500 Atascadero Rd SPC F1 · Morro Bay, CA 93442

$399,900

3 bd · 2.0 ba · 1,512 sqft · Manufactured public records · 233 Days on market

Built 2021 $264/sqft · 12% below area Est $450k · 11% under ↓ 9% since listing

---

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 +20.3/30.0
• ARV discount +12.5/15.0
• DSCR +6.4/10.0
• Schools +4.6/10.0
• 1% rule +4.1/10.0
• Rent growth +3.5/5.0
• Livability +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Just half a mile from the sand, this 3 bed coastal home in Morro Bay offers modern, low maintenance living in the sought after 55 plus Silver City Resort East, ideal as a primary residence or a well positioned second home along California’s Central Coast. Built in 2021, this approximately 1,500 square foot double wide features three bedrooms and two full bathrooms, combining contemporary design with comfort in one of the closest 55 plus communities to the ocean. High ceilings, skylights, and abundant natural light create an airy interior, while flexible nooks provide space for reading, hobbies, or a home office. The kitchen serves as the heart of the home with Whirlpool appliances, a French door refrigerator, oversized pan cabinetry, and a center island designed for gathering and everyday use. The open layout flows seamlessly into the dining and living areas, supporting both relaxed living and easy entertaining. French doors from the dining area open to a covered patio and fenced backyard, offering a private outdoor setting for gardening, pets, or coastal evenings. A separate laundry room adds convenience, and included items enhance move in readiness, including washer, dryer, refrigerator, island bench, primary bed with iron headboard, two nightstands, and a large storage shed. The space accommodates two vehicles plus a golf cart, adding flexibility for coastal living. A picket fence is shown virtually in one photo and park owner has approved the idea if buyer wants to add one. Silver City Resort East offers a vibrant yet comfortable lifestyle with a resident clubhouse, community events, neighborhood park gatherings, and a welcoming social atmosphere. Enjoy close proximity to Morro Rock, the Embarcadero, fresh seafood dining, kayaking, hiking trails, and everyday conveniences. Located on leased land with a monthly space rent of $999 plus metered utilities. Park approval required. Primary resident must be 55 or older with a co resident permitted at 45 plus. This move in ready home delivers modern design, functional space, and true beach close living in one of Morro Bay’s most desirable 55 plus coastal communities.

Key facts

• Whirlpool appliances
• Light filled living
• Tray ceilings

Tags

• LIGHT FILLED LIVING
• STUNNING CHEFS KITCHEN
• WHIRLPOOL APPLIANCES
• FRENCH DOOR REFRIGERATOR
• OVERSIZED PAN CUPBOARDS
• TRAY CEILINGS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $400k.

Deal economics

• At list price, monthly cash flow is $443 ($5k/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 $365k (8.6% below list).
• Recommended offer: $352k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 1.8% in Morro Bay — 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 58/100 on livability (#726 in CA) — a working-class tenant base; expect higher turnover. Strengths: crime B, employment B; Watch: amenities F, commute F, cost of living F.
• San Luis Coastal Unified (urban): math 50% / reading 58% proficiency, ranked #118 of 517 in CA (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+4.1%/yr); 59 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,104 units permitted in San Luis Obispo County in 2024 (273 in 5+ unit buildings).
• At $3,653/mo this rent would consume 46% of the median local household income ($96k/yr) (locally 333% 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 $3k of loan paydown is wiped out by about $12k 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 233 days — a 12% lower offer ($352k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood 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 $351,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 233 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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: 0.91% ✗
• Cap rate: 7.82%
• Cash-on-cash: 5.46%
• DSCR: 1.24
• GRM: 9.1

CMA / ARV

• ARV (median comp): $449,950
• List price: $399,900
• Delta: -11.12%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.1% rent growth · sell at horizon

5-year hold

• IRR: -7.8%
• Equity multiple: 0.71×
• Total profit: $-32,624
• Equity at exit: $59,626

10-year hold

• IRR: 2.9%
• Equity multiple: 1.22×
• Total profit: $24,520
• Equity at exit: $34,576

Cash invested: $111,972 (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 93442

• Rents YoY: 4.1%
• Active inventory: 59
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $3,653 medium
• Mortgage (P&I): −$2,097
• Tax from tax record: −$112 /mo · $1,350/yr
• Insurance: −$167
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$767
• Net cashflow: $443

Break-even live

Break-even rent $3,092

Max offer price $399,900

Occupancy floor 83%

Sensitivity live

Price	-10% $670	-5% $556	+0% $443	+5% $330	+10% $217
Rent	-10% $155	-5% $299	+0% $443	+5% $588	+10% $732
Rate	-1.0pp $645	-0.5pp $545	base $443	+0.5pp $340	+1.0pp $234

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: $99,975
• Closing costs: $11,997
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
482 Rockview St Morro Bay, CA	3.0	3.0	1628	$3,800	$2.33	21d	1	0.13mi
2440 Greenwood Ave Morro Bay, CA	2.0	2.0	1694	$5,595	$3.30	44d	1	0.57mi

Listing history 19 events

1. 2026-06-18
   days on market $399,900 Active 233 DOM
2. 2026-06-17
   days on market $399,900 Active 232 DOM
3. 2026-06-16
   price $399,900 Active 231 DOM
4. 2026-06-16
   days on market $409,900 Active 231 DOM
5. 2026-06-15
   days on market $409,900 Active 230 DOM
6. 2026-06-14
   days on market $409,900 Active 228 DOM
7. 2026-06-13
   days on market $409,900 Active 227 DOM
8. 2026-06-10
   days on market $409,900 Active 225 DOM
9. 2026-06-09
   days on market $409,900 Active 224 DOM
10. 2026-06-08
    days on market $409,900 Active 223 DOM
11. 2026-06-07
    days on market $409,900 Active 222 DOM
12. 2026-06-03
    days on market $409,900 Active 218 DOM
13. 2026-06-02
    days on market $409,900 Active 217 DOM
14. 2026-06-01
    days on market $409,900 Active 216 DOM
15. 2026-05-31
    days on market $409,900 Active 215 DOM
16. 2026-05-30
    days on market $409,900 Active 214 DOM
17. 2026-03-24
    price $409,900 2162-char remark

    Show marketing remark (2162 chars)

    Just half a mile from the sand, this 3 bed coastal home in Morro Bay offers modern, low maintenance living in the sought after 55 plus Silver City Resort East, ideal as a primary residence or a well positioned second home along California’s Central Coast. Built in 2021, this approximately 1,500 square foot double wide features three bedrooms and two full bathrooms, combining contemporary design with comfort in one of the closest 55 plus communities to the ocean. High ceilings, skylights, and abundant natural light create an airy interior, while flexible nooks provide space for reading, hobbies, or a home office. The kitchen serves as the heart of the home with Whirlpool appliances, a French door refrigerator, oversized pan cabinetry, and a center island designed for gathering and everyday use. The open layout flows seamlessly into the dining and living areas, supporting both relaxed living and easy entertaining. French doors from the dining area open to a covered patio and fenced backyard, offering a private outdoor setting for gardening, pets, or coastal evenings. A separate laundry room adds convenience, and included items enhance move in readiness, including washer, dryer, refrigerator, island bench, primary bed with iron headboard, two nightstands, and a large storage shed. The space accommodates two vehicles plus a golf cart, adding flexibility for coastal living. A picket fence is shown virtually in one photo and park owner has approved the idea if buyer wants to add one. Silver City Resort East offers a vibrant yet comfortable lifestyle with a resident clubhouse, community events, neighborhood park gatherings, and a welcoming social atmosphere. Enjoy close proximity to Morro Rock, the Embarcadero, fresh seafood dining, kayaking, hiking trails, and everyday conveniences. Located on leased land with a monthly space rent of $999 plus metered utilities. Park approval required. Primary resident must be 55 or older with a co resident permitted at 45 plus. This move in ready home delivers modern design, functional space, and true beach close living in one of Morro Bay’s most desirable 55 plus coastal communities.

18. 2026-01-09
    price $434,000 2162-char remark

    Show marketing remark (2162 chars)

    Just half a mile from the sand, this 3 bed coastal home in Morro Bay offers modern, low maintenance living in the sought after 55 plus Silver City Resort East, ideal as a primary residence or a well positioned second home along California’s Central Coast. Built in 2021, this approximately 1,500 square foot double wide features three bedrooms and two full bathrooms, combining contemporary design with comfort in one of the closest 55 plus communities to the ocean. High ceilings, skylights, and abundant natural light create an airy interior, while flexible nooks provide space for reading, hobbies, or a home office. The kitchen serves as the heart of the home with Whirlpool appliances, a French door refrigerator, oversized pan cabinetry, and a center island designed for gathering and everyday use. The open layout flows seamlessly into the dining and living areas, supporting both relaxed living and easy entertaining. French doors from the dining area open to a covered patio and fenced backyard, offering a private outdoor setting for gardening, pets, or coastal evenings. A separate laundry room adds convenience, and included items enhance move in readiness, including washer, dryer, refrigerator, island bench, primary bed with iron headboard, two nightstands, and a large storage shed. The space accommodates two vehicles plus a golf cart, adding flexibility for coastal living. A picket fence is shown virtually in one photo and park owner has approved the idea if buyer wants to add one. Silver City Resort East offers a vibrant yet comfortable lifestyle with a resident clubhouse, community events, neighborhood park gatherings, and a welcoming social atmosphere. Enjoy close proximity to Morro Rock, the Embarcadero, fresh seafood dining, kayaking, hiking trails, and everyday conveniences. Located on leased land with a monthly space rent of $999 plus metered utilities. Park approval required. Primary resident must be 55 or older with a co resident permitted at 45 plus. This move in ready home delivers modern design, functional space, and true beach close living in one of Morro Bay’s most desirable 55 plus coastal communities.

19. 2025-10-28
    listed $449,900 Active 2162-char remark

    Show marketing remark (2162 chars)

    Just half a mile from the sand, this 3 bed coastal home in Morro Bay offers modern, low maintenance living in the sought after 55 plus Silver City Resort East, ideal as a primary residence or a well positioned second home along California’s Central Coast. Built in 2021, this approximately 1,500 square foot double wide features three bedrooms and two full bathrooms, combining contemporary design with comfort in one of the closest 55 plus communities to the ocean. High ceilings, skylights, and abundant natural light create an airy interior, while flexible nooks provide space for reading, hobbies, or a home office. The kitchen serves as the heart of the home with Whirlpool appliances, a French door refrigerator, oversized pan cabinetry, and a center island designed for gathering and everyday use. The open layout flows seamlessly into the dining and living areas, supporting both relaxed living and easy entertaining. French doors from the dining area open to a covered patio and fenced backyard, offering a private outdoor setting for gardening, pets, or coastal evenings. A separate laundry room adds convenience, and included items enhance move in readiness, including washer, dryer, refrigerator, island bench, primary bed with iron headboard, two nightstands, and a large storage shed. The space accommodates two vehicles plus a golf cart, adding flexibility for coastal living. A picket fence is shown virtually in one photo and park owner has approved the idea if buyer wants to add one. Silver City Resort East offers a vibrant yet comfortable lifestyle with a resident clubhouse, community events, neighborhood park gatherings, and a welcoming social atmosphere. Enjoy close proximity to Morro Rock, the Embarcadero, fresh seafood dining, kayaking, hiking trails, and everyday conveniences. Located on leased land with a monthly space rent of $999 plus metered utilities. Park approval required. Primary resident must be 55 or older with a co resident permitted at 45 plus. This move in ready home delivers modern design, functional space, and true beach close living in one of Morro Bay’s most desirable 55 plus coastal communities.

ⓘ 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: $1,350 · $112/mo
• Projected year-2 tax: $3,039 · $253/mo
• Expected delta: +$1,689/yr (+$141/mo · 125.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥75°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 13 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,837
• − Mortgage interest: −$22,401
• − Property taxes: −$1,350
• − Insurance: −$2,797
• − Repairs & maintenance: −$3,507
• − Management: −$3,507
• − Depreciation: −$11,633
• Taxable loss: −$1,358
• Est. tax savings @ 24.0%: +$326
• After-tax cash flow: $5,645/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 Luis Coastal Unified
• NCES district ID: 0634800
• Math proficiency: 50% ▼ -14.00%
• Reading proficiency: 58% ▼ -12.00%
• Median HH income: $53,428
• Composite: 46.4/100
• National rank: #2455
• State rank: #118 of 517 in CA

Livability — Morro Bay

• Score: 58/100
• State rank: #726
• US rank: #21437

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Morro Bay, CA
• County: San Luis Obispo County · 224,651 people
• City population: 11,571
• Metro: San Luis Obispo-Paso Robles, CA
• Population (ZIP): 11,571
• Household income: $95,623
• Rent vs Own: 34.1% rent · 65.9% own
• Severe rent burden: 333.0

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 (77%)
• Race & ethnicity: White 77% Hispanic / Latino 13% Two or more races 9% Asian 5%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Slovak 5% Italian 3% Portuguese 3%
• Foreign-born: 6% · Canada, China
• Languages at home: 89% English-only · Spanish 7% Other Indo-European 2% German/W. Germanic 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: ▼ -758.25%
• Current HPI: 351.1292
• Rent YoY: ▲ 4.10%
• 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

-8.9% since first listed

3 events — show timeline

• 2026-03-24 Price Changed $409,900 CRMLS
• 2026-01-09 Price Changed $434,000 CRMLS
• 2025-10-28 Listed $449,900 CRMLS

Property tax history

+3.5%/yr

Latest (2025): $1,350 · +1.8% YoY. Source: county tax records.