10025 El Camino Real #68

Atascadero, CA 93422

$285,000F

3 bd · 2.0 ba · 1,248 sqft · Built 2021 · Manufactured · Active · 387 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,898/mo
• Mortgage (P&I): −$1,495
• Tax + insurance: −$309
• HOA: −$0
• Vac / Maint / Mgmt: −$399
• Net cashflow: $-304/mo
• Annual: $-3,648/yr
• Cap rate: 5.01%
• Cash-on-cash: -4.57%
• DSCR: 0.80
• 1% rule: 0.67%
• Cash to close: $79,800

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $285k.
• At list price, monthly cash flow is $-304 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $231k (18.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $190k (33.4% below list).
• It's been on market 387 days — a 12% lower offer ($251k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $190k (33.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• 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; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,104 units permitted in San Luis Obispo County in 2024 (273 in 5+ unit buildings).
• San Luis Obispo County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 19y ago; this cycle's ask has dropped $15k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $29k; list at $285k implies a 883% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.0% vs local median 2.2% 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.

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 387 days. Have you received any prior offers? Is the seller open to a 33% concession, seller financing, or rate buy-down credit?
• 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.
• 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?
• 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.
• 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.
• 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.