925 38th #33 · Pleasure Point, CA 95062

$275,000

1 bd · 1.0 ba · 588 sqft · Manufactured · 110 Days on market

Built 1966 Est $338k · 19% under

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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 +21.0/30.0
• ARV discount +15.0/15.0
• DSCR +6.7/10.0
• 1% rule +5.5/10.0
• Schools +5.0/10.0
• Livability +4.0/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Perfect Pleasure Point location! This bright, sun-filled 1-bedroom mobile home is just a few blocks from the beach in a desirable all-age park, offering an incredible opportunity for affordable coastal living. Enjoy easy access to local restaurants, cafes, markets, bars, and surf shops - all just moments away. With exceptionally high biking and walking scores, its easy to embrace the vibrant coastal lifestyle right outside your door. The home features new flooring, fresh interior paint, and a spacious, updated kitchen. A newly installed A/C and heater provide year-round comfort. Step outside to your private patio - perfect for relaxing, gardening, or additional storage. The community is dog-friendly and there is a convenient laundry facility located close to the unit. Parking includes two spaces with a carport for added convenience. The park permits rentals, presenting excellent investment potential. Park approval required.

Key facts

• Dog park
• Private patio
• Updated kitchen

Tags

• PLEASURE POINT LOCATION
• PRIVATE PATIO
• DOG-FRIENDLY COMMUNITY
• DOG PARK
• LAUNDRY FACILITY
• UPDATED KITCHEN

Property features AI

Finance

• Other: Park home site on leased land
• HOA & community: Community clubhouse

Exterior

• Parking: Carport for 2 vehicles; Assigned space number 33; Space rent $440/month
• Utilities: Public sewer; Individual electric meters; Individual gas meters; Individual water meter; Public water and utilities
• Home design: Park home on leased land; Age restrictions: none; Board approval required; Family park; Pets allowed with number restrictions
• Exterior features: Metal roof; Living area approximately 588

Interior

• Bedrooms: 1 bedroom
• Bathrooms: 1 full bathroom
• Heating & cooling: Window/wall air conditioning unit; Other heating (see remarks)
• Interior features: Family room (see remarks); Dining room (see remarks)

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath manufactured listed at $275k.

Deal economics

• At list price, monthly cash flow is $387 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Recommended offer: $250k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 80/100 on livability (#53 in CA, #1,968 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: housing C-, schools D+, cost of living F.
• Market conditions: Rents flat; 68 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 224 units permitted in Santa Cruz County in 2024 (25 in 5+ unit buildings).
• This rent runs 31% of the median local income ($112k/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.
• Santa Cruz County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 110 days — a 9% lower offer ($250k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 16y 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 $216k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $250,250 (9.0% below list)

Questions for the listing agent

1. It's been on market 110 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 1966 — 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. 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: 1.05% ✓
• Cap rate: 7.98%
• Cash-on-cash: 6.02%
• DSCR: 1.27
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $338,100
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
740 30th Ave #74	0.35mi	2/1.0 (+1)	600 (+2%)	12mo	$300,000	$500	65
1040 38th Ave #31	0.14mi	2/2.0 (+1)	672 (+14%)	16mo	$349,000	$519	47
2355 Brommer St #7	0.73mi	1/1.0	620 (+5%)	13mo	$370,000	$597	46
2630 Portola Dr #73	0.42mi	1/1.0	522 (-11%)	23mo	$300,000	$575	42

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 · 0.61% rent growth · sell at horizon

5-year hold

• IRR: -9.7%
• Equity multiple: 0.65×
• Total profit: $-26,695
• Equity at exit: $41,003

10-year hold

• IRR: -3.9%
• Equity multiple: 0.77×
• Total profit: $-17,959
• 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 95062

• Rents YoY: 0.6%
• Active inventory: 68
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $2,895 high
• Mortgage (P&I): −$1,442
• Tax est. 1.5%: −$344 /mo · $4,125/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$608
• Net cashflow: $387

Break-even live

Break-even rent $2,406

Max offer price $275,000

Occupancy floor 82%

Sensitivity live

Price	-10% $577	-5% $482	+0% $387	+5% $292	+10% $197
Rent	-10% $158	-5% $272	+0% $387	+5% $501	+10% $615
Rate	-1.0pp $525	-0.5pp $457	base $387	+0.5pp $315	+1.0pp $243

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
4207 Portola Dr Santa Cruz, CA	1.0	1.0	400	$2,800	$7.00	14d	1	0.19mi
692 38th Ave Unit 05 Santa Cruz, CA	2.0	2.0	650	$3,200	$4.92	14d	1	0.20mi
4555 Garnet St Capitola, CA	—	1.0	600	$2,000	$3.33	14d	1	0.65mi
657 24th Ave Unit 17 Santa Cruz, CA	1.0	1.0	600	$2,595	$4.33	22d	1	0.75mi
1745 46th Ave Capitola, CA	1.0	1.0	614	$3,380	$5.50	3d	5	0.79mi
2333 Portola Dr Santa Cruz, CA	1.0–2.0	1.0	795	$2,845	$3.58	14d	1	0.82mi
116 Cliff Ave Unit F 116-4 Capitola, CA	1.0	1.0	500	$3,500	$7.00	22d	1	1.13mi
1630 Merrill St Santa Cruz, CA	1.0–3.0	1.0–2.0	789	$2,995	$3.79	14d	5	1.15mi
501 Plum St Capitola, CA	1.0	1.0	493	$2,825	$5.73	5d	2	1.29mi

Listing history 28 events

1. 2026-06-18
   days on market $275,000 Active 110 DOM
2. 2026-06-17
   days on market $275,000 Active 109 DOM
3. 2026-06-16
   days on market $275,000 Active 108 DOM
4. 2026-06-15
   days on market $275,000 Active 107 DOM
5. 2026-06-14
   days on market $275,000 Active 105 DOM
6. 2026-06-13
   days on market $275,000 Active 104 DOM
7. 2026-06-10
   days on market $275,000 Active 102 DOM
8. 2026-06-09
   days on market $275,000 Active 101 DOM
9. 2026-06-08
   days on market $275,000 Active 100 DOM
10. 2026-06-07
    days on market $275,000 Active 99 DOM
11. 2026-06-02
    days on market $275,000 Active 94 DOM
12. 2026-06-01
    days on market $275,000 Active 93 DOM
13. 2026-05-31
    days on market $275,000 Active 92 DOM
14. 2026-05-30
    days on market $275,000 Active 91 DOM
15. 2026-02-28
    listed $275,000 Active 937-char remark

    Show marketing remark (937 chars)

    Perfect Pleasure Point location! This bright, sun-filled 1-bedroom mobile home is just a few blocks from the beach in a desirable all-age park, offering an incredible opportunity for affordable coastal living. Enjoy easy access to local restaurants, cafes, markets, bars, and surf shops - all just moments away. With exceptionally high biking and walking scores, its easy to embrace the vibrant coastal lifestyle right outside your door. The home features new flooring, fresh interior paint, and a spacious, updated kitchen. A newly installed A/C and heater provide year-round comfort. Step outside to your private patio - perfect for relaxing, gardening, or additional storage. The community is dog-friendly and there is a convenient laundry facility located close to the unit. Parking includes two spaces with a carport for added convenience. The park permits rentals, presenting excellent investment potential. Park approval required.

16. 2026-02-28
    listed $275,000 Active 937-char remark

    Show marketing remark (937 chars)

    Perfect Pleasure Point location! This bright, sun-filled 1-bedroom mobile home is just a few blocks from the beach in a desirable all-age park, offering an incredible opportunity for affordable coastal living. Enjoy easy access to local restaurants, cafes, markets, bars, and surf shops - all just moments away. With exceptionally high biking and walking scores, its easy to embrace the vibrant coastal lifestyle right outside your door. The home features new flooring, fresh interior paint, and a spacious, updated kitchen. A newly installed A/C and heater provide year-round comfort. Step outside to your private patio - perfect for relaxing, gardening, or additional storage. The community is dog-friendly and there is a convenient laundry facility located close to the unit. Parking includes two spaces with a carport for added convenience. The park permits rentals, presenting excellent investment potential. Park approval required.

17. 2021-07-23
    soldstatus $216,500 Sold 656-char remark

    Show marketing remark (656 chars)

    Perfect location! Pleasure Point Oasis!! Surfers Paradise! All age park. This bright sunlit 1 bedroom home is conveniently located 4 blocks to Pleasure Point and to live über-affordably just blocks from the beach and an easy walk to numerous restaurants, markets, cafes, bars, and surf shops! The kitchen has been updated and is very spacious. New A/C and heater recently installed. Outside patio area would be ideal for relaxing, gardening or extra storage. The park allows homes to be rented making it that much more attractive. Space rent includes sewer. Water, gas and electric are separately metered and billed monthly. Park approval is required.

18. 2021-06-09
    status Pending (Do Not Show) 656-char remark

    Show marketing remark (656 chars)

    Perfect location! Pleasure Point Oasis!! Surfers Paradise! All age park. This bright sunlit 1 bedroom home is conveniently located 4 blocks to Pleasure Point and to live über-affordably just blocks from the beach and an easy walk to numerous restaurants, markets, cafes, bars, and surf shops! The kitchen has been updated and is very spacious. New A/C and heater recently installed. Outside patio area would be ideal for relaxing, gardening or extra storage. The park allows homes to be rented making it that much more attractive. Space rent includes sewer. Water, gas and electric are separately metered and billed monthly. Park approval is required.

19. 2021-06-03
    listed $209,000 Active 656-char remark

    Show marketing remark (656 chars)

    Perfect location! Pleasure Point Oasis!! Surfers Paradise! All age park. This bright sunlit 1 bedroom home is conveniently located 4 blocks to Pleasure Point and to live über-affordably just blocks from the beach and an easy walk to numerous restaurants, markets, cafes, bars, and surf shops! The kitchen has been updated and is very spacious. New A/C and heater recently installed. Outside patio area would be ideal for relaxing, gardening or extra storage. The park allows homes to be rented making it that much more attractive. Space rent includes sewer. Water, gas and electric are separately metered and billed monthly. Park approval is required.

20. 2017-09-01
    soldstatus $198,000 Sold
21. 2017-08-04
    status Pending (Do Not Show)
22. 2017-07-25
    listed $198,000 Active
23. 2014-08-29
    soldstatus $69,999 Sold
24. 2014-07-22
    status Contingent
25. 2014-07-17
    listed $69,999 Active
26. 2010-08-09
    soldstatus $51,000 Sold
27. 2010-07-19
    status Pending Without Release
28. 2010-04-21
    listed $69,000 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 6/10 Major FEMA zone X (unshaded) · 70% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥84°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 13 unhealthy d/yr today · 14 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,740
• − Mortgage interest: −$15,404
• − Property taxes: −$4,125
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,779
• − Management: −$2,779
• − Depreciation: −$8,000
• Taxable income: $278
• Est. tax owed @ 24.0%: −$67
• After-tax cash flow: $4,573/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)

No district data.

Livability — Pleasure Point

• Score: 80/100
• State rank: #53
• US rank: #1968

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pleasure Point, CA
• County: Santa Cruz County · 225,113 people
• Metro: Santa Cruz-Watsonville, CA
• Population (ZIP): 35,607
• Household income: $112,106
• Rent vs Own: 46.5% rent · 53.5% own
• Severe rent burden: 1672.0

Population outlook (Santa Cruz County) Hauer SSP2

• Today (2025): 299,046 people
• By 2030: 311,246 · +4.1%
• By 2040: 332,813 · +11.3%
• By 2050: 352,797 · +18.0%
• By 2075: 406,837 · +36.0%
• By 2100: 435,763 · +45.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Hispanic / Latino 20% Two or more races 12% Asian 4% Black 1%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Lithuanian 4% Italian 3% Romanian 2%
• Foreign-born: 12% · Canada, China, Vietnam
• Languages at home: 81% English-only · Spanish 12% Other Indo-European 2% Other Asian/Pacific 1%

Political lean MEDSL · Santa Cruz

• 2024 margin: Solid D (+54.4) · D 75.3% · R 20.9% · Other 3.9%
• 2008→2024 swing: -3.2pp toward R · 2008: 57.7pp · 2024: 54.4pp
• All cycles: 2024: D+54.4 2020: D+60.3 2016: D+57.3 2012: D+54.1 2008: D+57.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1390.84%
• Current HPI: 319.0529
• Rent YoY: ▲ 0.61%
• Metro: Santa Cruz-Watsonville, 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

+298.6% since first listed

14 events — show timeline

• 2026-02-28 Listed $275,000 MLSListings
• 2026-02-28 Listed $275,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2021-07-23 Sold (MLS) $216,500 MLSListings
• 2021-06-09 Pending — MLSListings
• 2021-06-03 Listed $209,000 MLSListings
• 2017-09-01 Sold (MLS) $198,000 MLSListings
• 2017-08-04 Pending — MLSListings
• 2017-07-25 Listed $198,000 MLSListings
• 2014-08-29 Sold (MLS) $69,999 MLSListings
• 2014-07-22 Pending — MLSListings
• 2014-07-17 Listed $69,999 MLSListings
• 2010-08-09 Sold (MLS) $51,000 MLSListings
• 2010-07-19 Pending — MLSListings
• 2010-04-21 Listed $69,000 MLSListings