7228 San Benito St #351 · Carlsbad, CA 92011

$199,000

2 bd · 2.0 ba · 1,464 sqft · Manufactured · 119 Days on market

Built 1977 $136/sqft · 48% below area Est $381k · 48% under

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Why this score? — see what drove the A 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +6.5/10.0
• Appreciation +5.9/10.0
• Livability +3.9/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Light and Bright! Newly Painted Interior & Exterior! Located in Lakeshore Gardens 55+ Gated Community! Stainless Steel Upgraded Appliances in Kitchen w/ 5 Burner Gas Stove & Convection Oven! AIR CONDITIONING! NO TAXES! Sunroom that is perfect for a Home Office! Upgraded Primary & Secondary Bathrooms! Built in 1977, available for Conventional Mobile Home Loan! 12 min walk to Carlsbad South State Beach and Close to ALL Community Amenities! LARGE strip mall offers EVERY POSSIBLE amenity from shopping to services all just a walk across the street! Lakeshore Gardens has a multitude of community areas that are upscale, assessable and beautiful!

Key facts

• Air conditioning
• Sunroom
• 5 burner gas stove

Tags

• 5 BURNER GAS STOVE
• CONVECTION OVEN
• AIR CONDITIONING
• SUNROOM
• UPGRADED PRIMARY BATHROOMS
• UPGRADED SECONDARY BATHROOMS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $199k.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $199k).
• Recommended offer: $181k (9.0% below list) — sets the bar for market timing.
• Cap rate 20.9% vs local median 2.1% in Carlsbad — 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 78/100 on livability (#67 in CA, #2,526 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, amenities A+, commute A+; Watch: health & safety D+, cost of living F.
• Carlsbad Unified (urban): math 68% / reading 76% proficiency, ranked #87 of 1,400 in CA (top 6%) — strong family-tenant draw, lease renewals of 3-5y typical; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+3.5%/yr); 96 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 11,759 units permitted in San Diego County in 2024 (7,244 in 5+ unit buildings).
• This rent runs 36% of the median local income ($159k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $5k of equity ($1k loan paydown + $3k appreciation (1.8% local appreciation)).
• San Diego County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (1.8% appreciation + 3.5% rent growth), your $56k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 119 days — a 9% lower offer ($181k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 17y ago; this cycle's ask has dropped $76k (28%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $96k; list at $199k implies a 108% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $181,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 119 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 1977 — 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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 2.42% ✓
• Cap rate: 20.95%
• Cash-on-cash: 52.33%
• DSCR: 3.33
• GRM: 3.4

CMA / ARV

• ARV (median comp): $380,992
• List price: $199,000
• Delta: -47.77%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7140 Santa Rosa St	0.10mi	2/2.0	1,440 (-2%)	6mo	$191,000	$133	88
7106 Santa Cruz #56	0.12mi	2/2.0	1,464 (0%)	9mo	$390,000	$266	87
7304 Santa Barbara St #325	0.10mi	2/2.0	1,512 (+3%)	9mo	$481,000	$318	82
7018 San Carlos St #60	0.22mi	2/2.0	1,440 (-2%)	6mo	$392,000	$272	82
7318 San Luis St	0.24mi	2/2.0	1,440 (-2%)	9mo	$285,000	$198	78
7024 San Bartolo Unit 19 A	0.13mi	3/2.0 (+1)	1,544 (+6%)	2mo	$425,000	$275	78
7224 San Benito St	0.01mi	2/2.0	1,600 (+9%)	9mo	$400,000	$250	77
7203 San Luis St #166	0.15mi	2/2.5	1,536 (+5%)	9mo	$375,000	$244	75
7313 San Luis St #236	0.19mi	3/2.0 (+1)	1,548 (+6%)	5mo	$450,000	$291	73
7311 San Luis St #237	0.22mi	3/2.0 (+1)	1,359 (-7%)	1mo	$236,550	$174	72
7243 San Luis St #257	0.11mi	2/2.0	1,248 (-15%)	2mo	$120,000	$96	69
7207 Santa Barbara St #154	0.13mi	3/2.0 (+1)	1,656 (+13%)	3mo	$513,300	$310	64

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

1.75% appreciation · 3.54% rent growth · sell at horizon

5-year hold

• IRR: 56.5%
• Equity multiple: 4.03×
• Total profit: $168,582
• Equity at exit: $75,799

10-year hold

• IRR: 57.4%
• Equity multiple: 8.25×
• Total profit: $404,057
• Equity at exit: $107,121

Cash invested: $55,720 (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 92011

• Home prices YoY: 0.4%
• Rents YoY: 3.5%
• Active inventory: 96
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $4,817 high
• Mortgage (P&I): −$1,044
• Tax est. 1.5%: −$249 /mo · $2,985/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,012
• Net cashflow: $2,430

Break-even live

Break-even rent $1,741

Max offer price $199,000

Occupancy floor 45%

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6923 Whitecap Dr Carlsbad, CA	3.0	2.0	1246	$5,250	$4.21	43d	1	0.50mi
6938 Seascape Dr Carlsbad, CA	1.0–2.0	1.0–2.0	810	$3,775	$4.66	3d	9	0.63mi
6910 Peachtree Rd Unit 1546353P Carlsbad, CA	3.0	2.0	1399	$6,129	$4.38	16d	1	0.71mi
820 Windcrest Dr Carlsbad, CA	3.0	2.0	1404	$5,581	$3.98	18d	1	0.71mi
6790 Embarcadero Ln Carlsbad, CA	1.0–2.0	2.0–2.5	2104	$5,750	$2.73	5d	1	0.83mi
6811 Alderwood Dr Carlsbad, CA	2.0	2.0	1292	$3,850	$2.98	43d	1	0.85mi
916 Caminito Estrada Unit B Carlsbad, CA	2.0	2.0	1188	$3,650	$3.07	43d	1	1.04mi
6675 Paseo del Norte Unit B Carlsbad, CA	2.0	2.0	959	$4,300	$4.48	43d	1	1.08mi
6675 Paseo del Norte Unit A Carlsbad, CA	2.0	2.0	959	$3,850	$4.01	5d	1	1.08mi
6677 Paseo Del Norte Carlsbad, CA	2.0	2.0	959	$4,500	$4.69	43d	1	1.08mi
6677 Paseo del Norte Unit B Carlsbad, CA	2.0	1.0	959	$3,950	$4.12	43d	1	1.08mi
902 Caminito Madrigal Unit B Carlsbad, CA	2.0	1.0	897	$3,200	$3.57	10d	1	1.09mi
908 Caminito Madrigal Carlsbad, CA	2.0	2.0	897	$4,500	$5.02	43d	1	1.14mi
908 Caminito Madrigal Unit D Carlsbad, CA	2.0	1.5	897	$4,500	$5.02	43d	1	1.15mi
1967 N Vulcan Ave Encinitas, CA	1.0–2.0	1.0–2.0	929	$5,359	$5.77	1d	7	1.17mi
925 Wind Drift Dr Carlsbad, CA	2.0	2.5	1110	$3,895	$3.51	43d	1	1.21mi
6555 Sea Gate Rd Carlsbad, CA	2.0	2.0	1114	$4,095	$3.67	1d	3	1.25mi
1812 Parliament Rd Encinitas, CA	2.0	2.0	1467	$11,200	$7.63	1d	1	1.35mi

Listing history 13 events

1. 2026-03-28
   price $199,000 670-char remark

   Show marketing remark (670 chars)

   Light and Bright! Newly Painted Interior & Exterior! Located in Lakeshore Gardens 55+ Gated Community! Stainless Steel Upgraded Appliances in Kitchen w/ 5 Burner Gas Stove & Convection Oven! AIR CONDITIONING! NO TAXES! Sunroom that is perfect for a Home Office! Upgraded Primary & Secondary Bathrooms! Built in 1977, available for Conventional Mobile Home Loan! 12 min walk to Carlsbad South State Beach and Close to ALL Community Amenities! LARGE strip mall offers EVERY POSSIBLE amenity from shopping to services all just a walk across the street! Lakeshore Gardens has a multitude of community areas that are upscale, assessable and beautiful!

2. 2026-01-17
   listed $275,000 Active 670-char remark

   Show marketing remark (670 chars)

   Light and Bright! Newly Painted Interior & Exterior! Located in Lakeshore Gardens 55+ Gated Community! Stainless Steel Upgraded Appliances in Kitchen w/ 5 Burner Gas Stove & Convection Oven! AIR CONDITIONING! NO TAXES! Sunroom that is perfect for a Home Office! Upgraded Primary & Secondary Bathrooms! Built in 1977, available for Conventional Mobile Home Loan! 12 min walk to Carlsbad South State Beach and Close to ALL Community Amenities! LARGE strip mall offers EVERY POSSIBLE amenity from shopping to services all just a walk across the street! Lakeshore Gardens has a multitude of community areas that are upscale, assessable and beautiful!

3. 2014-10-17
   soldstatus $95,500 563-char remark

   Show marketing remark (563 chars)

   This 2 Bm/ 2 B home is nestled in one of the most perfect locations in Carlsbad. Enjoy the comfort of a gated community featuring 11 lakes and well-maintained green areas. A 5 min. walk to the beach or to shops across the street. A beautiful recreation center provides fun activities, heated pool, and air-conditioned gym. Only 3 min to the I-5 Fwy. A 15 min drive to the airport or a variety of upscale shops, dining, movies & more. Neighborhoods: Lakeshore Gardens Equipment: Dryer, Range/Oven, Washer Other Fees: 0 Sewer: Sewer Connected Topography: LL

4. 2014-10-17
   soldstatus $95,500 Sold 563-char remark

   Show marketing remark (563 chars)

   This 2 Bm/ 2 B home is nestled in one of the most perfect locations in Carlsbad. Enjoy the comfort of a gated community featuring 11 lakes and well-maintained green areas. A 5 min. walk to the beach or to shops across the street. A beautiful recreation center provides fun activities, heated pool, and air-conditioned gym. Only 3 min to the I-5 Fwy. A 15 min drive to the airport or a variety of upscale shops, dining, movies & more. Neighborhoods: Lakeshore Gardens Equipment: Dryer, Range/Oven, Washer Other Fees: 0 Sewer: Sewer Connected Topography: LL

5. 2014-09-15
   status Pending 563-char remark

   Show marketing remark (563 chars)

   This 2 Bm/ 2 B home is nestled in one of the most perfect locations in Carlsbad. Enjoy the comfort of a gated community featuring 11 lakes and well-maintained green areas. A 5 min. walk to the beach or to shops across the street. A beautiful recreation center provides fun activities, heated pool, and air-conditioned gym. Only 3 min to the I-5 Fwy. A 15 min drive to the airport or a variety of upscale shops, dining, movies & more. Neighborhoods: Lakeshore Gardens Equipment: Dryer, Range/Oven, Washer Other Fees: 0 Sewer: Sewer Connected Topography: LL

6. 2014-09-02
   listed $94,900 Active 563-char remark

   Show marketing remark (563 chars)

   This 2 Bm/ 2 B home is nestled in one of the most perfect locations in Carlsbad. Enjoy the comfort of a gated community featuring 11 lakes and well-maintained green areas. A 5 min. walk to the beach or to shops across the street. A beautiful recreation center provides fun activities, heated pool, and air-conditioned gym. Only 3 min to the I-5 Fwy. A 15 min drive to the airport or a variety of upscale shops, dining, movies & more. Neighborhoods: Lakeshore Gardens Equipment: Dryer, Range/Oven, Washer Other Fees: 0 Sewer: Sewer Connected Topography: LL

7. 2014-08-30
   listed $94,900 563-char remark

   Show marketing remark (563 chars)

   This 2 Bm/ 2 B home is nestled in one of the most perfect locations in Carlsbad. Enjoy the comfort of a gated community featuring 11 lakes and well-maintained green areas. A 5 min. walk to the beach or to shops across the street. A beautiful recreation center provides fun activities, heated pool, and air-conditioned gym. Only 3 min to the I-5 Fwy. A 15 min drive to the airport or a variety of upscale shops, dining, movies & more. Neighborhoods: Lakeshore Gardens Equipment: Dryer, Range/Oven, Washer Other Fees: 0 Sewer: Sewer Connected Topography: LL

8. 2009-08-06
   soldstatus $57,000
9. 2009-07-14
   listed $65,000
10. 2009-07-07
    historical
11. 2009-07-07
    historical
12. 2009-03-24
    listed $65,000
13. 2009-03-24
    listed $65,000

ⓘ 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 5/10 Major 7 d/yr ≥82°F today · 18 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: $57,801
• − Mortgage interest: −$11,147
• − Property taxes: −$2,985
• − Insurance: −$995
• − Repairs & maintenance: −$4,624
• − Management: −$4,624
• − Depreciation: −$5,789
• Taxable income: $27,636
• Est. tax owed @ 24.0%: −$6,633
• After-tax cash flow: $22,527/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: Carlsbad Unified
• NCES district ID: 0607500
• Math proficiency: 68% ▲ 2.00%
• Reading proficiency: 76% ▲ 2.00%
• Median HH income: $81,200
• Composite: 65.11/100
• National rank: #1068
• State rank: #87 of 1400 in CA

Livability — Carlsbad

• Score: 78/100
• State rank: #67
• US rank: #2526

Category grades

Amenities A+ Commute A+ 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: Carlsbad, CA
• County: San Diego County · 3,178,799 people
• City population: 114,373
• Metro: San Diego-Chula Vista-Carlsbad, CA
• Population (ZIP): 23,190
• Household income: $159,235
• Rent vs Own: 36.0% rent · 64.0% own
• Severe rent burden: 714.0

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: Majority White (64%)
• Race & ethnicity: White 64% Hispanic / Latino 17% Two or more races 15% Asian 12%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Portuguese 4% Slovak 3% Italian 3%
• Foreign-born: 16% · Canada, China, Vietnam
• Languages at home: 82% English-only · Spanish 6% Chinese 4% German/W. Germanic 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: ▲ 1.75%
• Current HPI: 399.8502
• Rent YoY: ▲ 3.54%
• 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

+206.2% since first listed

13 events — show timeline

• 2026-03-28 Price Changed $199,000 SDMLS
• 2026-01-17 Listed $275,000 SDMLS
• 2014-10-17 Sold (MLS) $95,500 SDMLS
• 2014-10-17 Sold (MLS) $95,500 CRMLS
• 2014-09-15 Pending — SDMLS
• 2014-09-02 Listed $94,900 SDMLS
• 2014-08-30 Listed $94,900 CRMLS
• 2009-08-06 Sold (MLS) $57,000 CRMLS
• 2009-07-14 Listed $65,000 CRMLS
• 2009-07-07 Listing Removed — SDMLS
• 2009-07-07 Listing Removed — CRMLS
• 2009-03-24 Listed $65,000 SDMLS
• 2009-03-24 Listed $65,000 CRMLS