1455 Alturas Rd #89 · Fallbrook, CA 92028

$195,000

2 bd · 1.0 ba · 672 sqft · Manufactured public records · 161 Days on market

Built 1985 9.77 ac lot Est $134k · 45% over

---

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 +25.1/30.0
• DSCR +8.2/10.0
• 1% rule +6.6/10.0
• Schools +3.9/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Livability +2.1/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

3 bedroom 2 bathroom manufactured home in Valley View mobile home park, Living room, dining area in kitchen area, washer and dryer in hall way, easy access to the exterior, House sits on spacious lot, with side yard, exterior shed, 3 car covered carport, home is fully fenced. Located near center of town amenities, Priced to sell, Hurry this one wont last.

Key facts

• 9.77 acre lot
• 5 parking spots
• Community pool

Property features AI

Finance

• Other: Lot size listed as 0–1 unit/acre
• HOA & community: Located in Valley View Mobile Home Park; Land lease of $925 per month (expires January 11, 2026); Park requires manager approval; Pets allowed with restrictions and limits

Exterior

• Parking: 3 carport spaces; 2 uncovered spaces; Total of 5 parking spaces
• Utilities: Sewer paid
• Home design: Mobile home (20' x 30'); Mobile home remains on site; Single-story; Entry at front door
• Construction: Year built source: Seller
• Exterior features: Community pool; Rural setting with sidewalks and a park

Interior

• Kitchen: Kitchen (details not specified)
• Bedrooms: Main floor bedroom
• Bathrooms: 1 full bathroom
• Heating & cooling: Wall/window cooling
• Interior features: One-level home; Front door entry; Main floor bedroom; Family room; Has view
• Laundry & utility: Laundry inside

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $195k.

Deal economics

• At list price, monthly cash flow is $433 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $195k).
• Recommended offer: $172k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 2.3% in Fallbrook — 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 42/100 on livability (#1,364 in CA) — a working-class tenant base; expect higher turnover. Watch: schools D+, crime D-, amenities F.
• Fallbrook Union High (suburban): math 32% / reading 58% proficiency, ranked #183 of 517 in CA (top 35%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-0.3%/yr); 344 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 11,759 units permitted in San Diego County in 2024 (7,244 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 161 days — a 12% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 24y 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.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk; extreme-heat days projected 4→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $171,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 161 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 1.16% ✓
• Cap rate: 8.96%
• Cash-on-cash: 9.52%
• DSCR: 1.42
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $134,400
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1455 Alturas Rd #41	0.00mi	2/1.0	672 (0%)	10mo	$120,000	$179	92
235 W Aviation Rd #36	0.65mi	1/1.0 (-1)	600 (-11%)	12mo	$120,000	$200	37

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -5.4%
• Equity multiple: 0.81×
• Total profit: $-10,595
• Equity at exit: $29,075

10-year hold

• IRR: 0.3%
• Equity multiple: 1.02×
• Total profit: $892
• Equity at exit: $16,860

Cash invested: $54,600 (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 92028

• Rents YoY: -0.3%
• Active inventory: 344
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $2,254 high
• Mortgage (P&I): −$1,023
• Tax est. 1.5%: −$244 /mo · $2,925/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$473
• Net cashflow: $433

Break-even live

Break-even rent $1,706

Max offer price $195,000

Occupancy floor 76%

Sensitivity live

Price	-10% $568	-5% $500	+0% $433	+5% $366	+10% $298
Rent	-10% $255	-5% $344	+0% $433	+5% $522	+10% $611
Rate	-1.0pp $531	-0.5pp $483	base $433	+0.5pp $382	+1.0pp $331

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
744 W Fallbrook St Fallbrook, CA	1.0–2.0	1.0–2.0	780	$2,200	$2.82	0d	1	0.64mi
795 W Fallbrook St Apt 23 Fallbrook, CA	1.0	1.0	560	$1,850	$3.30	0d	1	0.68mi
735 W Fallbrook St Fallbrook, CA	1.0	1.0	560	$1,850	$3.30	0d	1	0.69mi
421 Potter St Fallbrook, CA	1.0–2.0	1.0–2.0	726	$2,100	$2.89	0d	2	1.19mi
713 E Elder St Unit 1 Fallbrook, CA	1.0	1.0	740	$1,825	$2.47	8d	1	1.26mi

Listing history 20 events

1. 2026-06-21
   days on market $195,000 Active 161 DOM
2. 2026-06-18
   days on market $195,000 Active 158 DOM
3. 2026-06-17
   days on market $195,000 Active 157 DOM
4. 2026-06-16
   days on market $195,000 Active 156 DOM
5. 2026-06-15
   days on market $195,000 Active 155 DOM
6. 2026-06-13
   days on market $195,000 Active 153 DOM
7. 2026-06-13
   days on market $195,000 Active 152 DOM
8. 2026-06-09
   days on market $195,000 Active 149 DOM
9. 2026-06-08
   days on market $195,000 Active 148 DOM
10. 2026-06-07
    days on market $195,000 Active 147 DOM
11. 2026-06-04
    days on market $195,000 Active 144 DOM
12. 2026-06-03
    days on market $195,000 Active 143 DOM
13. 2026-06-02
    days on market $195,000 Active 142 DOM
14. 2026-06-01
    days on market $195,000 Active 141 DOM
15. 2026-05-31
    days on market $195,000 Active 140 DOM
16. 2026-01-10
    listed $195,000 Active
17. 2003-06-12
    historical
18. 2003-06-12
    historical
19. 2002-12-12
    listed $42,000
20. 2002-12-12
    listed $42,000

ⓘ 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 7/10 Severe
• 🌡 Heat 6/10 Major 4 d/yr ≥94°F today · 14 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: $27,046
• − Mortgage interest: −$10,923
• − Property taxes: −$2,925
• − Insurance: −$975
• − Repairs & maintenance: −$2,164
• − Management: −$2,164
• − Depreciation: −$5,673
• Taxable income: $2,223
• Est. tax owed @ 24.0%: −$534
• After-tax cash flow: $4,662/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: Fallbrook Union High
• NCES district ID: 0613530
• Math proficiency: 32% ▲ 11.00%
• Reading proficiency: 58% ▲ 9.00%
• Median HH income: $56,644
• Composite: 39.17/100
• National rank: #4025
• State rank: #183 of 517 in CA

Livability — Fallbrook

• Score: 42/100
• State rank: #1364
• US rank: #27057

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fallbrook, CA
• County: San Diego County · 3,178,799 people
• City population: 52,227
• Metro: San Diego-Chula Vista-Carlsbad, CA
• Population (ZIP): 52,227
• Household income: $111,290
• Rent vs Own: 28.5% rent · 71.5% own
• Severe rent burden: 1384.0

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 0.59)
• Race & ethnicity: White 48% Hispanic / Latino 42% Two or more races 21% Asian 4% Black 2% Native American 1%
• Hispanic origin (detail): Mexican 35%
• Common ancestry: Slovak 2% Italian 2% Romanian 2%
• Foreign-born: 21% · Canada, Vietnam, China
• Languages at home: 66% English-only · Spanish 29% Tagalog/Filipino 1% Other Asian/Pacific 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: ▼ -533.50%
• Current HPI: 320.7162
• 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

+364.3% since first listed

5 events — show timeline

• 2026-01-10 Listed $195,000 CRMLS
• 2003-06-12 Listing Removed — CRMLS
• 2003-06-12 Listing Removed — SDMLS
• 2002-12-12 Listed $42,000 CRMLS
• 2002-12-12 Listed $42,000 SDMLS

Property tax history

+10.5%/yr

Latest (2013): $232 · +49.9% YoY. Source: county tax records.