890 38th Ave #110 · Pleasure Point, CA 95062

$299,000

3 bd · 1.0 ba · 600 sqft · Manufactured · 18 Days on market

Built 1958 Est $311k · 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 +27.1/30.0
• DSCR +9.4/10.0
• ARV discount +9.3/15.0
• 1% rule +7.3/10.0
• Schools +5.1/10.0
• Livability +4.0/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

It is all about location from here it is less than 4 blocks to Pleasure point!! The home is a little old and a bit small but the living is large, and the palm tree adds some tropical flavor and for proximity to the best surf spot in the world, great dining, shopping. It was originally a single wide but at some point a lot of the homes in this park got an addition, this one got a living room and extra bedroom. Lives as three bedroom, one bath. Two car parking, and a little backyard with shed. The park bills (sub-metered) for electricity, water and gas. Sewer included in park rent. Garbage is separate. This can be rented out for long term leases only but would be a fun surf shack. Can't beat

Key facts

• Built 1958

Property features AI

Exterior

• Home design: Mobile home
• Construction: Built as a mobile home
• Exterior features: Located in a park community (space #110)

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 1 bathroom
• Interior features: Mobile home interior

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $299k.

Deal economics

• At list price, monthly cash flow is $844 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $299k).
• Recommended offer: $295k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 80/100 on livability (#53 in CA, #1,968 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: housing C-, schools D+, cost of living F.
• Soquel Union Elementary (suburban): math 49% / reading 63% proficiency, ranked #302 of 1,400 in CA (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents flat; 68 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 224 units permitted in Santa Cruz County in 2024 (25 in 5+ unit buildings).
• This rent runs 39% of the median local income ($112k/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.
• Santa Cruz County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($295k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $294,515 (1.5% below list)

Questions for the listing agent

1. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.23% ✓
• Cap rate: 9.68%
• Cash-on-cash: 12.10%
• DSCR: 1.54
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $311,400
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
740 30th Ave #74	0.38mi	2/1.0 (-1)	600 (0%)	12mo	$300,000	$500	67
1040 38th Ave #31	0.16mi	2/2.0 (-1)	672 (+12%)	16mo	$349,000	$519	50

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 · 0.61% rent growth · sell at horizon

5-year hold

• IRR: -1.1%
• Equity multiple: 0.96×
• Total profit: $-3,289
• Equity at exit: $44,582

10-year hold

• IRR: 5.9%
• Equity multiple: 1.39×
• Total profit: $32,739
• 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 95062

• Rents YoY: 0.6%
• Active inventory: 68
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $3,684 medium
• Mortgage (P&I): −$1,568
• Tax est. 1.5%: −$374 /mo · $4,485/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$774
• Net cashflow: $844

Break-even live

Break-even rent $2,616

Max offer price $299,000

Occupancy floor 72%

Sensitivity live

Price	-10% $1,051	-5% $947	+0% $844	+5% $741	+10% $637
Rent	-10% $553	-5% $699	+0% $844	+5% $990	+10% $1,135
Rate	-1.0pp $995	-0.5pp $920	base $844	+0.5pp $767	+1.0pp $688

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 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
692 38th Ave Unit 05 Santa Cruz, CA	2.0	2.0	650	$3,200	$4.92	14d	1	0.20mi
2333 Portola Dr Santa Cruz, CA	1.0–2.0	1.0	795	$3,395	$4.27	14d	1	0.87mi
1630 Merrill St Santa Cruz, CA	1.0–3.0	1.0–2.0	789	$4,495	$5.69	14d	5	1.20mi

Listing history 18 events

1. 2026-06-18
   days on market $299,000 Coming Soon 18 DOM
2. 2026-06-17
   days on market $299,000 Coming Soon 17 DOM
3. 2026-06-16
   days on market $299,000 Coming Soon 16 DOM
4. 2026-06-15
   days on market $299,000 Coming Soon 15 DOM
5. 2026-06-14
   days on market $299,000 Coming Soon 13 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   days on market $299,000 Coming Soon 12 DOM
8. 2026-06-10
   remarks 670-char remark
9. 2026-06-10
   days on market $299,000 Coming Soon 10 DOM
10. 2026-06-09
    days on market $299,000 Coming Soon 9 DOM
11. 2026-06-09
    price $299,000 Coming Soon 8 DOM
12. 2026-06-08
    days on market $325,000 Coming Soon 8 DOM
13. 2026-06-07
    days on market $325,000 Coming Soon 7 DOM
14. 2026-06-05
    days on market $325,000 Coming Soon 4 DOM
15. 2026-06-03
    days on market $325,000 Coming Soon 3 DOM
16. 2026-06-02
    days on market $325,000 Coming Soon 2 DOM
17. 2026-06-01
    remarks 644-char remark
18. 2026-06-01
    listed $325,000 Coming Soon 1 DOM

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

Taxation est. · year 1

• Rental income: $44,208
• − Mortgage interest: −$16,749
• − Property taxes: −$4,485
• − Insurance: −$1,495
• − Repairs & maintenance: −$3,537
• − Management: −$3,537
• − Depreciation: −$8,698
• Taxable income: $5,708
• Est. tax owed @ 24.0%: −$1,370
• After-tax cash flow: $8,759/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: Soquel Union Elementary
• NCES district ID: 0637290
• Math proficiency: 49% ▬ 0.00%
• Reading proficiency: 63% ▲ 1.00%
• Median HH income: $66,999
• Composite: 51.13/100
• National rank: #3779
• State rank: #302 of 1400 in CA

Livability — Pleasure Point

• Score: 80/100
• State rank: #53
• US rank: #1968

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pleasure Point, CA
• County: Santa Cruz County · 225,113 people
• Metro: Santa Cruz-Watsonville, CA
• Population (ZIP): 35,607
• Household income: $112,106
• Rent vs Own: 46.5% rent · 53.5% own
• Severe rent burden: 1672.0

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 (68%)
• Race & ethnicity: White 68% Hispanic / Latino 20% Two or more races 12% Asian 4% Black 1%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Lithuanian 4% Italian 3% Romanian 2%
• Foreign-born: 12% · Canada, China, Vietnam
• Languages at home: 81% English-only · Spanish 12% Other Indo-European 2% Other Asian/Pacific 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: ▼ -1390.84%
• Current HPI: 319.0529
• Rent YoY: ▲ 0.61%
• Metro: Santa Cruz-Watsonville, 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