363 Glacier Way · San Rafael, CA 94903

$399,000

4 bd · 2.0 ba · 1,440 sqft · Manufactured · 462 Days on market

Built 1975 Est $397k · at est. ↓ 13% since listing

---

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 +26.4/30.0
• DSCR +9.0/10.0
• ARV discount +7.3/15.0
• 1% rule +7.1/10.0
• Schools +4.6/10.0
• Livability +3.3/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Price Reduction on this four bedroom two bath mobile home Step into this light-filled, beautifully remodeled manufactured home that blends modern style with everyday comfort in desirable Contempo Marin in San Rafael. Designed with an open-concept layout, the spacious living room flows effortlessly into a sleek, contemporary kitchen perfect for entertaining or simply enjoying daily life. Smart home technology enhances convenience, allowing you to control lighting, security, heating, and air conditioning right from your phone. The well-planned floor layout offers four bedrooms thoughtfully positioned for privacy, along with two tastefully updated bathrooms featuring modern walk-in showers. En

Key facts

• Master suite
• Open floor plan
• Private bathroom

Tags

• OPEN FLOOR PLAN
• FULLY-EQUIPPED KITCHEN
• AMPLE STORAGE
• MASTER SUITE
• PRIVATE BATHROOM
• WELL-KEPT FRONT YARD

Property features AI

Finance

• Financial info: Monthly land lease: $2,214
• HOA & community: No association; Not a senior community; Located in Contempo Marin park

Exterior

• Parking: Off-street parking (2 spaces); No garage
• Security: Smoke detector; Video security system
• Utilities: Cable available; DSL available; Internet available; Public sewer
• Home design: Manufactured home in park; Double wide
• Construction: Fleetwood manufacturer (mobile home); No skirt
• Exterior features: Porch steps; Corner lot; Fenced yard; Front yard landscaping

Interior

• Kitchen: Dishwasher; Disposal; Hood over range; Free-standing refrigerator; Electric water heater
• Bedrooms: 4 bedrooms
• Flooring: Laminate flooring
• Bathrooms: 2 full bathrooms; Shower stall(s)
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Updated/remodeled interior; Great room; Smoke detector; Video security system; Double-strapped water heater; See remarks (additional security info)
• Laundry & utility: Inside laundry hookups

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $399k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $399k).
• Recommended offer: $351k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 1.7% in San Rafael — 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 66/100 on livability (#358 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, health & safety B+; Watch: schools C-, crime F, amenities F.
• San Rafael City High (urban): math 43% / reading 56% proficiency, ranked #126 of 517 in CA (top 24%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+1.6%/yr); 121 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 149 units permitted in Marin County in 2024 (5 in 5+ unit buildings).
• This rent runs 41% of the median local income ($142k/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 $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Marin County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 462 days — a 12% lower offer ($351k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $86k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $351,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 462 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. 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. 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: 1.21% ✓
• Cap rate: 9.44%
• Cash-on-cash: 11.24%
• DSCR: 1.50
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $397,440
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
275 Carlsbad Ct	0.19mi	4/2.0	1,440 (0%)	4mo	$380,000	$264	87
304 Zion Ct	0.21mi	3/2.0 (-1)	1,440 (0%)	1mo	$275,000	$191	85
337 Acadia Ln	0.05mi	3/2.0 (-1)	1,352 (-6%)	10mo	$190,000	$141	74
243 Teton Ct	0.11mi	3/2.0 (-1)	1,344 (-7%)	6mo	$180,000	$134	74
353 Yosemite Rd	0.09mi	3/2.0 (-1)	1,440 (0%)	21mo	$505,000	$351	73
92 Yosemite Rd	0.05mi	3/2.0 (-1)	1,450 (+1%)	22mo	$400,000	$276	73
239 Teton Ct	0.09mi	3/2.0 (-1)	1,620 (+12%)	2mo	$505,000	$312	69
37 Yosemite Rd	0.14mi	3/2.0 (-1)	1,560 (+8%)	9mo	$460,000	$295	67
20 Yosemite Rd	0.18mi	3/2.0 (-1)	1,344 (-7%)	17mo	$280,000	$208	61
223 Olympic Way	0.09mi	3/2.0 (-1)	1,236 (-14%)	10mo	$350,000	$283	58
169 Yosemite Rd	0.26mi	3/2.0 (-1)	1,344 (-7%)	20mo	$280,000	$208	55
45 Yosemite Rd	0.22mi	3/2.0 (-1)	1,236 (-14%)	10mo	$409,000	$331	53

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 · 1.62% rent growth · sell at horizon

5-year hold

• IRR: -1.1%
• Equity multiple: 0.96×
• Total profit: $-4,526
• Equity at exit: $59,492

10-year hold

• IRR: 7.1%
• Equity multiple: 1.50×
• Total profit: $55,856
• Equity at exit: $34,498

Cash invested: $111,720 (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 94903

• Rents YoY: 1.6%
• Active inventory: 121
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $4,815 high
• Mortgage (P&I): −$2,092
• Tax est. 1.5%: −$499 /mo · $5,985/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,011
• Net cashflow: $1,046

Break-even live

Break-even rent $3,490

Max offer price $399,000

Occupancy floor 73%

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
108 Professional Center Pkwy San Rafael, CA	3.0	2.0	1200	$3,195	$2.66	2d	1	0.52mi
219 Mark Twain Ave San Rafael, CA	3.0	2.0	1601	$5,850	$3.65	2d	1	0.57mi
2500 Deer Valley Rd San Rafael, CA	1.0–3.0	1.0–2.0	932	$4,267	$4.58	2d	7	0.59mi
1001 Cresta Way San Rafael, CA	1.0–3.0	1.0–2.0	1025	$4,681	$4.57	2d	21	0.71mi
53 Labrea Way San Rafael, CA	3.0	2.0	1220	$5,800	$4.75	17d	1	0.78mi
267 Orris Ter San Rafael, CA	3.0	2.0	1432	$5,000	$3.49	24d	1	0.92mi
41 Pine Tree Ct San Rafael, CA	3.0	2.5	1587	$5,500	$3.47	10d	1	1.23mi

Listing history 21 events

1. 2026-06-18
   days on market $399,000 Active 462 DOM
2. 2026-06-17
   days on market $399,000 Active 461 DOM
3. 2026-06-16
   days on market $399,000 Active 460 DOM
4. 2026-06-15
   days on market $399,000 Active 459 DOM
5. 2026-06-13
   days on market $399,000 Active 457 DOM
6. 2026-06-09
   days on market $399,000 Active 453 DOM
7. 2026-06-08
   days on market $399,000 Active 452 DOM
8. 2026-06-07
   pricedays on market $399,000 Active 451 DOM
9. 2026-06-04
   days on market $420,000 Active 448 DOM
10. 2026-06-03
    days on market $420,000 Active 447 DOM
11. 2026-06-02
    days on market $420,000 Active 446 DOM
12. 2026-06-01
    days on market $420,000 Active 445 DOM
13. 2026-05-31
    days on market $420,000 Active 444 DOM
14. 2026-04-06
    price $420,000
15. 2026-04-06
    price $399,000
16. 2026-02-07
    status Active
17. 2026-01-26
    historical Contingent (No Show)
18. 2025-11-28
    price $440,000
19. 2025-09-05
    status Active
20. 2025-07-11
    price $460,750
21. 2025-03-11
    listed $485,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $57,781
• − Mortgage interest: −$22,350
• − Property taxes: −$5,985
• − Insurance: −$1,995
• − Repairs & maintenance: −$4,622
• − Management: −$4,622
• − Depreciation: −$11,607
• Taxable income: $6,598
• Est. tax owed @ 24.0%: −$1,584
• After-tax cash flow: $10,974/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 Rafael City High
• NCES district ID: 0635110
• Math proficiency: 43% ▲ 8.00%
• Reading proficiency: 56% ▲ 4.00%
• Median HH income: $84,104
• Composite: 45.58/100
• National rank: #2594
• State rank: #126 of 517 in CA

Livability — San Rafael

• Score: 66/100
• State rank: #358
• US rank: #12194

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Rafael, CA
• County: Marin County · 243,328 people
• City population: 71,922
• Metro: San Francisco-Oakland-Berkeley, CA
• Population (ZIP): 30,615
• Household income: $142,083
• Rent vs Own: 34.2% rent · 65.8% own
• Severe rent burden: 1414.0

Population outlook (Marin County) Hauer SSP2

• Today (2025): 276,379 people
• By 2030: 282,942 · +2.4%
• By 2040: 292,937 · +6.0%
• By 2050: 300,449 · +8.7%
• By 2075: 316,946 · +14.7%
• By 2100: 303,948 · +10.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 19% Two or more races 10% Asian 6% Black 4%
• Hispanic origin (detail): Mexican 10% Puerto Rican 2%
• Common ancestry: Italian 4% Lithuanian 3% Scotch-Irish 2%
• Foreign-born: 21% · Canada, China, South Korea
• Languages at home: 77% English-only · Spanish 11% Other Indo-European 3% Korean 1%

Political lean MEDSL · Marin

• 2024 margin: Solid D (+63.9) · D 80.6% · R 16.7% · Other 2.7%
• 2008→2024 swing: +6.2pp toward D · 2008: 57.7pp · 2024: 63.9pp
• All cycles: 2024: D+63.9 2020: D+66.5 2016: D+62.9 2012: D+50.5 2008: D+57.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -893.58%
• Current HPI: 303.8086
• Rent YoY: ▲ 1.62%
• Metro: San Francisco-Oakland-Berkeley, 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

-13.4% since first listed

8 events — show timeline

• 2026-04-06 Price Changed $420,000 BAREIS
• 2026-04-06 Price Changed $399,000 BAREIS
• 2026-02-07 Relisted — BAREIS
• 2026-01-26 Contingent — BAREIS
• 2025-11-28 Price Changed $440,000 BAREIS
• 2025-09-05 Relisted — BAREIS
• 2025-07-11 Price Changed $460,750 BAREIS
• 2025-03-11 Listed $485,000 BAREIS