3505 Alpine Blvd #57 · Alpine, CA 91901

$198,000

3 bd · 2.0 ba · 1,325 sqft · Manufactured public records · 89 Days on market

Built 2004 Est $199k · at est.

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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
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• ARV discount +7.7/15.0
• Schools +4.0/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Back on the market, so don't miss out again! Buyer didn't qualify! In the gentle rise of Alpine’s lower foothills, where evening light lingers on the mountains, a home waits in Alpine Oaks Estates—a welcoming, family-allowed community built for comfort and connection. Vaulted ceilings lift the open living spaces, sunlight spills through dual-pane windows, and the heart of the home - an inviting L-shaped kitchen, stands ready for laughter and late-night conversations. The primary suite offers a quiet retreat with soaking tub, stall shower and walk-in closet, while two additional bedrooms and a second full bathroom promise rest for family or guests. Outside, easy-care grounds, c

Key facts

• Easy-care grounds
• L-shaped kitchen
• Soaking tub

Tags

• L-SHAPED KITCHEN
• SOAKING TUB
• STALL SHOWER
• WALK-IN CLOSET
• CARPORT PARKING
• EASY-CARE GROUNDS

Property features AI

Finance

• HOA & community: Located in Alpine Oaks Estates (community); Common-interest lot

Exterior

• Parking: 2 parking spaces
• Utilities: Private water source; Shared septic; Propane available; Electricity connected/available; Cable connected/available; Water connected
• Home design: Manufactured home; Single-story
• Construction: Composition roof
• Exterior features: Community pool; Shed(s)

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Refrigerator; Propane cooktop; Vented exhaust fan
• Bedrooms: Up to 3 possible bedrooms
• Flooring: Linoleum; Vinyl; Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (propane); Central air conditioning
• Interior features: Dishwasher; Disposal; Microwave; Refrigerator; Vented exhaust fan; Propane cooktop; Gas water heater
• Laundry & utility: Washer hookup; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $198k.

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 ($3k rent vs $198k).
• Recommended offer: $186k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.0% vs local median 1.4% in Alpine — 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 58/100 on livability (#711 in CA) — a working-class tenant base; expect higher turnover. Strengths: employment A+, commute A-, crime B; Watch: amenities F, cost of living F, health & safety F.
• Grossmont Union High (suburban): math 31% / reading 60% proficiency, ranked #173 of 517 in CA (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 17% free/reduced lunch — higher-income household profile.
• Market conditions: Rents flat; 85 active listings in the ZIP; high-income renter base; 11,759 units permitted in San Diego County in 2024 (7,244 in 5+ unit buildings).
• This rent runs 31% of the median local income ($114k/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 $1k of loan paydown is wiped out by about $6k 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.
• At projected returns (-3.0% appreciation + 0.1% rent growth), your $55k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($186k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $186,120 (6.0% below list)

Questions for the listing agent

1. It's been on market 89 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: 1.49% ✓
• Cap rate: 12.97%
• Cash-on-cash: 23.85%
• DSCR: 2.06
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $198,750
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3505 Alpine Blvd #1	0.00mi	3/2.0	1,387 (+5%)	10mo	$270,000	$195	84
3505 Alpine Blvd #66	0.00mi	3/2.0	1,280 (-3%)	15mo	$185,000	$145	82
3505 Alpine Blvd #39	0.00mi	2/2.0 (-1)	1,200 (-9%)	21mo	$180,000	$150	62

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 · 0.1% rent growth · sell at horizon

5-year hold

• IRR: 13.9%
• Equity multiple: 1.54×
• Total profit: $29,687
• Equity at exit: $29,522

10-year hold

• IRR: 20.5%
• Equity multiple: 2.51×
• Total profit: $83,656
• Equity at exit: $17,119

Cash invested: $55,440 (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 91901

• Rents YoY: 0.1%
• Active inventory: 85
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $2,950 medium
• Mortgage (P&I): −$1,038
• Tax from tax record: −$108 /mo · $1,292/yr
• Insurance: −$82
• HOA: −$0
• Vacancy / Maint / Mgmt: −$619
• Net cashflow: $1,102

Break-even live

Break-even rent $1,555

Max offer price $198,000

Occupancy floor 58%

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: $49,500
• Closing costs: $5,940
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-18
   days on market $198,000 Active 89 DOM
2. 2026-06-17
   days on market $198,000 Active 88 DOM
3. 2026-06-16
   days on market $198,000 Active 87 DOM
4. 2026-06-15
   days on market $198,000 Active 86 DOM
5. 2026-06-13
   days on market $198,000 Active 84 DOM
6. 2026-06-10
   status $198,000 Active 80 DOM
7. 2026-05-16
   status Pending
8. 2026-02-25
   listed $198,000 Active

ⓘ 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: $1,292 · $108/mo
• Projected year-2 tax: $1,505 · $125/mo
• Expected delta: +$213/yr (+$18/mo · 16.5%)

ⓘ 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 10/10 Extreme
• 🌡 Heat 4/10 Moderate 7 d/yr ≥96°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 10 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,398
• − Mortgage interest: −$11,091
• − Property taxes: −$1,292
• − Insurance: −$990
• − Repairs & maintenance: −$2,832
• − Management: −$2,832
• − Depreciation: −$5,760
• Taxable income: $10,601
• Est. tax owed @ 24.0%: −$2,544
• After-tax cash flow: $10,678/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: Grossmont Union High
• NCES district ID: 0616230
• Math proficiency: 31% ▼ -1.00%
• Reading proficiency: 60% ▲ 5.00%
• Median HH income: $61,801
• Composite: 40.07/100
• National rank: #3810
• State rank: #173 of 517 in CA

Livability — Alpine

• Score: 58/100
• State rank: #711
• US rank: #21327

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Alpine, CA
• County: San Diego County · 3,178,799 people
• City population: 18,197
• Metro: San Diego-Chula Vista-Carlsbad, CA
• Population (ZIP): 18,197
• Household income: $114,167
• Rent vs Own: 25.2% rent · 74.8% own
• Severe rent burden: 417.0

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: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 19% Two or more races 10% Asian 3% Black 2%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Italian 5% Slovak 4% Lithuanian 3%
• Foreign-born: 9% · Canada, China, South Korea
• Languages at home: 84% English-only · Spanish 11% German/W. Germanic 2% 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: ▼ -453.14%
• Current HPI: 320.0778
• Rent YoY: ▲ 0.10%
• 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

2 events — show timeline

• 2026-05-16 Pending — SDMLS
• 2026-02-25 Listed $198,000 SDMLS

Property tax history

+2.8%/yr

Latest (2013): $1,292 · +3.7% YoY. Source: county tax records.