971 Borden Rd #69 · San Marcos, CA 92069

$319,900

3 bd · 2.0 ba · 1,602 sqft · Manufactured public records · 6 Days on market

Built 2014 Est $457k · 30% 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 +22.4/30.0
• ARV discount +15.0/15.0
• DSCR +7.2/10.0
• 1% rule +5.9/10.0
• Schools +5.4/10.0
• Livability +3.9/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 971 Borden Rd, Space 69 a charming 3-bedroom, 2-bathroom home offering 1,602 sq. ft. of comfortable living space in a ANY AGE PARK. This home invites you in with its open floor plan, seamlessly connecting the kitchen and living room, perfect for entertaining or simply enjoying the stunning mountain views from your window. The primary suite is a true retreat, featuring a spacious en-suite bathroom and a walk-in closet that’s sure to impress. A dedicated laundry room adds convenience, while the backyard includes a large storage shed for all your organizational needs. With two driveway parking spaces, this home ensures practicality meets style. Whether you're soaking in the vi

Key facts

• Open floor plan
• Walk-in closet
• En-suite bathroom

Tags

• OPEN FLOOR PLAN
• MOUNTAIN VIEWS
• EN-SUITE BATHROOM
• WALK-IN CLOSET
• DEDICATED LAUNDRY ROOM
• LARGE STORAGE SHED

Property features AI

Finance

• HOA & community: Located in Rancho San Marcos community, San Marcos subdivision

Exterior

• Parking: 2 parking spaces
• Utilities: Sewer connected
• Home design: Manufactured home; Single-story
• Exterior features: Full fencing; Composition roof

Interior

• Kitchen: Dishwasher; Microwave; Gas cooktop
• Bedrooms: Up to 3 bedrooms possible
• Bathrooms: 2 full bathrooms
• Interior features: Dishwasher; Microwave; Gas cooktop; Central air conditioning; Forced air heating

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $320k.

Deal economics

• At list price, monthly cash flow is $536 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $320k).
• Cap rate 8.3% vs local median 2.5% in San Marcos — 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 77/100 on livability (#80 in CA, #3,074 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: health & safety D+, cost of living F.
• San Marcos Unified (suburban): math 52% / reading 67% proficiency, ranked #249 of 1,400 in CA (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents flat; 115 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 11,759 units permitted in San Diego County in 2024 (7,244 in 5+ unit buildings).
• This rent runs 43% of the median local income ($97k/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 $10k of value loss. Plan a longer hold.
• San Diego County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $319,900

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: 1.09% ✓
• Cap rate: 8.30%
• Cash-on-cash: 7.18%
• DSCR: 1.32
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $456,570
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
909 Richland Rd #79	0.16mi	2/2.0 (-1)	1,540 (-4%)	1mo	$439,000	$285	80
909 Richland Rd #52	0.16mi	2/2.0 (-1)	1,664 (+4%)	3mo	$480,000	$288	79
971 Borden Rd #122	0.10mi	3/2.0	1,401 (-12%)	3mo	$375,000	$268	72
909 Richland Rd #105	0.16mi	2/2.0 (-1)	1,694 (+6%)	8mo	$499,000	$295	71
971 Borden Rd #2	0.10mi	2/2.0 (-1)	1,440 (-10%)	3mo	$260,000	$181	71
909 RICHLAND Rd #115	0.16mi	3/2.0	1,824 (+14%)	11mo	$525,000	$288	60
909 Richland Rd #124	0.16mi	2/2.0 (-1)	1,796 (+12%)	9mo	$635,000	$354	60
1401 El Norte Pkwy #42	0.68mi	3/2.0	1,580 (-1%)	8mo	$445,000	$282	59
1401 El Norte Pkwy Spc 60	0.68mi	2/2.0 (-1)	1,560 (-3%)	4mo	$441,420	$283	56
1401 El Norte Pkwy Spc 237	0.68mi	2/2.0 (-1)	1,647 (+3%)	8mo	$470,000	$285	52
1401 El Norte Pkwy #57	0.68mi	2/2.0 (-1)	1,368 (-15%)	2mo	$287,000	$210	37
1401 El Norte Pkwy #9	0.68mi	2/2.0 (-1)	1,368 (-15%)	9mo	$345,000	$252	31

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 · 0.55% rent growth · sell at horizon

5-year hold

• IRR: -8.1%
• Equity multiple: 0.71×
• Total profit: $-26,040
• Equity at exit: $47,698

10-year hold

• IRR: -2.1%
• Equity multiple: 0.87×
• Total profit: $-11,221
• Equity at exit: $27,659

Cash invested: $89,572 (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 92069

• Rents YoY: 0.6%
• Active inventory: 115
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $3,476 high
• Mortgage (P&I): −$1,678
• Tax est. 1.5%: −$400 /mo · $4,798/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$730
• Net cashflow: $536

Break-even live

Break-even rent $2,798

Max offer price $319,900

Occupancy floor 80%

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: $79,975
• Closing costs: $9,597
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
909 Richland Rd #89 San Marcos, CA	2.0	2.0	1440	$2,800	$1.94	43d	1	0.15mi
909 Richland Rd #142 San Marcos, CA	2.0	2.0	1688	$3,500	$2.07	24d	1	0.15mi
909 Richland Rd San Marcos, CA	2.0	2.0	1688	$3,300	$1.95	4d	1	0.24mi
786 Fulton Rd San Marcos, CA	3.0	2.0	1821	$3,895	$2.14	43d	1	0.33mi
929 Mulberry Dr San Marcos, CA	4.0	2.0	1859	$3,995	$2.15	43d	1	0.60mi
1920 Edith Dr Escondido, CA	2.0	2.0	1330	$3,699	$2.78	1d	1	0.86mi
610 Sunset Ct San Marcos, CA	3.0	2.0	1428	$3,800	$2.66	43d	1	0.95mi
347 Borden Rd San Marcos, CA	4.0	3.0	1840	$3,850	$2.09	43d	1	1.12mi
715 Ash Ln San Marcos, CA	1.0–3.0	1.0–2.0	835	$3,201	$3.83	3d	20	1.13mi
1918 Firestone Dr Escondido, CA	3.0	2.0	2047	$4,595	$2.24	1d	1	1.22mi
131 Avenida Chapala #105 San Marcos, CA	3.0	2.5	1379	$3,425	$2.48	1d	1	1.26mi
295 Mission Villas Rd Unit 3 San Marcos, CA	2.0	2.5	1105	$3,100	$2.81	12d	1	1.45mi

Listing history 2 events

1. 2026-04-28
   status Pending
2. 2026-04-22
   listed $319,900 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 5/10 Major 7 d/yr ≥97°F today · 23 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: $41,716
• − Mortgage interest: −$17,919
• − Property taxes: −$4,798
• − Insurance: −$1,600
• − Repairs & maintenance: −$3,337
• − Management: −$3,337
• − Depreciation: −$9,306
• Taxable income: $1,418
• Est. tax owed @ 24.0%: −$340
• After-tax cash flow: $6,086/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 Marcos Unified
• NCES district ID: 0634880
• Math proficiency: 52% ▲ 1.00%
• Reading proficiency: 67% ▲ 2.00%
• Median HH income: $64,752
• Composite: 53.67/100
• National rank: #3093
• State rank: #249 of 1400 in CA

Livability — San Marcos

• Score: 77/100
• State rank: #80
• US rank: #3074

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Marcos, CA
• County: San Diego County · 3,178,799 people
• City population: 100,940
• Metro: San Diego-Chula Vista-Carlsbad, CA
• Population (ZIP): 47,335
• Household income: $96,771
• Rent vs Own: 43.9% rent · 56.1% own
• Severe rent burden: 2399.0

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: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: Hispanic / Latino 46% White 36% Two or more races 20% Asian 11% Native American 1% Black 1%
• Hispanic origin (detail): Mexican 41%
• Common ancestry: Lithuanian 2% Romanian 2% Portuguese 2%
• Foreign-born: 26% · Canada, China, Vietnam
• Languages at home: 57% English-only · Spanish 32% Tagalog/Filipino 2% Other Asian/Pacific 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: ▼ -522.69%
• Current HPI: 376.182
• Rent YoY: ▲ 0.55%
• 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

2 events — show timeline

• 2026-04-28 Pending — SDMLS
• 2026-04-22 Listed $319,900 SDMLS