3535 Linda Vista Dr #328 · San Marcos, CA 92078

$299,000

2 bd · 2.0 ba · 1,416 sqft · Manufactured public records · 85 Days on market

Built 1982 2,800 sqft lot $211/sqft · 11% below area Est $337k · 11% under

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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 +24.5/30.0
• ARV discount +12.5/15.0
• DSCR +7.9/10.0
• 1% rule +6.3/10.0
• Schools +5.4/10.0
• Livability +3.9/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to resort-style living in the highly desirable 55+ community of Rancho Vallecitos—offering city rent control and an exceptional lifestyle filled with amenities and social opportunities. This inviting home features vaulted ceilings, a drywall interior, and durable hard-surface flooring throughout, creating a bright and low-maintenance living environment. The spacious kitchen is equipped with stainless steel appliances, abundant cabinetry, and generous pantry storage. An oversized laundry room with built-in desk and cabinetry provides the ideal flex space for a home office, hobby area, or additional storage. Built-ins throughout the home ensure everything has its place. The primary suite offers a comfortable retreat with a walk-in closet and an ensuite bathroom featuring both a separate soaking tub and walk-in shower. A spacious guest bedroom adds flexibility for visitors or additional workspace. Step outside to enjoy a private covered patio set behind the front porch, along with a low-maintenance turf yard—perfect for relaxing or entertaining. A large storage shed adds even more convenience. Residents of Rancho Vallecitos enjoy access to a beautifully maintained, 5-star community featuring a clubhouse, pool and spa, fitness center, library, billiards room, game and craft spaces, putting green, dog park, and optional RV parking. With a current monthly space rent of $706.32 and the benefit of city rent control, this home offers both comfort and long-term value.

Key facts

• Abundant cabinetry
• Vaulted ceilings
• 2,800 sq ft lot

Tags

• VAULTED CEILINGS
• HARD-SURFACE FLOORING
• STAINLESS STEEL APPLIANCES
• ABUNDANT CABINETRY
• GENEROUS PANTRY STORAGE
• OVERSIZED LAUNDRY ROOM

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 $613 ($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: $281k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.8% vs local median 2.5% in San Marcos — 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 77/100 on livability (#80 in CA, #3,074 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: health & safety D+, cost of living F.
• San Marcos Unified (suburban): math 52% / reading 67% proficiency, ranked #249 of 1,400 in CA (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents flat; 232 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 11,759 units permitted in San Diego County in 2024 (7,244 in 5+ unit buildings).
• This rent runs 34% of the median local income ($120k/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 85 days — a 6% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 16y 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 $224k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $281,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 85 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.13% ✓
• Cap rate: 8.75%
• Cash-on-cash: 8.79%
• DSCR: 1.39
• GRM: 7.3

CMA / ARV

• ARV (median comp): $336,634
• List price: $299,000
• Delta: -11.18%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3535 Linda Vista Dr Spc 29	0.00mi	2/2.0	1,440 (+2%)	1mo	$250,000	$174	96
3535 Linda Vista Dr #50	0.00mi	2/2.0	1,368 (-3%)	1mo	$358,000	$262	93
3535 Linda Vista Dr #321	0.00mi	3/2.0 (+1)	1,344 (-5%)	1mo	$275,000	$205	86
1930 W San Marcos Blvd #374	0.26mi	2/2.0	1,440 (+2%)	1mo	$385,000	$267	84
1930 W San Marcos Blvd #191	0.26mi	2/2.0	1,488 (+5%)	1mo	$310,000	$208	78
3535 Linda Vista Dr #255	0.00mi	2/2.0	1,624 (+15%)	2mo	$285,000	$175	74
650 S Rancho Santa Fe Rd #312	0.38mi	2/2.0	1,344 (-5%)	1mo	$267,000	$199	73
650 S Rancho Santa Fe. Rd #294	0.37mi	2/2.0	1,344 (-5%)	2mo	$228,500	$170	72
1930 W San Marcos Blvd #425	0.26mi	3/2.0 (+1)	1,344 (-5%)	2mo	$320,000	$238	72
1930 W San Marcos Blvd #437	0.26mi	3/2.0 (+1)	1,531 (+8%)	2mo	$475,000	$310	68
650 S Rancho Santa Fe Rd #54	0.38mi	2/2.0	1,248 (-12%)	2mo	$260,000	$208	61
2010 W San Marcos Blvd #54	0.63mi	3/2.0 (+1)	1,344 (-5%)	1mo	$684,999	$510	56

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 · 0.35% rent growth · sell at horizon

5-year hold

• IRR: -6.0%
• Equity multiple: 0.78×
• Total profit: $-18,169
• Equity at exit: $44,582

10-year hold

• IRR: 0.1%
• Equity multiple: 1.00×
• Total profit: $374
• 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 92078

• Rents YoY: 0.3%
• Active inventory: 232
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $3,392 high
• Mortgage (P&I): −$1,568
• Tax est. 1.5%: −$374 /mo · $4,485/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$712
• Net cashflow: $613

Break-even live

Break-even rent $2,616

Max offer price $299,000

Occupancy floor 77%

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 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3919 Las Cruces Ave San Marcos, CA	3.0	2.0	1100	$3,200	$2.91	5d	1	0.31mi
658 Las Flores Dr San Marcos, CA	3.0	1.0	1284	$3,650	$2.84	44d	1	0.32mi
3815 La Rosa Dr San Marcos, CA	3.0	1.0	1014	$3,700	$3.65	13d	1	0.39mi
3834 La Rosa Dr Unit A San Marcos, CA	2.0	1.0	1014	$4,200	$4.14	44d	1	0.44mi
2010 W San Marcos Blvd San Marcos, CA	2.0	2.0	1288	$4,000	$3.11	44d	1	0.53mi
1643 Rue de Valle San Marcos, CA	2.0	1.5	1086	$3,222	$2.97	18d	1	0.53mi
830 S Rancho Santa Fe Rd San Marcos, CA	1.0–2.0	1.0–2.0	826	$3,150	$3.81	3d	5	0.58mi
603 Beverly Pl San Marcos, CA	2.0	1.5	1068	$3,150	$2.95	44d	1	0.61mi
910 S Rancho Santa Fe Rd Unit 1 San Marcos, CA	2.0	2.0	950	$2,900	$3.05	24d	1	0.70mi
1635 Creek St San Marcos, CA	1.0–2.0	2.0	1047	$3,450	$3.29	15d	3	0.74mi
1029 Martina Ct San Marcos, CA	2.0	2.0	1200	$2,995	$2.50	44d	1	1.00mi
1241 W San Marcos Blvd San Marcos, CA	1.0–2.0	1.0	883	$2,400	$2.72	44d	1	1.06mi
420 Smilax Rd San Marcos, CA	2.0	2.0	896	$2,445	$2.73	3d	3	1.07mi
1560 Circa Del Lago Unit D304 San Marcos, CA	2.0	2.0	1030	$4,500	$4.37	24d	1	1.12mi
1560 Circa Del Lago Unit D302 San Marcos, CA	2.0	2.0	1030	$4,500	$4.37	44d	1	1.12mi
320 Smilax Rd San Marcos, CA	2.0	1.0	875	$2,675	$3.06	44d	1	1.31mi
320 Smilax Rd San Marcos, CA	2.0	1.0	875	$2,675	$3.06	24d	1	1.31mi
300 Smilax Rd Unit 11 San Marcos, CA	2.0	1.0	875	$2,675	$3.06	24d	1	1.31mi
266 Avenida de Suerte San Marcos, CA	3.0	2.0	1132	$3,495	$3.09	22d	1	1.32mi
1257 Armorlite Dr San Marcos, CA	2.0	1.0–2.5	1189	$4,330	$3.64	2d	24	1.32mi
920 Sycamore Ave Vista, CA	2.0	2.0	950	$2,675	$2.82	3d	1	1.35mi
1052 Kendale Way Vista, CA	3.0	2.5	1576	$3,795	$2.41	44d	1	1.38mi
221 Smilax Rd Vista, CA	1.0–2.0	1.0–2.0	855	$2,799	$3.27	2d	8	1.39mi
2206 Saltbush Dr San Marcos, CA	3.0	3.5	1781	$4,000	$2.25	11d	1	1.39mi
1045 Armorlite Dr San Marcos, CA	2.0	1.0–3.0	902	$3,398	$3.77	2d	16	1.50mi

Listing history 22 events

1. 2026-06-18
   days on market $299,000 Active 85 DOM
2. 2026-06-17
   days on market $299,000 Active 84 DOM
3. 2026-06-16
   days on market $299,000 Active 83 DOM
4. 2026-06-15
   days on market $299,000 Active 82 DOM
5. 2026-06-13
   days on market $299,000 Active 80 DOM
6. 2026-06-09
   days on market $299,000 Active 76 DOM
7. 2026-06-08
   days on market $299,000 Active 75 DOM
8. 2026-06-07
   days on market $299,000 Active 74 DOM
9. 2026-06-04
   days on market $299,000 Active 71 DOM
10. 2026-06-03
    days on market $299,000 Active 70 DOM
11. 2026-06-02
    days on market $299,000 Active 69 DOM
12. 2026-06-01
    days on market $299,000 Active 68 DOM
13. 2026-05-31
    days on market $299,000 Active 67 DOM
14. 2026-03-25
    listed $299,000 Active 1502-char remark

    Show marketing remark (1502 chars)

    Welcome to resort-style living in the highly desirable 55+ community of Rancho Vallecitos—offering city rent control and an exceptional lifestyle filled with amenities and social opportunities. This inviting home features vaulted ceilings, a drywall interior, and durable hard-surface flooring throughout, creating a bright and low-maintenance living environment. The spacious kitchen is equipped with stainless steel appliances, abundant cabinetry, and generous pantry storage. An oversized laundry room with built-in desk and cabinetry provides the ideal flex space for a home office, hobby area, or additional storage. Built-ins throughout the home ensure everything has its place. The primary suite offers a comfortable retreat with a walk-in closet and an ensuite bathroom featuring both a separate soaking tub and walk-in shower. A spacious guest bedroom adds flexibility for visitors or additional workspace. Step outside to enjoy a private covered patio set behind the front porch, along with a low-maintenance turf yard—perfect for relaxing or entertaining. A large storage shed adds even more convenience. Residents of Rancho Vallecitos enjoy access to a beautifully maintained, 5-star community featuring a clubhouse, pool and spa, fitness center, library, billiards room, game and craft spaces, putting green, dog park, and optional RV parking. With a current monthly space rent of $706.32 and the benefit of city rent control, this home offers both comfort and long-term value.

15. 2019-10-14
    soldstatus $224,000 Sold 409-char remark

    Show marketing remark (409 chars)

    Home as clean as a whistle. This home is where they found the term, Turn Key. Home completely updated in and out, and in rent controlled 55+ community. Home is very light and bright and with vaulted ceilings, brand new laminate flooring throughout, stainless steel appliances, large shed with work bench and much, much more. This home is so well maintained, that when you move in, you wont even have to clean.

16. 2019-09-25
    status Pending 409-char remark

    Show marketing remark (409 chars)

    Home as clean as a whistle. This home is where they found the term, Turn Key. Home completely updated in and out, and in rent controlled 55+ community. Home is very light and bright and with vaulted ceilings, brand new laminate flooring throughout, stainless steel appliances, large shed with work bench and much, much more. This home is so well maintained, that when you move in, you wont even have to clean.

17. 2019-03-27
    listed $229,000 Active 409-char remark

    Show marketing remark (409 chars)

    Home as clean as a whistle. This home is where they found the term, Turn Key. Home completely updated in and out, and in rent controlled 55+ community. Home is very light and bright and with vaulted ceilings, brand new laminate flooring throughout, stainless steel appliances, large shed with work bench and much, much more. This home is so well maintained, that when you move in, you wont even have to clean.

18. 2011-04-15
    soldstatus $68,000
19. 2010-12-07
    price $70,000
20. 2010-08-04
    price $75,000
21. 2010-07-09
    price $79,000
22. 2010-05-24
    listed $70,000

ⓘ 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 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥93°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,698
• − Mortgage interest: −$16,749
• − Property taxes: −$4,485
• − Insurance: −$1,495
• − Repairs & maintenance: −$3,256
• − Management: −$3,256
• − Depreciation: −$8,698
• Taxable income: $2,760
• Est. tax owed @ 24.0%: −$662
• After-tax cash flow: $6,693/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 Marcos Unified
• NCES district ID: 0634880
• Math proficiency: 52% ▲ 1.00%
• Reading proficiency: 67% ▲ 2.00%
• Median HH income: $64,752
• Composite: 53.67/100
• National rank: #3093
• State rank: #249 of 1400 in CA

Livability — San Marcos

• Score: 77/100
• State rank: #80
• US rank: #3074

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Marcos, CA
• County: San Diego County · 3,178,799 people
• City population: 100,940
• Metro: San Diego-Chula Vista-Carlsbad, CA
• Population (ZIP): 53,605
• Household income: $120,268
• Rent vs Own: 28.0% rent · 72.0% own
• Severe rent burden: 1594.0

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 0.62)
• Race & ethnicity: White 53% Hispanic / Latino 28% Two or more races 17% Asian 10% Black 1%
• Hispanic origin (detail): Mexican 23%
• Common ancestry: Italian 3% Slovak 3% Romanian 2%
• Foreign-born: 19% · Canada, China, Vietnam
• Languages at home: 73% English-only · Spanish 18% Other Indo-European 3% Chinese 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: ▼ -351.55%
• Current HPI: 358.3294
• Rent YoY: ▲ 0.35%
• 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

+327.1% since first listed

9 events — show timeline

• 2026-03-25 Listed $299,000 CRMLS
• 2019-10-14 Sold (MLS) $224,000 SDMLS
• 2019-09-25 Pending — SDMLS
• 2019-03-27 Listed $229,000 SDMLS
• 2011-04-15 Sold (MLS) $68,000 CRMLS
• 2010-12-07 Price Changed $70,000 SDMLS
• 2010-08-04 Price Changed $75,000 SDMLS
• 2010-07-09 Price Changed $79,000 SDMLS
• 2010-05-24 Listed $70,000 CRMLS

Property tax history

+2.2%/yr

Latest (2013): $447 · +2.2% YoY. Source: county tax records.