3960 S Higuera St #135 · San Luis Obispo, CA 93401

$240,000

2 bd · 2.0 ba · 1,022 sqft · Manufactured · 31 Days on market

Built 1994 Good condition Est $247k · at est.

---

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 +27.3/30.0
• DSCR +9.5/10.0
• ARV discount +8.8/15.0
• 1% rule +7.4/10.0
• Schools +4.6/10.0
• Condition / age +4.0/5.0
• Livability +3.7/5.0
• Rent growth +3.6/5.0
• Appreciation +0.0/10.0

Listing remarks

Available Now! In a Desirable San Luis Obispo Community! 2-bedroom 2 bath double-wide light and bright home with spacious driveway, fairly large side yard with space for seating and a front porch. Spacious open concept living room/ dining room and kitchen area. Nice size master bedroom with master bath attached. The second bedroom is great for a office or bedroom. Range, dishwasher, washer and dryer included. Located at Creekside Community an all-age highly sought after park with amenities such as a natural creek with walking path, year-round heated pool & spa, playground, clubhouse with library and games room, all in walking distance to Trader Joe's and the new SLO Public Market rest

Key facts

• Front porch
• Natural creek
• Spacious driveway

Tags

• SPACIOUS DRIVEWAY
• LARGE SIDE YARD
• FRONT PORCH
• OPEN CONCEPT LIVING ROOM
• NATURAL CREEK
• YEAR ROUND HEATED POOL

Property features AI

Finance

• Other: Located in a land-lease mobile home park; enter park at Tank Farm Road and Higuera; Paved road access via city streets
• Financial info: Land lease (park) approximately $1,342.25 monthly
• HOA & community: Located in Creekside Community; Park-managed community (manager approval required); Pets allowed; Community is rural

Exterior

• Parking: 2 parking spaces total; 2 covered carport spaces (attached, tandem); Concrete driveway
• Security: Smoke detector; Resident manager
• Utilities: Public sewer; District/public water; Water connected; Sewer connected; Electricity connected; Telephone available in street
• Home design: Mobile home (model PN52001P); Double body type; Turnkey condition; Single-story; Entry level 1; Mobile dimensions approximately 20' x 52'; Mobile home remains
• Construction: Hardboard exterior; Composition/shingle roof; Pier jacks foundation; Year built source: Other
• Exterior features: Front porch; Back yard; Porch; One shed on property; Creek on lot; Skirt of cement board; Has patio; Community pool (in-ground, heated)

Interior

• Kitchen: Corian counters; Free standing range; Gas range; Dishwasher
• Bedrooms: Primary bedroom with walk-in closet
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms; Bathtub and shower (includes walk-in shower and shower-in-tub); Closet in bathroom
• Heating & cooling: Central furnace (heating)
• Interior features: Open floor plan; Unfurnished; Front entry; One-level entry; Has spa (in-ground, community, heated); Smoke detector; Resident manager
• Laundry & utility: Washer included; Dryer included; Washer hookup; Gas dryer hookup; Laundry area

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $240k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $693 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• Recommended offer: $233k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.8% vs local median 2.1% in San Luis Obispo — 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 74/100 on livability (#132 in CA, #4,576 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime F, cost of living F.
• San Luis Coastal Unified (urban): math 50% / reading 58% proficiency, ranked #118 of 517 in CA (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+4.4%/yr); 143 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 44% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,104 units permitted in San Luis Obispo County in 2024 (273 in 5+ unit buildings).
• This rent runs 37% of the median local income ($97k/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 + 4.4% rent growth), your $67k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($233k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $232,800 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 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. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. 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?
5. 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.
6. 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.
7. 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: 1.24% ✓
• Cap rate: 9.76%
• Cash-on-cash: 12.38%
• DSCR: 1.55
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $247,324
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3960 Higuera S #14	0.07mi	2/2.0	1,040 (+2%)	5mo	$335,500	$323	90
3860 S Higuera Unit D23	0.18mi	2/2.0	1,095 (+7%)	3mo	$265,000	$242	77
3860 S Higuera Unit D1	0.18mi	3/2.0 (+1)	960 (-6%)	5mo	$225,000	$234	73
3960 S Higuera St #90	0.22mi	2/2.0	1,080 (+6%)	12mo	$260,000	$241	70
3860 S Higuera #136	0.18mi	2/2.0	980 (-4%)	19mo	$224,000	$229	69
3960 S Higuera #105	0.05mi	2/2.0	1,152 (+13%)	10mo	$249,000	$216	68
3960 S Higuera #117	0.07mi	2/2.0	1,152 (+13%)	12mo	$230,000	$200	66
3960 S Higuera St #156	0.22mi	2/2.0	907 (-11%)	10mo	$240,000	$265	63
3960 S Higuera St #137	0.22mi	2/2.0	1,100 (+8%)	17mo	$322,000	$293	63
3960 S Higuera St #10	0.22mi	3/2.0 (+1)	960 (-6%)	18mo	$300,000	$313	59
3960 S Higuera St #22	0.22mi	3/2.0 (+1)	1,100 (+8%)	16mo	$305,000	$277	58
3960 S Higuera St #11	0.22mi	2/1.0	880 (-14%)	16mo	$121,000	$138	49

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 · 4.41% rent growth · sell at horizon

5-year hold

• IRR: 3.6%
• Equity multiple: 1.14×
• Total profit: $9,594
• Equity at exit: $35,785

10-year hold

• IRR: 14.5%
• Equity multiple: 2.24×
• Total profit: $83,482
• Equity at exit: $20,751

Cash invested: $67,200 (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 93401

• Rents YoY: 4.4%
• Active inventory: 143
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $2,977 high
• Mortgage (P&I): −$1,259
• Tax est. 1.5%: −$300 /mo · $3,600/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$625
• Net cashflow: $693

Break-even live

Break-even rent $2,099

Max offer price $240,000

Occupancy floor 72%

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
905 Madonna Rd San Luis Obispo, CA	3.0	3.0–3.5	1459	$4,825	$3.31	14d	2	0.88mi
925 Madonna Rd #302 San Luis Obispo, CA	3.0	2.0	1075	$3,500	$3.26	21d	1	0.94mi
915 Madonna Rd #102 San Luis Obispo, CA	3.0	2.0	1141	$1,685	$1.48	44d	1	0.94mi
825 Madonna Rd San Luis Obispo, CA	2.0	2.0	949	$3,000	$3.16	44d	1	0.95mi
1704 Tonini Dr San Luis Obispo, CA	1.0–2.0	1.0–2.5	985	$3,445	$3.50	14d	3	0.98mi
1561 Royal Way Unit NA San Luis Obispo, CA	2.0	2.0	750	$3,600	$4.80	44d	1	1.20mi
1561 Royal Way San Luis Obispo, CA	2.0	2.0	750	$3,600	$4.80	21d	1	1.20mi
11343 Los Osos Valley Rd Unit 48-55G San Luis Obispo, CA	2.0	1.5	900	$2,400	$2.67	21d	1	1.26mi
11343 Los Osos Valley Rd Unit 48-29E San Luis Obispo, CA	1.0	1.0	750	$2,300	$3.07	44d	1	1.26mi
11343 Los Osos Valley Rd Unit 48-25D San Luis Obispo, CA	2.0	2.0	1025	$2,600	$2.54	44d	1	1.26mi
11343 Los Osos Valley Rd Unit 4843-B San Luis Obispo, CA	2.0	1.5	900	$2,400	$2.67	44d	1	1.26mi
11343 Los Osos Valley Rd Unit 4855-F San Luis Obispo, CA	2.0	1.5	900	$2,400	$2.67	14d	1	1.26mi
11343 Los Osos Valley Rd Unit 4857-H San Luis Obispo, CA	1.0	1.0	750	$2,200	$2.93	14d	1	1.26mi
11343 Los Osos Valley Rd Unit 48-47F San Luis Obispo, CA	1.0	1.0	750	$2,050	$2.73	14d	1	1.26mi
11343 Los Osos Valley Rd Unit 48-21G San Luis Obispo, CA	3.0	2.0	1225	$3,200	$2.61	44d	1	1.26mi
11343 Los Osos Valley Rd Unit 48-27A San Luis Obispo, CA	1.0	1.0	750	$2,200	$2.93	21d	1	1.26mi

Listing history 15 events

1. 2026-06-18
   days on market $240,000 Active 31 DOM
2. 2026-06-17
   days on market $240,000 Active 30 DOM
3. 2026-06-16
   days on market $240,000 Active 29 DOM
4. 2026-06-15
   days on market $240,000 Active 28 DOM
5. 2026-06-14
   days on market $240,000 Active 26 DOM
6. 2026-06-13
   days on market $240,000 Active 25 DOM
7. 2026-06-10
   days on market $240,000 Active 23 DOM
8. 2026-06-09
   days on market $240,000 Active 22 DOM
9. 2026-06-08
   days on market $240,000 Active 21 DOM
10. 2026-06-07
    days on market $240,000 Active 20 DOM
11. 2026-06-03
    days on market $240,000 Active 16 DOM
12. 2026-06-02
    days on market $240,000 Active 15 DOM
13. 2026-06-01
    status $240,000 Active 14 DOM
14. 2026-04-22
    status Pending Sale
15. 2026-04-08
    listed $240,000 Active

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 4/10 Moderate 5 d/yr ≥82°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 11 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,725
• − Mortgage interest: −$13,444
• − Property taxes: −$3,600
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,858
• − Management: −$2,858
• − Depreciation: −$6,982
• Taxable income: $4,783
• Est. tax owed @ 24.0%: −$1,148
• After-tax cash flow: $7,172/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 double-wide manufactured home is in good condition with a good condition score of 80. It is move-in ready with a few cosmetic updates that would increase its resale and rental value.

Value-add opportunities

• Both paint exterior — enhances curb appeal and resale value
• Both landscaping — improves curb appeal and rental value
• Resale update kitchen appliances — modernizes kitchen and appeals to buyers
• Resale update bathroom fixtures — modernizes bathroom and appeals to buyers

Renovation cost estimate screening

Value-add ROI direction

• Both paint exterior — enhances curb appeal and resale value ↑
• Both landscaping — improves curb appeal and rental value ↑
• Resale update kitchen appliances — modernizes kitchen and appeals to buyers ↑
• Resale update bathroom fixtures — modernizes bathroom and appeals to buyers ↑

ⓘ 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: San Luis Coastal Unified
• NCES district ID: 0634800
• Math proficiency: 50% ▼ -14.00%
• Reading proficiency: 58% ▼ -12.00%
• Median HH income: $53,428
• Composite: 46.4/100
• National rank: #2455
• State rank: #118 of 517 in CA

Livability — San Luis Obispo

• Score: 74/100
• State rank: #132
• US rank: #4576

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Luis Obispo, CA
• County: San Luis Obispo County · 224,651 people
• City population: 54,204
• Metro: San Luis Obispo-Paso Robles, CA
• Population (ZIP): 29,202
• Household income: $96,824
• Rent vs Own: 52.1% rent · 47.9% own
• Severe rent burden: 2050.0

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% Hispanic / Latino 18% Two or more races 12% Asian 4% Black 2%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Lithuanian 4% Italian 3% Portuguese 3%
• Foreign-born: 9% · Canada, China, South Korea
• Languages at home: 84% English-only · Spanish 10% 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: ▼ -796.84%
• Current HPI: 359.9248
• Rent YoY: ▲ 4.41%
• 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

2 events — show timeline

• 2026-04-22 Pending — CRMLS
• 2026-04-08 Listed $240,000 CRMLS