3395 Higuera St #50 · San Luis Obispo, CA 93401

$280,000

2 bd · 2.0 ba · 1,440 sqft · Manufactured public records · 227 Days on market

Built 1969 $194/sqft · 18% below area Est $340k · 18% under ↓ 3% since listing

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• Schools +4.6/10.0
• Livability +3.7/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Located on one of the largest corner lots in Rancho San Luis Mobile Estates, this well-kept home offers a sense of privacy in its spacious, secluded backyard. The 55+ community provides a peaceful setting, with easy access to the property through a ramp and side/backyard entrances. A deep carport ensures convenient vehicle storage, and both sheds offer additional storage space as well. The home features updated utilities such as a newer water heater and furnace. The home also includes an updated jack foundation system, newer vinyl flooring, kitchen countertops, and dual-pane windows, which allow for plenty of natural light and an open feel. The roof has been upgraded and insulated, and the plumbing has been modernized for improved efficiency. The bedrooms are generously sized, as is the laundry room, providing comfortable living spaces and convenience. The added sunroom expands the usable space of the home. Not to mention, there is NO PROPERTY TAX on this home, just a small yearly registration fee. The community includes amenities such as a pool, heated spa, billiard room, and event area. Conveniently located between grocery stores and downtown San Luis Obispo, with Trader Joe’s, coffee shops, restaurants, Food 4 Less, and the Public Market just blocks away. The regional airport, train station, and nearby coastal towns like Avila Beach and Pismo Beach are all within a short 10-minute drive on the 101, along with the finest wineries on the Central Coast. This home offers a balanced blend of comfort and practicality in a well-situated location. Space rent will be $903.75/mo and includes water, sewer, trash, and grounds maintenance. This is a rare opportunity to live in one of the most desirable cities on the Central Coast!

Key facts

• Updated utilities
• Newer vinyl flooring
• Upgraded roof

Tags

• CORNER LOT
• SECLUDED BACKYARD
• UPDATED UTILITIES
• NEWER VINYL FLOORING
• DUAL PANE WINDOWS
• UPGRADED ROOF

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $280k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $280k).
• Recommended offer: $246k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.3% vs local median 2.1% in San Luis Obispo — 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 74/100 on livability (#132 in CA, #4,576 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime F, cost of living F.
• San Luis Coastal Unified (urban): math 50% / reading 58% proficiency, ranked #118 of 517 in CA (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+4.4%/yr); 143 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,104 units permitted in San Luis Obispo County in 2024 (273 in 5+ unit buildings).
• At $3,923/mo this rent would consume 49% of the median local household income ($97k/yr) (locally 2050% 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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• San Luis Obispo County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.4% rent growth), your $78k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 227 days — a 12% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 3 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: major flood risk; major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $246,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 227 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1969 — 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 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.40% ✓
• Cap rate: 11.28%
• Cash-on-cash: 17.82%
• DSCR: 1.79
• GRM: 5.9

CMA / ARV

• ARV (median comp): $340,000
• List price: $280,000
• Delta: -17.65%
• Verdict: UNDERPRICED
• Comps: 13 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3395 S Higuera St S #11	0.00mi	3/2.0 (+1)	1,560 (+8%)	9mo	$425,000	$272	74
3057 S Higuera St #190	0.37mi	2/2.0	1,440 (0%)	12mo	$330,000	$229	73
3057 S Higuera St #73	0.27mi	2/2.0	1,536 (+7%)	8mo	$430,000	$280	70
3057 S Higuera St #171	0.36mi	3/2.0 (+1)	1,440 (0%)	13mo	$225,000	$156	68
3057 S Higuera St #28	0.30mi	2/2.0	1,488 (+3%)	17mo	$422,000	$284	66
3057 S Higuera St #43	0.30mi	2/2.0	1,356 (-6%)	16mo	$260,000	$192	64
3860 S Higuera St #131	0.56mi	2/2.0	1,392 (-3%)	6mo	$280,000	$201	63
3395 S Higuera St #13	0.01mi	3/2.0 (+1)	1,602 (+11%)	15mo	$340,000	$212	63
3057 S Higuera St #90	0.26mi	3/2.0 (+1)	1,564 (+9%)	8mo	$438,000	$280	62
3860 S Higuera St #132	0.56mi	2/2.0	1,440 (0%)	19mo	$312,500	$217	58
3860 S Higuera St #194	0.56mi	3/2.0 (+1)	1,352 (-6%)	16mo	$280,000	$207	45
3960 Higuera S #158	0.67mi	3/2.0 (+1)	1,560 (+8%)	8mo	$520,000	$333	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 · 4.41% rent growth · sell at horizon

5-year hold

• IRR: 10.9%
• Equity multiple: 1.44×
• Total profit: $34,483
• Equity at exit: $41,749

10-year hold

• IRR: 21.1%
• Equity multiple: 2.91×
• Total profit: $149,586
• Equity at exit: $24,209

Cash invested: $78,400 (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 93401

• Rents YoY: 4.4%
• Active inventory: 143
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $3,923 high
• Mortgage (P&I): −$1,468
• Tax est. 1.5%: −$350 /mo · $4,200/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$824
• Net cashflow: $1,164

Break-even live

Break-even rent $2,449

Max offer price $280,000

Occupancy floor 65%

Sensitivity live

Price	-10% $1,358	-5% $1,261	+0% $1,164	+5% $1,068	+10% $971
Rent	-10% $854	-5% $1,009	+0% $1,164	+5% $1,319	+10% $1,474
Rate	-1.0pp $1,305	-0.5pp $1,235	base $1,164	+0.5pp $1,092	+1.0pp $1,018

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: $70,000
• Closing costs: $8,400
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3070 Lucca Ln San Luis Obispo, CA	3.0	3.0	1740	$5,000	$2.87	22d	1	0.35mi
825 Madonna Rd San Luis Obispo, CA	2.0	2.0	949	$3,000	$3.16	44d	1	0.90mi
905 Madonna Rd San Luis Obispo, CA	3.0	3.0–3.5	1459	$4,825	$3.31	14d	2	0.91mi
915 Madonna Rd #102 San Luis Obispo, CA	3.0	2.0	1141	$1,685	$1.48	44d	1	0.93mi
925 Madonna Rd #302 San Luis Obispo, CA	3.0	2.0	1075	$3,500	$3.26	22d	1	0.94mi
3335 Broad St #18 San Luis Obispo, CA	2.0	1.5	1190	$2,900	$2.44	14d	1	1.05mi
3219 Fennel Ln #105 San Luis Obispo, CA	3.0	4.0	1873	$1,450	$0.77	44d	1	1.21mi
1704 Tonini Dr San Luis Obispo, CA	1.0–2.0	1.0–2.5	985	$3,445	$3.50	14d	3	1.38mi

Listing history 10 events

1. 2026-06-03
   days on market $280,000 Active 227 DOM
2. 2026-06-02
   days on market $280,000 Active 226 DOM
3. 2026-06-01
   days on market $280,000 Active 225 DOM
4. 2026-05-31
   days on market $280,000 Active 224 DOM
5. 2026-05-30
   days on market $280,000 Active 223 DOM
6. 2026-04-27
   status Active 1774-char remark

   Show marketing remark (1774 chars)

   Located on one of the largest corner lots in Rancho San Luis Mobile Estates, this well-kept home offers a sense of privacy in its spacious, secluded backyard. The 55+ community provides a peaceful setting, with easy access to the property through a ramp and side/backyard entrances. A deep carport ensures convenient vehicle storage, and both sheds offer additional storage space as well. The home features updated utilities such as a newer water heater and furnace. The home also includes an updated jack foundation system, newer vinyl flooring, kitchen countertops, and dual-pane windows, which allow for plenty of natural light and an open feel. The roof has been upgraded and insulated, and the plumbing has been modernized for improved efficiency. The bedrooms are generously sized, as is the laundry room, providing comfortable living spaces and convenience. The added sunroom expands the usable space of the home. Not to mention, there is NO PROPERTY TAX on this home, just a small yearly registration fee. The community includes amenities such as a pool, heated spa, billiard room, and event area. Conveniently located between grocery stores and downtown San Luis Obispo, with Trader Joe’s, coffee shops, restaurants, Food 4 Less, and the Public Market just blocks away. The regional airport, train station, and nearby coastal towns like Avila Beach and Pismo Beach are all within a short 10-minute drive on the 101, along with the finest wineries on the Central Coast. This home offers a balanced blend of comfort and practicality in a well-situated location. Space rent will be $903.75/mo and includes water, sewer, trash, and grounds maintenance. This is a rare opportunity to live in one of the most desirable cities on the Central Coast!

7. 2026-03-06
   status Active 1774-char remark

   Show marketing remark (1774 chars)

   Located on one of the largest corner lots in Rancho San Luis Mobile Estates, this well-kept home offers a sense of privacy in its spacious, secluded backyard. The 55+ community provides a peaceful setting, with easy access to the property through a ramp and side/backyard entrances. A deep carport ensures convenient vehicle storage, and both sheds offer additional storage space as well. The home features updated utilities such as a newer water heater and furnace. The home also includes an updated jack foundation system, newer vinyl flooring, kitchen countertops, and dual-pane windows, which allow for plenty of natural light and an open feel. The roof has been upgraded and insulated, and the plumbing has been modernized for improved efficiency. The bedrooms are generously sized, as is the laundry room, providing comfortable living spaces and convenience. The added sunroom expands the usable space of the home. Not to mention, there is NO PROPERTY TAX on this home, just a small yearly registration fee. The community includes amenities such as a pool, heated spa, billiard room, and event area. Conveniently located between grocery stores and downtown San Luis Obispo, with Trader Joe’s, coffee shops, restaurants, Food 4 Less, and the Public Market just blocks away. The regional airport, train station, and nearby coastal towns like Avila Beach and Pismo Beach are all within a short 10-minute drive on the 101, along with the finest wineries on the Central Coast. This home offers a balanced blend of comfort and practicality in a well-situated location. Space rent will be $903.75/mo and includes water, sewer, trash, and grounds maintenance. This is a rare opportunity to live in one of the most desirable cities on the Central Coast!

8. 2026-02-16
   historical Active Under Contract 1774-char remark

   Show marketing remark (1774 chars)

   Located on one of the largest corner lots in Rancho San Luis Mobile Estates, this well-kept home offers a sense of privacy in its spacious, secluded backyard. The 55+ community provides a peaceful setting, with easy access to the property through a ramp and side/backyard entrances. A deep carport ensures convenient vehicle storage, and both sheds offer additional storage space as well. The home features updated utilities such as a newer water heater and furnace. The home also includes an updated jack foundation system, newer vinyl flooring, kitchen countertops, and dual-pane windows, which allow for plenty of natural light and an open feel. The roof has been upgraded and insulated, and the plumbing has been modernized for improved efficiency. The bedrooms are generously sized, as is the laundry room, providing comfortable living spaces and convenience. The added sunroom expands the usable space of the home. Not to mention, there is NO PROPERTY TAX on this home, just a small yearly registration fee. The community includes amenities such as a pool, heated spa, billiard room, and event area. Conveniently located between grocery stores and downtown San Luis Obispo, with Trader Joe’s, coffee shops, restaurants, Food 4 Less, and the Public Market just blocks away. The regional airport, train station, and nearby coastal towns like Avila Beach and Pismo Beach are all within a short 10-minute drive on the 101, along with the finest wineries on the Central Coast. This home offers a balanced blend of comfort and practicality in a well-situated location. Space rent will be $903.75/mo and includes water, sewer, trash, and grounds maintenance. This is a rare opportunity to live in one of the most desirable cities on the Central Coast!

9. 2025-11-02
   price $280,000 1774-char remark

   Show marketing remark (1774 chars)

   Located on one of the largest corner lots in Rancho San Luis Mobile Estates, this well-kept home offers a sense of privacy in its spacious, secluded backyard. The 55+ community provides a peaceful setting, with easy access to the property through a ramp and side/backyard entrances. A deep carport ensures convenient vehicle storage, and both sheds offer additional storage space as well. The home features updated utilities such as a newer water heater and furnace. The home also includes an updated jack foundation system, newer vinyl flooring, kitchen countertops, and dual-pane windows, which allow for plenty of natural light and an open feel. The roof has been upgraded and insulated, and the plumbing has been modernized for improved efficiency. The bedrooms are generously sized, as is the laundry room, providing comfortable living spaces and convenience. The added sunroom expands the usable space of the home. Not to mention, there is NO PROPERTY TAX on this home, just a small yearly registration fee. The community includes amenities such as a pool, heated spa, billiard room, and event area. Conveniently located between grocery stores and downtown San Luis Obispo, with Trader Joe’s, coffee shops, restaurants, Food 4 Less, and the Public Market just blocks away. The regional airport, train station, and nearby coastal towns like Avila Beach and Pismo Beach are all within a short 10-minute drive on the 101, along with the finest wineries on the Central Coast. This home offers a balanced blend of comfort and practicality in a well-situated location. Space rent will be $903.75/mo and includes water, sewer, trash, and grounds maintenance. This is a rare opportunity to live in one of the most desirable cities on the Central Coast!

10. 2025-09-17
    listed $290,000 Active 1774-char remark

    Show marketing remark (1774 chars)

    Located on one of the largest corner lots in Rancho San Luis Mobile Estates, this well-kept home offers a sense of privacy in its spacious, secluded backyard. The 55+ community provides a peaceful setting, with easy access to the property through a ramp and side/backyard entrances. A deep carport ensures convenient vehicle storage, and both sheds offer additional storage space as well. The home features updated utilities such as a newer water heater and furnace. The home also includes an updated jack foundation system, newer vinyl flooring, kitchen countertops, and dual-pane windows, which allow for plenty of natural light and an open feel. The roof has been upgraded and insulated, and the plumbing has been modernized for improved efficiency. The bedrooms are generously sized, as is the laundry room, providing comfortable living spaces and convenience. The added sunroom expands the usable space of the home. Not to mention, there is NO PROPERTY TAX on this home, just a small yearly registration fee. The community includes amenities such as a pool, heated spa, billiard room, and event area. Conveniently located between grocery stores and downtown San Luis Obispo, with Trader Joe’s, coffee shops, restaurants, Food 4 Less, and the Public Market just blocks away. The regional airport, train station, and nearby coastal towns like Avila Beach and Pismo Beach are all within a short 10-minute drive on the 101, along with the finest wineries on the Central Coast. This home offers a balanced blend of comfort and practicality in a well-situated location. Space rent will be $903.75/mo and includes water, sewer, trash, and grounds maintenance. This is a rare opportunity to live in one of the most desirable cities on the Central Coast!

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 68% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 4/10 Moderate 4 d/yr ≥82°F today · 10 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 11 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $47,078
• − Mortgage interest: −$15,684
• − Property taxes: −$4,200
• − Insurance: −$1,400
• − Repairs & maintenance: −$3,766
• − Management: −$3,766
• − Depreciation: −$8,145
• Taxable income: $10,115
• Est. tax owed @ 24.0%: −$2,428
• After-tax cash flow: $11,543/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: San Luis Coastal Unified
• NCES district ID: 0634800
• Math proficiency: 50% ▼ -14.00%
• Reading proficiency: 58% ▼ -12.00%
• Median HH income: $53,428
• Composite: 46.4/100
• National rank: #2455
• State rank: #118 of 517 in CA

Livability — San Luis Obispo

• Score: 74/100
• State rank: #132
• US rank: #4576

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Luis Obispo, CA
• County: San Luis Obispo County · 224,651 people
• City population: 54,204
• Metro: San Luis Obispo-Paso Robles, CA
• Population (ZIP): 29,202
• Household income: $96,824
• Rent vs Own: 52.1% rent · 47.9% own
• Severe rent burden: 2050.0

Population outlook (San Luis Obispo County) Hauer SSP2

• Today (2025): 306,977 people
• By 2030: 320,378 · +4.4%
• By 2040: 343,933 · +12.0%
• By 2050: 366,853 · +19.5%
• By 2075: 428,329 · +39.5%
• By 2100: 460,687 · +50.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Hispanic / Latino 18% Two or more races 12% Asian 4% Black 2%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Lithuanian 4% Italian 3% Portuguese 3%
• Foreign-born: 9% · Canada, China, South Korea
• Languages at home: 84% English-only · Spanish 10% Chinese 1% Other Asian/Pacific 1%

Political lean MEDSL · San Luis Obispo

• 2024 margin: D (+10.9) · D 53.9% · R 43.1% · Other 3.0%
• 2008→2024 swing: +5.5pp toward D · 2008: 5.4pp · 2024: 10.9pp
• All cycles: 2024: D+10.9 2020: D+13.1 2016: D+8.3 2012: D+1.0 2008: D+5.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -796.84%
• Current HPI: 359.9248
• Rent YoY: ▲ 4.41%
• Metro: San Luis Obispo-Paso Robles, 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

-3.4% since first listed

5 events — show timeline

• 2026-04-27 Relisted — CRMLS
• 2026-03-06 Relisted — CRMLS
• 2026-02-16 Contingent — CRMLS
• 2025-11-02 Price Changed $280,000 CRMLS
• 2025-09-17 Listed $290,000 CRMLS