304 Beach Dr · San Clemente, CA 92672

$435,000

2 bd · 2.0 ba · 1,200 sqft · Manufactured · 97 Days on market

Built 1974 Good condition $362/sqft · 73% below area ↓ 10% since listing

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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 +17.3/30.0
• ARV discount +7.5/15.0
• Schools +5.7/10.0
• DSCR +5.4/10.0
• 1% rule +4.7/10.0
• Condition / age +4.0/5.0
• Livability +3.2/5.0
• Rent growth +3.1/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

A dream come true home in Capo Beach Cottages with one of the best ocean views in the neighborhood. Enjoy gorgeous sunsets from its new wrap-around porch. This home has 2 bedrooms and 2 bathrooms and an open floor plan that encompasses the living and dining rooms and kitchen. A walk-in closet is part of the primary bedroom. There is a large porch and spacious carport that allow perfect roominess for both comfortable living and for entertaining. Capo Beach Cottages is an active 55+ community close to downtown, shopping and the pier. There is a clubhouse to enjoy billiards, ping pong, a fully stocked commercial kitchen, a shared library, big screen tv and planned events. Two pickleball courts are on property and the beach directly across the street is private for residents and their guests. Call today to tour this beautiful home and everything that Capo Beach Cottages has to offer.

Key facts

• Open floor plan
• Clubhouse
• Pickleball courts

Tags

• OPEN FLOOR PLAN
• LARGE PORCH
• SPACIOUS CARPORT
• CLUBHOUSE
• PICKLEBALL COURTS
• PRIVATE BEACH

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $435k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $320 ($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 $421k (3.2% below list).
• Recommended offer: $396k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.2% vs local median 1.5% in San Clemente — 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 63/100 on livability (#473 in CA) — a middle-class / working-renter tenant base. Strengths: employment A+, schools A-, crime B+; Watch: amenities D+, commute F, cost of living F.
• Capistrano Unified (suburban): math 50% / reading 72% proficiency, ranked #64 of 517 in CA (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+2.5%/yr); 109 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 6,974 units permitted in Orange County in 2024 (3,839 in 5+ unit buildings).
• At $4,210/mo this rent would consume 45% of the median local household income ($112k/yr) (locally 2025% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Orange County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($396k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $395,850 (9.0% below list)

Questions for the listing agent

1. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-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?
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: 0.97% ✗
• Cap rate: 7.18%
• Cash-on-cash: 3.15%
• DSCR: 1.14
• GRM: 8.6

CMA / ARV

• ARV (median comp): $1,625,000
• List price: $435,000
• Delta: -73.23%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
110 Bay Dr	0.09mi	2/2.0	1,173 (-2%)	9mo	$302,000	$257	84
401 Ebb Tide Dr #401	0.03mi	2/2.0	1,344 (+12%)	8mo	$441,500	$328	72
1880 N El Camino Real #72	0.48mi	3/2.0 (+1)	1,200 (0%)	14mo	$2,300,000	$1,917	61
603 Sea Breeze Dr #14	0.05mi	3/2.0 (+1)	1,344 (+12%)	22mo	$270,000	$201	54
1880 N El Camino Real #14	0.48mi	3/2.0 (+1)	1,270 (+6%)	14mo	$2,825,000	$2,224	51
1880 N El Camino Real #41	0.48mi	3/2.0 (+1)	1,344 (+12%)	12mo	$2,440,000	$1,815	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 · 2.54% rent growth · sell at horizon

5-year hold

• IRR: -11.8%
• Equity multiple: 0.57×
• Total profit: $-51,998
• Equity at exit: $64,860

10-year hold

• IRR: -3.3%
• Equity multiple: 0.78×
• Total profit: $-26,682
• Equity at exit: $37,611

Cash invested: $121,800 (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 92672

• Rents YoY: 2.5%
• Active inventory: 109
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $4,210 high
• Mortgage (P&I): −$2,281
• Tax est. 1.5%: −$544 /mo · $6,525/yr
• Insurance: −$181
• HOA: −$0
• Vacancy / Maint / Mgmt: −$884
• Net cashflow: $320

Break-even live

Break-even rent $3,805

Max offer price $435,000

Occupancy floor 87%

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: $108,750
• Closing costs: $13,050
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
35697 Beach Rd Capistrano Beach, CA	2.0	1.0	1012	$25,000	$24.70	11d	1	0.53mi
2459 Corte Merlango San Clemente, CA	3.0	1.0–2.0	763	$3,055	$4.00	3d	10	0.80mi
515 Avenida Vaquero San Clemente, CA	1.0–2.0	1.0–2.0	833	$4,374	$5.25	1d	9	0.82mi
35531 Beach Rd Capistrano Beach, CA	3.0	2.0	1052	$6,500	$6.18	24d	1	0.84mi
1533 Buena Vista San Clemente, CA	3.0	2.5	1500	$4,995	$3.33	43d	1	0.98mi
3341 Calle La Veta San Clemente, CA	2.0	2.0	1413	$7,000	$4.95	43d	1	0.99mi
1524 Buena Vis Unit A San Clemente, CA	3.0	2.0	1250	$4,250	$3.40	18d	1	1.02mi
106 Dije Ct Unit C San Clemente, CA	3.0	2.0	1010	$4,395	$4.35	21d	1	1.10mi
1509 Avenida de la Estrella San Clemente, CA	3.0	2.0	1221	$4,950	$4.05	24d	1	1.17mi
1202 Buena Vis Apt 1 San Clemente, CA	2.0	1.0	900	$3,500	$3.89	17d	1	1.23mi
1201 Buena Vis Unit C San Clemente, CA	2.0	1.5	1400	$4,100	$2.93	5d	1	1.23mi
248 Avenida Del Poniente Unit C San Clemente, CA	2.0	1.0	1000	$3,350	$3.35	43d	1	1.35mi
236 Avenida Del Poniente Unit B San Clemente, CA	2.0	2.0	900	$2,850	$3.17	21d	1	1.38mi
236 Avenida Del Poniente Unit B San Clemente, CA	2.0	2.0	900	$2,850	$3.17	24d	1	1.38mi
26920 Calle Dolores Unit B Dana Point, CA	3.0	2.5	1500	$5,675	$3.78	7d	1	1.41mi
220 W Canada Unit 4 San Clemente, CA	2.0	2.0	1100	$4,000	$3.64	43d	1	1.43mi
220 W Canada Unit 3 San Clemente, CA	2.0	2.0	1100	$4,100	$3.73	7d	1	1.43mi
111 Avenida Del Poniente San Clemente, CA	3.0	2.0	1150	$4,500	$3.91	12d	1	1.44mi
113 E Canada Unit C San Clemente, CA	2.0	1.0	850	$2,850	$3.35	21d	1	1.46mi
258 W Escalones Unit 5R San Clemente, CA	2.0	2.0	1150	$5,500	$4.78	20d	1	1.48mi
101 W Canada Unit 8 San Clemente, CA	2.0	1.0	700	$2,695	$3.85	24d	1	1.50mi

Listing history 16 events

1. 2026-06-18
   days on market $435,000 Active 97 DOM
2. 2026-06-17
   days on market $435,000 Active 96 DOM
3. 2026-06-16
   days on market $435,000 Active 95 DOM
4. 2026-06-15
   days on market $435,000 Active 94 DOM
5. 2026-06-13
   days on market $435,000 Active 92 DOM
6. 2026-06-13
   days on market $435,000 Active 91 DOM
7. 2026-06-09
   days on market $435,000 Active 88 DOM
8. 2026-06-08
   days on market $435,000 Active 87 DOM
9. 2026-06-07
   days on market $435,000 Active 86 DOM
10. 2026-06-04
    days on market $435,000 Active 83 DOM
11. 2026-06-03
    days on market $435,000 Active 82 DOM
12. 2026-06-02
    days on market $435,000 Active 81 DOM
13. 2026-06-01
    days on market $435,000 Active 80 DOM
14. 2026-05-31
    days on market $435,000 Active 79 DOM
15. 2026-04-16
    price $435,000 892-char remark

    Show marketing remark (892 chars)

    A dream come true home in Capo Beach Cottages with one of the best ocean views in the neighborhood. Enjoy gorgeous sunsets from its new wrap-around porch. This home has 2 bedrooms and 2 bathrooms and an open floor plan that encompasses the living and dining rooms and kitchen. A walk-in closet is part of the primary bedroom. There is a large porch and spacious carport that allow perfect roominess for both comfortable living and for entertaining. Capo Beach Cottages is an active 55+ community close to downtown, shopping and the pier. There is a clubhouse to enjoy billiards, ping pong, a fully stocked commercial kitchen, a shared library, big screen tv and planned events. Two pickleball courts are on property and the beach directly across the street is private for residents and their guests. Call today to tour this beautiful home and everything that Capo Beach Cottages has to offer.

16. 2026-03-13
    listed $485,000 Active 892-char remark

    Show marketing remark (892 chars)

    A dream come true home in Capo Beach Cottages with one of the best ocean views in the neighborhood. Enjoy gorgeous sunsets from its new wrap-around porch. This home has 2 bedrooms and 2 bathrooms and an open floor plan that encompasses the living and dining rooms and kitchen. A walk-in closet is part of the primary bedroom. There is a large porch and spacious carport that allow perfect roominess for both comfortable living and for entertaining. Capo Beach Cottages is an active 55+ community close to downtown, shopping and the pier. There is a clubhouse to enjoy billiards, ping pong, a fully stocked commercial kitchen, a shared library, big screen tv and planned events. Two pickleball courts are on property and the beach directly across the street is private for residents and their guests. Call today to tour this beautiful home and everything that Capo Beach Cottages has to offer.

ⓘ 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 5/10 Major 7 d/yr ≥85°F today · 22 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $50,521
• − Mortgage interest: −$24,367
• − Property taxes: −$6,525
• − Insurance: −$2,175
• − Repairs & maintenance: −$4,042
• − Management: −$4,042
• − Depreciation: −$12,655
• Taxable loss: −$3,284
• Est. tax savings @ 24.0%: +$788
• After-tax cash flow: $4,625/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This home in Capo Beach Cottages is in good condition with a good ocean view and a spacious porch. It has a good floor plan and is move-in ready.

Value-add opportunities

• Both Painting the exterior siding — Fresh paint can enhance curb appeal and increase both resale and rental value.
• Both Updating the flooring — New flooring can improve the overall look and feel of the home, increasing both resale and rental value.
• Both Updating the kitchen cabinets — Fresh cabinets can improve the overall look and feel of the home, increasing both resale and rental value.
• Both Updating the bathrooms — Fresh bathrooms can improve the overall look and feel of the home, increasing both resale and rental value.
• Both Landscaping the front yard — A well-maintained front yard can improve curb appeal and increase both resale and rental value.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior siding — Fresh paint can enhance curb appeal and increase both resale and rental value. ↑
• Both Updating the flooring — New flooring can improve the overall look and feel of the home, increasing both resale and rental value. ↑
• Both Updating the kitchen cabinets — Fresh cabinets can improve the overall look and feel of the home, increasing both resale and rental value. ↑
• Both Updating the bathrooms — Fresh bathrooms can improve the overall look and feel of the home, increasing both resale and rental value. ↑
• Both Landscaping the front yard — A well-maintained front yard can improve curb appeal and increase both resale and rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Capistrano Unified
• NCES district ID: 0607440
• Math proficiency: 50% ▼ -11.00%
• Reading proficiency: 72% ▲ 2.00%
• Median HH income: $99,673
• Composite: 56.56/100
• National rank: #1147
• State rank: #64 of 517 in CA

Livability — San Clemente

• Score: 63/100
• State rank: #473
• US rank: #16045

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Clemente, CA
• County: Orange County · 3,096,323 people
• City population: 66,345
• Metro: Los Angeles-Long Beach-Anaheim, CA
• Population (ZIP): 36,939
• Household income: $111,989
• Rent vs Own: 45.9% rent · 54.1% own
• Severe rent burden: 2025.0

Population outlook (Orange County) Hauer SSP2

• Today (2025): 3,477,456 people
• By 2030: 3,613,117 · +3.9%
• By 2040: 3,835,945 · +10.3%
• By 2050: 3,968,736 · +14.1%
• By 2075: 4,097,053 · +17.8%
• By 2100: 3,903,633 · +12.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Hispanic / Latino 19% Two or more races 14% Asian 3% Black 2%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Italian 4% Lithuanian 3% Portuguese 3%
• Foreign-born: 11% · Canada, China
• Languages at home: 83% English-only · Spanish 11% Other Indo-European 2% Arabic 1%

Political lean MEDSL · Orange

• 2024 margin: Toss-up / Even · D 49.7% · R 47.1% · Other 3.2%
• 2008→2024 swing: +5.2pp toward D · 2008: -2.6pp · 2024: 2.6pp
• All cycles: 2024: D+2.6 2020: D+9.0 2016: D+7.7 2012: R+8.3 2008: R+2.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -813.78%
• Current HPI: 537.8756
• Rent YoY: ▲ 2.54%
• Metro: Los Angeles-Long Beach-Anaheim, 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

-10.3% since first listed

2 events — show timeline

• 2026-04-16 Price Changed $435,000 CRMLS
• 2026-03-13 Listed $485,000 CRMLS