201 Five Cities #133 · Pismo Beach, CA 93449

$385,000

2 bd · 1.0 ba · 1,100 sqft · Manufactured · 57 Days on market

Built 1975 $350/sqft · 28% below area Est $535k · 28% under

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Cash flow +9.0/30.0
• Rent growth +4.8/5.0
• Schools +4.5/10.0
• Livability +3.5/5.0
• 1% rule +2.8/10.0
• DSCR +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to coastal living at its finest! This beautifully updated mobile home, offered at $399,000, is ideally located just a five-minute walk from the stunning shores of Pismo Beach. Nestled within a desirable 55+ senior community, this home offers both comfort and convenience in a peaceful, well-maintained setting. Ideally situated directly across from a breathtaking 70-acre ecological preserve, you'll enjoy serene natural views and a tranquil environment right outside your door. Step inside to find a freshly painted interior complemented by brand-new flooring throughout, creating a bright and modern feel. The home can come fully furnished, making it truly move-in ready--perfect for those seeking a seamless transition to beachside living. Residents of this rent-controlled park enjoy an impressive array of amenities, including a relaxing hot tub, sparkling swimming pool, dog parks, a fully equipped workout room, a billiards room, and a spacious party hall for gatherings and social events. Whether you're looking for a full-time residence or a coastal retreat, this home offers an unbeatable combination of location, lifestyle, and value. Don't miss your opportunity to enjoy the best of Pismo Beach living!

Key facts

• Hot tub
• Ecological preserve
• Swimming pool

Tags

• FIVE MINUTE WALK
• ECOLOGICAL PRESERVE
• FRESHLY PAINTED INTERIOR
• BRAND NEW FLOORING
• HOT TUB
• SWIMMING POOL

Property features AI

Finance

• Other: Living area reported from public records; Property has one story; Directions: Five Cities Drive to A Ave; Located in Foothills neighborhood
• HOA & community: Senior community; Located in Haciendo Del Pismo park; Monthly land lease of $535.85 (park-managed)

Exterior

• Parking: Attached carport (1 covered space); Total of 1 parking space
• Utilities: Public sewer; District/public water
• Home design: Single-story home; Mobile home remains on site
• Construction: Year built reported from public records
• Exterior features: Community (association) pool; Level-with-street lot

Interior

• Bathrooms: 1 full bathroom
• Interior features: Front entry
• Laundry & utility: Indoor laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $385k.

Deal economics

• At list price, monthly cash flow is $-301 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $341k (11.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $299k (22.4% below list).
• Recommended offer: $299k (22.4% below list) — sets the bar for 1% rule.
• Cap rate 5.4% vs local median 1.1% in Pismo Beach — 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 70/100 on livability (#229 in CA) — a middle-class / working-renter tenant base. Strengths: employment A+, health & safety A+, amenities B; Watch: crime D+, commute F, cost of living F.
• Lucia Mar Unified (town): math 42% / reading 56% proficiency, ranked #433 of 1,400 in CA (top 31%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Shell Beach Elementary (325 students, 38% FRL); Judkins Middle (458 students, 64% FRL); Arroyo Grande High (1,991 students, 48% FRL).
• Market conditions: Rents rising fast (+9.2%/yr); 58 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 1,104 units permitted in San Luis Obispo County in 2024 (273 in 5+ unit buildings).
• This rent runs 30% of the median local income ($118k/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 Luis Obispo 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 57 days — a 3% lower offer ($373k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 19y ago 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.
• Current owner paid $105k; list at $385k implies a 267% gain — meaningful room to come down on a strong offer.

Recommended offer $298,647 (22.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
3. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 D 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.78% ✗
• Cap rate: 5.35%
• Cash-on-cash: -3.35%
• DSCR: 0.85
• GRM: 10.7

CMA / ARV

• ARV (median comp): $534,844
• List price: $385,000
• Delta: -28.02%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
201 Five Cities Dr #42	0.00mi	2/2.0	1,056 (-4%)	2mo	$532,000	$504	88
140 S Dolliver St #157	0.36mi	2/2.0	1,064 (-3%)	22mo	$410,000	$385	55
140 S Dolliver St #144	0.36mi	3/2.0 (+1)	1,248 (+14%)	5mo	$515,000	$413	48
140 S Dolliver St #174	0.36mi	2/2.0	964 (-12%)	18mo	$427,300	$443	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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -16.5%
• Equity multiple: 0.39×
• Total profit: $-65,751
• Equity at exit: $57,405

10-year hold

• IRR: -1.1%
• Equity multiple: 0.91×
• Total profit: $-9,951
• Equity at exit: $33,288

Cash invested: $107,800 (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 93449

• Rents YoY: 9.2%
• Active inventory: 58
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $2,986 high
• Mortgage (P&I): −$2,019
• Tax est. 1.5%: −$481 /mo · $5,775/yr
• Insurance: −$160
• HOA: −$0
• Vacancy / Maint / Mgmt: −$627
• Net cashflow: $-301

Break-even live

Break-even rent $3,368

Max offer price $341,396

Occupancy floor —

Sensitivity live

Price	-10% $-35	-5% $-168	+0% $-301	+5% $-434	+10% $-567
Rent	-10% $-537	-5% $-419	+0% $-301	+5% $-183	+10% $-65
Rate	-1.0pp $-107	-0.5pp $-203	base $-301	+0.5pp $-401	+1.0pp $-503

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: $96,250
• Closing costs: $11,550
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
111 Newport Ave Unit 2 Grover Beach, CA	2.0	1.0	850	$2,600	$3.06	45d	1	0.55mi
379 N 3rd St Grover Beach, CA	3.0	2.0	1000	$3,000	$3.00	45d	1	0.60mi
596 Saratoga Ave Unit A Grover Beach, CA	3.0	2.5	1250	$3,500	$2.80	45d	1	0.61mi
450 Manhattan Ave Grover Beach, CA	2.0	1.0	700	$2,700	$3.86	23d	1	1.09mi
538 N 16th St Apt A Grover Beach, CA	2.0	1.0	750	$2,300	$3.07	45d	1	1.15mi
551 Bay St Pismo Beach, CA	3.0	2.0	1361	$4,950	$3.64	15d	1	1.19mi
657 Trouville Ave #1 Grover Beach, CA	2.0	1.0	800	$2,500	$3.12	45d	1	1.22mi
265 N 16th St Grover Beach, CA	2.0	2.0	950	$2,900	$3.05	23d	1	1.24mi
153 N 16th St Grover Beach, CA	2.0	1.0	812	$2,725	$3.35	15d	2	1.29mi
1625 Ramona Ave Grover Beach, CA	2.0	1.5	1060	$2,800	$2.64	15d	1	1.30mi
1415 Longbranch Ave Unit 1419 D Longbranch Grover Beach, CA	2.0	2.0	900	$2,450	$2.72	25d	1	1.32mi
1629 Longbranch Ave Grover Beach, CA	3.0	2.5	1499	$1,000	$0.67	45d	1	1.43mi

Listing history 23 events

1. 2026-06-21
   days on market $385,000 Active 57 DOM
2. 2026-06-18
   days on market $385,000 Active 54 DOM
3. 2026-06-17
   days on market $385,000 Active 53 DOM
4. 2026-06-16
   days on market $385,000 Active 52 DOM
5. 2026-06-15
   days on market $385,000 Active 51 DOM
6. 2026-06-14
   days on market $385,000 Active 49 DOM
7. 2026-06-13
   days on market $385,000 Active 48 DOM
8. 2026-06-10
   days on market $385,000 Active 46 DOM
9. 2026-06-09
   days on market $385,000 Active 45 DOM
10. 2026-06-08
    days on market $385,000 Active 44 DOM
11. 2026-06-07
    days on market $385,000 Active 43 DOM
12. 2026-06-03
    days on market $385,000 Active 39 DOM
13. 2026-06-03
    price $385,000 Active 38 DOM
14. 2026-06-02
    days on market $399,000 Active 38 DOM

    Show marketing remark (1222 chars)

    Welcome to coastal living at its finest! This beautifully updated mobile home, offered at $399,000, is ideally located just a five-minute walk from the stunning shores of Pismo Beach. Nestled within a desirable 55+ senior community, this home offers both comfort and convenience in a peaceful, well-maintained setting. Ideally situated directly across from a breathtaking 70-acre ecological preserve, you'll enjoy serene natural views and a tranquil environment right outside your door. Step inside to find a freshly painted interior complemented by brand-new flooring throughout, creating a bright and modern feel. The home can come fully furnished, making it truly move-in ready--perfect for those seeking a seamless transition to beachside living. Residents of this rent-controlled park enjoy an impressive array of amenities, including a relaxing hot tub, sparkling swimming pool, dog parks, a fully equipped workout room, a billiards room, and a spacious party hall for gatherings and social events. Whether you're looking for a full-time residence or a coastal retreat, this home offers an unbeatable combination of location, lifestyle, and value. Don't miss your opportunity to enjoy the best of Pismo Beach living!

15. 2026-06-01
    days on market $399,000 Active 37 DOM
16. 2026-05-31
    days on market $399,000 Active 36 DOM
17. 2026-05-30
    days on market $399,000 Active 35 DOM
18. 2026-04-27
    listed $399,000 Active 1222-char remark

    Show marketing remark (1222 chars)

    Welcome to coastal living at its finest! This beautifully updated mobile home, offered at $399,000, is ideally located just a five-minute walk from the stunning shores of Pismo Beach. Nestled within a desirable 55+ senior community, this home offers both comfort and convenience in a peaceful, well-maintained setting. Ideally situated directly across from a breathtaking 70-acre ecological preserve, you'll enjoy serene natural views and a tranquil environment right outside your door. Step inside to find a freshly painted interior complemented by brand-new flooring throughout, creating a bright and modern feel. The home can come fully furnished, making it truly move-in ready--perfect for those seeking a seamless transition to beachside living. Residents of this rent-controlled park enjoy an impressive array of amenities, including a relaxing hot tub, sparkling swimming pool, dog parks, a fully equipped workout room, a billiards room, and a spacious party hall for gatherings and social events. Whether you're looking for a full-time residence or a coastal retreat, this home offers an unbeatable combination of location, lifestyle, and value. Don't miss your opportunity to enjoy the best of Pismo Beach living!

19. 2026-04-25
    listed $399,000 Active 1239-char remark
20. 2007-07-28
    historical

    Show marketing remark (99 chars)

    Near Beach, & shopping. Very nice +55 park. Park features pool, spa, sauna, clubhouse , other.

21. 2007-07-28
    soldstatus $105,000

    Show marketing remark (99 chars)

    Near Beach, & shopping. Very nice +55 park. Park features pool, spa, sauna, clubhouse , other.

22. 2007-03-20
    listed $129,000

    Show marketing remark (99 chars)

    Near Beach, & shopping. Very nice +55 park. Park features pool, spa, sauna, clubhouse , other.

23. 2007-03-20
    listed $129,000

    Show marketing remark (99 chars)

    Near Beach, & shopping. Very nice +55 park. Park features pool, spa, sauna, clubhouse , other.

ⓘ 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 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥80°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,838
• − Mortgage interest: −$21,566
• − Property taxes: −$5,775
• − Insurance: −$1,925
• − Repairs & maintenance: −$2,867
• − Management: −$2,867
• − Depreciation: −$11,200
• Taxable loss: −$10,362
• Est. tax savings @ 24.0%: +$2,487
• After-tax cash flow: $-1,129/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: Lucia Mar Unified
• NCES district ID: 0623080
• Math proficiency: 42% ▲ 3.00%
• Reading proficiency: 56% ▲ 2.00%
• Median HH income: $62,681
• Composite: 45.19/100
• National rank: #5782
• State rank: #433 of 1400 in CA

Livability — Pismo Beach

• Score: 70/100
• State rank: #229
• US rank: #7505

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pismo Beach, CA
• County: San Luis Obispo County · 224,651 people
• City population: 8,014
• Metro: San Luis Obispo-Paso Robles, CA
• Population (ZIP): 8,014
• Household income: $118,072
• Rent vs Own: 35.4% rent · 64.6% own
• Severe rent burden: 368.0

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 (79%)
• Race & ethnicity: White 79% Hispanic / Latino 12% Two or more races 9% Asian 3% Pacific Islander 2%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Lithuanian 4% Russian 4% Slovak 3%
• Foreign-born: 7% · Canada, South Korea
• Languages at home: 90% English-only · Spanish 3% Other Asian/Pacific 2% 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: ▼ -272.08%
• Current HPI: 410.1711
• Rent YoY: ▲ 9.20%
• 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

+198.4% since first listed

8 events — show timeline

• 2026-06-02 Price Changed $385,000 CRMLS
• 2026-06-02 Price Changed $385,000 NSBCRMLS
• 2026-04-27 Listed $399,000 NSBCRMLS
• 2026-04-25 Listed $399,000 CRMLS
• 2007-07-28 Listing Removed — NSBCRMLS
• 2007-07-28 Sold (MLS) $105,000 CRMLS
• 2007-03-20 Listed $129,000 NSBCRMLS
• 2007-03-20 Listed $129,000 CRMLS