1215 El Camino Real #61 · Atascadero, CA 93422

$168,000

2 bd · 2.0 ba · 1,000 sqft · Manufactured public records · 304 Days on market

Built 2000 $168/sqft · at area comps Est $150k · 12% 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• Schools +4.3/10.0
• Livability +3.2/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• ARV discount +2.1/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Street address: 1205 Fallen Leaf Ln, Atascadero, CA. Charming home in great 62+ park in Atascadero! Convenient to just about everything including Home Depot, the soon-to-open Valley Fresh Market, restaurants, places of worship, library, hospital, etc. The bus even makes a stop here every hour during the day. .. it's the easy way to get around town!. Built in 2000 the home is neat and clean and ready for you. The roomy floor plan has an open concept with the kitchen, dining and living room opening to each other. 2 big bedrooms, 2 baths and indoor laundry. Outside is the roomy carport and a nice yard area with convenient storage shed. Central Heating and Air Conditioning! Camino Del Roble Park offers a community room with kitchen and fireplace, and outdoor patio area. Truly a wonderful place to call home!

Key facts

• Open concept
• Roomy carport
• Built 2000

Tags

• OPEN CONCEPT
• ROOMY CARPORT
• CONVENIENT STORAGE SHED

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $168k.

Deal economics

• At list price, monthly cash flow is $726 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $168k).
• Recommended offer: $148k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.5% vs local median 2.1% in Atascadero — 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 65/100 on livability (#369 in CA) — a middle-class / working-renter tenant base. Strengths: employment A+, crime A-; Watch: schools C-, commute C-, amenities F.
• Atascadero Unified (suburban): math 40% / reading 51% proficiency, ranked #508 of 1,400 in CA (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.3%/yr); 93 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,104 units permitted in San Luis Obispo County in 2024 (273 in 5+ unit buildings).
• This rent runs 31% of the median local income ($92k/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 $1k of loan paydown is wiped out by about $5k 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 + 2.3% rent growth), your $47k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 304 days — a 12% lower offer ($148k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $147,840 (12.0% below list)

Questions for the listing agent

1. It's been on market 304 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. 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.
5. 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.
6. 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: 1.42% ✓
• Cap rate: 11.48%
• Cash-on-cash: 18.52%
• DSCR: 1.82
• GRM: 5.9

CMA / ARV

• ARV (median comp): $150,000
• List price: $168,000
• Delta: 12.00%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1215 El Camino Real #42	0.00mi	2/2.0	1,043 (+4%)	3mo	$145,000	$139	90
1266 Camino Del Robles #43	0.02mi	2/2.0	1,080 (+8%)	2mo	$153,000	$142	84
5715 Santa Cruz Rd #52	0.16mi	2/2.0	920 (-8%)	4mo	$150,000	$163	76
1215 El Camino Real #37	0.00mi	2/2.0	1,110 (+11%)	22mo	$245,000	$221	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 · 2.26% rent growth · sell at horizon

5-year hold

• IRR: 9.4%
• Equity multiple: 1.37×
• Total profit: $17,280
• Equity at exit: $25,049

10-year hold

• IRR: 18.0%
• Equity multiple: 2.44×
• Total profit: $67,589
• Equity at exit: $14,526

Cash invested: $47,040 (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 93422

• Rents YoY: 2.3%
• Active inventory: 93
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $2,388 medium
• Mortgage (P&I): −$881
• Tax est. 1.5%: −$210 /mo · $2,520/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$502
• Net cashflow: $726

Break-even live

Break-even rent $1,470

Max offer price $168,000

Occupancy floor 65%

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: $42,000
• Closing costs: $5,040
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2605 La Gracia Cir Atascadero, CA	2.0	1.5	1140	$3,125	$2.74	13d	2	0.89mi

Listing history 3 events

1. 2026-05-31
   days on market $168,000 Active 304 DOM
2. 2026-05-30
   days on market $168,000 Active 303 DOM
3. 2025-07-31
   listed $168,000 Active 816-char remark

   Show marketing remark (816 chars)

   Street address: 1205 Fallen Leaf Ln, Atascadero, CA. Charming home in great 62+ park in Atascadero! Convenient to just about everything including Home Depot, the soon-to-open Valley Fresh Market, restaurants, places of worship, library, hospital, etc. The bus even makes a stop here every hour during the day. .. it's the easy way to get around town!. Built in 2000 the home is neat and clean and ready for you. The roomy floor plan has an open concept with the kitchen, dining and living room opening to each other. 2 big bedrooms, 2 baths and indoor laundry. Outside is the roomy carport and a nice yard area with convenient storage shed. Central Heating and Air Conditioning! Camino Del Roble Park offers a community room with kitchen and fireplace, and outdoor patio area. Truly a wonderful place to call home!

ⓘ 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 5/10 Major 7 d/yr ≥92°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 12 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,662
• − Mortgage interest: −$9,411
• − Property taxes: −$2,520
• − Insurance: −$840
• − Repairs & maintenance: −$2,293
• − Management: −$2,293
• − Depreciation: −$4,887
• Taxable income: $6,418
• Est. tax owed @ 24.0%: −$1,540
• After-tax cash flow: $7,170/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: Atascadero Unified
• NCES district ID: 0603300
• Math proficiency: 40% ▲ 1.00%
• Reading proficiency: 51% ▬ 0.00%
• Median HH income: $66,562
• Composite: 42.81/100
• National rank: #6748
• State rank: #508 of 1400 in CA

Livability — Atascadero

• Score: 65/100
• State rank: #369
• US rank: #12594

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Atascadero, CA
• County: San Luis Obispo County · 224,651 people
• City population: 33,002
• Metro: San Luis Obispo-Paso Robles, CA
• Population (ZIP): 33,002
• Household income: $91,780
• Rent vs Own: 34.4% rent · 65.6% own
• Severe rent burden: 858.0

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 (69%)
• Race & ethnicity: White 69% Hispanic / Latino 22% Two or more races 13% Asian 2%
• Hispanic origin (detail): Mexican 19%
• Common ancestry: Italian 4% Slovak 3% Lithuanian 3%
• Foreign-born: 7% · Canada, South Korea
• Languages at home: 88% English-only · Spanish 9% Arabic 1% Other Indo-European 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: ▼ -632.04%
• Current HPI: 380.1972
• Rent YoY: ▲ 2.26%
• 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

1 event — show timeline

• 2025-07-31 Listed $168,000 CRMLS