275 S Worthington St #5 · La Presa, CA 91977

$260,000

2 bd · 2.0 ba · 1,633 sqft · Manufactured · 46 Days on market

Built 1978 Good condition 2,500 sqft lot Est $224k · 16% over

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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 +27.7/30.0
• DSCR +9.8/10.0
• 1% rule +7.6/10.0
• Condition / age +4.0/5.0
• Livability +3.0/5.0
• Rent growth +2.7/5.0
• Schools +2.2/10.0
• ARV discount +0.2/15.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Bonita Hills Estates Senior Community, Beautifully maintained, 1633 sqft in excellent condition and move-in ready. This home offers a unique advantage -no property taxes- The Mobile home also offers 2 bedrooms, 2 full baths, 2 decks with composite decking, engineered hardwood floors, lake and mountain views, low maintenance turf landscaping. Space rent $1695. Cash or Chattel loan. Must be approved by park management.

Key facts

• Decks with trex
• 2,500 sq ft lot
• 2 parking spots

Tags

• DECKS WITH TREX
• ENGINEERED HARDWOOD FLOORS
• LAKE AND MOUNTAIN VIEWS

Property features AI

Finance

• Other: Park name: Bonita Hills Estates
• Financial info: Land lease of $1,695 per month
• HOA & community: Senior community; Community amenities include pool, spa and clubhouse; Pet rules apply; Manager approval required

Exterior

• Parking: 2 parking spaces; 2 carport spaces; Located in the Bonita Hills Estates park
• Utilities: Public sewer; Gas water heater
• Home design: Single-story; Entry on the side; Mobile home model Ramada (12' x 60'); Mobile home remains
• Construction: Mobile home construction; One total story
• Exterior features: Community pool; One shed on the property; Ramp to main level (accessible); Has a view; Street lighting in the community

Interior

• Kitchen: Garbage disposal; Built-in range; Double oven; Refrigerator; Dishwasher; Gas water heater
• Bedrooms: Main floor bedrooms
• Flooring: See remarks
• Bathrooms: 2 full bathrooms
• Heating & cooling: Has heating (see remarks); Central cooling
• Interior features: Ceiling fan; Main-floor primary bedroom; All bedrooms on the first floor; Jack & Jill layout; Walk-in closet; Laundry room
• Laundry & utility: In-unit laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $260k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $787 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $260k).
• Recommended offer: $252k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.9% vs local median 3.0% in La Presa — 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 60/100 on livability (#571 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, employment B, housing B; Watch: schools D+, health & safety D, crime F.
• San Diego Unified (urban): math 19% / reading 29% proficiency, ranked #393 of 517 in CA (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents flat; 160 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 11,759 units permitted in San Diego County in 2024 (7,244 in 5+ unit buildings).
• This rent runs 39% of the median local income ($100k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 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 46 days — a 3% lower offer ($252k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 5→13/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $252,200 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 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 1978 — 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 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 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: 1.26% ✓
• Cap rate: 9.93%
• Cash-on-cash: 12.98%
• DSCR: 1.58
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $223,721
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
275 S Worthington St #107	0.07mi	2/2.0	1,584 (-3%)	11mo	$204,900	$129	83
275 S Worthington St #46	0.06mi	2/2.0	1,440 (-12%)	7mo	$260,000	$181	72
275 S WORTHINGTON St #60	0.07mi	2/2.0	1,536 (-6%)	20mo	$210,000	$137	70
275 S Worthington St #125	0.07mi	2/2.0	1,488 (-9%)	17mo	$169,999	$114	68

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 · 0.88% rent growth · sell at horizon

5-year hold

• IRR: 0.5%
• Equity multiple: 1.02×
• Total profit: $1,225
• Equity at exit: $38,767

10-year hold

• IRR: 7.8%
• Equity multiple: 1.54×
• Total profit: $38,960
• Equity at exit: $22,480

Cash invested: $72,800 (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 91977

• Rents YoY: 0.9%
• Active inventory: 160
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $3,271 high
• Mortgage (P&I): −$1,363
• Tax est. 1.5%: −$325 /mo · $3,900/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$687
• Net cashflow: $787

Break-even live

Break-even rent $2,274

Max offer price $260,000

Occupancy floor 71%

Sensitivity live

Price	-10% $967	-5% $877	+0% $787	+5% $697	+10% $608
Rent	-10% $529	-5% $658	+0% $787	+5% $916	+10% $1,046
Rate	-1.0pp $918	-0.5pp $853	base $787	+0.5pp $720	+1.0pp $651

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: $65,000
• Closing costs: $7,800
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
425 S Meadowbrook Dr #133 San Diego, CA	2.0	2.0	1228	$3,000	$2.44	17d	1	0.69mi
2957 Plaza Miguel Bonita, CA	3.0	2.5	1658	$3,595	$2.17	2d	1	0.92mi
7291 Gatewood Ln Unit A San Diego, CA	3.0	2.0	1470	$3,750	$2.55	25d	1	1.03mi
2368 Fulham Way San Diego, CA	3.0	3.0	1540	$4,100	$2.66	19d	1	1.08mi
7853 Gribble St San Diego, CA	3.0	2.0	1247	$4,100	$3.29	19d	1	1.09mi
752 Osage St Spring Valley, CA	3.0	2.0	1643	$4,200	$2.56	2d	1	1.13mi
7037 Attleborough Ct San Diego, CA	3.0	3.0	1540	$3,650	$2.37	0d	1	1.34mi
7055 Appian Dr Unit B San Diego, CA	3.0	2.0	1224	$2,999	$2.45	8d	1	1.38mi
6884 Panamint Row San Diego, CA	3.0	2.0	1183	$3,300	$2.79	25d	1	1.50mi

Listing history 15 events

1. 2026-06-21
   days on market $260,000 Active 46 DOM
2. 2026-06-18
   days on market $260,000 Active 43 DOM
3. 2026-06-17
   days on market $260,000 Active 42 DOM
4. 2026-06-16
   days on market $260,000 Active 41 DOM
5. 2026-06-15
   days on market $260,000 Active 40 DOM
6. 2026-06-13
   days on market $260,000 Active 38 DOM
7. 2026-06-09
   days on market $260,000 Active 34 DOM
8. 2026-06-08
   days on market $260,000 Active 33 DOM
9. 2026-06-07
   days on market $260,000 Active 32 DOM
10. 2026-06-04
    days on market $260,000 Active 29 DOM
11. 2026-06-03
    days on market $260,000 Active 28 DOM
12. 2026-06-02
    days on market $260,000 Active 27 DOM
13. 2026-06-01
    days on market $260,000 Active 26 DOM
14. 2026-05-31
    days on market $260,000 Active 25 DOM
15. 2026-04-27
    listed $260,000 Active

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 5 d/yr ≥89°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,251
• − Mortgage interest: −$14,564
• − Property taxes: −$3,900
• − Insurance: −$1,300
• − Repairs & maintenance: −$3,140
• − Management: −$3,140
• − Depreciation: −$7,564
• Taxable income: $5,643
• Est. tax owed @ 24.0%: −$1,354
• After-tax cash flow: $8,092/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 move-in ready manufactured home in Bonita Hills Estates offers a unique advantage with no property taxes. The home features engineered hardwood floors, composite decking, and low maintenance turf landscaping. The interior is in good condition with some cosmetic updates needed for a fresh look.

Value-add opportunities

• Both paint interior walls — fresh paint enhances curb appeal and interior aesthetics
• Both replace ceiling fans — modern ceiling fans improve airflow and aesthetics
• Both replace curtains — new curtains enhance curb appeal and interior aesthetics
• Both replace wallpaper — new wallpaper enhances interior aesthetics and can be more durable

Renovation cost estimate screening

Value-add ROI direction

• Both paint interior walls — fresh paint enhances curb appeal and interior aesthetics ↑
• Both replace ceiling fans — modern ceiling fans improve airflow and aesthetics ↑
• Both replace curtains — new curtains enhance curb appeal and interior aesthetics ↑
• Both replace wallpaper — new wallpaper enhances interior aesthetics and can be more durable ↑

ⓘ 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: San Diego Unified
• NCES district ID: 0634320
• Math proficiency: 19% ▼ -29.00%
• Reading proficiency: 29% ▼ -28.00%
• Median HH income: $61,673
• Composite: 22.31/100
• National rank: #8135
• State rank: #393 of 517 in CA

Livability — La Presa

• Score: 60/100
• State rank: #571
• US rank: #18714

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: La Presa, CA
• County: San Diego County · 3,178,799 people
• City population: 62,957
• Metro: San Diego-Chula Vista-Carlsbad, CA
• Population (ZIP): 61,064
• Household income: $99,657
• Rent vs Own: 36.2% rent · 63.8% own
• Severe rent burden: 2007.0

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 0.68)
• Race & ethnicity: Hispanic / Latino 46% White 29% Two or more races 19% Black 12% Asian 7% Native American 1%
• Hispanic origin (detail): Mexican 43%
• Common ancestry: Portuguese 2% Lithuanian 1% Italian 1%
• Foreign-born: 19% · Canada, China, Vietnam
• Languages at home: 59% English-only · Spanish 32% Tagalog/Filipino 3% Arabic 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: ▼ -697.99%
• Current HPI: 381.66
• Rent YoY: ▲ 0.88%
• 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

1 event — show timeline

• 2026-04-27 Listed $260,000 CRMLS