1701 S Thornburg S #140 · Santa Maria, CA 93456

$89,000

3 bd · 2.0 ba · 1,488 sqft · Manufactured · 41 Days on market

Built 1974 1,488 sqft lot

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Why this score? — see what drove the B 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Livability +3.6/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Spacious mobile home in a quiet park! 3 bedrooms, 2 bathrooms with plenty of room for extended family and guests. Comfortable living with space to grow--don't miss this one! Selling as is, no repairs

Key facts

• 1,488 sq ft lot
• Built 1974
• Listed 41 days

Property features AI

Finance

• HOA & community: Age-restricted community

Exterior

• Parking: Drive space
• Utilities: Public water; Public sewer
• Home design: Manufactured home; Made by Key West
• Construction: Vinyl siding; Shingle roof
• Exterior features: BBQ; Public water; Public sewer

Interior

• Kitchen: Gas cooktop; Refrigerator
• Flooring: Carpet; Linoleum
• Bathrooms: Two full bathrooms
• Heating & cooling: Forced air heating; Cooling present (type listed as 'Other')
• Interior features: Great room on the first level; One total room listed; Carpet and linoleum flooring; Laundry inside in a common area
• Laundry & utility: Washer included; Dryer included; Laundry located inside/common area

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $89k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $89k).
• Recommended offer: $86k (3.0% below list) — sets the bar for market timing.
• Cap rate 28.7% vs local median 3.5% in Santa Maria — 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 71/100 on livability (#202 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A; Watch: schools F, crime F, cost of living F.
• Santa Maria-Bonita (urban): math 26% / reading 34% proficiency, ranked #1,023 of 1,400 in CA (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 1 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 719 units permitted in Santa Barbara County in 2024 (217 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($615 loan paydown + $3k appreciation (3.0% local appreciation)).
• Santa Barbara County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($86k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 24y ago; this cycle's ask has dropped $21k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $69k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $86,330 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. Crime grade is F 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?
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: 3.24% ✓
• Cap rate: 28.72%
• Cash-on-cash: 80.09%
• DSCR: 4.56
• GRM: 2.6

CMA / ARV

• ARV (on-the-fly): $188,976
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1701 S Thornburg #156	0.13mi	3/2.0	1,434 (-4%)	9mo	$235,000	$164	80
1701 S Thornburg St #153	0.11mi	3/2.0	1,568 (+5%)	11mo	$199,000	$127	77
1701 S Thornburg St #73	0.09mi	2/2.0 (-1)	1,536 (+3%)	10mo	$150,000	$98	77
1701 S Thornburg St #139	0.01mi	2/2.0 (-1)	1,368 (-8%)	20mo	$135,000	$99	64

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 84.5%
• Equity multiple: 5.68×
• Total profit: $116,693
• Equity at exit: $40,018

10-year hold

• IRR: 84.1%
• Equity multiple: 11.72×
• Total profit: $267,036
• Equity at exit: $61,673

Cash invested: $24,920 (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 93456

• Active inventory: 1
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $2,884 high
• Mortgage (P&I): −$467
• Tax est. 1.5%: −$111 /mo · $1,335/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$606
• Net cashflow: $1,663

Break-even live

Break-even rent $779

Max offer price $89,000

Occupancy floor 37%

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1720 S Depot St Santa Maria, CA	1.0–4.0	1.0–2.0	1308	$2,532	$1.94	13d	5	0.09mi
800 W Battles Rd Santa Maria, CA	2.0–3.0	2.0	1104	$3,258	$2.95	13d	6	0.27mi
983 Dan Blough Dr Santa Maria, CA	1.0–3.0	1.0–3.0	1017	$3,691	$3.63	13d	45	0.46mi
1735 Biscayne St Santa Maria, CA	3.0	2.0	1257	$3,081	$2.45	13d	9	0.56mi
333 E Enos Dr Santa Maria, CA	1.0–2.0	1.0–2.0	735	$2,499	$3.40	13d	12	0.73mi
2299 Carrasco Way Santa Maria, CA	3.0	2.5–3.5	1419	$3,500	$2.47	13d	2	0.84mi
1708 Rio Vista Ln Unit 1 Santa Maria, CA	2.0	2.0	1075	$3,000	$2.79	13d	1	0.87mi
310 E McCoy Ln Santa Maria, CA	2.0–3.0	2.0	1130	$2,995	$2.65	13d	2	1.06mi
620 W Park Ave Santa Maria, CA	2.0	2.0	1450	$2,850	$1.97	13d	1	1.06mi
310 W McCoy Ln Santa Maria, CA	3.0	2.0	1130	$2,600	$2.30	13d	1	1.06mi
703 Meehan St Santa Maria, CA	3.0	1.0–2.0	700	$3,304	$4.72	13d	14	1.13mi

Listing history 32 events

1. 2026-06-18
   days on market $89,000 Active 41 DOM
2. 2026-06-17
   days on market $89,000 Active 40 DOM
3. 2026-06-16
   days on market $89,000 Active 39 DOM
4. 2026-06-15
   days on market $89,000 Active 38 DOM
5. 2026-06-14
   days on market $89,000 Active 36 DOM
6. 2026-06-13
   days on market $89,000 Active 35 DOM
7. 2026-06-10
   days on market $89,000 Active 33 DOM
8. 2026-06-09
   days on market $89,000 Active 32 DOM
9. 2026-06-08
   days on market $89,000 Active 31 DOM
10. 2026-06-07
    days on market $89,000 Active 30 DOM
11. 2026-06-05
    days on market $89,000 Active 27 DOM
12. 2026-06-03
    days on market $89,000 Active 26 DOM
13. 2026-06-02
    days on market $89,000 Active 25 DOM
14. 2026-06-01
    days on market $89,000 Active 24 DOM
15. 2026-05-31
    days on market $89,000 Active 23 DOM
16. 2026-05-30
    days on market $89,000 Active 22 DOM
17. 2026-05-14
    price $89,000
18. 2026-05-05
    listed $110,000 Active
19. 2017-04-06
    historical
20. 2017-04-06
    historical
21. 2008-11-02
    historical
22. 2008-09-05
    listed $47,500
23. 2008-09-05
    listed $47,500
24. 2007-10-22
    historical
25. 2007-10-22
    soldstatus $69,000
26. 2007-06-20
    listed $69,000
27. 2007-06-20
    listed $69,000
28. 2007-04-16
    listed $1,000
29. 2007-04-08
    historical
30. 2007-02-12
    listed $69,000
31. 2002-12-24
    soldstatus $50,000
32. 2002-11-11
    listed $54,900

ⓘ 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 3/10 Moderate 7 d/yr ≥84°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 8 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,606
• − Mortgage interest: −$4,985
• − Property taxes: −$1,335
• − Insurance: −$445
• − Repairs & maintenance: −$2,768
• − Management: −$2,768
• − Depreciation: −$2,589
• Taxable income: $19,715
• Est. tax owed @ 24.0%: −$4,732
• After-tax cash flow: $15,227/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: Santa Maria-Bonita
• NCES district ID: 0605580
• Math proficiency: 26% ▲ 3.00%
• Reading proficiency: 34% ▲ 3.00%
• Median HH income: $50,959
• Composite: 29.11/100
• National rank: #11891
• State rank: #1023 of 1400 in CA

Livability — Santa Maria

• Score: 71/100
• State rank: #202
• US rank: #6519

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Santa Maria, CA

Population outlook (Santa Barbara County) Hauer SSP2

• Today (2025): 484,679 people
• By 2030: 505,323 · +4.3%
• By 2040: 545,783 · +12.6%
• By 2050: 584,263 · +20.5%
• By 2075: 682,586 · +40.8%
• By 2100: 723,188 · +49.2%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• 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

+62.1% since first listed

16 events — show timeline

• 2026-05-14 Price Changed $89,000 NSBCRMLS
• 2026-05-05 Listed $110,000 NSBCRMLS
• 2017-04-06 Listing Removed — NSBCRMLS
• 2017-04-06 Listing Removed — NSBCRMLS
• 2008-11-02 Listing Removed — CRMLS
• 2008-09-05 Listed $47,500 CRMLS
• 2008-09-05 Listed $47,500 NSBCRMLS
• 2007-10-22 Sold (MLS) $69,000 CRMLS
• 2007-10-22 Listing Removed — NSBCRMLS
• 2007-06-20 Listed $69,000 CRMLS
• 2007-06-20 Listed $69,000 NSBCRMLS
• 2007-04-16 Listed $1,000 NSBCRMLS
• 2007-04-08 Listing Removed — NSBCRMLS
• 2007-02-12 Listed $69,000 NSBCRMLS
• 2002-12-24 Sold (MLS) $50,000 NSBCRMLS
• 2002-11-11 Listed $54,900 NSBCRMLS