61 Malaga · Tustin, CA 92780

$335,000

3 bd · 2.0 ba · 1,511 sqft · Manufactured · 24 Days on market

Built 2004 18 ac lot Est $304k · 10% over

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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 +25.8/30.0
• DSCR +8.6/10.0
• 1% rule +6.8/10.0
• Schools +5.0/10.0
• Livability +3.6/5.0
• Rent growth +3.5/5.0
• ARV discount +2.9/15.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• 17.94 acre lot
• Community pool
• Built 2004

Property features AI

Finance

• Other: Lot size source per assessor; Elevation reported in feet
• HOA & community: Land lease community with monthly land lease of $1,755

Exterior

• Parking: Located in the New Villa Valencia park
• Utilities: Public sewer; District/public water
• Home design: Single-story; Mobile/manufactured home remains on site; Mobile dimensions approximately 26' x 57'
• Construction: Year built per assessor; Living area reported from assessor data
• Exterior features: Community pool; Corner lot; Sidewalks in the community

Interior

• Bathrooms: 2 full bathrooms; Full bathrooms include bathtub
• Interior features: Entry on level 1
• Laundry & utility: In-home laundry available; Gas and electric dryer hookups

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $335k.

Deal economics

• At list price, monthly cash flow is $811 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $335k).
• Recommended offer: $330k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 1.9% in Tustin — 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 71/100 on livability (#215 in CA) — a middle-class / working-renter tenant base. Strengths: employment A+, commute B; Watch: health & safety D+, cost of living F.
• Tustin Unified (urban): math 46% / reading 65% proficiency, ranked #91 of 517 in CA (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: W. R. Nelson Elementary (471 students, 78% FRL); C. E. Utt Middle (math 24% / reading 24%, grade F, #277 of 498 statewide, top 73%, 610 students, 75% FRL); Tustin High (math 27% / reading 53%, grade F, #514 of 1,170 statewide, top 44%, 1,990 students, 78% FRL) — zoned schools average 77% FRL vs 33% district-wide (44 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 32% at this address vs 56% district-wide (-23 pts) — the specific schools serving this property underperform the Tustin Unified average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+4.1%/yr); 70 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 6,974 units permitted in Orange County in 2024 (3,839 in 5+ unit buildings).
• At $3,957/mo this rent would consume 47% of the median local household income ($101k/yr) (locally 3031% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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.
• 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 + 4.1% rent growth), your $94k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($330k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 6→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $329,975 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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: 1.18% ✓
• Cap rate: 9.20%
• Cash-on-cash: 10.37%
• DSCR: 1.46
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $303,711
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
46 Malaga St	0.06mi	3/2.0	1,500 (-1%)	3mo	$215,000	$143	93
111 Madrid	0.04mi	3/2.0	1,580 (+5%)	7mo	$317,000	$201	85
164 Seville	0.04mi	3/2.0	1,554 (+3%)	12mo	$355,000	$228	83
33 Madrid	0.10mi	3/2.0	1,450 (-4%)	19mo	$379,000	$261	73
52 Malaga Ave #52	0.08mi	4/2.0 (+1)	1,464 (-3%)	16mo	$275,000	$188	72
107 Malaga	0.03mi	2/2.0 (-1)	1,440 (-5%)	20mo	$202,000	$140	69
5 Granada	0.11mi	3/2.0	1,431 (-5%)	22mo	$340,000	$238	68
149 Granada #149	0.11mi	2/2.0 (-1)	1,440 (-5%)	19mo	$260,000	$181	66

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 · 4.12% rent growth · sell at horizon

5-year hold

• IRR: 0.5%
• Equity multiple: 1.02×
• Total profit: $1,910
• Equity at exit: $49,950

10-year hold

• IRR: 11.3%
• Equity multiple: 1.93×
• Total profit: $87,310
• Equity at exit: $28,965

Cash invested: $93,800 (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 92780

• Rents YoY: 4.1%
• Active inventory: 70
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $3,957 high
• Mortgage (P&I): −$1,757
• Tax est. 1.5%: −$419 /mo · $5,025/yr
• Insurance: −$140
• HOA: −$0
• Vacancy / Maint / Mgmt: −$831
• Net cashflow: $811

Break-even live

Break-even rent $2,931

Max offer price $335,000

Occupancy floor 75%

Sensitivity live

Price	-10% $1,042	-5% $926	+0% $811	+5% $695	+10% $579
Rent	-10% $498	-5% $654	+0% $811	+5% $967	+10% $1,123
Rate	-1.0pp $979	-0.5pp $896	base $811	+0.5pp $724	+1.0pp $635

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: $83,750
• Closing costs: $10,050
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2072 Cherokee Tustin, CA	3.0	2.0	1281	$3,995	$3.12	45d	1	0.34mi
13800 Parkcenter Ln Tustin, CA	1.0–3.0	1.0–2.0	908	$3,845	$4.23	0d	1	0.38mi
1651 Mitchell Ave Apt B1 Tustin, CA	2.0	1.5	1120	$2,900	$2.59	45d	1	0.46mi
1651 Mitchell Ave Tustin, CA	2.0	1.5	1120	$2,950	$2.63	0d	1	0.48mi
13582 Sweetshade Way Tustin, CA	3.0	2.5	1610	$4,250	$2.64	45d	1	0.55mi
1625 Birchfield Dr Tustin, CA	3.0	2.0	1810	$4,495	$2.48	26d	1	0.57mi
14382 Red Hill Ave Tustin, CA	2.0	1.5–2.0	1175	$2,645	$2.25	4d	4	0.60mi
2131 Seminole Tustin, CA	3.0	2.5	1598	$4,350	$2.72	8d	1	0.63mi
14482 Grassmere Ln Tustin, CA	4.0	2.0	1535	$4,500	$2.93	0d	1	0.76mi
14482 Grassmere Ln Tustin, CA	4.0	2.0	1535	$4,500	$2.93	8d	1	0.76mi
1361 El Camino Real Tustin, CA	4.0	3.0	1582	$4,758	$3.01	0d	2	0.76mi
1432 San Juan St Unit San Juan A3 Tustin, CA	2.0	2.5	1100	$2,795	$2.54	45d	1	0.78mi
13405 Via Almeria Tustin, CA	3.0	3.0	1646	$4,500	$2.73	45d	1	0.78mi
13381 Lummis Ct Tustin, CA	3.0	3.0	1213	$5,100	$4.20	45d	1	0.94mi
2439 Paseo Circulo Tustin, CA	3.0	2.5	1507	$4,900	$3.25	45d	1	0.95mi
16000 Cambridge St Tustin, CA	2.0	2.0	1449	$4,618	$3.19	4d	3	0.95mi
13381 Epping Way Tustin, CA	3.0	2.0	1900	$5,500	$2.89	45d	1	0.96mi
13408 Heritage Way Tustin, CA	1.0–2.0	1.0–2.5	850	$3,390	$3.99	0d	1	1.03mi
14300 Newport Ave Tustin, CA	1.0–2.0	1.0–1.5	943	$3,130	$3.32	3d	11	1.06mi
13202 Myford Rd Tustin, CA	2.0–3.0	2.0–2.5	1152	$4,265	$3.70	0d	1	1.08mi
13211 Myford Rd Tustin, CA	1.0–2.0	1.0–2.0	852	$3,420	$4.01	0d	1	1.08mi
3000 Marketplace Irvine, CA	1.0–3.0	1.0–2.0	1202	$7,780	$6.47	0d	154	1.13mi
1042 San Juan St Tustin, CA	4.0	3.5	2000	$4,600	$2.30	16d	1	1.14mi
1120 Sycamore Ave #1 Tustin, CA	3.0	2.0	1300	$3,495	$2.69	26d	1	1.17mi
2480 Irvine Blvd Tustin, CA	2.0–3.0	2.0	1199	$4,435	$3.70	0d	1	1.17mi
1414 Montgomery St Tustin, CA	3.0	3.0	1827	$4,400	$2.41	26d	1	1.20mi
15722 S B St Tustin, CA	2.0	2.0	1200	$3,050	$2.54	26d	1	1.20mi
14841 Dove Tree Ct Tustin, CA	4.0	2.5	1553	$4,300	$2.77	22d	1	1.22mi
14841 Dove Tree Ct Tustin, CA	4.0	2.5	1553	$4,300	$2.77	20d	1	1.22mi
14802 Newport Ave Unit 5A Tustin, CA	2.0	2.0	1258	$3,000	$2.38	4d	1	1.25mi
17200 McFadden Ave Unit 06A Tustin, CA	2.0	1.5	1230	$3,195	$2.60	26d	1	1.27mi
2354 Sunningdale Dr Tustin, CA	3.0	2.5	1350	$4,200	$3.11	45d	1	1.33mi
12877 Ternberry Ct Tustin, CA	3.0	2.5	1298	$4,200	$3.24	26d	1	1.39mi
12791 Brittany Woods Dr Santa Ana, CA	3.0	2.5	2009	$5,800	$2.89	3d	1	1.40mi
13224 Newport Ave Tustin, CA	2.0	2.0	1056	$3,185	$3.02	7d	1	1.42mi
201 Kensington Park Unit 26 Irvine, CA	3.0	2.5	1970	$5,300	$2.69	20d	1	1.42mi
100 Anacapa Irvine, CA	1.0–2.0	1.0–2.0	982	$4,155	$4.23	0d	22	1.43mi
1821 Rainbow Dr Santa Ana, CA	3.0	3.0	2135	$6,500	$3.04	45d	1	1.43mi
2385 Ternberry Ct Tustin, CA	2.0	2.0	1168	$3,800	$3.25	45d	1	1.44mi
16280 Homestead Unit 1 Tustin, CA	3.0	2.5	1472	$4,295	$2.92	7d	1	1.49mi

Listing history 15 events

1. 2026-06-21
   days on market $335,000 Active 24 DOM
2. 2026-06-18
   days on market $335,000 Active 21 DOM
3. 2026-06-17
   days on market $335,000 Active 20 DOM
4. 2026-06-16
   days on market $335,000 Active 19 DOM
5. 2026-06-15
   days on market $335,000 Active 18 DOM
6. 2026-06-13
   days on market $335,000 Active 16 DOM
7. 2026-06-13
   days on market $335,000 Active 15 DOM
8. 2026-06-09
   days on market $335,000 Active 12 DOM
9. 2026-06-08
   days on market $335,000 Active 11 DOM
10. 2026-06-07
    days on market $335,000 Active 10 DOM
11. 2026-06-04
    days on market $335,000 Active 7 DOM
12. 2026-06-03
    days on market $335,000 Active 6 DOM
13. 2026-06-02
    days on market $335,000 Active 5 DOM
14. 2026-06-01
    days on market $335,000 Active 4 DOM
15. 2026-05-31
    days on market $335,000 Active 3 DOM

ⓘ 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 1/10 Low
• 🌡 Heat 6/10 Major 6 d/yr ≥90°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $47,479
• − Mortgage interest: −$18,765
• − Property taxes: −$5,025
• − Insurance: −$1,675
• − Repairs & maintenance: −$3,798
• − Management: −$3,798
• − Depreciation: −$9,745
• Taxable income: $4,672
• Est. tax owed @ 24.0%: −$1,121
• After-tax cash flow: $8,606/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: Tustin Unified
• NCES district ID: 0640150
• Math proficiency: 46% ▼ -6.00%
• Reading proficiency: 65% ▲ 4.00%
• Median HH income: $81,864
• Composite: 50.32/100
• National rank: #1880
• State rank: #91 of 517 in CA

Livability — Tustin

• Score: 71/100
• State rank: #215
• US rank: #6806

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Tustin, CA
• County: Orange County · 3,096,323 people
• City population: 84,447
• Metro: Los Angeles-Long Beach-Anaheim, CA
• Population (ZIP): 54,374
• Household income: $101,017
• Rent vs Own: 55.9% rent · 44.1% own
• Severe rent burden: 3031.0

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 0.64)
• Race & ethnicity: Hispanic / Latino 52% White 27% Two or more races 16% Asian 14% Black 3%
• Hispanic origin (detail): Mexican 43%
• Common ancestry: Romanian 1% Slovak 1% Italian 1%
• Foreign-born: 33% · Canada, Vietnam, China
• Languages at home: 47% English-only · Spanish 40% Other Indo-European 3% Tagalog/Filipino 2%

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: ▼ -924.13%
• Current HPI: 482.9143
• Rent YoY: ▲ 4.12%
• 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

• 2026-05-28 Listed $335,000 CRMLS

Property tax history

-3.5%/yr

Latest (2025): $464 · +2.7% YoY. Source: county tax records.