138 Liberty · Newport Beach, CA 92660

$420,000

2 bd · 2.0 ba · 960 sqft · Manufactured · 30 Days on market

Built 1982 Est $429k · at est. ↓ 12% 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 +22.5/30.0
• Appreciation +10.0/10.0
• ARV discount +8.5/15.0
• DSCR +7.2/10.0
• 1% rule +5.9/10.0
• Schools +4.8/10.0
• Livability +3.8/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Welcome to Bayside Village in the heart of Newport Beach. This 2 bedroom/2 bath home is in a great location and is just a short stroll to Back Bay, the bayfront clubhouse with pool & jacuzzi plus a private beach! Also close by is the fitness room, picnic area with barbeque and dog park. There is also a marina. This home has an open floorplan with great room and dining area plus open kitchen with stainless appliances. The spacious primary bedroom has a walk in closet and bathroom with walk in shower. The second bedroom has a sliding glass door leading out to the patio area. There is also a laundry area. Outside is an oversized private patio yard with mature trees. There is also a larg

Key facts

• Picnic area
• Private beach
• Fitness room

Tags

• SHORT STROLL TO BACK BAY
• BAYFRONT CLUBHOUSE
• PRIVATE BEACH
• FITNESS ROOM
• PICNIC AREA
• BARBEQUE

Property features AI

Finance

• Other: Part of Bayside Village community
• Financial info: Land lease (monthly) — amount reported by seller
• HOA & community: Community amenities: pool, spa (in-ground, community, heated), clubhouse, gym/exercise room, billiard room, card room, recreational/multipurpose room, picnic area, barbecue/outdoor cooking area, fire pit, dog park, street lighting, onsite property management, trash and sewer service; Association allows pets with breed restrictions; Permitted types and pet rules enforced

Exterior

• Parking: Attached carport (1 space); Private road access (paved)
• Security: Onsite resident manager
• Utilities: Electricity on property; electricity connected; Natural gas connected; Water connected (district/public); Public sewer (sewer paid); Cable available; Telephone in street
• Home design: Single-story home; Entry on side; Faces south; Model: Canyon Crest; Mobile home remains (20' x 48'); One-level living
• Construction: Wood construction with drywall interior walls; Skirted with wood and brick; Pier jacks foundation
• Exterior features: Porch; Patio; Rain gutters; Storage building; Wood fencing; Patio-home lot; Treed lot; Landscaped; Level with street; Park nearby; Community marina view; Community pool (fenced, filtered, heated)

Interior

• Kitchen: Kitchen open to family room; Kitchen island; Pots & pan drawers; Garbage disposal; Built-in range; Dishwasher; Gas water heater
• Bedrooms: Primary suite; Walk-in closet
• Flooring: Carpet; Wood
• Bathrooms: Two full bathrooms; Bathtub; Shower; Walk-in shower; Shower in tub
• Heating & cooling: Central furnace
• Interior features: Beamed ceilings; Built-in shelving/cabinetry; Bar area; Home automation system; Track lighting; Open floor plan; Tile countertops; Sliding glass doors; Casement windows with drapes/curtains and screens; No interior steps (accessible); Doors swing inward
• Laundry & utility: Washer hookup; Laundry area in kitchen; 220V outlet in laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $420k.

Deal economics

• At list price, monthly cash flow is $705 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $420k).
• Recommended offer: $414k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 0.6% in Newport Beach — 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 76/100 on livability (#101 in CA, #3,645 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, employment A+, commute A; Watch: health & safety C-, cost of living F.
• Newport-Mesa Unified (urban): math 46% / reading 58% proficiency, ranked #106 of 517 in CA (top 20%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Corona Del Mar High (math 55% / reading 63%, grade C+, #221 of 1,170 statewide, top 19%, 2,059 students, 20% FRL) — zoned schools average 20% FRL vs 40% district-wide (20 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+4.1%/yr); 154 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 6,974 units permitted in Orange County in 2024 (3,839 in 5+ unit buildings).
• This rent runs 34% of the median local income ($160k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $45k of equity ($3k loan paydown + $42k appreciation (10.0% local appreciation)).
• Orange County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 4.1% rent growth), your $118k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$72k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($414k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $55k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $413,700 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 1.09% ✓
• Cap rate: 8.31%
• Cash-on-cash: 7.19%
• DSCR: 1.32
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $429,120
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
312 Concord Ln	0.14mi	2/2.0	1,000 (+4%)	14mo	$350,000	$350	75
265 Mayflower	0.08mi	2/2.0	1,100 (+15%)	0mo	$370,000	$336	72
208 Tremont Dr	0.07mi	2/2.0	1,040 (+8%)	16mo	$465,000	$447	70
205 Tremont Dr	0.09mi	3/2.0 (+1)	1,078 (+12%)	6mo	$649,000	$602	65
24 Saratoga #24	0.10mi	2/2.0	1,100 (+15%)	9mo	$850,000	$773	64
72 Saratoga	0.07mi	2/2.0	1,104 (+15%)	19mo	$440,000	$399	56

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 4.11% rent growth · sell at horizon

5-year hold

• IRR: 30.0%
• Equity multiple: 3.37×
• Total profit: $278,859
• Equity at exit: $378,369

10-year hold

• IRR: 26.3%
• Equity multiple: 7.78×
• Total profit: $796,977
• Equity at exit: $815,968

Cash invested: $117,600 (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 92660

• Home prices YoY: 3.4%
• Rents YoY: 4.1%
• Active inventory: 154
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $4,566 high
• Mortgage (P&I): −$2,203
• Tax est. 1.5%: −$525 /mo · $6,300/yr
• Insurance: −$175
• HOA: −$0
• Vacancy / Maint / Mgmt: −$959
• Net cashflow: $705

Break-even live

Break-even rent $3,674

Max offer price $420,000

Occupancy floor 80%

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: $105,000
• Closing costs: $12,600
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
94 Yorktown Newport Beach, CA	2.0	2.0	1029	$4,250	$4.13	13d	1	0.02mi
200 Promontory Dr W Newport Beach, CA	1.0–2.0	1.0–2.0	1187	$5,385	$4.54	2d	25	0.38mi
226 Garnet Ave Newport Beach, CA	1.0	1.0	589	$4,195	$7.12	43d	1	0.67mi
212 Garnet Ave Newport Beach, CA	2.0	2.0	791	$5,900	$7.46	43d	1	0.70mi
120 Garnet Ave Newport Beach, CA	2.0	1.0	850	$5,150	$6.06	43d	1	0.75mi
216 Agate Ave Unit 1/2 Newport Beach, CA	1.0	1.0	767	$4,000	$5.22	43d	1	0.75mi
1728 Bedford Ln Newport Beach, CA	1.0–2.0	1.0–2.0	954	$3,795	$3.98	1d	2	0.76mi
320 Sapphire Ave Newport Beach, CA	2.0	2.0	1000	$4,200	$4.20	2d	1	0.77mi
232 Villa Point Dr Newport Beach, CA	1.0	1.0	851	$4,350	$5.11	24d	1	0.83mi
208 Villa Point Dr Newport Beach, CA	1.0	1.0	774	$3,490	$4.51	43d	1	0.83mi
122 Opal Ave Unit 2 Newport Beach, CA	2.0	1.0	700	$4,750	$6.79	18d	1	0.85mi
312 Saint Andrews Rd Unit B Newport Beach, CA	2.0	1.0	1000	$4,850	$4.85	43d	1	0.86mi
533 Saint Andrews Rd Newport Beach, CA	2.0	1.0	980	$3,800	$3.88	2d	1	0.87mi
1400 Haven Pl Unit 533 Newport Beach, CA	2.0	1.0	980	$3,800	$3.88	2d	1	0.87mi
880 Irvine Ave Newport Beach, CA	2.0	1.0–2.0	704	$3,179	$4.51	1d	99	0.87mi
305 Marine Ave Newport Beach, CA	2.0	1.0	625	$4,000	$6.40	43d	1	0.90mi
207 E Edgewater Ave Newport Beach, CA	2.0	2.0	950	$9,000	$9.47	20d	1	0.91mi
2101 E 15th St #8 Newport Beach, CA	2.0	1.5	1025	$4,350	$4.24	43d	1	0.93mi
1510 Abalone Pl Newport Beach, CA	1.0	1.0	750	$3,500	$4.67	43d	1	0.94mi
307 Anade Ave Newport Beach, CA	2.0	2.0	1100	$4,750	$4.32	43d	1	0.99mi
114 Onyx Ave Newport Beach, CA	3.0	2.0	1050	$6,750	$6.43	43d	1	1.02mi
206 Adams St #1 Newport Beach, CA	3.0	3.0	1065	$9,000	$8.45	3d	1	1.04mi
618 W Balboa Blvd Newport Beach, CA	2.0	1.0	780	$4,195	$5.38	43d	1	1.08mi
5100 Colony Plz Newport Beach, CA	1.0–2.0	1.0–2.0	1316	$6,260	$4.76	2d	10	1.14mi
1581 Tustin Ave Costa Mesa, CA	2.0	2.0	1100	$5,400	$4.91	18d	1	1.16mi
384 16th Pl Unit B Costa Mesa, CA	2.0	1.0	1015	$4,400	$4.33	43d	1	1.18mi
1 Park Newport Newport Beach, CA	3.0	1.0–2.5	1013	$4,188	$4.13	1d	116	1.20mi
1114 W Balboa Blvd Unit 1114 Newport Beach, CA	2.0	1.0	800	$3,850	$4.81	24d	1	1.24mi
1741 Tustin Ave #49 Costa Mesa, CA	2.0	2.0	1044	$4,000	$3.83	43d	1	1.24mi
1144 W Balboa Blvd Unit A1 Newport Beach, CA	2.0	1.0	1100	$6,500	$5.91	24d	1	1.26mi
1144 W Balboa Blvd Unit A Newport Beach, CA	2.0	1.0	1100	$4,750	$4.32	24d	1	1.26mi
393 Broadway Costa Mesa, CA	1.0	1.0	590	$2,995	$5.08	24d	1	1.28mi
1000 San Joaquin Plz Newport Beach, CA	1.0–3.0	1.0–2.0	1146	$6,998	$6.10	1d	32	1.29mi
1312 W Balboa Blvd Newport Beach, CA	1.0	1.0	600	$2,675	$4.46	3d	1	1.34mi
1597 San Bernardino Pl Costa Mesa, CA	2.0	1.0	900	$4,500	$5.00	19d	1	1.34mi
2530 W Coast Hwy Newport Beach, CA	2.0	2.0	1015	$4,800	$4.73	7d	1	1.36mi
1338 W Balboa Blvd Unit 4 Newport Beach, CA	1.0	1.0	615	$2,595	$4.22	43d	1	1.36mi
313 W 17th St Costa Mesa, CA	1.0–2.0	1.0	750	$4,225	$5.63	6d	7	1.37mi
326 Rochester St Unit 326B Costa Mesa, CA	3.0	2.0	900	$3,945	$4.38	44d	1	1.37mi
1411 W Bay Ave Newport Beach, CA	2.0	1.0	815	$4,250	$5.21	13d	1	1.38mi

Listing history 20 events

1. 2026-06-18
   days on market $420,000 Active 30 DOM
2. 2026-06-17
   days on market $420,000 Active 29 DOM
3. 2026-06-16
   days on market $420,000 Active 28 DOM
4. 2026-06-15
   days on market $420,000 Active 27 DOM
5. 2026-06-13
   days on market $420,000 Active 25 DOM
6. 2026-06-13
   days on market $420,000 Active 24 DOM
7. 2026-06-09
   days on market $420,000 Active 21 DOM
8. 2026-06-08
   days on market $420,000 Active 20 DOM
9. 2026-06-07
   days on market $420,000 Active 19 DOM
10. 2026-06-04
    days on market $420,000 Active 16 DOM
11. 2026-06-03
    days on market $420,000 Active 15 DOM
12. 2026-06-02
    days on market $420,000 Active 14 DOM
13. 2026-06-01
    days on market $420,000 Active 13 DOM
14. 2026-05-31
    days on market $420,000 Active 12 DOM
15. 2026-05-21
    price $420,000
16. 2026-05-19
    listed $475,000 Active
17. 2025-07-18
    historical
18. 2025-06-08
    price $425,000
19. 2025-04-30
    price $449,000
20. 2025-01-25
    listed $475,000 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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥82°F today · 23 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $54,795
• − Mortgage interest: −$23,527
• − Property taxes: −$6,300
• − Insurance: −$2,100
• − Repairs & maintenance: −$4,384
• − Management: −$4,384
• − Depreciation: −$12,218
• Taxable income: $1,883
• Est. tax owed @ 24.0%: −$452
• After-tax cash flow: $8,006/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: Newport-Mesa Unified
• NCES district ID: 0627240
• Math proficiency: 46% ▼ -6.00%
• Reading proficiency: 58% ▼ -5.00%
• Median HH income: $83,922
• Composite: 47.64/100
• National rank: #2248
• State rank: #106 of 517 in CA

Livability — Newport Beach

• Score: 76/100
• State rank: #101
• US rank: #3645

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Newport Beach, CA
• County: Orange County · 3,096,323 people
• City population: 83,845
• Metro: Los Angeles-Long Beach-Anaheim, CA
• Population (ZIP): 34,890
• Household income: $159,564
• Rent vs Own: 50.8% rent · 49.2% own
• Severe rent burden: 2633.0

Population outlook (Orange County) Hauer SSP2

• Today (2025): 3,477,456 people
• By 2030: 3,613,117 · +3.9%
• By 2040: 3,835,945 · +10.3%
• By 2050: 3,968,736 · +14.1%
• By 2075: 4,097,053 · +17.8%
• By 2100: 3,903,633 · +12.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Two or more races 10% Hispanic / Latino 10% Asian 9% Black 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 4% Lithuanian 3% Slovak 3%
• Foreign-born: 16% · Canada, China, South Korea
• Languages at home: 81% English-only · Spanish 5% Other Indo-European 5% Chinese 2%

Political lean MEDSL · Orange

• 2024 margin: Toss-up / Even · D 49.7% · R 47.1% · Other 3.2%
• 2008→2024 swing: +5.2pp toward D · 2008: -2.6pp · 2024: 2.6pp
• All cycles: 2024: D+2.6 2020: D+9.0 2016: D+7.7 2012: R+8.3 2008: R+2.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 17.65%
• Current HPI: 537.8751
• Rent YoY: ▲ 4.11%
• 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

-11.6% since first listed

6 events — show timeline

• 2026-05-21 Price Changed $420,000 CRMLS
• 2026-05-19 Listed $475,000 CRMLS
• 2025-07-18 Listing Removed — CRMLS
• 2025-06-08 Price Changed $425,000 CRMLS
• 2025-04-30 Price Changed $449,000 CRMLS
• 2025-01-25 Listed $475,000 CRMLS

Property tax history

-0.2%/yr

Latest (2025): $58 · -0.4% YoY. Source: county tax records.