655 S Halcyon · Oceano, CA 93420

$320,000

3 bd · 2.0 ba · 1,510 sqft · Land public records · 36 Days on market

Built 2024

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Why this score? — see what drove the F 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 +7.5/30.0
• ARV discount +7.5/15.0
• 1% rule +5.4/10.0
• Schools +4.5/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks

Newer 2-bedroom, 2-bathroom modular home built in 2024, located in a picturesque 55+ community in Arroyo Grande. Competitively priced for the Central Coast, this spacious 1,080 sq. ft. home is ideal for either a full-time residence or a weekend getaway. The open floor plan features a kitchen equipped with a microwave, refrigerator, stove, and oven. Modern amenities include window coverings, washer and dryer hookups, and parking for three vehicles, ensuring both comfort and convenience. Monthly space rent is currently $717 includes water and sewer. Please note that this rate is subject to adjustment for the new owner. Located close to the beach, shopping, restaurants and most services.

Key facts

• 3 garage spots
• Built 2024
• Listed 36 days

Property features AI

Finance

• Other: Double body type; One pad; Living area source: seller; Parcel number available
• Financial info: Land lease of $700 per month
• HOA & community: Senior community; Park name: Grande Mobile; Manager approval required

Exterior

• Parking: 3 covered carport spaces; 3 garage spaces (6 total parking spaces); Carport
• Utilities: Standard electric; Public/district water; Public sewer; Other utilities
• Home design: Single-story/mobile home (Bradford model); Turnkey condition; Entry on level 1
• Construction: Composition roof; Drywall walls; No foundation details provided; Mobile home dimensions approximately 20' x 54'; Total of 1 story; Year built source: seller
• Exterior features: Front porch; Has a patio; No pool; Lot in 0–1 unit/acre range; Private paved road frontage; Urban community setting; Mobile home remains on site; Has a view; Accessibility features (see remarks)

Interior

• Kitchen: Microwave; Refrigerator; Gas and electric range; Quartz counters; Pantry
• Bedrooms: All bedrooms located on the ground level
• Flooring: Vinyl flooring
• Bathrooms: One full bathroom; One 3/4 bathroom; Low-flow shower fixtures
• Interior features: Quartz counters throughout; Pantry; Open floor plan; Double-pane windows; All rooms on one level; Front entry
• Laundry & utility: Indoor laundry in a dedicated room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath land listed at $320k.

Deal economics

• At list price, monthly cash flow is $-395 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $293k (8.4% below list).
• Meets the 1% rule at list price ($3k rent vs $320k).
• Recommended offer: $293k (8.4% below list) — sets the bar for cash-flow.
• Cap rate 4.8% vs local median 2.5% in Oceano — 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 66/100 on livability (#346 in CA) — a middle-class / working-renter tenant base. Strengths: employment A, health & safety A, housing B; Watch: crime D, amenities D, commute F.
• Lucia Mar Unified (town): math 42% / reading 56% proficiency, ranked #433 of 1,400 in CA (top 31%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Harloe Elementary (581 students, 52% FRL); Paulding Middle (536 students, 47% FRL); Arroyo Grande High (1,991 students, 48% FRL).
• Market conditions: 92 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 71% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 1,104 units permitted in San Luis Obispo County in 2024 (273 in 5+ unit buildings).
• This rent runs 36% of the median local income ($111k/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 $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 36 days — a 3% lower offer ($310k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 23y ago 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: property tax is 4.6% of price.
• Climate carrying-cost: moderate wildfire 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 $293,096 (8.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 1.04% ✓
• Cap rate: 4.81%
• Cash-on-cash: -5.29%
• DSCR: 0.76
• GRM: 8.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -25.1%
• Equity multiple: 0.15×
• Total profit: $-76,478
• Equity at exit: $47,713

10-year hold

• IRR: -20.4%
• Equity multiple: -0.08×
• Total profit: $-96,763
• Equity at exit: $27,668

Cash invested: $89,600 (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 93420

• Active inventory: 92
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $3,338 high
• Mortgage (P&I): −$1,678
• Tax from tax record: −$1,221 /mo · $14,655/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$701
• Net cashflow: $-395

Break-even live

Break-even rent $3,839

Max offer price $293,096

Occupancy floor —

Sensitivity live

Price	-10% $647	-5% $-305	+0% $-395	+5% $-486	+10% $-576
Rent	-10% $-659	-5% $-527	+0% $-395	+5% $-263	+10% $-132
Rate	-1.0pp $-234	-0.5pp $-314	base $-395	+0.5pp $-478	+1.0pp $-563

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: $80,000
• Closing costs: $9,600
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
326 Creekview Way Arroyo Grande, CA	3.0	3.0	1720	$3,300	$1.92	45d	1	0.45mi
503 Starlight Ln Arroyo Grande, CA	2.0	2.0	1383	$3,250	$2.35	25d	1	0.48mi
435 Walnut St Arroyo Grande, CA	3.0	1.0	1500	$3,000	$2.00	45d	1	0.50mi
813 Valley Rd Arroyo Grande, CA	2.0	2.0	1258	$3,650	$2.90	45d	1	0.53mi
502 Morning Rise Ln Arroyo Grande, CA	2.0	2.0	1383	$3,350	$2.42	45d	1	0.56mi
1247 Driftwood St Grover Beach, CA	2.0	2.0	1090	$2,600	$2.39	25d	1	0.94mi
1629 Longbranch Ave Grover Beach, CA	3.0	2.5	1499	$1,000	$0.67	45d	1	1.46mi

Listing history 27 events

1. 2026-06-21
   days on market $320,000 Active 36 DOM
2. 2026-06-18
   days on market $320,000 Active 33 DOM
3. 2026-06-17
   days on market $320,000 Active 32 DOM
4. 2026-06-16
   days on market $320,000 Active 31 DOM
5. 2026-06-15
   days on market $320,000 Active 30 DOM
6. 2026-06-14
   days on market $320,000 Active 28 DOM
7. 2026-06-13
   days on market $320,000 Active 27 DOM
8. 2026-06-10
   days on market $320,000 Active 25 DOM
9. 2026-06-09
   days on market $320,000 Active 24 DOM
10. 2026-06-08
    days on market $320,000 Active 23 DOM
11. 2026-06-07
    days on market $320,000 Active 22 DOM
12. 2026-06-03
    days on market $320,000 Active 18 DOM
13. 2026-06-02
    days on market $320,000 Active 17 DOM
14. 2026-06-01
    days on market $320,000 Active 16 DOM
15. 2026-05-31
    days on market $320,000 Active 15 DOM
16. 2026-05-30
    days on market $320,000 Active 14 DOM
17. 2026-05-16
    listed $320,000 Active
18. 2012-03-22
    soldstatus $382,500
19. 2010-01-20
    historical
20. 2010-01-20
    historical
21. 2009-10-27
    listed $39,000
22. 2009-10-27
    listed $39,000
23. 2004-01-06
    soldstatus $1,000,000
24. 2004-01-06
    historical
25. 2004-01-06
    soldstatus $982,000
26. 2003-09-17
    listed $1,299,000
27. 2003-09-17
    listed $1,299,000

ⓘ 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: $14,655 · $1,221/mo
• Projected year-2 tax: $14,655 · $1,221/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 5/10 Major
• 🌡 Heat 5/10 Major 7 d/yr ≥79°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,061
• − Mortgage interest: −$17,925
• − Property taxes: −$14,655
• − Insurance: −$1,600
• − Repairs & maintenance: −$3,205
• − Management: −$3,205
• − Depreciation: −$9,309
• Taxable loss: −$9,838
• Est. tax savings @ 24.0%: +$2,361
• After-tax cash flow: $-2,383/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: Lucia Mar Unified
• NCES district ID: 0623080
• Math proficiency: 42% ▲ 3.00%
• Reading proficiency: 56% ▲ 2.00%
• Median HH income: $62,681
• Composite: 45.19/100
• National rank: #5782
• State rank: #433 of 1400 in CA

Livability — Oceano

• Score: 66/100
• State rank: #346
• US rank: #11833

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Oceano, CA
• County: San Luis Obispo County · 224,651 people
• Metro: San Luis Obispo-Paso Robles, CA
• Population (ZIP): 31,345
• Household income: $110,553
• Rent vs Own: 33.6% rent · 66.4% own
• Severe rent burden: 882.0

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 (71%)
• Race & ethnicity: White 71% Two or more races 18% Hispanic / Latino 17% Asian 3%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Italian 4% Slovak 4% Lithuanian 3%
• Foreign-born: 6% · Canada, China, South Korea
• Languages at home: 91% English-only · Spanish 5% Chinese 1% Other Asian/Pacific 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: ▼ -798.57%
• Current HPI: 348.2038
• Rent YoY: —
• 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

-75.4% since first listed

11 events — show timeline

• 2026-05-16 Listed $320,000 CRMLS
• 2012-03-22 Sold (Public Records) $382,500 Public Records
• 2010-01-20 Listing Removed — NSBCRMLS
• 2010-01-20 Listing Removed — CRMLS
• 2009-10-27 Listed $39,000 NSBCRMLS
• 2009-10-27 Listed $39,000 CRMLS
• 2004-01-06 Sold (Public Records) $982,000 Public Records
• 2004-01-06 Listing Removed — NSBCRMLS
• 2004-01-06 Sold (MLS) $1,000,000 CRMLS
• 2003-09-17 Listed $1,299,000 NSBCRMLS
• 2003-09-17 Listed $1,299,000 CRMLS

Property tax history

+2.0%/yr

Latest (2025): $14,655 · +3.3% YoY. Source: county tax records.