155 S Las Flores #16 · San Marcos, CA 92069

$365,000

3 bd · 2.0 ba · 1,344 sqft · Manufactured · 37 Days on market

Built 1976 6.70 ac lot $272/sqft · at area comps Est $362k · at est.

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Why this score? — see what drove the D 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 +14.4/30.0
• ARV discount +7.2/15.0
• Schools +5.4/10.0
• DSCR +4.4/10.0
• 1% rule +4.0/10.0
• Livability +3.9/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautiful home, real pride of ownership. Bring the kids! This home has newer carpet, newer wood floor, very light and bright. Lg. living room & dining area, with separate family room. Great Kitchen! with lots of cabinets for storage. Master suite has walk-in closet and lg. master bath room. 2 lg. sheds and plenty of room in back for a garden. Fruit trees. Very low rent $480 per mo.

Key facts

• Near dining
• Near shopping
• Private patio area

Tags

• VISTA MEADOWS COMMUNITY
• OPEN AND FUNCTIONAL FLOOR PLAN
• PRIVATE PATIO AREA
• FRUIT TREES
• NEAR SHOPPING
• NEAR DINING

Property features AI

Finance

• Other: Living area source: public records; Lot size source: assessor's data
• Financial info: Land lease amount: $775
• HOA & community: Land lease in the community

Exterior

• Parking: 2 parking spaces; 2 carport spaces
• Utilities: Public sewer
• Home design: Single-story mobile home; Mobile home model: 1048638 Guerdon; Mobile dimensions approximately 24' x 56'; Entry level: 1
• Construction: Mobile home (remains on site); Total of 1 story
• Exterior features: In-ground community pool; Rectangular lot; Garden area; Yard; Two sheds on the property; Located in Vista Meadows Mobile Home Community; Street lighting in the community

Interior

• Kitchen: Kitchen (appliances not specified)
• Bedrooms: Primary bedroom (main floor)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Wall or window cooling units
• Interior features: One-level home; Main floor primary bedroom; All bedrooms on the lower/main floor; Entry; Living room; Family room
• Laundry & utility: Laundry area inside the home

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $365k.

Deal economics

• At list price, monthly cash flow is $77 ($921/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $329k (9.9% below list).
• Recommended offer: $329k (9.9% below list) — sets the bar for 1% rule.
• Cap rate 6.5% 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.

Location & tenants

• 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; 115 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 11,759 units permitted in San Diego County in 2024 (7,244 in 5+ unit buildings).
• This rent runs 41% of the median local income ($97k/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 $3k of loan paydown is wiped out by about $11k 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.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($354k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 19y 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.
• Current owner paid $65k; list at $365k implies a 462% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $329,014 (9.9% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
2. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.90% ✗
• Cap rate: 6.55%
• Cash-on-cash: 0.90%
• DSCR: 1.04
• GRM: 9.2

CMA / ARV

• ARV (median comp): $362,498
• List price: $365,000
• Delta: 0.69%
• Verdict: FAIR
• Comps: 10 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
155 LAS FLORES Dr #13	0.00mi	3/2.0	1,351 (+0%)	12mo	$365,000	$270	90
155 Las Flores #136	0.00mi	2/2.0 (-1)	1,344 (0%)	7mo	$280,000	$208	89
155 Las Flores Dr #24	0.02mi	3/2.0	1,324 (-2%)	24mo	$342,000	$258	76
2907 S Santa Fe Ave #31	0.24mi	2/2.0 (-1)	1,344 (0%)	14mo	$305,000	$227	72
155 Las Flores Dr #74	0.00mi	3/2.0	1,512 (+12%)	12mo	$370,000	$245	69
155 Las Flores Dr #23	0.00mi	2/2.0 (-1)	1,152 (-14%)	12mo	$225,000	$195	61
1515 Capalina Rd #95	0.53mi	3/2.0	1,312 (-2%)	13mo	$244,000	$186	61
150 S Rancho Santa Fe #105	0.47mi	2/2.0 (-1)	1,392 (+4%)	10mo	$450,000	$323	59
2907 S Santa Fe Ave #80	0.20mi	3/2.0	1,500 (+12%)	20mo	$399,999	$267	55
150 S Rancho Santa Fe Rd Spc 38	0.47mi	3/2.0	1,493 (+11%)	6mo	$520,000	$348	54
150 S Rancho Santa Fe Rd #34	0.47mi	3/2.0	1,508 (+12%)	10mo	$525,000	$348	49

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 · 0.55% rent growth · sell at horizon

5-year hold

• IRR: -17.6%
• Equity multiple: 0.39×
• Total profit: $-62,123
• Equity at exit: $54,423

10-year hold

• IRR: -15.2%
• Equity multiple: 0.23×
• Total profit: $-78,528
• Equity at exit: $31,559

Cash invested: $102,200 (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 92069

• Rents YoY: 0.6%
• Active inventory: 115
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $3,290 high
• Mortgage (P&I): −$1,914
• Tax est. 1.5%: −$456 /mo · $5,475/yr
• Insurance: −$152
• HOA: −$0
• Vacancy / Maint / Mgmt: −$691
• Net cashflow: $77

Break-even live

Break-even rent $3,193

Max offer price $365,000

Occupancy floor 93%

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: $91,250
• Closing costs: $10,950
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
420 Smilax Rd San Marcos, CA	2.0	2.0	896	$2,445	$2.73	2d	3	0.25mi
266 Avenida de Suerte San Marcos, CA	3.0	2.0	1132	$3,495	$3.09	21d	1	0.26mi
300 Smilax Rd Unit 11 San Marcos, CA	2.0	1.0	875	$2,675	$3.06	24d	1	0.29mi
320 Smilax Rd San Marcos, CA	2.0	1.0	875	$2,675	$3.06	24d	1	0.31mi
320 Smilax Rd San Marcos, CA	2.0	1.0	875	$2,675	$3.06	43d	1	0.31mi
221 Smilax Rd Vista, CA	1.0–2.0	1.0–2.0	855	$2,799	$3.27	2d	8	0.40mi
2206 Saltbush Dr San Marcos, CA	3.0	3.5	1781	$4,000	$2.25	11d	1	0.79mi
1635 Creek St San Marcos, CA	1.0–2.0	2.0	1047	$3,450	$3.29	14d	3	0.80mi
1189 Camino del Sol San Marcos, CA	3.0	2.0	1315	$3,500	$2.66	24d	1	0.87mi
658 Las Flores Dr San Marcos, CA	3.0	1.0	1284	$3,650	$2.84	43d	1	0.94mi
3834 La Rosa Dr Unit A San Marcos, CA	2.0	1.0	1014	$4,200	$4.14	43d	1	0.98mi
3815 La Rosa Dr San Marcos, CA	3.0	1.0	1014	$3,700	$3.65	12d	1	1.00mi
1257 Armorlite Dr San Marcos, CA	2.0	1.0–2.5	1189	$4,330	$3.64	1d	24	1.05mi
920 Sycamore Ave Vista, CA	2.0	2.0	950	$2,675	$2.82	3d	1	1.06mi
122 Palmyra Dr Vista, CA	2.0	1.5	1054	$2,588	$2.46	43d	1	1.10mi
1045 Armorlite Dr San Marcos, CA	2.0	1.0–3.0	902	$3,398	$3.77	1d	16	1.19mi
1052 Kendale Way Vista, CA	3.0	2.5	1576	$3,795	$2.41	43d	1	1.21mi
3919 Las Cruces Ave San Marcos, CA	3.0	2.0	1100	$3,200	$2.91	5d	1	1.23mi
1961 Anna Ln Vista, CA	3.0	2.0	1407	$3,700	$2.63	12d	1	1.36mi
1906 Northbrook Ct Vista, CA	3.0	2.0	1488	$4,500	$3.02	1d	1	1.36mi
856 Heatherwood Ln Vista, CA	1.0–2.0	1.0–2.0	786	$2,950	$3.75	2d	8	1.40mi
1643 Rue de Valle San Marcos, CA	2.0	1.5	1086	$3,222	$2.97	17d	1	1.41mi
1941 Wellington Ln #7 Vista, CA	2.0	2.0	924	$2,750	$2.98	43d	1	1.45mi
1982 Wellington Ln Vista, CA	1.0–2.0	1.0–2.0	852	$3,036	$3.56	3d	3	1.45mi
603 Beverly Pl San Marcos, CA	2.0	1.5	1068	$3,150	$2.95	43d	1	1.48mi

Listing history 20 events

1. 2026-06-18
   days on market $365,000 Active 37 DOM
2. 2026-06-17
   days on market $365,000 Active 36 DOM
3. 2026-06-16
   days on market $365,000 Active 35 DOM
4. 2026-06-15
   days on market $365,000 Active 34 DOM
5. 2026-06-13
   days on market $365,000 Active 32 DOM
6. 2026-06-09
   days on market $365,000 Active 28 DOM
7. 2026-06-08
   days on market $365,000 Active 27 DOM
8. 2026-06-07
   days on market $365,000 Active 26 DOM
9. 2026-06-04
   days on market $365,000 Active 23 DOM
10. 2026-06-03
    days on market $365,000 Active 22 DOM
11. 2026-06-02
    days on market $365,000 Active 21 DOM
12. 2026-06-01
    days on market $365,000 Active 20 DOM
13. 2026-05-31
    days on market $365,000 Active 19 DOM
14. 2026-05-11
    listed $365,000 Active 580-char remark
15. 2026-05-08
    historical $3,000
16. 2026-05-05
    listed $3,000
17. 2010-10-08
    soldstatus $65,000 390-char remark

    Show marketing remark (390 chars)

    Beautiful home, real pride of ownership. Bring the kids! This home has newer carpet, newer wood floor, very light and bright. Lg. living room & dining area, with separate family room. Great Kitchen! with lots of cabinets for storage. Master suite has walk-in closet and lg. master bath room. 2 lg. sheds and plenty of room in back for a garden. Fruit trees. Very low rent $480 per mo.

18. 2010-06-18
    listed $69,900 390-char remark

    Show marketing remark (390 chars)

    Beautiful home, real pride of ownership. Bring the kids! This home has newer carpet, newer wood floor, very light and bright. Lg. living room & dining area, with separate family room. Great Kitchen! with lots of cabinets for storage. Master suite has walk-in closet and lg. master bath room. 2 lg. sheds and plenty of room in back for a garden. Fruit trees. Very low rent $480 per mo.

19. 2008-01-04
    soldstatus $80,000

    Show marketing remark (252 chars)

    a very clean home that shows well. located fairly close to clubhouse complex and pool, air conditioning, large screened in porch with new carpet, copper plumbing, close to shopping and dining. guest parking nearby. home appears to be in good condition.

20. 2007-09-25
    listed $85,000

    Show marketing remark (252 chars)

    a very clean home that shows well. located fairly close to clubhouse complex and pool, air conditioning, large screened in porch with new carpet, copper plumbing, close to shopping and dining. guest parking nearby. home appears to be in good condition.

ⓘ 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 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥91°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,482
• − Mortgage interest: −$20,446
• − Property taxes: −$5,475
• − Insurance: −$1,825
• − Repairs & maintenance: −$3,159
• − Management: −$3,159
• − Depreciation: −$10,618
• Taxable loss: −$5,199
• Est. tax savings @ 24.0%: +$1,248
• After-tax cash flow: $2,169/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: San Marcos Unified
• NCES district ID: 0634880
• Math proficiency: 52% ▲ 1.00%
• Reading proficiency: 67% ▲ 2.00%
• Median HH income: $64,752
• Composite: 53.67/100
• National rank: #3093
• State rank: #249 of 1400 in CA

Livability — San Marcos

• Score: 77/100
• State rank: #80
• US rank: #3074

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Marcos, CA
• County: San Diego County · 3,178,799 people
• City population: 100,940
• Metro: San Diego-Chula Vista-Carlsbad, CA
• Population (ZIP): 47,335
• Household income: $96,771
• Rent vs Own: 43.9% rent · 56.1% own
• Severe rent burden: 2399.0

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: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: Hispanic / Latino 46% White 36% Two or more races 20% Asian 11% Native American 1% Black 1%
• Hispanic origin (detail): Mexican 41%
• Common ancestry: Lithuanian 2% Romanian 2% Portuguese 2%
• Foreign-born: 26% · Canada, China, Vietnam
• Languages at home: 57% English-only · Spanish 32% Tagalog/Filipino 2% Other Asian/Pacific 2%

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: ▼ -522.69%
• Current HPI: 376.182
• Rent YoY: ▲ 0.55%
• 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

+329.4% since first listed

7 events — show timeline

• 2026-05-11 Listed $365,000 CRMLS
• 2026-05-08 Rental Removed $3,000 APPFOLIO
• 2026-05-05 Listed for Rent $3,000 APPFOLIO
• 2010-10-08 Sold (MLS) $65,000 CRMLS
• 2010-06-18 Listed $69,900 CRMLS
• 2008-01-04 Sold (MLS) $80,000 CRMLS
• 2007-09-25 Listed $85,000 CRMLS