105 E Balboa #148 · Tustin, CA 92780

$243,500

3 bd · 2.0 ba · 1,097 sqft · Manufactured · 58 Days on market

Built 2022 Good condition $222/sqft · 18% above area Est $207k · 18% 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 +27.5/30.0
• DSCR +9.7/10.0
• 1% rule +7.5/10.0
• Schools +5.0/10.0
• Condition / age +4.0/5.0
• Livability +3.6/5.0
• Rent growth +3.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to Tustin Village, this Manufactured House blt 2022, has Laminate Flooring in the Kitchen, Bathrooms and Laundry Room. The 3 Bedrooms have Carpet. This unit offers a open concept floor plan, it is bright and in move in condition. It is on Prime Location near the Community Pool and Clubhouse. Make this a must see, will not disappoint. Corner lot with small front yard and very spacious carport. Close to the 55 and the 5 Freeways, Santa Ana Zoo, 5 Minutes from Old Town Tustin and 10 minutes from Downtown Santa Ana.

Key facts

• Community pool
• Built 2022
• Listed 58 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $244k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $722 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $244k).
• Recommended offer: $236k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.8% vs local median 1.9% in Tustin — 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 71/100 on livability (#215 in CA) — a middle-class / working-renter tenant base. Strengths: employment A+, commute B; Watch: health & safety D+, cost of living F.
• Tustin Unified (urban): math 46% / reading 65% proficiency, ranked #91 of 517 in CA (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+4.1%/yr); 70 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 6,974 units permitted in Orange County in 2024 (3,839 in 5+ unit buildings).
• This rent runs 36% of the median local income ($101k/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 + 4.1% rent growth), your $68k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($236k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $236,195 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.25% ✓
• Cap rate: 9.85%
• Cash-on-cash: 12.70%
• DSCR: 1.57
• GRM: 6.7

CMA / ARV

• ARV (median comp): $206,894
• List price: $243,500
• Delta: 17.69%
• Verdict: OVERPRICED
• Comps: 9 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
121 S Portola Ln	0.05mi	3/2.0	1,120 (+2%)	12mo	$129,900	$116	84
128 E Balboa Ln	0.03mi	3/2.0	1,144 (+4%)	12mo	$210,000	$184	81
123 S Colombo Ln #78	0.06mi	2/2.0 (-1)	1,081 (-2%)	10mo	$146,000	$135	81
138 E Balboa Ln #138	0.06mi	2/2.0 (-1)	1,080 (-2%)	16mo	$117,500	$109	76
130 Serra Ln #130	0.10mi	3/2.0	1,054 (-4%)	17mo	$217,500	$206	75
108 E Balboa Ln	0.05mi	3/2.0	1,200 (+9%)	17mo	$212,000	$177	68
1500 Warren St #155	0.70mi	3/2.0	1,200 (+9%)	17mo	$215,000	$179	37

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 · 4.12% rent growth · sell at horizon

5-year hold

• IRR: 3.8%
• Equity multiple: 1.15×
• Total profit: $10,026
• Equity at exit: $36,307

10-year hold

• IRR: 14.3%
• Equity multiple: 2.21×
• Total profit: $82,669
• Equity at exit: $21,053

Cash invested: $68,180 (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 92780

• Rents YoY: 4.1%
• Active inventory: 70
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $3,044 high
• Mortgage (P&I): −$1,277
• Tax est. 1.5%: −$304 /mo · $3,652/yr
• Insurance: −$101
• HOA: −$0
• Vacancy / Maint / Mgmt: −$639
• Net cashflow: $722

Break-even live

Break-even rent $2,130

Max offer price $243,500

Occupancy floor 71%

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: $60,875
• Closing costs: $7,305
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16586 Montego Way Tustin, CA	3.0	2.0	1188	$3,900	$3.28	43d	1	0.10mi
15513 Williams St Unit Q013 Tustin, CA	2.0	1.0	910	$2,525	$2.77	15d	1	0.13mi
15512 Williams St Unit A89 Tustin, CA	2.0	2.0	1047	$2,950	$2.82	43d	1	0.15mi
16571 Alliance Ave Tustin, CA	1.0–2.0	1.0	865	$2,100	$2.43	7d	1	0.20mi
16282 E Main St Tustin, CA	2.0	1.5	937	$2,886	$3.08	4d	4	0.29mi
15701 Tustin Village Way Unit A-12 Tustin, CA	2.0	1.0	1062	$2,850	$2.68	24d	1	0.29mi
15701 Tustin Village Way Tustin, CA	2.0	1.0	1062	$2,850	$2.68	15d	1	0.29mi
15652 Williams St Tustin, CA	1.0–2.0	1.0	862	$2,750	$3.19	43d	9	0.31mi
15660 Tustin Village Way Tustin, CA	1.0–2.0	1.0	875	$2,695	$3.08	43d	1	0.33mi
15501 Pasadena Ave Tustin, CA	1.0–2.0	1.0–2.0	750	$2,800	$3.73	1d	12	0.33mi
2112 E 1st St Santa Ana, CA	1.0–4.0	1.0–2.0	939	$2,448	$2.61	15d	1	0.35mi
15742 Williams St Tustin, CA	2.0	2.0	1100	$2,798	$2.54	2d	1	0.38mi
15482 Pasadena Ave Tustin, CA	1.0–2.0	1.0–2.0	788	$2,936	$3.73	6d	6	0.45mi
1901 E 1st St Santa Ana, CA	1.0–2.0	1.0–2.5	1267	$4,467	$3.53	2d	16	0.45mi
100 S Zoo Ln Santa Ana, CA	3.0	1.0–2.0	957	$5,526	$5.77	1d	27	0.46mi
17045 Medallion Ave Tustin, CA	2.0	1.5	1200	$3,100	$2.58	43d	1	0.46mi
1001 S Lyon St Unit 12-N Santa Ana, CA	2.0	2.0	1020	$2,800	$2.75	43d	1	0.47mi
1001 S Lyon St Unit 20-N Santa Ana, CA	2.0	2.0	1020	$2,650	$2.60	43d	1	0.47mi
1001 S Lyon St Unit 24-S Santa Ana, CA	2.0	2.0	1020	$2,800	$2.75	18d	1	0.47mi
1001 S Lyon St Unit 8-N Santa Ana, CA	2.0	2.0	1020	$2,850	$2.79	43d	1	0.47mi
340 Pacific St Tustin, CA	2.0	1.0	900	$3,095	$3.44	43d	1	0.48mi
15731 Pasadena Ave Unit 16 Tustin, CA	2.0	1.0	1013	$2,600	$2.57	43d	1	0.49mi
15695 S B St Tustin, CA	2.0	1.0	1000	$2,795	$2.79	43d	1	0.70mi
17200 McFadden Ave Unit 06A Tustin, CA	2.0	1.5	1230	$3,195	$2.60	24d	1	0.70mi
17272 Walnut Ave Tustin, CA	1.0–2.0	1.0	750	$2,785	$3.71	3d	2	0.72mi
15722 S B St Tustin, CA	2.0	2.0	1200	$3,050	$2.54	24d	1	0.72mi
15991 Altadena Dr Unit Domus Villas 16001 C Tustin, CA	2.0	1.0	990	$2,800	$2.83	21d	1	0.73mi
17062 Altadena Dr., 15991 & 16001 Pasadena AVE Tustin, CA	2.0	1.0	990	$2,900	$2.93	15d	1	0.73mi
15991 Bliss Ln Tustin, CA	2.0	1.0	990	$2,900	$2.93	21d	1	0.73mi
16002 Pasadena Ave Unit 16002-C Tustin, CA	2.0	1.0	700	$2,475	$3.54	6d	1	0.76mi
16002 Pasadena Ave Tustin, CA	2.0	1.0	700	$2,475	$3.54	5d	1	0.76mi
559 N Tustin Ave Apt E Santa Ana, CA	2.0	1.0	910	$2,550	$2.80	43d	1	0.79mi
587 N Tustin Ave Unit G Santa Ana, CA	2.0	1.0	910	$2,450	$2.69	43d	1	0.80mi
573 N Tustin Ave Apt H Santa Ana, CA	2.0	1.0	910	$2,500	$2.75	43d	1	0.82mi
14901 Newport Ave Tustin, CA	2.0	1.0–2.0	678	$3,206	$4.73	2d	8	0.82mi
750 N Parkcenter Dr Santa Ana, CA	1.0–2.0	1.0–2.0	877	$3,614	$4.12	6d	9	0.84mi
14300 Newport Ave Tustin, CA	1.0–2.0	1.0–1.5	943	$3,130	$3.32	1d	11	0.86mi
14802 Newport Ave Unit 5A Tustin, CA	2.0	2.0	1258	$3,000	$2.38	2d	1	0.92mi
1120 Sycamore Ave #1 Tustin, CA	3.0	2.0	1300	$3,495	$2.69	24d	1	0.94mi
1192 Mitchell Ave Tustin, CA	2.0	2.0	974	$2,800	$2.87	7d	1	0.98mi

Listing history 16 events

1. 2026-06-18
   days on market $243,500 Active 58 DOM
2. 2026-06-17
   days on market $243,500 Active 57 DOM
3. 2026-06-16
   days on market $243,500 Active 56 DOM
4. 2026-06-15
   days on market $243,500 Active 55 DOM
5. 2026-06-13
   days on market $243,500 Active 53 DOM
6. 2026-06-13
   days on market $243,500 Active 52 DOM
7. 2026-06-09
   days on market $243,500 Active 49 DOM
8. 2026-06-08
   pricedays on market $243,500 Active 48 DOM
9. 2026-06-07
   days on market $249,900 Active 47 DOM
10. 2026-06-04
    days on market $249,900 Active 44 DOM
11. 2026-06-03
    days on market $249,900 Active 43 DOM
12. 2026-06-02
    days on market $249,900 Active 42 DOM
13. 2026-06-01
    days on market $249,900 Active 41 DOM
14. 2026-05-31
    days on market $249,900 Active 40 DOM
15. 2026-04-21
    listed $265,000 Active 526-char remark

    Show marketing remark (526 chars)

    Welcome to Tustin Village, this Manufactured House blt 2022, has Laminate Flooring in the Kitchen, Bathrooms and Laundry Room. The 3 Bedrooms have Carpet. This unit offers a open concept floor plan, it is bright and in move in condition. It is on Prime Location near the Community Pool and Clubhouse. Make this a must see, will not disappoint. Corner lot with small front yard and very spacious carport. Close to the 55 and the 5 Freeways, Santa Ana Zoo, 5 Minutes from Old Town Tustin and 10 minutes from Downtown Santa Ana.

16. 2026-04-19
    historical $265,000 526-char remark

    Show marketing remark (526 chars)

    Welcome to Tustin Village, this Manufactured House blt 2022, has Laminate Flooring in the Kitchen, Bathrooms and Laundry Room. The 3 Bedrooms have Carpet. This unit offers a open concept floor plan, it is bright and in move in condition. It is on Prime Location near the Community Pool and Clubhouse. Make this a must see, will not disappoint. Corner lot with small front yard and very spacious carport. Close to the 55 and the 5 Freeways, Santa Ana Zoo, 5 Minutes from Old Town Tustin and 10 minutes from Downtown Santa Ana.

ⓘ 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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥92°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $36,525
• − Mortgage interest: −$13,640
• − Property taxes: −$3,652
• − Insurance: −$1,218
• − Repairs & maintenance: −$2,922
• − Management: −$2,922
• − Depreciation: −$7,084
• Taxable income: $5,087
• Est. tax owed @ 24.0%: −$1,221
• After-tax cash flow: $7,440/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This move-in condition manufactured home in Tustin Village offers a good condition with a good ROI potential for both resale and rental.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value
• Both Replace carpet with hardwood flooring — Improves aesthetics and increases value
• Both Install smart home automation — Enhances convenience and adds modern appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Replace carpet with hardwood flooring — Improves aesthetics and increases value ↑
• Both Install smart home automation — Enhances convenience and adds modern appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Tustin Unified
• NCES district ID: 0640150
• Math proficiency: 46% ▼ -6.00%
• Reading proficiency: 65% ▲ 4.00%
• Median HH income: $81,864
• Composite: 50.32/100
• National rank: #1880
• State rank: #91 of 517 in CA

Livability — Tustin

• Score: 71/100
• State rank: #215
• US rank: #6806

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Tustin, CA
• County: Orange County · 3,096,323 people
• City population: 84,447
• Metro: Los Angeles-Long Beach-Anaheim, CA
• Population (ZIP): 54,374
• Household income: $101,017
• Rent vs Own: 55.9% rent · 44.1% own
• Severe rent burden: 3031.0

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 0.64)
• Race & ethnicity: Hispanic / Latino 52% White 27% Two or more races 16% Asian 14% Black 3%
• Hispanic origin (detail): Mexican 43%
• Common ancestry: Romanian 1% Slovak 1% Italian 1%
• Foreign-born: 33% · Canada, Vietnam, China
• Languages at home: 47% English-only · Spanish 40% Other Indo-European 3% Tagalog/Filipino 2%

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: ▼ -924.13%
• Current HPI: 482.9143
• Rent YoY: ▲ 4.12%
• 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

+0.0% since first listed

2 events — show timeline

• 2026-04-21 Listed $265,000 CRMLS
• 2026-04-19 Coming Soon $265,000 CRMLS