1255 Orcutt Rd Unit B33 · San Luis Obispo, CA 93401

$189,950

2 bd · 2.0 ba · 745 sqft · Manufactured · 81 Days on market

Built 2026 $255/sqft · 6% above area Est $180k · 6% over ↓ 13% since listing

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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 +5.0/15.0
• Schools +4.6/10.0
• Livability +3.7/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this brand new 2026 Champion manufactured home located in the highly desirable Colonial Manor Manufactured Home Community in San Luis Obispo. This spacious single-wide offers 2 bedrooms and 2 bathrooms with a bright, open-concept layout designed to maximize both comfort and functionality. The well-appointed kitchen features sleek stainless steel appliances and ample cabinetry, creating a modern and inviting space that flows seamlessly into the main living area—perfect for everyday living and entertaining. Indoor laundry hookups add to the home’s convenience, while contemporary finishes throughout enhance its clean, move-in ready appeal. Enjoy comfortable, low-maintenance living in a well-maintained community with affordable space rent of just $995 per month. This is a rare opportunity to own a brand new, thoughtfully designed home in a prime coastal location.

Key facts

• Spacious single-wide
• Ample cabinetry
• Open-concept layout

Tags

• SPACIOUS SINGLE-WIDE
• WELL-APPOINTED KITCHEN
• STAINLESS STEEL APPLIANCES
• AMPLE CABINETRY
• OPEN-CONCEPT LAYOUT
• INDOOR LAUNDRY HOOKUPS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $190k.

Deal economics

• At list price, monthly cash flow is $933 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $190k).
• Recommended offer: $179k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.2% vs local median 2.1% in San Luis Obispo — 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 74/100 on livability (#132 in CA, #4,576 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime F, cost of living F.
• San Luis Coastal Unified (urban): math 50% / reading 58% proficiency, ranked #118 of 517 in CA (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+4.4%/yr); 140 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,104 units permitted in San Luis Obispo County in 2024 (273 in 5+ unit buildings).
• This rent runs 35% of the median local income ($97k/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 Luis Obispo County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.4% rent growth), your $53k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 81 days — a 6% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 9y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $178,553 (6.0% below list)

Questions for the listing agent

1. It's been on market 81 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. 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?
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.50% ✓
• Cap rate: 12.18%
• Cash-on-cash: 21.04%
• DSCR: 1.94
• GRM: 5.6

CMA / ARV

• ARV (median comp): $180,000
• List price: $189,950
• Delta: 5.53%
• Verdict: FAIR
• Comps: 3 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1255 Orcutt Rd Unit B29	0.03mi	2/1.5	720 (-3%)	21mo	$172,500	$240	74
1255 Orcutt Rd Unit B18	0.03mi	2/1.5	688 (-8%)	15mo	$189,950	$276	71
3500 Bullock Ln #16	0.16mi	2/2.0	840 (+13%)	5mo	$180,000	$214	67
1255 Orcutt Unit B26	0.03mi	2/1.0	673 (-10%)	15mo	$175,000	$260	66
1121 Orcutt Rd #68	0.08mi	2/1.0	800 (+7%)	20mo	$135,000	$169	64

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 · 4.41% rent growth · sell at horizon

5-year hold

• IRR: 15.1%
• Equity multiple: 1.62×
• Total profit: $32,747
• Equity at exit: $28,322

10-year hold

• IRR: 24.8%
• Equity multiple: 3.30×
• Total profit: $122,439
• Equity at exit: $16,423

Cash invested: $53,186 (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 93401

• Rents YoY: 4.4%
• Active inventory: 140
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $2,842 medium
• Mortgage (P&I): −$996
• Tax est. 1.5%: −$237 /mo · $2,849/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$597
• Net cashflow: $933

Break-even live

Break-even rent $1,662

Max offer price $189,950

Occupancy floor 62%

Sensitivity live

Price	-10% $1,064	-5% $998	+0% $933	+5% $867	+10% $801
Rent	-10% $708	-5% $820	+0% $933	+5% $1,045	+10% $1,157
Rate	-1.0pp $1,028	-0.5pp $981	base $933	+0.5pp $883	+1.0pp $833

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: $47,488
• Closing costs: $5,698
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
791 Orcutt Rd San Luis Obispo, CA	1.0	1.0	651	$2,750	$4.22	22d	3	0.40mi
3150 Rockview Pl #8 San Luis Obispo, CA	1.0	1.0	600	$2,475	$4.12	45d	1	0.58mi
2800 Broad St San Luis Obispo, CA	1.0	1.0	464	$2,500	$5.39	45d	1	0.64mi

Listing history 29 events

1. 2026-06-21
   days on market $189,950 Active 81 DOM
2. 2026-06-19
   price $189,950 Active 78 DOM
3. 2026-06-18
   days on market $194,950 Active 78 DOM
4. 2026-06-17
   days on market $194,950 Active 77 DOM
5. 2026-06-16
   days on market $194,950 Active 76 DOM
6. 2026-06-15
   days on market $194,950 Active 75 DOM
7. 2026-06-14
   days on market $194,950 Active 73 DOM
8. 2026-06-13
   days on market $194,950 Active 72 DOM
9. 2026-06-10
   days on market $194,950 Active 70 DOM
10. 2026-06-09
    days on market $194,950 Active 69 DOM
11. 2026-06-08
    days on market $194,950 Active 68 DOM
12. 2026-06-07
    days on market $194,950 Active 67 DOM
13. 2026-06-03
    days on market $194,950 Active 63 DOM
14. 2026-06-02
    days on market $194,950 Active 62 DOM
15. 2026-06-01
    days on market $194,950 Active 61 DOM
16. 2026-05-31
    days on market $194,950 Active 60 DOM
17. 2026-05-30
    days on market $194,950 Active 59 DOM
18. 2026-04-27
    price $194,950 894-char remark

    Show marketing remark (894 chars)

    Welcome to this brand new 2026 Champion manufactured home located in the highly desirable Colonial Manor Manufactured Home Community in San Luis Obispo. This spacious single-wide offers 2 bedrooms and 2 bathrooms with a bright, open-concept layout designed to maximize both comfort and functionality. The well-appointed kitchen features sleek stainless steel appliances and ample cabinetry, creating a modern and inviting space that flows seamlessly into the main living area—perfect for everyday living and entertaining. Indoor laundry hookups add to the home’s convenience, while contemporary finishes throughout enhance its clean, move-in ready appeal. Enjoy comfortable, low-maintenance living in a well-maintained community with affordable space rent of just $995 per month. This is a rare opportunity to own a brand new, thoughtfully designed home in a prime coastal location.

19. 2026-04-01
    listed $199,950 Active 894-char remark

    Show marketing remark (894 chars)

    Welcome to this brand new 2026 Champion manufactured home located in the highly desirable Colonial Manor Manufactured Home Community in San Luis Obispo. This spacious single-wide offers 2 bedrooms and 2 bathrooms with a bright, open-concept layout designed to maximize both comfort and functionality. The well-appointed kitchen features sleek stainless steel appliances and ample cabinetry, creating a modern and inviting space that flows seamlessly into the main living area—perfect for everyday living and entertaining. Indoor laundry hookups add to the home’s convenience, while contemporary finishes throughout enhance its clean, move-in ready appeal. Enjoy comfortable, low-maintenance living in a well-maintained community with affordable space rent of just $995 per month. This is a rare opportunity to own a brand new, thoughtfully designed home in a prime coastal location.

20. 2019-09-16
    historical
21. 2019-08-23
    price $195,000
22. 2019-07-08
    price $215,000
23. 2019-05-24
    listed $225,000 Active
24. 2019-03-19
    historical
25. 2019-02-23
    price $225,000
26. 2019-01-02
    listed $230,000 Active
27. 2018-12-05
    historical
28. 2018-06-19
    price $220,000
29. 2017-12-20
    listed $225,000 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 6/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥84°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 11 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,105
• − Mortgage interest: −$10,640
• − Property taxes: −$2,849
• − Insurance: −$950
• − Repairs & maintenance: −$2,728
• − Management: −$2,728
• − Depreciation: −$5,526
• Taxable income: $8,684
• Est. tax owed @ 24.0%: −$2,084
• After-tax cash flow: $9,107/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 Luis Coastal Unified
• NCES district ID: 0634800
• Math proficiency: 50% ▼ -14.00%
• Reading proficiency: 58% ▼ -12.00%
• Median HH income: $53,428
• Composite: 46.4/100
• National rank: #2455
• State rank: #118 of 517 in CA

Livability — San Luis Obispo

• Score: 74/100
• State rank: #132
• US rank: #4576

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Luis Obispo, CA
• County: San Luis Obispo County · 224,651 people
• City population: 54,204
• Metro: San Luis Obispo-Paso Robles, CA
• Population (ZIP): 29,202
• Household income: $96,824
• Rent vs Own: 52.1% rent · 47.9% own
• Severe rent burden: 2050.0

Population outlook (San Luis Obispo County) Hauer SSP2

• Today (2025): 306,977 people
• By 2030: 320,378 · +4.4%
• By 2040: 343,933 · +12.0%
• By 2050: 366,853 · +19.5%
• By 2075: 428,329 · +39.5%
• By 2100: 460,687 · +50.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Hispanic / Latino 18% Two or more races 12% Asian 4% Black 2%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Lithuanian 4% Italian 3% Portuguese 3%
• Foreign-born: 9% · Canada, China, South Korea
• Languages at home: 84% English-only · Spanish 10% Chinese 1% Other Asian/Pacific 1%

Political lean MEDSL · San Luis Obispo

• 2024 margin: D (+10.9) · D 53.9% · R 43.1% · Other 3.0%
• 2008→2024 swing: +5.5pp toward D · 2008: 5.4pp · 2024: 10.9pp
• All cycles: 2024: D+10.9 2020: D+13.1 2016: D+8.3 2012: D+1.0 2008: D+5.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -796.84%
• Current HPI: 359.9248
• Rent YoY: ▲ 4.41%
• Metro: San Luis Obispo-Paso Robles, 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

-13.4% since first listed

12 events — show timeline

• 2026-04-27 Price Changed $194,950 CRMLS
• 2026-04-01 Listed $199,950 CRMLS
• 2019-09-16 Listing Removed — CRMLS
• 2019-08-23 Price Changed $195,000 CRMLS
• 2019-07-08 Price Changed $215,000 CRMLS
• 2019-05-24 Listed $225,000 CRMLS
• 2019-03-19 Listing Removed — CRMLS
• 2019-02-23 Price Changed $225,000 CRMLS
• 2019-01-02 Listed $230,000 CRMLS
• 2018-12-05 Listing Removed — CRMLS
• 2018-06-19 Price Changed $220,000 CRMLS
• 2017-12-20 Listed $225,000 CRMLS