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

$224,900

2 bd · 2.0 ba · 1,633 sqft · Manufactured · 31 Days on market

Manufactured home 55+ age-restricted Built 1978 Good condition $138/sqft · 12% below area Est $255k · 12% under ↓ 14% 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 +19.2/30.0
• ARV discount +12.8/15.0
• DSCR +6.3/10.0
• 1% rule +5.5/10.0
• Condition / age +4.0/5.0
• Livability +3.0/5.0
• Rent growth +2.7/5.0
• Appreciation +2.5/10.0
• Schools +2.2/10.0
• Manufactured-home adj. -4.7

Listing remarks

Ready to Downsize? Welcome to Beautiful Bonita Hills Senior Park! This spacious 1633 sq. ft. mobile home offers 2 bedrooms and 2 baths, engineered flooring through out, 2 decks with Trex, access ramp, beautiful lake and mountains views, and a peaceful senior community. Move in ready. No Property Taxes! Priced To Sell, do not miss this opportunity. Park amenities include Pool, Spa, Library, Club House. Space Rent is $1695. Must be approved by Park Management. Cash or Chattel Loan.

Key facts

• Engineered flooring
• Lake views
• Park amenities

Tags

• ENGINEERED FLOORING
• 2 DECKS
• LAKE VIEWS
• MOUNTAINS VIEWS
• PARK AMENITIES
• POOL

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $225k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $416 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $225k).
• Recommended offer: $218k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 3.1% 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: health & safety D, crime F, cost of living 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.
• Zoned schools: Freese Elementary (231 students, 82% FRL); Bell Middle (776 students, 77% FRL); Morse High (1,675 students, 72% FRL) — zoned schools average 77% FRL vs 52% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 296 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 69d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 11,759 units permitted in San Diego County in 2024 (7,244 in 5+ unit buildings).
• This rent runs 30% 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 $7k 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 31 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• 2 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: extreme-heat days projected 5→13/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $218,153 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 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: 1.11% ✓
• Cap rate: 8.51%
• Cash-on-cash: 7.92%
• DSCR: 1.35
• GRM: 7.5

CMA / ARV

• ARV (median comp): $255,155
• List price: $224,900
• Delta: -11.86%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 5 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%)	15mo	$204,900	$129	79
275 S Worthington St Spc 55	0.07mi	2/2.0	1,850 (+13%)	3mo	$257,000	$139	72
275 S Worthington St #14	0.07mi	2/2.0	1,920 (+18%)	4mo	$180,000	$94	68
275 S Worthington St #46	0.06mi	2/2.0	1,440 (-12%)	12mo	$260,000	$181	68
275 S Worthington St #125	0.07mi	2/2.0	1,488 (-9%)	21mo	$169,999	$114	64

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: -6.6%
• Equity multiple: 0.76×
• Total profit: $-15,143
• Equity at exit: $33,533

10-year hold

• IRR: 0.1%
• Equity multiple: 1.01×
• Total profit: $569
• Equity at exit: $19,445

Cash invested: $62,972 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 4 active · 3 under contract
• Months of supply: 12.0 mo (8%/mo absorbed)
• Median asking: $207,000 ($111/sqft)
• Median days on market: 68 d
• This list price: 50% of active listings are priced below it
• ARV vs active asking: +40.5% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 91977

• Rents YoY: 0.9%
• Active inventory: 296
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $2,494 high
• Mortgage (P&I): −$1,179
• Tax est. 1.5%: −$281 /mo · $3,374/yr
• Insurance: −$94
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$524
• Net cashflow: $416

Break-even live

Break-even rent $1,967

Max offer price $224,900

Occupancy floor 78%

Sensitivity live

Price	-10% $571	-5% $493	+0% $416	+5% $338	+10% $260
Rent	-10% $219	-5% $317	+0% $416	+5% $514	+10% $613
Rate	-1.0pp $529	-0.5pp $473	base $416	+0.5pp $357	+1.0pp $298

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: $56,225
• Closing costs: $6,747
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1617 Manzana Way Unit 1 San Diego, CA	3.0	2.0	1274	$3,200	$2.51	10d	1	0.29mi
439 Bluffview Rd Unit 1 Spring Valley, CA	3.0	1.5	1280	$2,975	$2.32	10d	1	0.40mi
8808 Spring Canyon Dr Unit 8808 Spring Valley, CA	2.0	2.5	1088	$2,500	$2.30	0d	1	0.59mi
425 S Meadowbrook Dr San Diego, CA	3.0	2.5–3.0	1525	$3,700	$2.43	72d	2	0.68mi
425 S Meadowbrook Dr #102 San Diego, CA	3.0	2.5	1550	$3,800	$2.45	53d	1	0.69mi
425 S Meadowbrook Dr #133 San Diego, CA	2.0	2.0	1228	$3,000	$2.44	157d	1	0.69mi
551 Glencrest Dr San Diego, CA	3.0	2.0	1383	$3,495	$2.53	79d	1	0.72mi
8535 Paradise Valley Rd #48 Spring Valley, CA	3.0	2.5	1517	$3,500	$2.31	0d	1	0.74mi
2957 Plaza Miguel Bonita, CA	3.0	2.5	1658	$3,595	$2.17	99d	1	0.92mi
8430 Noeline Ave San Diego, CA	3.0	2.0	1300	$3,750	$2.88	103d	1	0.93mi
8505 Innsdale Ln San Diego, CA	3.0	2.0	1140	$3,495	$3.07	55d	1	0.93mi
7328 Tooma St #185 San Diego, CA	3.0	2.0	1224	$3,495	$2.86	55d	1	0.95mi
2920 Briarwood Rd Unit F5 Bonita, CA	2.0	2.0	1154	$2,600	$2.25	102d	1	0.96mi
606 Carlsbad St Unit 1465029P Spring Valley, CA	2.0–3.0	1.0	893	$3,224	$3.61	87d	2	0.97mi
136 Royal Oak Dr San Diego, CA	3.0	1.0	1714	$3,295	$1.92	10d	1	0.99mi
2920 Briarwood Rd Bonita, CA	1.0–2.0	1.0–2.0	876	$2,650	$3.02	126d	2	0.99mi
249 Ridgecrest Dr San Diego, CA	3.0	2.0	1373	$3,995	$2.91	129d	1	1.00mi
249 Ridgecrest Dr San Diego, CA	3.0	2.0	1373	$3,995	$2.91	69d	1	1.00mi
646 Osage St Spring Valley, CA	3.0	1.0	1322	$7,895	$5.97	36d	1	1.02mi
7650 Shadyglade Ln San Diego, CA	3.0	1.5	1513	$3,600	$2.38	6d	1	1.02mi
7291 Gatewood Ln Unit A San Diego, CA	3.0	2.0	1470	$3,750	$2.55	165d	1	1.03mi
2368 Fulham Way San Diego, CA	3.0	3.0	1540	$4,100	$2.66	158d	1	1.08mi
7853 Gribble St San Diego, CA	3.0	2.0	1247	$4,100	$3.29	138d	1	1.09mi
7643 Woodbine Way San Diego, CA	3.0	1.5	1051	$3,495	$3.33	48d	1	1.10mi
752 Osage St Spring Valley, CA	3.0	2.0	1643	$4,200	$2.56	138d	1	1.13mi
2310 Ladlehill Dr San Diego, CA	3.0	2.0	1381	$3,595	$2.60	2d	1	1.16mi
2881 Casey St Unit 2881A San Diego, CA	3.0	2.5	1100	$3,100	$2.82	43d	1	1.20mi
327 Northgate St Unit A San Diego, CA	3.0	1.5	1100	$3,000	$2.73	134d	1	1.20mi
2873 Casey St Unit A San Diego, CA	3.0	2.0	1224	$3,550	$2.90	55d	1	1.21mi
2873 Casey St Unit A San Diego, CA	3.0	2.0	1224	$3,300	$2.70	35d	1	1.21mi
7007 Pembridge Ln San Diego, CA	3.0	2.0	1364	$3,580	$2.62	3d	1	1.33mi
7037 Attleborough Ct San Diego, CA	3.0	3.0	1540	$3,550	$2.31	10d	1	1.34mi
9010 Joan St Spring Valley, CA	3.0	2.0	1300	$3,595	$2.77	127d	1	1.37mi
8820 Ellenwood Cir Spring Valley, CA	3.0	2.0	1342	$3,000	$2.24	127d	1	1.37mi
7055 Appian Dr Unit B San Diego, CA	3.0	2.0	1224	$2,999	$2.45	138d	1	1.38mi
6985 Ramfos Ln San Diego, CA	3.0	2.0	1280	$3,795	$2.96	53d	1	1.45mi
6985 Ramfos Ln San Diego, CA	3.0	2.0	1280	$3,795	$2.96	37d	1	1.45mi
6985 Ramfos Ln San Diego, CA	3.0	2.0	1280	$3,690	$2.88	21d	1	1.45mi
6985 Ramfos Ln San Diego, CA	3.0	2.0	1280	$3,990	$3.12	69d	1	1.45mi
8850 Orville St Spring Valley, CA	3.0	2.0	1246	$3,300	$2.65	88d	1	1.45mi

Property features AI

Finance

• Financial info: Land lease
• HOA & community: Bonita Hill EstatesSenior communityManager approval requiredStreet lightingStorm drainsGutters

Exterior

• Parking: 2 carport spaces2 parking spaces
• Utilities: Public sewer
• Home design: One storyMain-level entry
• Exterior features: Community poolDrip irrigation

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Central cooling
• Laundry & utility: Individual laundry room

Listing history 50 events

1. 2026-11-08
   days on market $224,900 Active 31 DOM
2. 2026-11-07
   days on market $224,900 Active 30 DOM
3. 2026-11-06
   days on market $224,900 Active 29 DOM
4. 2026-11-05
   days on market $224,900 Active 28 DOM
5. 2026-11-04
   days on market $224,900 Active 27 DOM
6. 2026-11-02
   days on market $224,900 Active 25 DOM
7. 2026-11-01
   days on market $224,900 Active 24 DOM
8. 2026-10-31
   days on market $224,900 Active 23 DOM
9. 2026-10-30
   days on market $224,900 Active 22 DOM
10. 2026-10-29
    days on market $224,900 Active 21 DOM
11. 2026-10-28
    days on market $224,900 Active 20 DOM
12. 2026-10-27
    days on market $224,900 Active 19 DOM
13. 2026-10-26
    days on market $224,900 Active 18 DOM
14. 2026-10-26
    days on market $224,900 Active 17 DOM
15. 2026-10-24
    days on market $224,900 Active 16 DOM
16. 2026-10-23
    days on market $224,900 Active 15 DOM
17. 2026-10-22
    days on market $224,900 Active 14 DOM
18. 2026-10-21
    days on market $224,900 Active 13 DOM
19. 2026-10-20
    days on market $224,900 Active 12 DOM
20. 2026-10-19
    days on market $224,900 Active 11 DOM
21. 2026-10-18
    days on market $224,900 Active 10 DOM
22. 2026-10-17
    days on market $224,900 Active 9 DOM
23. 2026-10-16
    days on market $224,900 Active 8 DOM
24. 2026-10-15
    days on market $224,900 Active 7 DOM
25. 2026-10-14
    days on market $224,900 Active 6 DOM
26. 2026-10-13
    days on market $224,900 Active 5 DOM
27. 2026-10-12
    days on market $224,900 Active 4 DOM
28. 2026-10-11
    days on market $224,900 Active 3 DOM
29. 2026-10-10
    days on market $224,900 Active 2 DOM
30. 2026-10-09
    remarks 486-char remark
31. 2026-10-09
    pricedays on marketlisting id $224,900 Active 1 DOM
32. 2026-10-02
    days on market $240,000 Active 148 DOM
33. 2026-10-01
    days on market $240,000 Active 147 DOM
34. 2026-09-30
    days on market $240,000 Active 146 DOM
35. 2026-09-29
    days on market $240,000 Active 145 DOM
36. 2026-09-28
    days on market $240,000 Active 144 DOM
37. 2026-09-27
    days on market $240,000 Active 143 DOM
38. 2026-09-25
    price $240,000 Active 141 DOM
39. 2026-09-24
    days on market $247,000 Active 141 DOM
40. 2026-09-23
    days on market $247,000 Active 140 DOM
41. 2026-09-22
    days on market $247,000 Active 139 DOM
42. 2026-09-21
    days on market $247,000 Active 138 DOM
43. 2026-09-19
    days on market $247,000 Active 136 DOM
44. 2026-09-18
    days on market $247,000 Active 135 DOM
45. 2026-09-17
    days on market $247,000 Active 134 DOM
46. 2026-09-16
    days on market $247,000 Active 133 DOM
47. 2026-09-15
    days on market $247,000 Active 132 DOM
48. 2026-09-14
    days on market $247,000 Active 131 DOM
49. 2026-09-13
    days on market $247,000 Active 130 DOM
50. 2026-09-12
    days on market $247,000 Active 129 DOM

ⓘ 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 2/10 Low
• 🌡 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: $29,922
• − Mortgage interest: −$12,598
• − Property taxes: −$3,374
• − Insurance: −$1,124
• − Repairs & maintenance: −$2,394
• − Management: −$2,394
• − Depreciation: −$6,543
• Taxable income: $1,496
• Est. tax owed @ 24.0%: −$359
• After-tax cash flow: $4,629/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 Est. rehab $8,165–$24,495 screening

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 ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

Zoned Schools

Elementary Freese Elementary Middle Bell Middle High Morse High

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

C Composite livability gradescore 60/100

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 · 3,678,185 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: 11% of renters

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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%

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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%
• Languages at home: 59% English-only · Spanish 32% Tagalog/Filipino 3% Arabic 1%

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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

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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

Property features AI

Finance

• Financial info: Land lease
• HOA & community: Bonita Hill EstatesSenior communityManager approval requiredStreet lightingStorm drainsGutters

Exterior

• Parking: 2 carport spaces2 parking spaces
• Utilities: Public sewer
• Home design: One storyMain-level entry
• Exterior features: Community poolDrip irrigation

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Central cooling
• Laundry & utility: Individual laundry room

Price history

-13.5% since first listed

6 events — show timeline

• 2026-10-05 Listed $224,900 CRMLS
• 2026-10-02 Listing Removed — CRMLS
• 2026-09-25 Price Changed $240,000 CRMLS
• 2026-09-24 Listing Removed — CRMLS
• 2026-06-24 Price Changed $247,000 CRMLS
• 2026-04-27 Listed $260,000 CRMLS