275 S Worthington St Spc 48

La Presa, CA 91977

$225,000D-

2 bd · 2.0 ba · 1,996 sqft · Built 1977 · Manufactured · Active · 298 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,558/mo
• Mortgage (P&I): −$1,180
• Tax + insurance: −$375
• HOA: −$1,695
• Vac / Maint / Mgmt: −$537
• Net cashflow: $-1,229/mo
• Annual: $-14,748/yr
• Cap rate: -0.26%
• Cash-on-cash: -23.41%
• DSCR: -0.04
• 1% rule: 1.14%
• Cash to close: $63,000

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $225k. Condition is rated good.
• At list price, monthly cash flow is $-1k ($-15k/yr) — negative.
• To cash-flow at today's rent, offer at most $47k (79.0% below list).
• Meets the 1% rule at list price ($3k rent vs $225k).
• It's been on market 298 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $47k (79.0% below list) — sets the bar for cash-flow.
• 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.
• 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.
• Watch-outs: HOA is 66% of rent.
• Market conditions: Rents flat; 296 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals lingering (median 69d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 69% 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).
• San Diego County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $35k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• 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.
• Cap rate -0.3% vs local median 3.1% in La Presa — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• This rent runs 31% of the median local income ($100k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• It's been on market 298 days. Have you received any prior offers? Is the seller open to a 79% concession, seller financing, or rate buy-down credit?
• Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?