560 30th Ave #33

Pleasure Point, CA 95062

$225,000B+

1 bd · 1.0 ba · 520 sqft · Built 1961 · Manufactured · Pending (Do Not Show) · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,908/mo
• Mortgage (P&I): −$1,180
• Tax + insurance: −$375
• HOA: −$0
• Vac / Maint / Mgmt: −$611
• Net cashflow: $742/mo
• Annual: $8,905/yr
• Cap rate: 10.25%
• Cash-on-cash: 14.13%
• DSCR: 1.63
• 1% rule: 1.29%
• Cash to close: $63,000

Investor read

• This is a 1-bed/1.0-bath manufactured listed at $225k.
• At list price, monthly cash flow is $742 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• 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-, cost of living F.
• Live Oak Elementary (suburban): math 45% / reading 54% proficiency, ranked #431 of 1,400 in CA (top 31%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Del Mar Elementary (342 students, 50% FRL); Shoreline Middle (441 students, 61% FRL).
• Market conditions: Rents flat; 66 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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).
• Santa Cruz County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 25y 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 $72k; list at $225k implies a 212% gain — meaningful room to come down on a strong offer.
• This rent runs 31% of the median local income ($112k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.