200 N El Camino Real #79

Oceanside, CA 92058

$239,900B-

2 bd · 2.0 ba · 1,440 sqft · Built 1970 · Manufactured · Active · 63 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,858/mo
• Mortgage (P&I): −$1,258
• Tax + insurance: −$525
• HOA: −$0
• Vac / Maint / Mgmt: −$600
• Net cashflow: $475/mo
• Annual: $5,695/yr
• Cap rate: 9.29%
• Cash-on-cash: 10.72%
• DSCR: 1.48
• 1% rule: 1.19%
• Cash to close: $67,172

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $240k. Condition is rated fair.
• At list price, monthly cash flow is $475 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• It's been on market 63 days — a 6% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $226k (6.0% below list) — sets the bar for market timing.
• 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 64/100 on livability (#413 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A; Watch: schools D+, crime D, cost of living F.
• Oceanside Unified (suburban): math 31% / reading 51% proficiency, ranked #221 of 517 in CA (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $125/mo.
• Market conditions: Rents soft (-0.1%/yr); 69 active listings in the ZIP; 38 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 11,759 units permitted in San Diego County in 2024 (7,244 in 5+ unit buildings).
• San Diego County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: in FEMA flood zone A99 (mandatory federal flood insurance); extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.3% vs local median 2.5% in Oceanside — 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.
• At $2,858/mo this rent would consume 49% of the median local household income ($70k/yr) (locally 4169% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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?

Repairs flagged (vision-AI assessment)

• Major: kitchen cabinets — dated and in poor condition
• Major: bathroom fixtures — outdated and in poor condition
• Minor: landscaping — some plants appear dead