275 Burnett Ave #148 · Morgan Hill, CA 95037

$365,000

2 bd · 2.0 ba · 1,250 sqft · Manufactured · 256 Days on market

Built 1975 $292/sqft · 19% above area Est $308k · 19% over

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Why this score? — see what drove the D+ 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 +19.7/30.0
• Schools +8.1/10.0
• DSCR +6.2/10.0
• 1% rule +5.2/10.0
• Livability +4.1/5.0
• Rent growth +3.9/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this spacious 2-bedroom, 2-bathroom mobile home offering approximately 1,250 sq. ft. of comfortable living space in the desirable Hacienda Valley Estate Park, a rent-controlled 55+ community. Inside, you'll find a formal dining room, plus separate living and family room is perfect for entertaining or relaxing. The home has been thoughtfully maintained with important updates, including a new roof (2015) and waterproof vinyl flooring. Enjoy year-round comfort with central A/C and heating, and retreat to the primary suite featuring double sinks in the bathroom. Community amenities include a recently renovated clubhouse, pool, hot tub, and bocce ball courts. Residents also enjoy fresh vegetable deliveries every Thursday and a monthly newsletter with a full calendar of community events. Best of all, this is a rent-controlled park with space rent currently at only $786/month!

Key facts

• Built 1975
• Listed 256 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $365k.

Deal economics

• At list price, monthly cash flow is $429 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $365k).
• Recommended offer: $321k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 1.7% in Morgan Hill — 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 82/100 on livability (#34 in CA, #1,188 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: schools C-, cost of living F.
• Morgan Hill Unified (suburban): math 90% / reading 90% proficiency, ranked #9 of 517 in CA (top 2%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: Rents rising fast (+5.8%/yr); 231 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 3,838 units permitted in Santa Clara County in 2024 (1,886 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Santa Clara County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 256 days — a 12% lower offer ($321k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 23y ago; this cycle's ask has dropped $25k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $110k; list at $365k implies a 232% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $321,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 256 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.02% ✓
• Cap rate: 7.70%
• Cash-on-cash: 5.04%
• DSCR: 1.22
• GRM: 8.1

CMA / ARV

• ARV (median comp): $307,720
• List price: $365,000
• Delta: 18.61%
• Verdict: OVERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
275 Burnett #36	0.00mi	2/2.0	1,120 (-10%)	2mo	$245,000	$219	81
275 Burnett Ave #24	0.00mi	2/2.0	1,200 (-4%)	14mo	$385,000	$321	81
275 Burnett Ave #156	0.00mi	3/2.0 (+1)	1,404 (+12%)	2mo	$385,000	$274	73
275 Burnett Ave #7	0.00mi	2/2.0	1,344 (+8%)	21mo	$377,000	$281	70

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 · 5.79% rent growth · sell at horizon

5-year hold

• IRR: -5.4%
• Equity multiple: 0.79×
• Total profit: $-20,977
• Equity at exit: $54,423

10-year hold

• IRR: 7.4%
• Equity multiple: 1.63×
• Total profit: $64,002
• Equity at exit: $31,559

Cash invested: $102,200 (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 95037

• Rents YoY: 5.8%
• Active inventory: 231
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $3,736 medium
• Mortgage (P&I): −$1,914
• Tax est. 1.5%: −$456 /mo · $5,475/yr
• Insurance: −$152
• HOA: −$0
• Vacancy / Maint / Mgmt: −$785
• Net cashflow: $429

Break-even live

Break-even rent $3,193

Max offer price $365,000

Occupancy floor 84%

Sensitivity live

Price	-10% $681	-5% $555	+0% $429	+5% $303	+10% $177
Rent	-10% $134	-5% $282	+0% $429	+5% $577	+10% $724
Rate	-1.0pp $613	-0.5pp $522	base $429	+0.5pp $335	+1.0pp $238

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: $91,250
• Closing costs: $10,950
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
18218 Hale Ave Unit B Morgan Hill, CA	3.0	1.5	1145	$3,250	$2.84	44d	1	1.47mi
35 Morera Ln Morgan Hill, CA	3.0	2.5	1480	$4,500	$3.04	44d	1	1.49mi

Listing history 28 events

1. 2026-06-18
   days on market $365,000 Active 256 DOM
2. 2026-06-17
   days on market $365,000 Active 255 DOM
3. 2026-06-16
   days on market $365,000 Active 254 DOM
4. 2026-06-15
   days on market $365,000 Active 253 DOM
5. 2026-06-13
   days on market $365,000 Active 251 DOM
6. 2026-06-13
   days on market $365,000 Active 250 DOM
7. 2026-06-09
   days on market $365,000 Active 247 DOM
8. 2026-06-08
   days on market $365,000 Active 246 DOM
9. 2026-06-07
   days on market $365,000 Active 245 DOM
10. 2026-06-05
    days on market $365,000 Active 242 DOM
11. 2026-06-03
    days on market $365,000 Active 241 DOM
12. 2026-06-02
    days on market $365,000 Active 240 DOM
13. 2026-06-01
    days on market $365,000 Active 239 DOM
14. 2026-05-31
    days on market $365,000 Active 238 DOM
15. 2026-04-14
    price $365,000 893-char remark

    Show marketing remark (893 chars)

    Welcome to this spacious 2-bedroom, 2-bathroom mobile home offering approximately 1,250 sq. ft. of comfortable living space in the desirable Hacienda Valley Estate Park, a rent-controlled 55+ community. Inside, you'll find a formal dining room, plus separate living and family room is perfect for entertaining or relaxing. The home has been thoughtfully maintained with important updates, including a new roof (2015) and waterproof vinyl flooring. Enjoy year-round comfort with central A/C and heating, and retreat to the primary suite featuring double sinks in the bathroom. Community amenities include a recently renovated clubhouse, pool, hot tub, and bocce ball courts. Residents also enjoy fresh vegetable deliveries every Thursday and a monthly newsletter with a full calendar of community events. Best of all, this is a rent-controlled park with space rent currently at only $786/month!

16. 2026-04-14
    price $365,000 893-char remark

    Show marketing remark (893 chars)

    Welcome to this spacious 2-bedroom, 2-bathroom mobile home offering approximately 1,250 sq. ft. of comfortable living space in the desirable Hacienda Valley Estate Park, a rent-controlled 55+ community. Inside, you'll find a formal dining room, plus separate living and family room is perfect for entertaining or relaxing. The home has been thoughtfully maintained with important updates, including a new roof (2015) and waterproof vinyl flooring. Enjoy year-round comfort with central A/C and heating, and retreat to the primary suite featuring double sinks in the bathroom. Community amenities include a recently renovated clubhouse, pool, hot tub, and bocce ball courts. Residents also enjoy fresh vegetable deliveries every Thursday and a monthly newsletter with a full calendar of community events. Best of all, this is a rent-controlled park with space rent currently at only $786/month!

17. 2026-03-08
    price $372,000 893-char remark

    Show marketing remark (893 chars)

    Welcome to this spacious 2-bedroom, 2-bathroom mobile home offering approximately 1,250 sq. ft. of comfortable living space in the desirable Hacienda Valley Estate Park, a rent-controlled 55+ community. Inside, you'll find a formal dining room, plus separate living and family room is perfect for entertaining or relaxing. The home has been thoughtfully maintained with important updates, including a new roof (2015) and waterproof vinyl flooring. Enjoy year-round comfort with central A/C and heating, and retreat to the primary suite featuring double sinks in the bathroom. Community amenities include a recently renovated clubhouse, pool, hot tub, and bocce ball courts. Residents also enjoy fresh vegetable deliveries every Thursday and a monthly newsletter with a full calendar of community events. Best of all, this is a rent-controlled park with space rent currently at only $786/month!

18. 2026-03-08
    price $372,000 893-char remark

    Show marketing remark (893 chars)

    Welcome to this spacious 2-bedroom, 2-bathroom mobile home offering approximately 1,250 sq. ft. of comfortable living space in the desirable Hacienda Valley Estate Park, a rent-controlled 55+ community. Inside, you'll find a formal dining room, plus separate living and family room is perfect for entertaining or relaxing. The home has been thoughtfully maintained with important updates, including a new roof (2015) and waterproof vinyl flooring. Enjoy year-round comfort with central A/C and heating, and retreat to the primary suite featuring double sinks in the bathroom. Community amenities include a recently renovated clubhouse, pool, hot tub, and bocce ball courts. Residents also enjoy fresh vegetable deliveries every Thursday and a monthly newsletter with a full calendar of community events. Best of all, this is a rent-controlled park with space rent currently at only $786/month!

19. 2026-01-08
    price $379,995 893-char remark

    Show marketing remark (893 chars)

    Welcome to this spacious 2-bedroom, 2-bathroom mobile home offering approximately 1,250 sq. ft. of comfortable living space in the desirable Hacienda Valley Estate Park, a rent-controlled 55+ community. Inside, you'll find a formal dining room, plus separate living and family room is perfect for entertaining or relaxing. The home has been thoughtfully maintained with important updates, including a new roof (2015) and waterproof vinyl flooring. Enjoy year-round comfort with central A/C and heating, and retreat to the primary suite featuring double sinks in the bathroom. Community amenities include a recently renovated clubhouse, pool, hot tub, and bocce ball courts. Residents also enjoy fresh vegetable deliveries every Thursday and a monthly newsletter with a full calendar of community events. Best of all, this is a rent-controlled park with space rent currently at only $786/month!

20. 2026-01-08
    price $379,995 893-char remark

    Show marketing remark (893 chars)

    Welcome to this spacious 2-bedroom, 2-bathroom mobile home offering approximately 1,250 sq. ft. of comfortable living space in the desirable Hacienda Valley Estate Park, a rent-controlled 55+ community. Inside, you'll find a formal dining room, plus separate living and family room is perfect for entertaining or relaxing. The home has been thoughtfully maintained with important updates, including a new roof (2015) and waterproof vinyl flooring. Enjoy year-round comfort with central A/C and heating, and retreat to the primary suite featuring double sinks in the bathroom. Community amenities include a recently renovated clubhouse, pool, hot tub, and bocce ball courts. Residents also enjoy fresh vegetable deliveries every Thursday and a monthly newsletter with a full calendar of community events. Best of all, this is a rent-controlled park with space rent currently at only $786/month!

21. 2025-10-05
    listed $390,000 Active 893-char remark

    Show marketing remark (893 chars)

    Welcome to this spacious 2-bedroom, 2-bathroom mobile home offering approximately 1,250 sq. ft. of comfortable living space in the desirable Hacienda Valley Estate Park, a rent-controlled 55+ community. Inside, you'll find a formal dining room, plus separate living and family room is perfect for entertaining or relaxing. The home has been thoughtfully maintained with important updates, including a new roof (2015) and waterproof vinyl flooring. Enjoy year-round comfort with central A/C and heating, and retreat to the primary suite featuring double sinks in the bathroom. Community amenities include a recently renovated clubhouse, pool, hot tub, and bocce ball courts. Residents also enjoy fresh vegetable deliveries every Thursday and a monthly newsletter with a full calendar of community events. Best of all, this is a rent-controlled park with space rent currently at only $786/month!

22. 2025-10-05
    listed $390,000 Active 893-char remark

    Show marketing remark (893 chars)

    Welcome to this spacious 2-bedroom, 2-bathroom mobile home offering approximately 1,250 sq. ft. of comfortable living space in the desirable Hacienda Valley Estate Park, a rent-controlled 55+ community. Inside, you'll find a formal dining room, plus separate living and family room is perfect for entertaining or relaxing. The home has been thoughtfully maintained with important updates, including a new roof (2015) and waterproof vinyl flooring. Enjoy year-round comfort with central A/C and heating, and retreat to the primary suite featuring double sinks in the bathroom. Community amenities include a recently renovated clubhouse, pool, hot tub, and bocce ball courts. Residents also enjoy fresh vegetable deliveries every Thursday and a monthly newsletter with a full calendar of community events. Best of all, this is a rent-controlled park with space rent currently at only $786/month!

23. 2014-11-25
    historical Contingent 398-char remark

    Show marketing remark (398 chars)

    Very Nice Senior 55+ Park. This home is in a great location, near clubhouse & guest parking. Large side yard with no neighbors on one side. New vinyl in both Baths, new vanity in one bath, new dishwasher installed before COE, nice and bright kitchen with small built-in table. Stackable washer & dryer & frig. included. MUST BE APPROVED BY PARK, STOP IN AND PICK UP AN APPLICATION

24. 2014-11-25
    soldstatus $110,000 Sold 398-char remark

    Show marketing remark (398 chars)

    Very Nice Senior 55+ Park. This home is in a great location, near clubhouse & guest parking. Large side yard with no neighbors on one side. New vinyl in both Baths, new vanity in one bath, new dishwasher installed before COE, nice and bright kitchen with small built-in table. Stackable washer & dryer & frig. included. MUST BE APPROVED BY PARK, STOP IN AND PICK UP AN APPLICATION

25. 2014-11-20
    listed $110,000 Active 398-char remark

    Show marketing remark (398 chars)

    Very Nice Senior 55+ Park. This home is in a great location, near clubhouse & guest parking. Large side yard with no neighbors on one side. New vinyl in both Baths, new vanity in one bath, new dishwasher installed before COE, nice and bright kitchen with small built-in table. Stackable washer & dryer & frig. included. MUST BE APPROVED BY PARK, STOP IN AND PICK UP AN APPLICATION

26. 2004-03-09
    historical
27. 2004-01-26
    soldstatus $77,500
28. 2003-10-31
    listed $83,888

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 4/10 Moderate 7 d/yr ≥96°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 17 unhealthy d/yr today · 17 by 30 yrs out

Taxation est. · year 1

• Rental income: $44,834
• − Mortgage interest: −$20,446
• − Property taxes: −$5,475
• − Insurance: −$1,825
• − Repairs & maintenance: −$3,587
• − Management: −$3,587
• − Depreciation: −$10,618
• Taxable loss: −$703
• Est. tax savings @ 24.0%: +$169
• After-tax cash flow: $5,318/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: Morgan Hill Unified
• NCES district ID: 0625830
• Math proficiency: 90% ▲ 51.00%
• Reading proficiency: 90% ▲ 41.00%
• Median HH income: $99,633
• Composite: 80.7/100
• National rank: #45
• State rank: #9 of 517 in CA

Livability — Morgan Hill

• Score: 82/100
• State rank: #34
• US rank: #1188

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Morgan Hill, CA
• County: Santa Clara County · 1,806,974 people
• City population: 51,943
• Metro: San Jose-Sunnyvale-Santa Clara, CA
• Population (ZIP): 51,943
• Household income: $163,182
• Rent vs Own: 29.4% rent · 70.6% own
• Severe rent burden: 1261.0

Population outlook (Santa Clara County) Hauer SSP2

• Today (2025): 2,179,074 people
• By 2030: 2,301,297 · +5.6%
• By 2040: 2,528,195 · +16.0%
• By 2050: 2,712,135 · +24.5%
• By 2075: 2,998,701 · +37.6%
• By 2100: 2,931,429 · +34.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 40% Hispanic / Latino 36% Two or more races 24% Asian 16% Black 2%
• Hispanic origin (detail): Mexican 31%
• Common ancestry: Russian 2% Slovak 2% Italian 2%
• Foreign-born: 22% · Canada, Vietnam, China
• Languages at home: 65% English-only · Spanish 20% Other Indo-European 3% Chinese 3%

Political lean MEDSL · Santa Clara

• 2024 margin: Solid D (+40.0) · D 68.1% · R 28.1% · Other 3.8%
• 2008→2024 swing: -0.9pp no change · 2008: 40.9pp · 2024: 40.0pp
• All cycles: 2024: D+40.0 2020: D+47.4 2016: D+52.5 2012: D+42.1 2008: D+40.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -927.23%
• Current HPI: 279.0096
• Rent YoY: ▲ 5.79%
• Metro: San Jose-Sunnyvale-Santa Clara, 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

+335.1% since first listed

14 events — show timeline

• 2026-04-14 Price Changed $365,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-04-14 Price Changed $365,000 MLSListings
• 2026-03-08 Price Changed $372,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-03-08 Price Changed $372,000 MLSListings
• 2026-01-08 Price Changed $379,995 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-01-08 Price Changed $379,995 MLSListings
• 2025-10-05 Listed $390,000 MLSListings
• 2025-10-05 Listed $390,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2014-11-25 Contingent — MLSListings
• 2014-11-25 Sold (MLS) $110,000 MLSListings
• 2014-11-20 Listed $110,000 MLSListings
• 2004-03-09 Listing Removed — MLSListings
• 2004-01-26 Sold (MLS) $77,500 MLSListings
• 2003-10-31 Listed $83,888 MLSListings