444 N El Camino Real Real #23 · Encinitas, CA 92024

$399,900

2 bd · 2.0 ba · 1,344 sqft · Manufactured · 6 Days on market

Built 1970 Est $433k · 8% under $275/mo HOA · 7% of rent

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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 +21.6/30.0
• ARV discount +10.9/15.0
• Schools +7.1/10.0
• DSCR +6.9/10.0
• 1% rule +5.3/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Offered at less than land value! Please call agent for appointment to view. Located in the highly desirable "Park Encinitas" where you own your land. This 2 bedroom, 2 bath with den/office/3rd bedroom home has an open, flowing floor plan and lots of light. Upgraded with double pane energy efficient windows and slider. Great breezes and a large entry patio. Great 55+ community with pool, spa, Club House, Social Club activities, library, kitchen, billiard room picnic area, shuffleboard, and RV parking is available, Two Pets allowed. Convenient central location in Encinitas, a short distance to a medical complex, shopping, services, parks, and a great Senior Center. Freeways and beac

Key facts

• Spa
• Kitchen
• Large entry patio

Tags

• LARGE ENTRY PATIO
• POOL
• SPA
• CLUB HOUSE
• LIBRARY
• KITCHEN

Property features AI

Finance

• Other: Property is a manufactured home on common-interest land; Breed restrictions for pets
• HOA & community: Homeowners association with monthly fee of $275; HOA fee includes water; Association provides trash service; Senior community

Exterior

• Parking: 3 parking spaces
• Utilities: Public water; Public sewer
• Home design: Single-story manufactured home; Residential property in a park community (Park Encinitas)
• Construction: Metal siding; Rolled/hot mop roof; 1 story
• Exterior features: Partial fencing; Community pool

Interior

• Kitchen: Electric range
• Bedrooms: 2 possible bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating
• Interior features: Electric range

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $400k.

Deal economics

• At list price, monthly cash flow is $610 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $400k).
• Cap rate 8.1% vs local median 1.6% in Encinitas — 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 79/100 on livability (#54 in CA, #2,026 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, amenities A+, commute A+; Watch: health & safety C-, cost of living F.
• San Dieguito Union High (urban): math 72% / reading 79% proficiency, ranked #56 of 1,400 in CA (top 4%) — strong family-tenant draw, lease renewals of 3-5y typical; only 8% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+5.4%/yr); 205 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals leasing fast (median 2d 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).
• This rent runs 31% of the median local income ($159k/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 $3k of loan paydown is wiped out by about $12k 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

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $28k; list at $400k implies a 1328% gain — meaningful room to come down on a strong offer.

Recommended offer $399,900

Questions for the listing agent

1. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.03% ✓
• Cap rate: 8.12%
• Cash-on-cash: 6.54%
• DSCR: 1.29
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $432,768
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
444 N El Camino Real #47	0.00mi	2/2.0	1,328 (-1%)	2mo	$438,500	$330	96
444 N El Camino Real #119	0.00mi	2/2.0	1,368 (+2%)	3mo	$650,000	$475	94
444 El Camino Real N #96	0.00mi	2/2.0	1,368 (+2%)	7mo	$440,000	$322	92
444 N El Camino Real Real #26	0.00mi	2/2.0	1,344 (0%)	14mo	$430,000	$320	88
444 N El Camino Real Real Spc 48	0.00mi	3/2.0 (+1)	1,440 (+7%)	1mo	$665,000	$462	82
350 N El Camino Real Real #50	0.13mi	2/2.0	1,440 (+7%)	1mo	$228,000	$158	81
444 N El Camino Real #49	0.00mi	2/2.0	1,400 (+4%)	18mo	$469,900	$336	78
444 El Camino Real #2	0.00mi	3/2.0 (+1)	1,512 (+12%)	1mo	$729,000	$482	73
350 N El Camino Real Real #18	0.13mi	2/2.0	1,250 (-7%)	11mo	$180,000	$144	73
350 N El Camino Real Real Spc 19	0.13mi	2/2.0	1,440 (+7%)	12mo	$280,000	$194	72
350 N El Camino Real #22	0.13mi	2/2.0	1,440 (+7%)	19mo	$191,000	$133	66
350 N El Camino Real #12	0.13mi	3/3.0 (+1)	1,440 (+7%)	21mo	$189,000	$131	56

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 · 5.39% rent growth · sell at horizon

5-year hold

• IRR: -3.7%
• Equity multiple: 0.86×
• Total profit: $-15,798
• Equity at exit: $59,626

10-year hold

• IRR: 8.5%
• Equity multiple: 1.71×
• Total profit: $79,932
• Equity at exit: $34,576

Cash invested: $111,972 (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 →

ZIP-level market 92024

• Rents YoY: 5.4%
• Active inventory: 205
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $4,116 high
• Mortgage (P&I): −$2,097
• Tax from tax record: −$103 /mo · $1,233/yr
• Insurance: −$167
• HOA: −$275
• Vacancy / Maint / Mgmt: −$864
• Net cashflow: $610

Break-even live

Break-even rent $3,344

Max offer price $399,900

Occupancy floor 80%

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: $99,975
• Closing costs: $11,997
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1100 Garden View Rd Encinitas, CA	1.0	1.0	1086	$3,121	$2.87	1d	1	0.19mi
1320 Via Terrassa Encinitas, CA	1.0–3.0	1.0–2.0	1002	$3,858	$3.85	1d	21	0.62mi
1647 Tennis Match Way Encinitas, CA	3.0	2.5	1783	$6,000	$3.37	12d	1	0.69mi
155 Rosebay Dr #45 Encinitas, CA	2.0	1.0	925	$3,000	$3.24	1d	1	0.70mi
1190 Encinitas Blvd Encinitas, CA	1.0–2.0	1.0–2.0	799	$3,100	$3.88	1d	4	0.72mi
117 Rosebay Dr Encinitas, CA	2.0	2.0	1000	$2,900	$2.90	1d	3	0.78mi
820 Encinitas Blvd #202 Encinitas, CA	2.0	1.0	1060	$3,000	$2.83	19d	1	0.81mi
924 Encinitas Blvd Encinitas, CA	1.0–2.0	1.0–2.0	800	$2,945	$3.68	1d	3	0.84mi
760 Encinitas Blvd #103 Encinitas, CA	2.0	1.5	1092	$3,600	$3.30	1d	1	0.85mi
1953 Skyknoll Way Encinitas, CA	3.0	3.0	1492	$4,500	$3.02	3d	1	1.03mi
606 Camino De Orchidia Encinitas, CA	2.0	2.5	1139	$9,000	$7.90	1d	1	1.07mi
1101 Catania Ct Unit 202 Encinitas, CA	2.0	2.0	1057	$5,400	$5.11	10d	1	1.08mi
1101 Catania Ct Unit 104 Encinitas, CA	2.0	2.0	940	$5,250	$5.59	1d	1	1.08mi
1103 Catania Ct Unit 104 Encinitas, CA	2.0	2.0	940	$5,500	$5.85	1d	1	1.09mi
714 Passiflora Ave Unit 1 Encinitas, CA	1.0	1.0	1000	$4,000	$4.00	1d	1	1.16mi
211 Chapalita Dr Unit 1048659P Encinitas, CA	3.0	2.0	1313	$7,461	$5.68	11d	1	1.17mi
668 Westlake St Encinitas, CA	2.0	2.5	1379	$4,850	$3.52	1d	1	1.26mi
2033 Red Coach Ln Encinitas, CA	3.0	2.0	1014	$5,250	$5.18	17d	1	1.30mi
608 Silver Berry Pl Encinitas, CA	3.0	2.5	1268	$5,500	$4.34	7d	1	1.34mi
283 Mangano Cir Unit 283 Encinitas, CA	2.0	2.0	900	$3,300	$3.67	4d	1	1.39mi

HOA detail

• Monthly dues: $275 · $3,300/yr
• Likely covers: pool

Listing history 18 events

1. 2026-06-18
   days on market $399,900 Active 6 DOM
2. 2026-06-17
   days on market $399,900 Active 5 DOM
3. 2026-06-16
   days on market $399,900 Active 4 DOM
4. 2026-06-15
   days on market $399,900 Active 3 DOM
5. 2026-06-13
   days on marketlisting id $399,900 Active 1 DOM
6. 2026-06-09
   days on market $399,900 Active 145 DOM
7. 2026-06-08
   days on market $399,900 Active 144 DOM
8. 2026-06-07
   days on market $399,900 Active 143 DOM
9. 2026-06-04
   days on market $399,900 Active 140 DOM
10. 2026-06-03
    days on market $399,900 Active 139 DOM
11. 2026-06-02
    days on market $399,900 Active 138 DOM
12. 2026-06-01
    days on market $399,900 Active 137 DOM
13. 2026-05-31
    days on market $399,900 Active 136 DOM
14. 2026-05-15
    price $399,900
15. 2026-04-01
    price $414,900
16. 2026-01-15
    listed $439,900 Active
17. 1989-04-12
    soldstatus $28,000
18. 1988-01-08
    soldstatus $25,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $1,233 · $103/mo
• Projected year-2 tax: $3,039 · $253/mo
• Expected delta: +$1,807/yr (+$151/mo · 146.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥87°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $49,396
• − Mortgage interest: −$22,401
• − Property taxes: −$1,233
• − Insurance: −$2,000
• − Repairs & maintenance: −$3,952
• − Management: −$3,952
• − HOA: −$3,300
• − Depreciation: −$11,633
• Taxable income: $927
• Est. tax owed @ 24.0%: −$222
• After-tax cash flow: $7,103/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 Dieguito Union High
• NCES district ID: 0634380
• Math proficiency: 72% ▬ 0.00%
• Reading proficiency: 79% ▼ -1.00%
• Median HH income: $110,199
• Composite: 70.63/100
• National rank: #519
• State rank: #56 of 1400 in CA

Livability — Encinitas

• Score: 79/100
• State rank: #54
• US rank: #2026

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Encinitas, CA
• County: San Diego County · 3,178,799 people
• City population: 61,717
• Metro: San Diego-Chula Vista-Carlsbad, CA
• Population (ZIP): 50,617
• Household income: $158,507
• Rent vs Own: 32.6% rent · 67.4% own
• Severe rent burden: 1537.0

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: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 14% Two or more races 11% Asian 5%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Italian 4% Romanian 3% Slovak 3%
• Foreign-born: 12% · Canada, China
• Languages at home: 84% English-only · Spanish 9% Other Indo-European 2% German/W. Germanic 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: ▼ -881.14%
• Current HPI: 461.5044
• Rent YoY: ▲ 5.39%
• 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

+1499.6% since first listed

5 events — show timeline

• 2026-05-15 Price Changed $399,900 SDMLS
• 2026-04-01 Price Changed $414,900 SDMLS
• 2026-01-15 Listed $439,900 SDMLS
• 1989-04-12 Sold (Public Records) $28,000 Public Records
• 1988-01-08 Sold (Public Records) $25,000 Public Records

Property tax history

+3.4%/yr

Latest (2025): $1,233 · +7.3% YoY. Source: county tax records.