765 Mesa Vw #68 · Callender, CA 93420

$227,999

2 bd · 2.0 ba · 1,440 sqft · Manufactured public records · 11 Days on market

Built 1974 Est $262k · 13% 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 +27.5/30.0
• ARV discount +13.4/15.0
• DSCR +9.6/10.0
• 1% rule +7.5/10.0
• Schools +4.5/10.0
• Livability +2.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

NEW PRICE REDUCTION! Must See to Appreciate this 3B, 2B Home with Over $100,000 in Upgrades Added by the Original Owner. Updated features include a Modern Kitchen with Solid Mable Thomasville Cabinets, Miele Stainless Steel Stove, Granite Countertops, Tile and Laminate flooring. Walls and Ceilings have been Refinished in Hand Textured Drywall and Newer Double Pane Windows added Throughout. Cozy up to a Warm Fire with the addition of a Fireplace and Private Sitting Area in the Master Suite. There is an Amazing Expanded Closet Space and Refinished Master Bathroom with a Jacuzzi Tub with its own Isolated Water Heater to complete this Suite. The Living Room Features a Fireplace with Stacked Stone and Hearth. Home backs to a Spacious Magnolia Lined Greenbelt. Entrance has a Redwood Deck Porch with Awning and There is also a Vinyl Fenced Sitting Area on the East Side of Home. You’ll Appreciate the Newer Roof and Side by Side Parking too. Mesa Dunes is A Family Friendly Park with 2 Clubhouses, Pools, Spa, and Fitness Trail. Space Lease $850. Buyer must be Approved my Park Management.

Key facts

• Flexible layout
• Updated kitchen
• Granite countertops

Tags

• FLEXIBLE LAYOUT
• INDOOR OUTDOOR SPACES
• UPDATED KITCHEN
• SOLID MAPLE CABINETRY
• GRANITE COUNTERTOPS
• MIELE STAINLESS STEEL STOVE

Property features AI

Finance

• Other: Mobile home remains on lot; Washer and dryer excluded; Front door lock excluded
• HOA & community: Land lease at $1,200 monthly; Manager approval required; Pets allowed (dogs and cats ok, breed restrictions, number limit); Community features include hiking and park

Exterior

• Parking: Driveway parking; Side-by-side parking; Uncovered parking; Park located at Mesa Dunes Mobile Home Estates; Paved road access
• Utilities: Standard electric; Natural gas connected; Water connected (District/Public); Public sewer / sewer connected; Cable available
• Home design: Manufactured/mobile home (24' x 64'); Double body type; Single-story; Pillar/post/pier foundation; Has a view
• Construction: Drywall walls
• Exterior features: Privacy fencing; Awning; Covered front porch; Wood porch/deck; Patio; Community pool; Front yard with rock landscaping and yard

Interior

• Kitchen: Convection oven; Gas cooktop; Free standing range; Range/stove hood; Dishwasher; Remodeled kitchen; Open to family room; Granite counters
• Bedrooms: Primary bedroom with primary suite and primary bathroom; All bedrooms on main level; Walk-in closet
• Flooring: Tile flooring; Laminate flooring
• Bathrooms: 2 full bathrooms; Remodeled bathrooms with walk-in shower and granite counters
• Heating & cooling: Forced air heating; Fireplace
• Interior features: Ceiling fan; Open floor plan; Storage space; Cathedral/vaulted ceilings; Granite counters; Association/community spa; One-level living (entry level 1)
• Laundry & utility: Laundry inside in individual room; Washer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $228k.

Deal economics

• At list price, monthly cash flow is $673 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $228k).

Location & tenants

• Location reads 52/100 on livability (#1,037 in CA) — a working-class tenant base; expect higher turnover. Strengths: crime A+, employment A+; Watch: schools D, amenities F, commute 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.
• Market conditions: 91 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 1,104 units permitted in San Luis Obispo County in 2024 (273 in 5+ unit buildings).
• This rent runs 31% of the median local income ($111k/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.
• San Luis Obispo County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $64k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 6y 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 $174k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $227,999

Questions for the listing agent

1. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 9.83%
• Cash-on-cash: 12.64%
• DSCR: 1.56
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $262,080
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
765 Mesa View Dr #137	0.00mi	3/2.0 (+1)	1,550 (+8%)	0mo	$290,000	$187	82
765 Mesa View Dr #290	0.00mi	3/2.0 (+1)	1,320 (-8%)	2mo	$270,000	$205	80
765 Mesa View Dr #269	0.00mi	3/2.0 (+1)	1,512 (+5%)	9mo	$179,000	$118	79
765 Mesa View Dr #13	0.00mi	3/2.0 (+1)	1,534 (+6%)	6mo	$350,000	$228	79
765 Mesa View Dr #280	0.00mi	3/2.0 (+1)	1,512 (+5%)	10mo	$219,900	$145	78
765 Mesa View Dr #270	0.00mi	3/2.0 (+1)	1,576 (+9%)	1mo	$286,500	$182	78
765 Mesa View Dr #155	0.00mi	2/2.0	1,296 (-10%)	12mo	$100,000	$77	74
765 Mesa View Dr #152	0.00mi	3/2.0 (+1)	1,288 (-11%)	12mo	$245,000	$190	68
765 Mesa View Dr #199	0.00mi	3/2.0 (+1)	1,248 (-13%)	9mo	$175,000	$140	65
765 Mesa View Dr #293	0.00mi	3/2.0 (+1)	1,248 (-13%)	11mo	$230,000	$184	64
765 Mesa View Dr #272	0.00mi	3/2.0 (+1)	1,248 (-13%)	13mo	$145,000	$116	62
765 Mesa View Dr #226	0.00mi	3/2.0 (+1)	1,225 (-15%)	12mo	$215,000	$176	60

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 2.4%
• Equity multiple: 1.09×
• Total profit: $5,933
• Equity at exit: $33,995

10-year hold

• IRR: 12.0%
• Equity multiple: 1.95×
• Total profit: $60,498
• Equity at exit: $19,713

Cash invested: $63,840 (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 93420

• Active inventory: 91
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $2,846 medium
• Mortgage (P&I): −$1,196
• Tax est. 1.5%: −$285 /mo · $3,420/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$598
• Net cashflow: $673

Break-even live

Break-even rent $1,994

Max offer price $227,999

Occupancy floor 71%

Sensitivity live

Price	-10% $830	-5% $751	+0% $673	+5% $594	+10% $515
Rent	-10% $448	-5% $560	+0% $673	+5% $785	+10% $897
Rate	-1.0pp $787	-0.5pp $731	base $673	+0.5pp $613	+1.0pp $553

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: $57,000
• Closing costs: $6,840
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
765 Mesa View Dr #57 Arroyo Grande, CA	2.0	2.0	1440	$2,775	$1.93	45d	1	0.03mi

Listing history 8 events

1. 2026-06-21
   days on market $227,999 Active 11 DOM
2. 2026-06-18
   days on market $227,999 Active 8 DOM
3. 2026-06-17
   days on market $227,999 Active 7 DOM
4. 2026-06-16
   days on market $227,999 Active 6 DOM
5. 2026-06-15
   days on market $227,999 Active 5 DOM
6. 2026-06-14
   days on market $227,999 Active 3 DOM
7. 2026-06-13
   remarks 699-char remark
8. 2026-06-13
   listed $227,999 Active 2 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 4/10 Moderate 5 d/yr ≥79°F today · 10 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: $34,150
• − Mortgage interest: −$12,771
• − Property taxes: −$3,420
• − Insurance: −$1,140
• − Repairs & maintenance: −$2,732
• − Management: −$2,732
• − Depreciation: −$6,633
• Taxable income: $4,722
• Est. tax owed @ 24.0%: −$1,133
• After-tax cash flow: $6,937/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 — Callender

• Score: 52/100
• State rank: #1037
• US rank: #25071

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: San Luis Obispo County · 224,651 people
• Metro: San Luis Obispo-Paso Robles, CA
• Population (ZIP): 31,345
• Household income: $110,553
• Rent vs Own: 33.6% rent · 66.4% own
• Severe rent burden: 882.0

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 (71%)
• Race & ethnicity: White 71% Two or more races 18% Hispanic / Latino 17% Asian 3%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Italian 4% Slovak 4% Lithuanian 3%
• Foreign-born: 6% · Canada, China, South Korea
• Languages at home: 91% English-only · Spanish 5% Chinese 1% Other Asian/Pacific 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: ▼ -798.57%
• Current HPI: 348.2038
• Rent YoY: —
• 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

+16.0% since first listed

7 events — show timeline

• 2026-06-10 Listed $227,999 CRMLS
• 2021-04-08 Sold (MLS) $173,500 CRMLS
• 2021-03-19 Pending — CRMLS
• 2021-02-15 Contingent — CRMLS
• 2020-10-21 Price Changed $179,900 CRMLS
• 2020-08-27 Price Changed $189,000 CRMLS
• 2020-07-20 Listed $196,500 CRMLS

Property tax history

+2.0%/yr

Latest (2025): $264 · +4.0% YoY. Source: county tax records.