• Cap rate: 10.39%
• Cash-on-cash: 14.64%
• DSCR: 1.65
• GRM: 6.4

CMA / ARV

• ARV (on-the-fly): $346,212
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1351 Clear Lake Pl #76	0.00mi	2/2.5	1,996 (+2%)	1mo	$352,500	$177	94
1362 Fern Lake Ave #113	0.10mi	2/2.0	1,874 (-4%)	3mo	$385,000	$205	86
1371 Pleasant Lake Pl #105	0.10mi	2/2.0	1,896 (-3%)	6mo	$388,589	$205	85
635 Shadow Lake Ave #43	0.14mi	2/2.0	1,810 (-8%)	9mo	$325,000	$180	73
1352 Silver Lake Pl #87	0.02mi	2/2.0	1,740 (-11%)	10mo	$260,000	$149	73
685 Wood Lake Dr #184	0.26mi	2/2.0	1,770 (-10%)	1mo	$155,000	$88	71
1366 Fern Lake Ave #114	0.11mi	2/2.0	1,776 (-9%)	13mo	$299,900	$169	68
2300 Lake Forest Ln #113	0.13mi	2/2.0	1,704 (-13%)	5mo	$355,000	$208	68
605 Crest Lake Cir #230	0.11mi	2/2.0	1,750 (-10%)	13mo	$300,370	$172	66
1381 Harbor Lake Ave #32	0.20mi	2/2.0	1,680 (-14%)	2mo	$250,000	$149	65
1352 Pleasant Lake Pl #102	0.06mi	2/2.0	1,680 (-14%)	13mo	$280,000	$167	63
2311 Lake Forest Cir #125	0.13mi	2/2.0	1,752 (-10%)	17mo	$310,000	$177	62

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 · 1.78% rent growth · sell at horizon

5-year hold

• IRR: 3.7%
• Equity multiple: 1.14×
• Total profit: $10,982
• Equity at exit: $41,003

10-year hold

• IRR: 12.1%
• Equity multiple: 1.90×
• Total profit: $69,391
• 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 92821

• Rents YoY: 1.8%
• Active inventory: 63
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $3,595 high
• Mortgage (P&I): −$1,442
• Tax est. 1.5%: −$344 /mo · $4,125/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$755
• Net cashflow: $940

Break-even live

Break-even rent $2,406

Max offer price $275,000

Occupancy floor 69%

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 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1511 Kinsler Ct Brea, CA	3.0	2.5	1605	$4,095	$2.55	15d	1	0.29mi
141 N Fonda St Unit 1 La Habra, CA	3.0	2.5	1300	$3,400	$2.62	10d	1	0.75mi
1500 Eastpark Dr Unit 3 La Habra, CA	2.0	1.5	1286	$2,500	$1.94	1d	1	0.78mi
350 W Central Ave Brea, CA	1.0–3.0	1.0–2.5	1024	$3,538	$3.45	1d	8	1.12mi
715 S Walnut Ave Apt 3 Brea, CA	2.0	2.5	1300	$3,400	$2.62	4d	1	1.35mi
719 S Walnut Ave Brea, CA	3.0	2.0	1339	$3,800	$2.84	43d	1	1.36mi
843 Bernard Dr Fullerton, CA	3.0	2.0	1679	$5,500	$3.28	10d	1	1.37mi
843 Bernard Dr Fullerton, CA	3.0	2.0	1679	$5,500	$3.28	1d	1	1.37mi
716 S Walnut Ave Brea, CA	3.0	2.0	1357	$3,800	$2.80	44d	1	1.39mi

Listing history 14 events

1. 2026-06-18
   days on market $275,000 Active 65 DOM
2. 2026-06-17
   days on market $275,000 Active 64 DOM
3. 2026-06-16
   days on market $275,000 Active 63 DOM
4. 2026-06-15
   days on market $275,000 Active 62 DOM
5. 2026-06-13
   days on market $275,000 Active 60 DOM
6. 2026-06-09
   days on market $275,000 Active 56 DOM
7. 2026-06-08
   days on market $275,000 Active 55 DOM
8. 2026-06-07
   days on market $275,000 Active 54 DOM
9. 2026-06-04
   days on market $275,000 Active 51 DOM
10. 2026-06-03
    days on market $275,000 Active 50 DOM
11. 2026-06-02
    days on market $275,000 Active 49 DOM
12. 2026-06-01
    days on market $275,000 Active 48 DOM
13. 2026-05-31
    days on market $275,000 Active 47 DOM
14. 2026-04-14
    listed $275,000 Active

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥96°F today · 22 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 7 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,142
• − Mortgage interest: −$15,404
• − Property taxes: −$4,125
• − Insurance: −$1,375
• − Repairs & maintenance: −$3,451
• − Management: −$3,451
• − Depreciation: −$8,000
• Taxable income: $7,335
• Est. tax owed @ 24.0%: −$1,760
• After-tax cash flow: $9,516/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 manufactured home requires moderate renovations, focusing on updating the kitchen and bathroom, and painting the interior. The home has good curb appeal and a spacious layout, making it a good investment opportunity.

Repairs flagged

• Moderate Kitchen cabinets — Dated and need updating
• Moderate Kitchen countertops — Dated and need updating
• Major Bathroom carpet — Red carpet needs replacement

Value-add opportunities

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Replace kitchen cabinets and countertops — Modernizing the kitchen will attract more buyers
• Both Replace bathroom carpet — A fresh carpet will improve the bathroom's appearance and functionality

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Dated and need updating	Moderate	$3,000–15,000
Kitchen countertops · Dated and need updating	Moderate	$3,000–15,000
Bathroom carpet · Red carpet needs replacement	Major	$15,000–50,000
Total estimated repair cost · 3 items		$21,000–80,000

Value-add ROI direction

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Replace kitchen cabinets and countertops — Modernizing the kitchen will attract more buyers ↑
• Both Replace bathroom carpet — A fresh carpet will improve the bathroom's appearance and functionality ↑

ⓘ 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: Fullerton Joint Union High
• NCES district ID: 0614760
• Math proficiency: 51% ▲ 7.00%
• Reading proficiency: 66% ▲ 1.00%
• Median HH income: $66,666
• Composite: 51.37/100
• National rank: #1735
• State rank: #82 of 517 in CA

Livability — Brea

• Score: 76/100
• State rank: #100
• US rank: #3570

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Brea, CA
• County: Orange County · 3,096,323 people
• City population: 41,623
• Metro: Los Angeles-Long Beach-Anaheim, CA
• Population (ZIP): 41,623
• Household income: $123,629
• Rent vs Own: 42.5% rent · 57.5% own
• Severe rent burden: 1655.0

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: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: White 38% Hispanic / Latino 32% Asian 24% Two or more races 14% Black 1%
• Hispanic origin (detail): Mexican 27%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 23% · Canada, South Korea, China
• Languages at home: 66% English-only · Spanish 16% Korean 6% Chinese 4%

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: ▼ -826.78%
• Current HPI: 374.8663
• Rent YoY: ▲ 1.78%
• 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 event — show timeline

• 2026-04-14 Listed $275,000 CRMLS