23777 Mulholland Hwy SPC 172 · Calabasas, CA 91302

$179,000

2 bd · 2.0 ba · 960 sqft · Manufactured · 69 Days on market

Built 1976

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +6.0/10.0
• Livability +2.9/5.0
• Condition / age +2.5/5.0
• Rent growth +1.8/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome Home in the beautiful and peaceful Calabasas Village community! This 2-bedroom, 2-bath home offers a perfect blend of comfort, privacy, and outdoor living. Step inside to find an open living space concept living area, a kitchen with granite countertops. Just beyond the kitchen, the living and dining area are filled with natural light creating a bright open feel perfect for relaxing or hosting. Step out to your spacious private deck, the perfect place to enjoy your morning coffee or unwind as the sun sets. Whether you're relaxing, dining, the outdoor space feels like a true retreat. Additional highlights include a covered carport, new roof and a short walk to the community clubhouse with nice amenities! Located in a serene setting with beautiful greenery all around, this home offers a rare combination of tranquility and convenience. Calabasas Village amenities includes a pool, spa, gym, sauna, tennis court, basketball court, doggie park, clubhouse with gourmet kitchen, meeting room, Library, kids' play area, and BBQ area. Located just minutes from Malibu, PCH Hwy, and the prestigious Calabasas Commons with shopping stores, restaurants and more! Close by Westfield Topanga Plaza. Calabasas award- winning schools in the Las Virgenes school District. Enjoy plenty of nearby hiking and biking trails for outdoor enthusiasts! Come and enjoy the resort lifestyle!

Key facts

• Community clubhouse
• Open living space
• Pool

Tags

• OPEN LIVING SPACE
• GRANITE COUNTERTOPS
• SPACIOUS PRIVATE DECK
• NEW ROOF
• COMMUNITY CLUBHOUSE
• POOL

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $179k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $179k).
• Recommended offer: $168k (6.0% below list) — sets the bar for market timing.
• Cap rate 17.1% vs local median 2.2% in Calabasas — 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 57/100 on livability (#756 in CA) — a working-class tenant base; expect higher turnover. Strengths: employment A+, schools A-, crime A-; Watch: amenities F, commute F, cost of living F.
• Las Virgenes Unified (suburban): math 55% / reading 70% proficiency, ranked #58 of 517 in CA (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 6% free/reduced lunch — higher-income household profile.
• Market conditions: Rents soft (-2.9%/yr); 223 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Los Angeles County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $50k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($168k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 13y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $135k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $168,260 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1976 — 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. Schools are A-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?
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: 2.01% ✓
• Cap rate: 17.08%
• Cash-on-cash: 38.51%
• DSCR: 2.71
• GRM: 4.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 31.2%
• Equity multiple: 2.26×
• Total profit: $62,941
• Equity at exit: $26,689

10-year hold

• IRR: 36.7%
• Equity multiple: 3.92×
• Total profit: $146,153
• Equity at exit: $15,477

Cash invested: $50,120 (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 91302

• Rents YoY: -2.9%
• Active inventory: 223
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $3,602 high
• Mortgage (P&I): −$939
• Tax est. 1.5%: −$224 /mo · $2,685/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$756
• Net cashflow: $1,609

Break-even live

Break-even rent $1,566

Max offer price $179,000

Occupancy floor 50%

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4606 Park Granada #11 Calabasas, CA	2.0	2.0	1054	$2,795	$2.65	43d	1	1.18mi
23663 Park Capri #135 Calabasas, CA	1.0	1.0	774	$2,600	$3.36	24d	1	1.26mi
23637 Park Capri #34 Calabasas, CA	2.0	2.0	1054	$3,800	$3.61	24d	1	1.28mi
23635 Park Capri #31 Calabasas, CA	2.0	2.0	1054	$2,975	$2.82	24d	1	1.28mi
4642 Park Granada #161 Calabasas, CA	2.0	2.0	1006	$4,000	$3.98	24d	1	1.28mi
4732 Park Granada #221 Calabasas, CA	2.0	2.0	1054	$2,800	$2.66	44d	1	1.28mi
4720 Park Granada Calabasas, CA	2.0	2.0	1006	$2,975	$2.96	43d	1	1.36mi

Listing history 33 events

1. 2026-06-18
   days on market $179,000 Active 69 DOM
2. 2026-06-17
   days on market $179,000 Active 68 DOM
3. 2026-06-16
   days on market $179,000 Active 67 DOM
4. 2026-06-15
   days on market $179,000 Active 66 DOM
5. 2026-06-13
   days on market $179,000 Active 64 DOM
6. 2026-06-13
   days on market $179,000 Active 63 DOM
7. 2026-06-09
   days on market $179,000 Active 60 DOM
8. 2026-06-08
   days on market $179,000 Active 59 DOM
9. 2026-06-07
   days on market $179,000 Active 58 DOM
10. 2026-06-04
    days on market $179,000 Active 55 DOM
11. 2026-06-03
    days on market $179,000 Active 54 DOM
12. 2026-06-02
    days on market $179,000 Active 53 DOM
13. 2026-06-01
    days on market $179,000 Active 52 DOM
14. 2026-05-31
    days on market $179,000 Active 51 DOM
15. 2026-04-10
    listed $179,000 Active 1383-char remark

    Show marketing remark (1383 chars)

    Welcome Home in the beautiful and peaceful Calabasas Village community! This 2-bedroom, 2-bath home offers a perfect blend of comfort, privacy, and outdoor living. Step inside to find an open living space concept living area, a kitchen with granite countertops. Just beyond the kitchen, the living and dining area are filled with natural light creating a bright open feel perfect for relaxing or hosting. Step out to your spacious private deck, the perfect place to enjoy your morning coffee or unwind as the sun sets. Whether you're relaxing, dining, the outdoor space feels like a true retreat. Additional highlights include a covered carport, new roof and a short walk to the community clubhouse with nice amenities! Located in a serene setting with beautiful greenery all around, this home offers a rare combination of tranquility and convenience. Calabasas Village amenities includes a pool, spa, gym, sauna, tennis court, basketball court, doggie park, clubhouse with gourmet kitchen, meeting room, Library, kids' play area, and BBQ area. Located just minutes from Malibu, PCH Hwy, and the prestigious Calabasas Commons with shopping stores, restaurants and more! Close by Westfield Topanga Plaza. Calabasas award- winning schools in the Las Virgenes school District. Enjoy plenty of nearby hiking and biking trails for outdoor enthusiasts! Come and enjoy the resort lifestyle!

16. 2026-04-08
    historical 1397-char remark

    Show marketing remark (1397 chars)

    Welcome Home in the beautiful and peaceful Calabasas Village community! This 2-bedroom, 2-bath home offers a perfect blend of comfort, privacy, and outdoor living. Step inside to find an open living space concept living area, a kitchen with granite countertops. Just beyond the kitchen, the living and dining area are filled with natural light, creating a bright, open feel perfect for relaxing or hosting. Step out to your spacious private deck, the perfect place to enjoy your morning coffee or unwind as the sun sets. Whether you're relaxing, dining, the outdoor space feels like a true retreat. Additional highlights include a covered carport, new roof and a short walk to the community clubhouse and amenities. Located in a serene setting with beautiful greenery all around, this home offers a rare combination of tranquility and convenience. Calabasas Village amenities include an Olympic-size pool, spa, gym, sauna, tennis court, basketball court, doggie park, clubhouse with gourmet kitchen, meeting room, Library, kids' play area, and BBQ area. Located just minutes from Malibu, PCH Hwy, and the prestigious Calabasas Commons with shopping stores, restaurants, and a movie theater. Close by Westfield Topanga Plaza. Calabasas award- winning schools in the Las Virgenes District. Enjoy plenty of nearby hiking and biking trails for outdoor enthusiasts! Come and enjoy the resort lifestyle!

17. 2026-03-07
    price $179,000 1397-char remark

    Show marketing remark (1397 chars)

    Welcome Home in the beautiful and peaceful Calabasas Village community! This 2-bedroom, 2-bath home offers a perfect blend of comfort, privacy, and outdoor living. Step inside to find an open living space concept living area, a kitchen with granite countertops. Just beyond the kitchen, the living and dining area are filled with natural light, creating a bright, open feel perfect for relaxing or hosting. Step out to your spacious private deck, the perfect place to enjoy your morning coffee or unwind as the sun sets. Whether you're relaxing, dining, the outdoor space feels like a true retreat. Additional highlights include a covered carport, new roof and a short walk to the community clubhouse and amenities. Located in a serene setting with beautiful greenery all around, this home offers a rare combination of tranquility and convenience. Calabasas Village amenities include an Olympic-size pool, spa, gym, sauna, tennis court, basketball court, doggie park, clubhouse with gourmet kitchen, meeting room, Library, kids' play area, and BBQ area. Located just minutes from Malibu, PCH Hwy, and the prestigious Calabasas Commons with shopping stores, restaurants, and a movie theater. Close by Westfield Topanga Plaza. Calabasas award- winning schools in the Las Virgenes District. Enjoy plenty of nearby hiking and biking trails for outdoor enthusiasts! Come and enjoy the resort lifestyle!

18. 2026-02-28
    listed $239,000 Active 1397-char remark

    Show marketing remark (1397 chars)

    Welcome Home in the beautiful and peaceful Calabasas Village community! This 2-bedroom, 2-bath home offers a perfect blend of comfort, privacy, and outdoor living. Step inside to find an open living space concept living area, a kitchen with granite countertops. Just beyond the kitchen, the living and dining area are filled with natural light, creating a bright, open feel perfect for relaxing or hosting. Step out to your spacious private deck, the perfect place to enjoy your morning coffee or unwind as the sun sets. Whether you're relaxing, dining, the outdoor space feels like a true retreat. Additional highlights include a covered carport, new roof and a short walk to the community clubhouse and amenities. Located in a serene setting with beautiful greenery all around, this home offers a rare combination of tranquility and convenience. Calabasas Village amenities include an Olympic-size pool, spa, gym, sauna, tennis court, basketball court, doggie park, clubhouse with gourmet kitchen, meeting room, Library, kids' play area, and BBQ area. Located just minutes from Malibu, PCH Hwy, and the prestigious Calabasas Commons with shopping stores, restaurants, and a movie theater. Close by Westfield Topanga Plaza. Calabasas award- winning schools in the Las Virgenes District. Enjoy plenty of nearby hiking and biking trails for outdoor enthusiasts! Come and enjoy the resort lifestyle!

19. 2026-02-26
    historical
20. 2025-12-15
    price $239,000
21. 2025-12-09
    price $220,000
22. 2025-07-25
    listed $269,000 Active
23. 2016-08-30
    soldstatus $135,000 Closed Sale
24. 2016-08-08
    status Pending Sale
25. 2016-08-04
    status Active
26. 2016-08-02
    status Pending Sale
27. 2016-07-03
    price $139,000
28. 2016-03-30
    status Active
29. 2016-03-25
    listed $159,500 Active
30. 2016-03-25
    historical Hold Do Not Show
31. 2013-06-12
    soldstatus $26,500 Closed
32. 2013-05-14
    status Pending
33. 2013-04-15
    listed $39,000 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 8/10 Severe
• 🌡 Heat 4/10 Moderate 7 d/yr ≥98°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,224
• − Mortgage interest: −$10,027
• − Property taxes: −$2,685
• − Insurance: −$895
• − Repairs & maintenance: −$3,458
• − Management: −$3,458
• − Depreciation: −$5,207
• Taxable income: $17,494
• Est. tax owed @ 24.0%: −$4,199
• After-tax cash flow: $15,104/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: Las Virgenes Unified
• NCES district ID: 0621000
• Math proficiency: 55% ▼ -4.00%
• Reading proficiency: 70% ▬ 0.00%
• Median HH income: $118,374
• Composite: 59.63/100
• National rank: #907
• State rank: #58 of 517 in CA

Livability — Calabasas

• Score: 57/100
• State rank: #756
• US rank: #22060

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Calabasas, CA
• County: Los Angeles County · 9,444,647 people
• City population: 25,569
• Metro: Los Angeles-Long Beach-Anaheim, CA
• Population (ZIP): 25,569
• Household income: $185,636
• Rent vs Own: 29.4% rent · 70.6% own
• Severe rent burden: 1222.0

Population outlook (Los Angeles County) Hauer SSP2

• Today (2025): 10,940,515 people
• By 2030: 11,256,481 · +2.9%
• By 2040: 11,729,929 · +7.2%
• By 2050: 11,948,407 · +9.2%
• By 2075: 11,818,114 · +8.0%
• By 2100: 10,842,928 · -0.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Asian 11% Two or more races 8% Hispanic / Latino 7% Black 3%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Scotch-Irish 7% Romanian 3% Italian 3%
• Foreign-born: 25% · China, Canada, South Korea
• Languages at home: 72% English-only · Other Indo-European 10% Russian/Polish/Slavic 4% Spanish 4%

Political lean MEDSL · Los Angeles

• 2024 margin: Solid D (+32.9) · D 64.8% · R 31.9% · Other 3.3%
• 2008→2024 swing: -7.4pp toward R · 2008: 40.4pp · 2024: 32.9pp
• All cycles: 2024: D+32.9 2020: D+44.2 2016: D+48.0 2012: D+40.0 2008: D+40.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -483.62%
• Current HPI: 332.6271
• Rent YoY: ▼ -2.89%
• Metro: Los Angeles-Long Beach-Anaheim, 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

+359.0% since first listed

19 events — show timeline

• 2026-04-10 Listed $179,000 CRMLS
• 2026-04-08 Listing Removed — CSMAR
• 2026-03-07 Price Changed $179,000 CSMAR
• 2026-02-28 Listed $239,000 CSMAR
• 2026-02-26 Listing Removed — CRMLS
• 2025-12-15 Price Changed $239,000 CRMLS
• 2025-12-09 Price Changed $220,000 CRMLS
• 2025-07-25 Listed $269,000 CRMLS
• 2016-08-30 Sold (MLS) $135,000 CRMLS
• 2016-08-08 Pending — CRMLS
• 2016-08-04 Relisted — CRMLS
• 2016-08-02 Pending — CRMLS
• 2016-07-03 Price Changed $139,000 CRMLS
• 2016-03-30 Relisted — CRMLS
• 2016-03-25 Listed $159,500 CRMLS
• 2016-03-25 Delisted — CRMLS
• 2013-06-12 Sold (MLS) $26,500 CRMLS
• 2013-05-14 Pending — CRMLS
• 2013-04-15 Listed $39,000 CRMLS