185 Laurel Dr · Boulder Creek, CA 95006

$139,999

None bd · None ba · — sqft · Other · 1 Days on market

3,049 sqft lot

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Schools +5.1/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Cash flow +0.0/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Rare Santa Cruz Mountains opportunity in the heart of Boulder Creek. Charming 1BD/1BA cottage on Laurel Drive - priced to move and sold free and clear. Property is sold as-is and carries an existing red tag (procedural zoning classification stemming from a 1992 landslide event; retaining walls have since been constructed and the home itself sustained no structural damage). The upside is real: clear the red tag and this property enters a market where comparable homes trade at $350K-$400K+. Hold as a rental and collect from a deep pool of Silicon Valley remote workers and tech commuters who want mountain living - comparable 1/1 rentals in the area are actively leasing at $2,500-$2,600/month. Conveniently located near major commuter routes to San Jose and the greater Bay Area. Big Basin Redwoods State Park at your doorstep. Strong rental demand throughout the Santa Cruz Mountains corridor. This is the deal a savvy buyer finds once.

Key facts

• 3,049 sq ft lot

Property features AI

Finance

• Other: Living area approximately 600; Directions: Drive north on Central Ave/CA 9. Continue on CA 9. Right to Sylvan Ave. Right to Laurel Drive. Property is on the left.

Exterior

• Parking: Other parking
• Utilities: Public water; Community sewer/septic; Other utilities (see remarks)
• Home design: Detached property; Zoned R-1-15
• Construction: Other foundation
• Exterior features: Other roof (see remarks)

Interior

• Bedrooms: 1 bedroom
• Flooring: Other flooring (see remarks)
• Bathrooms: 1 full bathroom
• Heating & cooling: Other heating (see remarks); Other cooling (see remarks)
• Interior features: Family room (see remarks); Dining room (see remarks); Other amenities (see remarks)
• Laundry & utility: Laundry (see remarks)

What this means for you Summary

Snapshot

• This is a other listed at $140k.

Deal economics

• At list price, monthly cash flow is $-947 ($-11k/yr) — negative.
• Rent doesn't cover operating costs at any purchase price — skip.
• Cap rate -1.8% vs local median 2.2% in Boulder Creek — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 74/100 on livability (#139 in CA, #4,843 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, health & safety A+, crime A-; Watch: amenities F, cost of living F.
• San Lorenzo Valley Unified (rural): math 47% / reading 62% proficiency, ranked #303 of 1,400 in CA (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: 96 active listings in the ZIP; 224 units permitted in Santa Cruz County in 2024 (25 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Santa Cruz County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 9y ago; this cycle's ask has dropped $59k (30%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $23k; list at $140k implies a 509% gain — meaningful room to come down on a strong offer.

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
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. 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?
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: 0.00% ✗
• Cap rate: -1.83%
• Cash-on-cash: -29.00%
• DSCR: -0.29
• GRM: 0.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -85.1%
• Equity multiple: -1.12×
• Total profit: $-83,037
• Equity at exit: $20,874

10-year hold

• IRR: —
• Equity multiple: -2.83×
• Total profit: $-150,054
• Equity at exit: $12,105

Cash invested: $39,200 (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 95006

• Active inventory: 96

Monthly cashflow live

• Estimated rent: $0 none
• Mortgage (P&I): −$734
• Tax from tax record: −$155 /mo · $1,859/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$0
• Net cashflow: $-947

Break-even live

Break-even rent $1,199

Max offer price —

Occupancy floor —

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-19
   days on marketlisting id $139,999 Active 1 DOM
2. 2026-06-18
   days on market $139,999 Active 31 DOM
3. 2026-06-17
   days on market $139,999 Active 30 DOM
4. 2026-06-16
   days on market $139,999 Active 29 DOM
5. 2026-06-15
   days on market $139,999 Active 28 DOM
6. 2026-06-14
   days on market $139,999 Active 26 DOM
7. 2026-06-13
   pricedays on market $139,999 Active 25 DOM
8. 2026-06-10
   days on market $159,999 Active 23 DOM
9. 2026-06-09
   days on market $159,999 Active 22 DOM
10. 2026-06-08
    days on market $159,999 Active 21 DOM
11. 2026-06-07
    days on market $159,999 Active 20 DOM
12. 2026-06-03
    days on market $159,999 Active 16 DOM
13. 2026-06-02
    pricedays on market $159,999 Active 15 DOM
14. 2026-06-01
    days on market $165,000 Active 14 DOM
15. 2026-05-31
    days on market $165,000 Active 13 DOM
16. 2026-05-30
    days on market $165,000 Active 12 DOM
17. 2026-05-18
    listed $199,000 Active 942-char remark

    Show marketing remark (942 chars)

    Rare Santa Cruz Mountains opportunity in the heart of Boulder Creek. Charming 1BD/1BA cottage on Laurel Drive - priced to move and sold free and clear. Property is sold as-is and carries an existing red tag (procedural zoning classification stemming from a 1992 landslide event; retaining walls have since been constructed and the home itself sustained no structural damage). The upside is real: clear the red tag and this property enters a market where comparable homes trade at $350K-$400K+. Hold as a rental and collect from a deep pool of Silicon Valley remote workers and tech commuters who want mountain living - comparable 1/1 rentals in the area are actively leasing at $2,500-$2,600/month. Conveniently located near major commuter routes to San Jose and the greater Bay Area. Big Basin Redwoods State Park at your doorstep. Strong rental demand throughout the Santa Cruz Mountains corridor. This is the deal a savvy buyer finds once.

18. 2026-05-18
    listed $199,000 Active 942-char remark

    Show marketing remark (942 chars)

    Rare Santa Cruz Mountains opportunity in the heart of Boulder Creek. Charming 1BD/1BA cottage on Laurel Drive - priced to move and sold free and clear. Property is sold as-is and carries an existing red tag (procedural zoning classification stemming from a 1992 landslide event; retaining walls have since been constructed and the home itself sustained no structural damage). The upside is real: clear the red tag and this property enters a market where comparable homes trade at $350K-$400K+. Hold as a rental and collect from a deep pool of Silicon Valley remote workers and tech commuters who want mountain living - comparable 1/1 rentals in the area are actively leasing at $2,500-$2,600/month. Conveniently located near major commuter routes to San Jose and the greater Bay Area. Big Basin Redwoods State Park at your doorstep. Strong rental demand throughout the Santa Cruz Mountains corridor. This is the deal a savvy buyer finds once.

19. 2017-10-13
    soldstatus $23,000 Sold 401-char remark

    Show marketing remark (401 chars)

    Fixer Upper. Property sold in AS-IS condition. This home will not qualify for financing, CASH ONLY. Enter at your own risk. Current SLV Water Service. PG & E Avail. Propane Avail. Existing Septic System, (condition unknown). Property has a code violation from approx 1992 for landslide behind house. Since then, retaining walls have been built by prior owners but code violation was never cleared.

20. 2017-10-13
    soldstatus $23,000 401-char remark

    Show marketing remark (401 chars)

    Fixer Upper. Property sold in AS-IS condition. This home will not qualify for financing, CASH ONLY. Enter at your own risk. Current SLV Water Service. PG & E Avail. Propane Avail. Existing Septic System, (condition unknown). Property has a code violation from approx 1992 for landslide behind house. Since then, retaining walls have been built by prior owners but code violation was never cleared.

21. 2017-10-13
    soldstatus $23,000

    Show marketing remark (401 chars)

    Fixer Upper. Property sold in AS-IS condition. This home will not qualify for financing, CASH ONLY. Enter at your own risk. Current SLV Water Service. PG & E Avail. Propane Avail. Existing Septic System, (condition unknown). Property has a code violation from approx 1992 for landslide behind house. Since then, retaining walls have been built by prior owners but code violation was never cleared.

22. 2017-06-08
    status Pending (Do Not Show) 401-char remark

    Show marketing remark (401 chars)

    Fixer Upper. Property sold in AS-IS condition. This home will not qualify for financing, CASH ONLY. Enter at your own risk. Current SLV Water Service. PG & E Avail. Propane Avail. Existing Septic System, (condition unknown). Property has a code violation from approx 1992 for landslide behind house. Since then, retaining walls have been built by prior owners but code violation was never cleared.

23. 2017-06-06
    price $19,900 401-char remark

    Show marketing remark (401 chars)

    Fixer Upper. Property sold in AS-IS condition. This home will not qualify for financing, CASH ONLY. Enter at your own risk. Current SLV Water Service. PG & E Avail. Propane Avail. Existing Septic System, (condition unknown). Property has a code violation from approx 1992 for landslide behind house. Since then, retaining walls have been built by prior owners but code violation was never cleared.

24. 2017-06-06
    status Active 401-char remark

    Show marketing remark (401 chars)

    Fixer Upper. Property sold in AS-IS condition. This home will not qualify for financing, CASH ONLY. Enter at your own risk. Current SLV Water Service. PG & E Avail. Propane Avail. Existing Septic System, (condition unknown). Property has a code violation from approx 1992 for landslide behind house. Since then, retaining walls have been built by prior owners but code violation was never cleared.

25. 2017-04-12
    historical Contingent 401-char remark

    Show marketing remark (401 chars)

    Fixer Upper. Property sold in AS-IS condition. This home will not qualify for financing, CASH ONLY. Enter at your own risk. Current SLV Water Service. PG & E Avail. Propane Avail. Existing Septic System, (condition unknown). Property has a code violation from approx 1992 for landslide behind house. Since then, retaining walls have been built by prior owners but code violation was never cleared.

26. 2017-03-13
    listed $68,000 Active 401-char remark

    Show marketing remark (401 chars)

    Fixer Upper. Property sold in AS-IS condition. This home will not qualify for financing, CASH ONLY. Enter at your own risk. Current SLV Water Service. PG & E Avail. Propane Avail. Existing Septic System, (condition unknown). Property has a code violation from approx 1992 for landslide behind house. Since then, retaining walls have been built by prior owners but code violation was never cleared.

27. 2017-03-13
    listed $19,900 401-char remark

    Show marketing remark (401 chars)

    Fixer Upper. Property sold in AS-IS condition. This home will not qualify for financing, CASH ONLY. Enter at your own risk. Current SLV Water Service. PG & E Avail. Propane Avail. Existing Septic System, (condition unknown). Property has a code violation from approx 1992 for landslide behind house. Since then, retaining walls have been built by prior owners but code violation was never cleared.

28. 1996-10-16
    soldstatus $113,000
29. 1991-10-04
    soldstatus $28,000

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

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $1,859 · $155/mo
• Projected year-2 tax: $1,859 · $155/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥93°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 17 unhealthy d/yr today · 17 by 30 yrs out

Taxation est. · year 1

• Rental income: $0
• − Mortgage interest: −$7,842
• − Property taxes: −$1,859
• − Insurance: −$700
• − Repairs & maintenance: −$0
• − Management: −$0
• − Depreciation: −$4,073
• Taxable loss: −$14,473
• Est. tax savings @ 24.0%: +$3,474
• After-tax cash flow: $-7,895/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 Lorenzo Valley Unified
• NCES district ID: 0634740
• Math proficiency: 47% ▲ 4.00%
• Reading proficiency: 62% ▲ 3.00%
• Median HH income: $78,784
• Composite: 51.07/100
• National rank: #3805
• State rank: #303 of 1400 in CA

Livability — Boulder Creek

• Score: 74/100
• State rank: #139
• US rank: #4843

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 8,433

Population outlook (Santa Cruz County) Hauer SSP2

• Today (2025): 299,046 people
• By 2030: 311,246 · +4.1%
• By 2040: 332,813 · +11.3%
• By 2050: 352,797 · +18.0%
• By 2075: 406,837 · +36.0%
• By 2100: 435,763 · +45.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 18% Two or more races 17% Asian 1%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Slovak 5% Italian 4% Lithuanian 4%
• Foreign-born: 9% · Canada, Vietnam
• Languages at home: 87% English-only · Spanish 8% German/W. Germanic 1% Vietnamese 1%

Political lean MEDSL · Santa Cruz

• 2024 margin: Solid D (+54.4) · D 75.3% · R 20.9% · Other 3.9%
• 2008→2024 swing: -3.2pp toward R · 2008: 57.7pp · 2024: 54.4pp
• All cycles: 2024: D+54.4 2020: D+60.3 2016: D+57.3 2012: D+54.1 2008: D+57.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -303.89%
• Current HPI: 246.1939
• Rent YoY: —
• Metro: —
• 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

+610.7% since first listed

13 events — show timeline

• 2026-05-18 Listed $199,000 MLSListings
• 2026-05-18 Listed $199,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2017-10-13 Sold (Public Records) $23,000 Public Records
• 2017-10-13 Sold (MLS) $23,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2017-10-13 Sold (MLS) $23,000 MLSListings
• 2017-06-08 Pending — MLSListings
• 2017-06-06 Price Changed $19,900 MLSListings
• 2017-06-06 Relisted — MLSListings
• 2017-04-12 Contingent — MLSListings
• 2017-03-13 Listed $68,000 MLSListings
• 2017-03-13 Listed $19,900 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 1996-10-16 Sold (Public Records) $113,000 Public Records
• 1991-10-04 Sold (Public Records) $28,000 Public Records

Property tax history

+26.6%/yr

Latest (2025): $1,859 · +741.1% YoY. Source: county tax records.