632 Wood Lake Dr · Brea, CA 92821

$223,000

2 bd · 2.0 ba · 1,440 sqft · Manufactured · 2 Days on market

Built 1980 3.16 ac lot Est $264k · 15% under

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Why this score? — see what drove the B+ 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
• ARV discount +14.4/15.0
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• Schools +5.1/10.0
• Livability +3.8/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

There's a special kind of calm that settles over Lake Park in the early morning; it could look like savoring a cup of coffee on your porch, enjoying the views of the lake, or exploring the lovingly maintained greenbelt before the day has the chance to ask a single thing of you. That's the life that comes with 632 Wood Lake Drive. This 2-bedroom, 2-bathroom home sits in one of Brea's most beloved 55+ communities, just steps from the lake and tucked into a spot that's equal parts peaceful and convenient before you even step inside. You're close to guest parking, close to the water, and have access to everything that makes Lake Park feel like a treasured community. Inside, beamed ceilings give

Key facts

• Lake views
• Beamed ceilings
• Soaking tub

Tags

• LAKE VIEWS
• BEAMED CEILINGS
• BUILT-IN DESK
• SOAKING TUB
• PATIO OFF KITCHEN
• CENTRAL A C

Property features AI

Finance

• Other: Community contains 342 units; Park entry directions: Enter the park from Puente St and turn left at first stop sign; property will be on the left
• Financial info: Annual land lease applies
• HOA & community: Community amenities include clubhouse, fitness center/exercise room, billiard room, pool, spa, tennis courts, pickleball, guest parking, and a lake/pond; Pets permitted per association rules

Exterior

• Parking: Carport (attached); Covered parking for 2 vehicles; Tandem parking; Onsite guest parking
• Utilities: Property is leased (land lease); Manager approval required for lease
• Home design: Residential mobile home (doublewide); Single-story; Faces west; Located in a senior park (Lake Park Brea)
• Construction: Mobile home construction
• Exterior features: Community in-ground pool (fenced); Community spa (heated, in-ground, indoor); Lake or pond on site; Tennis courts; Pickleball courts; Clubhouse; Exercise / fitness room; Billiard room; Guest parking

Interior

• Kitchen: Range/oven; Dishwasher; Garbage disposal; Water line to refrigerator; Pantry; Breakfast bar
• Bedrooms: Den (additional flexible room — not listed as a bedroom)
• Flooring: Laminate floors; Carpeted floors
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central cooling; Ceiling fan
• Interior features: Ground-level entry with steps; Den; Dining area; Living room; Breakfast bar; Pantry; Covered patio; Open patio
• Laundry & utility: Laundry in unit (inside); Gas dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $223k.

Deal economics

• At list price, monthly cash flow is $929 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $223k).
• Cap rate 11.3% vs local median 2.1% in Brea — 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 76/100 on livability (#100 in CA, #3,570 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, employment A+, schools A-; Watch: health & safety C-, cost of living F.
• Fullerton Joint Union High (suburban): math 51% / reading 66% proficiency, ranked #82 of 517 in CA (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.8%/yr); 63 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 6,974 units permitted in Orange County in 2024 (3,839 in 5+ unit buildings).
• This rent runs 30% of the median local income ($124k/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.
• Orange County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 1.8% rent growth), your $62k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $223,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 1.40% ✓
• Cap rate: 11.29%
• Cash-on-cash: 17.85%
• DSCR: 1.79
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $263,520
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1235 Harbor Lk #13	0.10mi	2/2.0	1,440 (0%)	1mo	$228,000	$158	95
686 Wood Lake Dr #8	0.06mi	2/2.0	1,440 (0%)	7mo	$264,000	$183	91
2201 Lake Vw #20	0.31mi	2/2.0	1,440 (0%)	1mo	$220,000	$153	85
1414 W Central #69	0.21mi	3/2.0 (+1)	1,344 (-7%)	0mo	$265,000	$197	74
755 Village Lake Mall #337	0.11mi	2/2.0	1,296 (-10%)	6mo	$150,000	$116	74
1341 Harbor Lake Ave #24	0.16mi	2/2.0	1,296 (-10%)	5mo	$215,000	$166	72
726 Knoll Lake Dr #264	0.15mi	2/2.0	1,296 (-10%)	8mo	$210,000	$162	70
1414 W Central Ave #88	0.21mi	3/2.0 (+1)	1,344 (-7%)	5mo	$255,000	$190	70
1261 Glen Lake Ave #279	0.21mi	2/2.0	1,296 (-10%)	6mo	$149,000	$115	69
685 View Lake Dr #161	0.09mi	2/2.0	1,640 (+14%)	8mo	$385,000	$235	66
1414 W Central Ave #81	0.21mi	3/2.0 (+1)	1,248 (-13%)	0mo	$289,000	$232	63
2240 Lake Glen Dr #56	0.34mi	2/2.0	1,248 (-13%)	7mo	$338,000	$271	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 · 1.78% rent growth · sell at horizon

5-year hold

• IRR: 8.0%
• Equity multiple: 1.31×
• Total profit: $19,283
• Equity at exit: $33,250

10-year hold

• IRR: 16.2%
• Equity multiple: 2.25×
• Total profit: $77,983
• Equity at exit: $19,281

Cash invested: $62,440 (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 92821

• Rents YoY: 1.8%
• Active inventory: 63
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $3,127 high
• Mortgage (P&I): −$1,169
• Tax est. 1.5%: −$279 /mo · $3,345/yr
• Insurance: −$93
• HOA: −$0
• Vacancy / Maint / Mgmt: −$657
• Net cashflow: $929

Break-even live

Break-even rent $1,951

Max offer price $223,000

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: $55,750
• Closing costs: $6,690
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1511 Kinsler Ct Brea, CA	3.0	2.5	1605	$4,095	$2.55	15d	1	0.21mi
209 S Fonda St La Habra, CA	2.0	2.0	1200	$3,500	$2.92	1d	1	0.72mi
160 N Fonda St La Habra, CA	2.0	2.0	1000	$2,500	$2.50	1d	1	0.73mi
160 N Fonda St Unit 2 La Habra, CA	2.0	1.5	1000	$2,500	$2.50	1d	1	0.73mi
141 N Fonda St Unit 1 La Habra, CA	3.0	2.5	1300	$3,400	$2.62	10d	1	0.75mi
1500 Eastpark Dr Unit 3 La Habra, CA	2.0	1.5	1286	$2,500	$1.94	1d	1	0.78mi
160 Greentree Ln La Habra, CA	2.0	1.5	1050	$2,800	$2.67	1d	1	0.84mi
730 Brooklyn Dr Brea, CA	2.0	2.5	1210	$3,400	$2.81	24d	1	0.95mi
350 W Central Ave Brea, CA	1.0–3.0	1.0–2.5	1024	$3,538	$3.45	1d	8	0.95mi
825 Tamarack Ave Brea, CA	1.0–2.0	1.0–2.0	837	$2,640	$3.15	1d	5	0.98mi
650 Tamarack Ave Brea, CA	2.0	1.0–2.0	750	$2,850	$3.80	1d	18	1.02mi
319 W Lambert Rd Brea, CA	2.0	2.0	1120	$3,333	$2.98	4d	9	1.08mi
171 S Valencia St Unit 3 La Habra, CA	2.0	2.0	1000	$2,450	$2.45	1d	1	1.10mi
250 W Central Ave Brea, CA	2.0	2.0	1100	$2,930	$2.66	16d	2	1.10mi
2598 Associated Rd Fullerton, CA	2.0	2.0	988	$3,535	$3.58	20d	1	1.16mi
2598 Associated Rd Fullerton, CA	1.0	1.0	885	$3,030	$3.42	16d	1	1.16mi
2598 Associated Rd Fullerton, CA	1.0	1.0	896	$3,215	$3.59	3d	1	1.16mi
2598 Associated Rd Fullerton, CA	1.0	1.0	885	$3,280	$3.71	15d	1	1.16mi
640 Ward St Unit 2 La Habra, CA	2.0	1.0	950	$2,195	$2.31	16d	1	1.18mi
655 N Brea Blvd Brea, CA	1.0–2.0	1.0–2.0	830	$2,745	$3.31	1d	1	1.23mi
1301 Las Riendas Dr La Habra, CA	1.0–2.0	1.0–1.5	900	$2,970	$3.30	1d	1	1.23mi
334 S Walnut Ave Unit F Brea, CA	2.0	1.5	904	$2,995	$3.31	16d	1	1.26mi
137 N Orange Ave Brea, CA	2.0	2.0	975	$2,585	$2.65	43d	1	1.27mi
703 E Stearns Ave Unit 707-C La Habra, CA	2.0	1.0	950	$2,695	$2.84	1d	1	1.27mi
1001 N Harbor Blvd La Habra, CA	1.0–2.0	1.0–1.5	880	$2,750	$3.12	1d	2	1.29mi
108 E Date St Unit 108 Brea, CA	2.0	1.0	950	$3,095	$3.26	43d	1	1.36mi
1401 S Harbor Blvd La Habra, CA	1.0–2.0	1.0–2.0	875	$2,550	$2.91	1d	2	1.42mi
410 S Orange Ave Unit B Brea, CA	2.0	1.0	950	$2,550	$2.68	43d	1	1.43mi
203 E Elm St Brea, CA	3.0	2.0	1142	$3,800	$3.33	24d	1	1.45mi
308 Mountain Ct Brea, CA	3.0	2.0	1730	$3,550	$2.05	43d	1	1.47mi
715 S Walnut Ave Apt 3 Brea, CA	2.0	2.5	1300	$3,400	$2.62	4d	1	1.47mi
719 S Walnut Ave Brea, CA	3.0	2.0	1339	$3,800	$2.84	43d	1	1.49mi
1236 Devonshire Ln La Habra, CA	3.0	2.5	1175	$3,895	$3.31	1d	1	1.49mi

Listing history 3 events

1. 2026-06-18
   days on market $223,000 Active 2 DOM
2. 2026-06-17
   remarks 699-char remark
3. 2026-06-17
   listed $223,000 Active 1 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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥96°F today · 22 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 7 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,519
• − Mortgage interest: −$12,491
• − Property taxes: −$3,345
• − Insurance: −$1,115
• − Repairs & maintenance: −$3,002
• − Management: −$3,002
• − Depreciation: −$6,487
• Taxable income: $8,078
• Est. tax owed @ 24.0%: −$1,939
• After-tax cash flow: $9,209/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: Fullerton Joint Union High
• NCES district ID: 0614760
• Math proficiency: 51% ▲ 7.00%
• Reading proficiency: 66% ▲ 1.00%
• Median HH income: $66,666
• Composite: 51.37/100
• National rank: #1735
• State rank: #82 of 517 in CA

Livability — Brea

• Score: 76/100
• State rank: #100
• US rank: #3570

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Brea, CA
• County: Orange County · 3,096,323 people
• City population: 41,623
• Metro: Los Angeles-Long Beach-Anaheim, CA
• Population (ZIP): 41,623
• Household income: $123,629
• Rent vs Own: 42.5% rent · 57.5% own
• Severe rent burden: 1655.0

Population outlook (Orange County) Hauer SSP2

• Today (2025): 3,477,456 people
• By 2030: 3,613,117 · +3.9%
• By 2040: 3,835,945 · +10.3%
• By 2050: 3,968,736 · +14.1%
• By 2075: 4,097,053 · +17.8%
• By 2100: 3,903,633 · +12.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: White 38% Hispanic / Latino 32% Asian 24% Two or more races 14% Black 1%
• Hispanic origin (detail): Mexican 27%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 23% · Canada, South Korea, China
• Languages at home: 66% English-only · Spanish 16% Korean 6% Chinese 4%

Political lean MEDSL · Orange

• 2024 margin: Toss-up / Even · D 49.7% · R 47.1% · Other 3.2%
• 2008→2024 swing: +5.2pp toward D · 2008: -2.6pp · 2024: 2.6pp
• All cycles: 2024: D+2.6 2020: D+9.0 2016: D+7.7 2012: R+8.3 2008: R+2.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -826.78%
• Current HPI: 374.8663
• Rent YoY: ▲ 1.78%
• Metro: Los Angeles-Long Beach-Anaheim, 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

• 2026-06-16 Listed $223,000 TheMLS

Property tax history

-7.9%/yr

Latest (2025): $15 · +2.3% YoY. Source: county tax records.