1515 Milpitas Blvd #17 · Milpitas, CA 95035

$340,000

2 bd · 2.0 ba · 1,120 sqft · Manufactured · 6 Days on market

Built 1988 Est $380k · 10% 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 +18.1/30.0
• ARV discount +12.2/15.0
• Schools +6.4/10.0
• DSCR +5.7/10.0
• 1% rule +4.9/10.0
• Rent growth +4.1/5.0
• Livability +4.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Move-in ready and beautifully updated with rare low space rent of approximately $355/month! Welcome to this turnkey 2-bedroom, 2-bath manufactured home in Mobilodge of Milpitas Park, a well-kept 55+ senior community in the heart of Milpitas. Freshly painted inside with brand-new appliances, this home is truly move-in ready. Step into a bright, open living space with soaring vaulted ceilings and an abundance of natural light. The functional floor plan flows easily from the living room into a spacious kitchen featuring stainless steel appliances, generous counter space, and a convenient breakfast-bar peninsula. A standout built-in china hutch with glass-front display cabinetry adds charm and extra storage in the dining area. Both bedrooms are comfortable and filled with light, and the home lives easy for everyday comfort. One of the best features? A rare low space rent of approximately $355/month, expected to remain the same for the new owner per park management (buyer to verify). Community amenities include a sparkling pool and clubhouse. Ideally located near shopping, dining, and major commute routes. Community requires at least one resident 55+, with all other occupants 50+. Homes with space rent this low rarely come available don't miss it.

Key facts

• Updated
• Manufactured home
• Freshly painted

Tags

• MOVE IN READY
• UPDATED
• TURNKEY
• MANUFACTURED HOME
• FRESHLY PAINTED
• NEW APPLIANCES

Property features AI

Finance

• HOA & community: HOA amenities: Other (see remarks)

Exterior

• Parking: Space 17 (monthly rent $390)
• Utilities: Public water; Public sewer; Public utilities
• Home design: Park home on leased land
• Construction: Property primary ID: 490488; Restrictions: Other (see remarks)
• Exterior features: Other roof (see remarks); Lot size per assessor

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Gas heating
• Interior features: Kitchen/Family room combo; No formal dining room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $340k.

Deal economics

• At list price, monthly cash flow is $300 ($4k/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 $335k (1.3% below list).
• Recommended offer: $335k (1.3% below list) — sets the bar for 1% rule.
• Cap rate 7.4% vs local median 1.4% in Milpitas — 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 82/100 on livability (#38 in CA, #1,267 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: crime D, cost of living F.
• Milpitas Unified (urban): math 65% / reading 74% proficiency, ranked #44 of 517 in CA (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+6.3%/yr); 156 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 3,838 units permitted in Santa Clara County in 2024 (1,886 in 5+ unit buildings).

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.
• Santa Clara County population projected at +24% 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.
• 2 sale attempts 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.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $335,419 (1.3% below list)

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. Schools are B-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?
3. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
4. 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.
5. 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.
6. 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: 0.99% ✗
• Cap rate: 7.35%
• Cash-on-cash: 3.78%
• DSCR: 1.17
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $379,680
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
60 Wilson Way #171	0.29mi	2/2.0	1,120 (0%)	7mo	$360,000	$321	80
1515 Milpitas Blvd #88	0.00mi	2/2.0	1,092 (-2%)	20mo	$305,000	$279	79
1515 N Milpitas Blvd #70	0.00mi	2/2.0	1,040 (-7%)	13mo	$352,000	$338	77
1515 N Milpitas Blvd #66	0.00mi	3/2.0 (+1)	1,195 (+7%)	9mo	$420,000	$351	76
1515 N Milpitas Blvd #97	0.08mi	2/2.0	1,227 (+10%)	5mo	$330,000	$269	76
60 Wilson Way #37	0.32mi	2/2.0	1,120 (0%)	14mo	$380,000	$339	73
60 Wilson Way #43	0.34mi	2/2.0	1,180 (+5%)	4mo	$400,000	$339	72
1515 N Milpitas Blvd #96	0.08mi	3/2.0 (+1)	1,200 (+7%)	16mo	$435,000	$363	66
60 Wilson Way #158	0.34mi	3/2.0 (+1)	1,040 (-7%)	8mo	$385,000	$370	61
60 Wilson Way #55	0.34mi	3/2.0 (+1)	1,230 (+10%)	2mo	$427,500	$348	61
120 Dixon Lndg #76	0.14mi	3/2.0 (+1)	960 (-14%)	13mo	$365,000	$380	54
60 Wilson Way #91	0.34mi	3/2.0 (+1)	1,250 (+12%)	20mo	$420,000	$336	43

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 · 6.33% rent growth · sell at horizon

5-year hold

• IRR: -6.7%
• Equity multiple: 0.74×
• Total profit: $-24,314
• Equity at exit: $50,695

10-year hold

• IRR: 6.7%
• Equity multiple: 1.57×
• Total profit: $54,682
• Equity at exit: $29,397

Cash invested: $95,200 (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 95035

• Rents YoY: 6.3%
• Active inventory: 156
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $3,354 high
• Mortgage (P&I): −$1,783
• Tax est. 1.5%: −$425 /mo · $5,100/yr
• Insurance: −$142
• HOA: −$0
• Vacancy / Maint / Mgmt: −$704
• Net cashflow: $300

Break-even live

Break-even rent $2,974

Max offer price $340,000

Occupancy floor 86%

Sensitivity live

Price	-10% $535	-5% $418	+0% $300	+5% $183	+10% $65
Rent	-10% $35	-5% $168	+0% $300	+5% $433	+10% $565
Rate	-1.0pp $471	-0.5pp $387	base $300	+0.5pp $212	+1.0pp $122

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: $85,000
• Closing costs: $10,200
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
440 Dixon Landing Rd Milpitas, CA	1.0–3.0	1.0–2.0	923	$3,507	$3.80	0d	24	0.33mi
231 Dixon Landing Rd Milpitas, CA	2.0	1.0–2.0	900	$2,872	$3.19	24d	1	0.35mi
931 Coventry Cir Milpitas, CA	2.0	2.5	1257	$3,850	$3.06	24d	1	0.71mi
1083 N Abbott Ave Milpitas, CA	2.0	1.0	863	$2,995	$3.47	3d	1	0.78mi
804 Erie Cir #1604 Milpitas, CA	2.0	2.5	1350	$3,080	$2.28	44d	1	0.78mi
1010 N Abbott Ave Milpitas, CA	2.0	2.0	1174	$3,450	$2.94	5d	1	0.80mi
403 Heath St Milpitas, CA	3.0	1.0	980	$3,695	$3.77	44d	1	1.25mi
439 Sandhurst Dr Milpitas, CA	2.0	2.5	1412	$3,833	$2.71	44d	1	1.41mi

Listing history 5 events

1. 2026-06-21
   days on market $340,000 Active 6 DOM
2. 2026-06-18
   days on market $340,000 Active 3 DOM
3. 2026-06-17
   days on market $340,000 Active 2 DOM
4. 2026-06-15
   remarks 699-char remark

   Show marketing remark (1262 chars)

   Move-in ready and beautifully updated with rare low space rent of approximately $355/month! Welcome to this turnkey 2-bedroom, 2-bath manufactured home in Mobilodge of Milpitas Park, a well-kept 55+ senior community in the heart of Milpitas. Freshly painted inside with brand-new appliances, this home is truly move-in ready. Step into a bright, open living space with soaring vaulted ceilings and an abundance of natural light. The functional floor plan flows easily from the living room into a spacious kitchen featuring stainless steel appliances, generous counter space, and a convenient breakfast-bar peninsula. A standout built-in china hutch with glass-front display cabinetry adds charm and extra storage in the dining area. Both bedrooms are comfortable and filled with light, and the home lives easy for everyday comfort. One of the best features? A rare low space rent of approximately $355/month, expected to remain the same for the new owner per park management (buyer to verify). Community amenities include a sparkling pool and clubhouse. Ideally located near shopping, dining, and major commute routes. Community requires at least one resident 55+, with all other occupants 50+. Homes with space rent this low rarely come available don't miss it.

5. 2026-06-15
   listed $340,000 Active 1 DOM

   Show marketing remark (1262 chars)

   Move-in ready and beautifully updated with rare low space rent of approximately $355/month! Welcome to this turnkey 2-bedroom, 2-bath manufactured home in Mobilodge of Milpitas Park, a well-kept 55+ senior community in the heart of Milpitas. Freshly painted inside with brand-new appliances, this home is truly move-in ready. Step into a bright, open living space with soaring vaulted ceilings and an abundance of natural light. The functional floor plan flows easily from the living room into a spacious kitchen featuring stainless steel appliances, generous counter space, and a convenient breakfast-bar peninsula. A standout built-in china hutch with glass-front display cabinetry adds charm and extra storage in the dining area. Both bedrooms are comfortable and filled with light, and the home lives easy for everyday comfort. One of the best features? A rare low space rent of approximately $355/month, expected to remain the same for the new owner per park management (buyer to verify). Community amenities include a sparkling pool and clubhouse. Ideally located near shopping, dining, and major commute routes. Community requires at least one resident 55+, with all other occupants 50+. Homes with space rent this low rarely come available don't miss it.

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 5/10 Major 7 d/yr ≥92°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 18 unhealthy d/yr today · 18 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,250
• − Mortgage interest: −$19,045
• − Property taxes: −$5,100
• − Insurance: −$1,700
• − Repairs & maintenance: −$3,220
• − Management: −$3,220
• − Depreciation: −$9,891
• Taxable loss: −$1,926
• Est. tax savings @ 24.0%: +$462
• After-tax cash flow: $4,064/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: Milpitas Unified
• NCES district ID: 0624500
• Math proficiency: 65% ▲ 1.00%
• Reading proficiency: 74% ▲ 3.00%
• Median HH income: $101,295
• Composite: 63.83/100
• National rank: #591
• State rank: #44 of 517 in CA

Livability — Milpitas

• Score: 82/100
• State rank: #38
• US rank: #1267

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Milpitas, CA
• County: Santa Clara County · 1,806,974 people
• City population: 78,810
• Metro: San Jose-Sunnyvale-Santa Clara, CA
• Population (ZIP): 78,810
• Household income: $178,654
• Rent vs Own: 41.5% rent · 58.5% own
• Severe rent burden: 1670.0

Population outlook (Santa Clara County) Hauer SSP2

• Today (2025): 2,179,074 people
• By 2030: 2,301,297 · +5.6%
• By 2040: 2,528,195 · +16.0%
• By 2050: 2,712,135 · +24.5%
• By 2075: 2,998,701 · +37.6%
• By 2100: 2,931,429 · +34.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Asian (71%)
• Race & ethnicity: Asian 71% Hispanic / Latino 13% White 10% Two or more races 7% Black 2%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Russian 1%
• Foreign-born: 54% · China, Vietnam, Canada
• Languages at home: 31% English-only · Chinese 14% Other Indo-European 12% Vietnamese 11%

Political lean MEDSL · Santa Clara

• 2024 margin: Solid D (+40.0) · D 68.1% · R 28.1% · Other 3.8%
• 2008→2024 swing: -0.9pp no change · 2008: 40.9pp · 2024: 40.0pp
• All cycles: 2024: D+40.0 2020: D+47.4 2016: D+52.5 2012: D+42.1 2008: D+40.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1214.69%
• Current HPI: 350.2635
• Rent YoY: ▲ 6.33%
• Metro: San Jose-Sunnyvale-Santa Clara, 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

+0.0% since first listed

2 events — show timeline

• 2026-06-15 Listed $340,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-06-15 Listed $340,000 MLSListings

Property tax history

-9.6%/yr

Latest (2011): $285 · -11.7% YoY. Source: county tax records.