275 S Worthington St Spc 55 · La Presa, CA 91977

$299,000

2 bd · 2.0 ba · 1,850 sqft · Manufactured · 37 Days on market

Built 1977 30 ac lot Est $239k · 25% 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 +23.7/30.0
• DSCR +7.6/10.0
• 1% rule +6.1/10.0
• Livability +3.0/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

STOP YOUR HEART VIEWS from the living room and family room of this beautifully maintained home. Enjoy the views of the Sweetwater reservoir and Bonita hills and cool breezes from the 30' covered patio. Custom window treatments, thick Berber carpet and new dual-paned windows are just a few of the many upgrades in this spacious home. Family rm. features a wet bar and ceiling fans in almost every room. [Supplement]: What a fabulous home with lots of room for entertaining or just spreading out. Located in one of San Diego's finest parks. Under superb management, you can feel safe and secure here with wonderful neighbors and lots to do. This active community enjoys monthly BBQs, card games and Bingo. Or take a dip in the heated pool and soak in the spa. The home is Synergy compliant and every detail has been attended to from a new water heater, security screen doors to weather stripping. Call today to view this lovely home!

Key facts

• Panoramic views
• Updated home
• Indoor laundry room

Tags

• PANORAMIC VIEWS
• UPDATED HOME
• EXPANSIVE COVERED PATIO
• INDOOR LAUNDRY ROOM
• LOW MAINTENANCE LANDSCAPING
• RESORT STYLE AMENITIES

Property features AI

Finance

• HOA & community: Clubhouse; Pool; RV parking; Recreation facilities; Trash service; Association covers sewer and water; Senior community (Bonita Hills Estates)

Exterior

• Parking: 2 total parking spaces; RV parking (association amenity)
• Utilities: Sewer connected
• Home design: Manufactured home; Single-story
• Construction: Vinyl siding; Composition roof
• Exterior features: Covered patio/porch; Deck; Partial fencing; Community pool; Spa/Hot tub; Shed(s); Has view

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Refrigerator; Gas range
• Bedrooms: 2 possible bedrooms
• Flooring: Vinyl; Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating (natural gas)
• Interior features: Built-in features; Ceiling fan(s); Storage
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $299k.

Deal economics

• At list price, monthly cash flow is $566 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $299k).
• Recommended offer: $290k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 3.0% in La Presa — 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 60/100 on livability (#571 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, employment B, housing B; Watch: schools D+, health & safety D, crime 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.
• Market conditions: Rents flat; 158 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 11,759 units permitted in San Diego County in 2024 (7,244 in 5+ unit buildings).
• This rent runs 40% of the median local income ($100k/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 $9k of value loss. Plan a longer hold.
• San Diego County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 17y ago; this cycle's ask has dropped $51k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $105k; list at $299k implies a 185% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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.

Recommended offer $290,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.11% ✓
• Cap rate: 8.57%
• Cash-on-cash: 8.12%
• DSCR: 1.36
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $238,650
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
275 S Worthington St #107	0.00mi	2/2.0	1,584 (-14%)	11mo	$204,900	$129	67
275 S Worthington St #6	0.00mi	3/2.0 (+1)	1,750 (-5%)	24mo	$235,000	$134	66
275 S Worthington St Spc 108	0.13mi	2/2.0	2,040 (+10%)	19mo	$181,060	$89	62

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 · 0.88% rent growth · sell at horizon

5-year hold

• IRR: -6.3%
• Equity multiple: 0.77×
• Total profit: $-19,282
• Equity at exit: $44,582

10-year hold

• IRR: 0.5%
• Equity multiple: 1.03×
• Total profit: $2,495
• Equity at exit: $25,852

Cash invested: $83,720 (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 91977

• Rents YoY: 0.9%
• Active inventory: 158
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $3,333 high
• Mortgage (P&I): −$1,568
• Tax est. 1.5%: −$374 /mo · $4,485/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$700
• Net cashflow: $566

Break-even live

Break-even rent $2,616

Max offer price $299,000

Occupancy floor 78%

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
425 S Meadowbrook Dr #133 San Diego, CA	2.0	2.0	1228	$3,000	$2.44	16d	1	0.63mi
2957 Plaza Miguel Bonita, CA	3.0	2.5	1658	$3,595	$2.17	1d	1	0.98mi
7291 Gatewood Ln Unit A San Diego, CA	3.0	2.0	1470	$3,750	$2.55	24d	1	1.02mi
7853 Gribble St San Diego, CA	3.0	2.0	1247	$4,100	$3.29	17d	1	1.03mi
752 Osage St Spring Valley, CA	3.0	2.0	1643	$4,200	$2.56	1d	1	1.06mi
2368 Fulham Way San Diego, CA	3.0	3.0	1540	$4,100	$2.66	17d	1	1.11mi

Listing history 19 events

1. 2026-06-18
   days on market $299,000 Active 37 DOM
2. 2026-06-17
   days on market $299,000 Active 36 DOM
3. 2026-06-16
   days on market $299,000 Active 35 DOM
4. 2026-06-15
   days on market $299,000 Active 34 DOM
5. 2026-06-13
   days on market $299,000 Active 32 DOM
6. 2026-06-09
   days on market $299,000 Active 28 DOM
7. 2026-06-08
   days on market $299,000 Active 27 DOM
8. 2026-06-08
   price $299,000 Active 26 DOM
9. 2026-06-07
   days on market $339,900 Active 26 DOM
10. 2026-06-04
    days on market $339,900 Active 23 DOM
11. 2026-06-03
    days on market $339,900 Active 22 DOM
12. 2026-06-02
    days on market $339,900 Active 21 DOM
13. 2026-06-01
    days on market $339,900 Active 20 DOM
14. 2026-05-31
    days on market $339,900 Active 19 DOM
15. 2026-05-12
    listed $349,900 Active
16. 2010-10-01
    soldstatus $105,000 932-char remark

    Show marketing remark (932 chars)

    STOP YOUR HEART VIEWS from the living room and family room of this beautifully maintained home. Enjoy the views of the Sweetwater reservoir and Bonita hills and cool breezes from the 30' covered patio. Custom window treatments, thick Berber carpet and new dual-paned windows are just a few of the many upgrades in this spacious home. Family rm. features a wet bar and ceiling fans in almost every room. [Supplement]: What a fabulous home with lots of room for entertaining or just spreading out. Located in one of San Diego's finest parks. Under superb management, you can feel safe and secure here with wonderful neighbors and lots to do. This active community enjoys monthly BBQs, card games and Bingo. Or take a dip in the heated pool and soak in the spa. The home is Synergy compliant and every detail has been attended to from a new water heater, security screen doors to weather stripping. Call today to view this lovely home!

17. 2010-03-11
    listed $110,000 932-char remark

    Show marketing remark (932 chars)

    STOP YOUR HEART VIEWS from the living room and family room of this beautifully maintained home. Enjoy the views of the Sweetwater reservoir and Bonita hills and cool breezes from the 30' covered patio. Custom window treatments, thick Berber carpet and new dual-paned windows are just a few of the many upgrades in this spacious home. Family rm. features a wet bar and ceiling fans in almost every room. [Supplement]: What a fabulous home with lots of room for entertaining or just spreading out. Located in one of San Diego's finest parks. Under superb management, you can feel safe and secure here with wonderful neighbors and lots to do. This active community enjoys monthly BBQs, card games and Bingo. Or take a dip in the heated pool and soak in the spa. The home is Synergy compliant and every detail has been attended to from a new water heater, security screen doors to weather stripping. Call today to view this lovely home!

18. 2010-03-10
    historical
19. 2009-09-10
    listed $115,000

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 5 d/yr ≥89°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,992
• − Mortgage interest: −$16,749
• − Property taxes: −$4,485
• − Insurance: −$1,495
• − Repairs & maintenance: −$3,199
• − Management: −$3,199
• − Depreciation: −$8,698
• Taxable income: $2,167
• Est. tax owed @ 24.0%: −$520
• After-tax cash flow: $6,278/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: San Diego Unified
• NCES district ID: 0634320
• Math proficiency: 19% ▼ -29.00%
• Reading proficiency: 29% ▼ -28.00%
• Median HH income: $61,673
• Composite: 22.31/100
• National rank: #8135
• State rank: #393 of 517 in CA

Livability — La Presa

• Score: 60/100
• State rank: #571
• US rank: #18714

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: La Presa, CA
• County: San Diego County · 3,178,799 people
• City population: 62,957
• Metro: San Diego-Chula Vista-Carlsbad, CA
• Population (ZIP): 61,064
• Household income: $99,657
• Rent vs Own: 36.2% rent · 63.8% own
• Severe rent burden: 2007.0

Population outlook (San Diego County) Hauer SSP2

• Today (2025): 3,678,185 people
• By 2030: 3,856,546 · +4.8%
• By 2040: 4,171,407 · +13.4%
• By 2050: 4,421,607 · +20.2%
• By 2075: 4,831,599 · +31.4%
• By 2100: 4,832,502 · +31.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: Hispanic / Latino 46% White 29% Two or more races 19% Black 12% Asian 7% Native American 1%
• Hispanic origin (detail): Mexican 43%
• Common ancestry: Portuguese 2% Lithuanian 1% Italian 1%
• Foreign-born: 19% · Canada, China, Vietnam
• Languages at home: 59% English-only · Spanish 32% Tagalog/Filipino 3% Arabic 1%

Political lean MEDSL · San Diego

• 2024 margin: D (+16.8) · D 56.9% · R 40.1% · Other 2.9%
• 2008→2024 swing: +6.6pp toward D · 2008: 10.2pp · 2024: 16.8pp
• All cycles: 2024: D+16.8 2020: D+22.8 2016: D+17.8 2012: D+5.1 2008: D+10.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -697.99%
• Current HPI: 381.66
• Rent YoY: ▲ 0.88%
• Metro: San Diego-Chula Vista-Carlsbad, 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

+204.3% since first listed

5 events — show timeline

• 2026-05-12 Listed $349,900 SDMLS
• 2010-10-01 Sold (MLS) $105,000 CRMLS
• 2010-03-11 Listed $110,000 CRMLS
• 2010-03-10 Listing Removed — SDMLS
• 2009-09-10 Listed $115,000 SDMLS