1930 W San Marcos Blvd #261 · San Marcos, CA 92078

$398,000

2 bd · 2.0 ba · 1,920 sqft · Manufactured public records · 59 Days on market

Built 1981 3,100 sqft lot $207/sqft · at area comps Est $380k · at est.

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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 +20.5/30.0
• DSCR +6.5/10.0
• ARV discount +5.4/15.0
• Schools +5.4/10.0
• 1% rule +4.1/10.0
• Livability +3.9/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Elevated OCEAN-VIEW lot featuring a spacious, nearly 2,000 sq. ft. three-section home in highly desirable Palomar Estates West—a premier 55+ resort-style community with rent control. Located on a cul-de-sac near guest parking, clubhouse, amenities & activities! This post-HUD home qualifies for preferred financing, adding exceptional value. Designed with comfort and scale in mind, the expansive great room showcases vaulted beamed ceilings, a gas fireplace, and a wet bar, seamlessly flowing into the dining area and kitchen—ideal for both everyday living and entertaining. The kitchen offers a corner pantry, built-in dining bar, and newer refrigerator and microwave, along with abundant cabinetry and storage throughout the home. The oversized laundry room provides a deep sink, extended counter space, and additional storage. Both bedrooms feature walk-in closets, while the spacious primary suite includes dual sinks and a separate tub and shower. An enclosed porch/California room captures the ocean view, creating a peaceful indoor-outdoor retreat. Recent improvements include fresh exterior paint and newer central A/C. The widened carport allows for easier vehicle access, and the partially fenced, low-maintenance exterior features turf, a wheelchair-accessible ramp, and a generous storage shed. This five-star community permits two small pets per household (with park approval) and offers rent control, with space rent at approximately $808/month. Age 55+ with second resident allowed at 35+.

Key facts

• Clubhouse
• Wet bar
• Corner pantry

Tags

• OCEAN VIEW LOT
• CUL-DE-SAC
• CLUBHOUSE
• WET BAR
• CORNER PANTRY
• OVERSIZED LAUNDRY ROOM

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $398k.

Deal economics

• At list price, monthly cash flow is $524 ($6k/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 $364k (8.6% below list).
• Recommended offer: $364k (8.6% below list) — sets the bar for 1% rule.
• Cap rate 7.9% 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; 232 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% 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 ($120k/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 $3k of loan paydown is wiped out by about $12k 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

• It's been on market 59 days — a 3% lower offer ($386k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 21y 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 $154k; list at $398k implies a 158% gain — meaningful room to come down on a strong offer.

Recommended offer $363,865 (8.6% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 7.87%
• Cash-on-cash: 5.64%
• DSCR: 1.25
• GRM: 9.1

CMA / ARV

• ARV (median comp): $380,305
• List price: $398,000
• Delta: 4.65%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1930 W San Marcos Blvd #275	0.00mi	2/2.0	1,880 (-2%)	6mo	$225,000	$120	91
1930 W San Marcos Blvd #292	0.00mi	2/2.0	1,761 (-8%)	1mo	$375,000	$213	86
1930 W San Marcos Blvd #340	0.00mi	2/2.0	1,752 (-9%)	4mo	$385,000	$220	82
3535 Linda Vista Dr #332	0.26mi	2/2.0	1,840 (-4%)	1mo	$295,000	$160	80
1930 W San Marcos Blvd #263	0.18mi	2/2.0	1,800 (-6%)	2mo	$525,000	$292	79
1930 W San Marcos Blvd #267	0.00mi	3/2.0 (+1)	1,770 (-8%)	8mo	$489,000	$276	75
1930 W San Marcos Blvd #182	0.00mi	2/2.0	1,688 (-12%)	8mo	$365,000	$216	73
3535 Linda Vista Dr #333	0.26mi	2/2.0	1,760 (-8%)	2mo	$380,000	$216	72
1930 W San Marcos Blvd #306	0.18mi	2/2.0	1,680 (-12%)	2mo	$450,000	$268	69
3535 Linda Vista Dr #298	0.26mi	2/2.0	1,710 (-11%)	6mo	$385,000	$225	65
1930 W San Marcos Blvd #79	0.31mi	2/2.0	1,671 (-13%)	7mo	$465,000	$278	58
650 S Rancho Santa Fe Rd #306	0.37mi	2/2.0	1,632 (-15%)	6mo	$395,000	$242	53

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 · 0.35% rent growth · sell at horizon

5-year hold

• IRR: -10.3%
• Equity multiple: 0.63×
• Total profit: $-40,786
• Equity at exit: $59,343

10-year hold

• IRR: -4.6%
• Equity multiple: 0.73×
• Total profit: $-30,127
• Equity at exit: $34,412

Cash invested: $111,440 (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 92078

• Rents YoY: 0.3%
• Active inventory: 232
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $3,639 medium
• Mortgage (P&I): −$2,087
• Tax from tax record: −$98 /mo · $1,175/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$764
• Net cashflow: $524

Break-even live

Break-even rent $2,976

Max offer price $398,000

Occupancy floor 81%

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: $99,500
• Closing costs: $11,940
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2010 W San Marcos Blvd San Marcos, CA	2.0	2.0	1288	$4,000	$3.11	44d	1	0.34mi
658 Las Flores Dr San Marcos, CA	3.0	1.0	1284	$3,650	$2.84	44d	1	0.55mi
1052 Kendale Way Vista, CA	3.0	2.5	1576	$3,795	$2.41	44d	1	1.35mi

Listing history 20 events

1. 2026-06-18
   days on market $398,000 Active 59 DOM
2. 2026-06-17
   days on market $398,000 Active 58 DOM
3. 2026-06-16
   days on market $398,000 Active 57 DOM
4. 2026-06-15
   days on market $398,000 Active 56 DOM
5. 2026-06-13
   days on market $398,000 Active 54 DOM
6. 2026-06-09
   days on market $398,000 Active 50 DOM
7. 2026-06-08
   days on market $398,000 Active 49 DOM
8. 2026-06-07
   days on market $398,000 Active 48 DOM
9. 2026-06-04
   days on market $398,000 Active 45 DOM
10. 2026-06-03
    days on market $398,000 Active 44 DOM
11. 2026-06-02
    days on market $398,000 Active 43 DOM
12. 2026-06-01
    days on market $398,000 Active 42 DOM
13. 2026-05-31
    days on market $398,000 Active 41 DOM
14. 2026-05-15
    status Active 1524-char remark

    Show marketing remark (1524 chars)

    Elevated OCEAN-VIEW lot featuring a spacious, nearly 2,000 sq. ft. three-section home in highly desirable Palomar Estates West—a premier 55+ resort-style community with rent control. Located on a cul-de-sac near guest parking, clubhouse, amenities & activities! This post-HUD home qualifies for preferred financing, adding exceptional value. Designed with comfort and scale in mind, the expansive great room showcases vaulted beamed ceilings, a gas fireplace, and a wet bar, seamlessly flowing into the dining area and kitchen—ideal for both everyday living and entertaining. The kitchen offers a corner pantry, built-in dining bar, and newer refrigerator and microwave, along with abundant cabinetry and storage throughout the home. The oversized laundry room provides a deep sink, extended counter space, and additional storage. Both bedrooms feature walk-in closets, while the spacious primary suite includes dual sinks and a separate tub and shower. An enclosed porch/California room captures the ocean view, creating a peaceful indoor-outdoor retreat. Recent improvements include fresh exterior paint and newer central A/C. The widened carport allows for easier vehicle access, and the partially fenced, low-maintenance exterior features turf, a wheelchair-accessible ramp, and a generous storage shed. This five-star community permits two small pets per household (with park approval) and offers rent control, with space rent at approximately $808/month. Age 55+ with second resident allowed at 35+.

15. 2026-05-06
    historical Active Under Contract 1524-char remark

    Show marketing remark (1524 chars)

    Elevated OCEAN-VIEW lot featuring a spacious, nearly 2,000 sq. ft. three-section home in highly desirable Palomar Estates West—a premier 55+ resort-style community with rent control. Located on a cul-de-sac near guest parking, clubhouse, amenities & activities! This post-HUD home qualifies for preferred financing, adding exceptional value. Designed with comfort and scale in mind, the expansive great room showcases vaulted beamed ceilings, a gas fireplace, and a wet bar, seamlessly flowing into the dining area and kitchen—ideal for both everyday living and entertaining. The kitchen offers a corner pantry, built-in dining bar, and newer refrigerator and microwave, along with abundant cabinetry and storage throughout the home. The oversized laundry room provides a deep sink, extended counter space, and additional storage. Both bedrooms feature walk-in closets, while the spacious primary suite includes dual sinks and a separate tub and shower. An enclosed porch/California room captures the ocean view, creating a peaceful indoor-outdoor retreat. Recent improvements include fresh exterior paint and newer central A/C. The widened carport allows for easier vehicle access, and the partially fenced, low-maintenance exterior features turf, a wheelchair-accessible ramp, and a generous storage shed. This five-star community permits two small pets per household (with park approval) and offers rent control, with space rent at approximately $808/month. Age 55+ with second resident allowed at 35+.

16. 2026-04-20
    listed $398,000 Active 1524-char remark

    Show marketing remark (1524 chars)

    Elevated OCEAN-VIEW lot featuring a spacious, nearly 2,000 sq. ft. three-section home in highly desirable Palomar Estates West—a premier 55+ resort-style community with rent control. Located on a cul-de-sac near guest parking, clubhouse, amenities & activities! This post-HUD home qualifies for preferred financing, adding exceptional value. Designed with comfort and scale in mind, the expansive great room showcases vaulted beamed ceilings, a gas fireplace, and a wet bar, seamlessly flowing into the dining area and kitchen—ideal for both everyday living and entertaining. The kitchen offers a corner pantry, built-in dining bar, and newer refrigerator and microwave, along with abundant cabinetry and storage throughout the home. The oversized laundry room provides a deep sink, extended counter space, and additional storage. Both bedrooms feature walk-in closets, while the spacious primary suite includes dual sinks and a separate tub and shower. An enclosed porch/California room captures the ocean view, creating a peaceful indoor-outdoor retreat. Recent improvements include fresh exterior paint and newer central A/C. The widened carport allows for easier vehicle access, and the partially fenced, low-maintenance exterior features turf, a wheelchair-accessible ramp, and a generous storage shed. This five-star community permits two small pets per household (with park approval) and offers rent control, with space rent at approximately $808/month. Age 55+ with second resident allowed at 35+.

17. 2006-05-05
    soldstatus $154,000 1243-char remark

    Show marketing remark (1243 chars)

    PANORAMIC VIEW of San Marcos hills, ocean and Legoland fireworks! Enter through double doors into 3 section home. Newer Wheel chair Ramp/Access, cathedral ceilings, fireplace, wet bar, built in hutch, Central A/C, Closets & storage galore! Gigantic Living rm has floor to ceiling windows looking out at view. See supplements. [Supplement]: Large, spacious home with so much to offer; Walk in closet in both bedrooms; the one in the Master Bedroom is humongous! Master Bath has Roman tub, neo-angle step in shower, double sinks + linen closet. Guest Bath: step in shower. Kitchen: cabinets painted in 04, newer appliances - range top, dishwasher, sink, oven/micro - all in 03, has counter top bar, large pantry, side by side refrigerator w/ ice & water, can see view from kitchen sink window. Newer, upgraded carpet (01. Newer vinyl in kitchen & baths. Utility room: deep sink, built in desk/work area. Washer/dryer purchased in 03 and plumbing for them done then. California Room: glass windows. California workshop: electricity. Exterior power washed, repaired where needed and painted in 02. Privacy panels on carport, 3 car parking. Great private location on quiet cul-de-sac, low traffic. One must be 55, other can be 35.

18. 2006-01-04
    listed $179,000 1243-char remark

    Show marketing remark (1243 chars)

    PANORAMIC VIEW of San Marcos hills, ocean and Legoland fireworks! Enter through double doors into 3 section home. Newer Wheel chair Ramp/Access, cathedral ceilings, fireplace, wet bar, built in hutch, Central A/C, Closets & storage galore! Gigantic Living rm has floor to ceiling windows looking out at view. See supplements. [Supplement]: Large, spacious home with so much to offer; Walk in closet in both bedrooms; the one in the Master Bedroom is humongous! Master Bath has Roman tub, neo-angle step in shower, double sinks + linen closet. Guest Bath: step in shower. Kitchen: cabinets painted in 04, newer appliances - range top, dishwasher, sink, oven/micro - all in 03, has counter top bar, large pantry, side by side refrigerator w/ ice & water, can see view from kitchen sink window. Newer, upgraded carpet (01. Newer vinyl in kitchen & baths. Utility room: deep sink, built in desk/work area. Washer/dryer purchased in 03 and plumbing for them done then. California Room: glass windows. California workshop: electricity. Exterior power washed, repaired where needed and painted in 02. Privacy panels on carport, 3 car parking. Great private location on quiet cul-de-sac, low traffic. One must be 55, other can be 35.

19. 2006-01-01
    historical
20. 2005-08-01
    listed $189,900

ⓘ 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: $1,175 · $98/mo
• Projected year-2 tax: $3,025 · $252/mo
• Expected delta: +$1,850/yr (+$154/mo · 157.4%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥93°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,664
• − Mortgage interest: −$22,294
• − Property taxes: −$1,175
• − Insurance: −$1,990
• − Repairs & maintenance: −$3,493
• − Management: −$3,493
• − Depreciation: −$11,578
• Taxable loss: −$360
• Est. tax savings @ 24.0%: +$86
• After-tax cash flow: $6,370/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): 53,605
• Household income: $120,268
• Rent vs Own: 28.0% rent · 72.0% own
• Severe rent burden: 1594.0

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 0.62)
• Race & ethnicity: White 53% Hispanic / Latino 28% Two or more races 17% Asian 10% Black 1%
• Hispanic origin (detail): Mexican 23%
• Common ancestry: Italian 3% Slovak 3% Romanian 2%
• Foreign-born: 19% · Canada, China, Vietnam
• Languages at home: 73% English-only · Spanish 18% Other Indo-European 3% Chinese 1%

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: ▼ -351.55%
• Current HPI: 358.3294
• Rent YoY: ▲ 0.35%
• 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

+109.6% since first listed

7 events — show timeline

• 2026-05-15 Relisted — CRMLS
• 2026-05-06 Contingent — CRMLS
• 2026-04-20 Listed $398,000 CRMLS
• 2006-05-05 Sold (MLS) $154,000 CRMLS
• 2006-01-04 Listed $179,000 CRMLS
• 2006-01-01 Listing Removed — SDMLS
• 2005-08-01 Listed $189,900 SDMLS

Property tax history

+2.4%/yr

Latest (2013): $1,175 · +2.0% YoY. Source: county tax records.