202 Queens Way · Pittsburg, CA 94565

$73,333

2 bd · 2.0 ba · 1,248 sqft · Manufactured · 8 Days on market

Built 1978 Fair condition $59/sqft · 15% below area Est $87k · 15% under ↓ 5% 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
• ARV discount +14.4/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +2.9/5.0
• Rent growth +2.8/5.0
• Schools +2.8/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming and rich in character, this home is beautifully positioned on a corner lot in a friendly 55+ community, offering a warm, storybook ambiance. Inside, you’ll find two bedrooms and two bathrooms, along with both a separate living room and family room—providing plenty of space for relaxing or entertaining. The kitchen reflects the seller’s artistic touch, featuring details that create a one-of-a-kind feel. It comes equipped with a refrigerator, built-in oven, gas cooktop, and dishwasher, along with a convenient counter-height table ideal for casual dining or morning coffee. Artistic elements continue throughout the home, from the guest bathroom with a shower-over-tub

Key facts

• 2 garage spots
• Community pool
• Built 1978

Property features AI

Finance

• HOA & community: Pets allowed upon approval; Delta Hawaii Mobile Home Park; Senior community; Community amenities: clubhouse, greenbelt, fitness center, pool, sauna, spa, activities, BBQ area, game room, guest parking, rec room with fireplace

Exterior

• Parking: 2 garage spaces; Carport for 2 or more vehicles; 2 covered parking spaces
• Utilities: Public water; Public sewer
• Home design: Manufactured in-park (mobile home); Double wide; Main entry at street level
• Construction: Aluminum siding; Crawl space foundation; Living area approximately 1,248 square feet
• Exterior features: Covered patio/porch; Terraced landscaping; Shed(s); Landscaped corner lot; Community pool

Interior

• Kitchen: Refrigerator
• Bedrooms: 2 bedrooms (street level)
• Flooring: Laminate flooring
• Bathrooms: 2 full bathrooms; Primary bathroom has a stall shower and sunken tub; Other bathroom(s) include shower over tub
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: No additional rooms; Window coverings; Stair lift
• Laundry & utility: Laundry room with hookups only; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $73k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $73k).
• Cap rate 32.0% vs local median 3.4% in Pittsburg — 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 (#687 in CA) — a working-class tenant base; expect higher turnover. Strengths: employment A+, housing A+; Watch: schools F, crime D-, amenities F.
• Pittsburg Unified (suburban): math 21% / reading 35% proficiency, ranked #1,069 of 1,400 in CA (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+1.1%/yr); 265 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,169 units permitted in Contra Costa County in 2024 (896 in 5+ unit buildings).
• This rent runs 33% of the median local income ($96k/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 $507 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Contra Costa County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 1.1% rent growth), your $21k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $73,333

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. Crime grade is D 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: 3.59% ✓
• Cap rate: 32.04%
• Cash-on-cash: 91.95%
• DSCR: 5.09
• GRM: 2.3

CMA / ARV

• ARV (median comp): $86,700
• List price: $73,333
• Delta: -15.42%
• Verdict: UNDERPRICED
• Comps: 18 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
202 Queens Way	0.00mi	2/2.0	1,248 (0%)	1mo	$70,000	$56	100
171 Sunset Dr	0.08mi	2/2.0	1,248 (0%)	11mo	$100,000	$80	87
201 Queens Way #201	0.02mi	2/2.0	1,152 (-8%)	1mo	$60,000	$52	85
224 Queens Way #224	0.07mi	2/2.0	1,344 (+8%)	2mo	$85,900	$64	82
134 Banyon Dr	0.11mi	2/2.0	1,344 (+8%)	3mo	$133,000	$99	79
169 Sunset Way	0.09mi	2/2.0	1,320 (+6%)	9mo	$249,500	$189	79
109 Reef Dr #109	0.16mi	2/2.0	1,152 (-8%)	2mo	$120,000	$104	78
46 Palm Dr	0.21mi	3/2.0 (+1)	1,277 (+2%)	6mo	$230,000	$180	77
232 Queens Way	0.02mi	2/2.0	1,400 (+12%)	4mo	$87,500	$63	75
170 Sunset Way	0.08mi	2/2.0	1,160 (-7%)	12mo	$169,500	$146	75
131 Banyon Dr	0.14mi	2/2.0	1,100 (-12%)	2mo	$82,000	$75	72
61 Pali Way	0.24mi	2/2.0	1,400 (+12%)	3mo	$50,000	$36	66

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 · 1.11% rent growth · sell at horizon

5-year hold

• IRR: 90.6%
• Equity multiple: 5.06×
• Total profit: $83,454
• Equity at exit: $10,934

10-year hold

• IRR: 93.1%
• Equity multiple: 9.89×
• Total profit: $182,455
• Equity at exit: $6,340

Cash invested: $20,533 (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 94565

• Rents YoY: 1.1%
• Active inventory: 265
• Price-to-rent: 2.3×

Monthly cashflow live

• Estimated rent: $2,633 high
• Mortgage (P&I): −$385
• Tax est. 1.5%: −$92 /mo · $1,100/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$553
• Net cashflow: $1,573

Break-even live

Break-even rent $642

Max offer price $73,333

Occupancy floor 35%

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: $18,333
• Closing costs: $2,200
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4 Meadowbrook Ave Pittsburg, CA	2.0	2.0	1122	$2,600	$2.32	43d	1	0.19mi
3818 Harbor St Pittsburg, CA	2.0	1.0	825	$2,350	$2.85	3d	1	0.31mi
948 Golden Leaf Way Pittsburg, CA	3.0	2.0	1386	$3,400	$2.45	43d	1	0.31mi
2221 Lynbrook Dr Pittsburg, CA	3.0	2.0	1365	$3,195	$2.34	43d	1	0.36mi
1128 E Leland Rd Pittsburg, CA	1.0–2.0	1.0	758	$2,245	$2.96	2d	11	0.43mi
500 Loveridge Cir Pittsburg, CA	1.0–3.0	1.0–2.0	825	$2,430	$2.95	1d	10	0.52mi
110 Dias Cir Pittsburg, CA	1.0–3.0	1.0–2.0	819	$2,385	$2.91	1d	15	0.54mi
17 Lorraine Ave Pittsburg, CA	3.0	1.5	1180	$2,700	$2.29	18d	1	0.74mi
240 Benjamin Ave Pittsburg, CA	3.0	2.0	1379	$3,139	$2.28	2d	1	0.75mi
30 Castlewood Dr Pittsburg, CA	1.0–2.0	1.0	793	$2,640	$3.33	1d	3	0.95mi
1680 Barrus Ave Pittsburg, CA	2.0	1.0	850	$2,300	$2.71	24d	1	1.00mi
1373 Columbia St Pittsburg, CA	1.0	1.0	736	$1,900	$2.58	43d	1	1.09mi
2205 E Leland Rd Pittsburg, CA	1.0–2.0	1.0–2.0	847	$2,359	$2.79	1d	20	1.10mi
1000 Pheasant Dr Pittsburg, CA	1.0–2.0	1.0–2.5	879	$2,795	$3.18	24d	29	1.10mi
1353 Pine St Pittsburg, CA	3.0	2.0	1369	$2,750	$2.01	5d	1	1.12mi
1341 Maple St Pittsburg, CA	2.0	1.0	1299	$2,550	$1.96	21d	1	1.13mi
241 W Buchanan Rd Pittsburg, CA	1.0–2.0	1.0–2.0	840	$2,660	$3.17	1d	13	1.15mi
1346 Redwood St Pittsburg, CA	3.0	1.5	1066	$2,915	$2.73	16d	1	1.15mi
2191 Lakeview Cir Pittsburg, CA	2.0	2.0	783	$2,500	$3.19	16d	1	1.21mi
535 Central Ave Unit 2 Pittsburg, CA	1.0	1.0	700	$1,795	$2.56	43d	1	1.22mi
706 E 12th St Pittsburg, CA	2.0	1.0	939	$2,490	$2.65	24d	1	1.23mi
706 E 12th St Pittsburg, CA	2.0	1.0	935	$2,490	$2.66	21d	1	1.23mi

Listing history 2 events

1. 2026-05-14
   status Pending 1292-char remark
2. 2026-05-05
   listed $73,333 Active 1292-char remark

ⓘ 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 5/10 Major 7 d/yr ≥99°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 14 unhealthy d/yr today · 14 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,598
• − Mortgage interest: −$4,108
• − Property taxes: −$1,100
• − Insurance: −$367
• − Repairs & maintenance: −$2,528
• − Management: −$2,528
• − Depreciation: −$2,133
• Taxable income: $18,835
• Est. tax owed @ 24.0%: −$4,520
• After-tax cash flow: $14,361/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This charming manufactured home in a 55+ community requires moderate repairs and updates to improve its condition and value. Painting, updating cabinets and fixtures, and landscaping improvements would significantly enhance its appeal.

Repairs flagged

• Moderate Exterior siding — Weathered and discolored
• Moderate Kitchen cabinets — Dated appearance
• Moderate Bathroom fixtures — Dated and worn
• Moderate Paint — Faded in some areas

Value-add opportunities

• Both Painting and updating kitchen cabinets — Improves curb appeal and interior aesthetics
• Both Updating bathroom fixtures — Enhances functionality and appeal
• Both Landscaping improvements — Enhances curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Weathered and discolored	Moderate	$3,000–15,000
Kitchen cabinets · Dated appearance	Moderate	$3,000–15,000
Bathroom fixtures · Dated and worn	Moderate	$3,000–15,000
Paint · Faded in some areas	Moderate	$3,000–15,000
Total estimated repair cost · 4 items		$12,000–60,000

Value-add ROI direction

• Both Painting and updating kitchen cabinets — Improves curb appeal and interior aesthetics ↑
• Both Updating bathroom fixtures — Enhances functionality and appeal ↑
• Both Landscaping improvements — Enhances curb appeal and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Pittsburg Unified
• NCES district ID: 0630600
• Math proficiency: 21% ▲ 1.00%
• Reading proficiency: 35% ▲ 1.00%
• Median HH income: $55,872
• Composite: 27.99/100
• National rank: #12238
• State rank: #1069 of 1400 in CA

Livability — Pittsburg

• Score: 58/100
• State rank: #687
• US rank: #20922

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pittsburg, CA
• County: Contra Costa County · 1,059,880 people
• City population: 100,488
• Metro: San Francisco-Oakland-Berkeley, CA
• Population (ZIP): 100,488
• Household income: $95,556
• Rent vs Own: 39.1% rent · 60.9% own
• Severe rent burden: 3942.0

Population outlook (Contra Costa County) Hauer SSP2

• Today (2025): 1,287,720 people
• By 2030: 1,364,937 · +6.0%
• By 2040: 1,506,209 · +17.0%
• By 2050: 1,624,373 · +26.1%
• By 2075: 1,853,193 · +43.9%
• By 2100: 1,901,231 · +47.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.70)
• Race & ethnicity: Hispanic / Latino 48% Two or more races 19% Asian 17% White 16% Black 13% Pacific Islander 1% Native American 1%
• Hispanic origin (detail): Mexican 38% Puerto Rican 1%
• Common ancestry: Italian 1% Russian 1% Lithuanian 1%
• Foreign-born: 34% · Canada, China, Vietnam
• Languages at home: 47% English-only · Spanish 37% Tagalog/Filipino 6% Other Indo-European 4%

Political lean MEDSL · Contra Costa

• 2024 margin: Solid D (+38.0) · D 67.3% · R 29.4% · Other 3.3%
• 2008→2024 swing: +0.2pp no change · 2008: 37.8pp · 2024: 38.0pp
• All cycles: 2024: D+38.0 2020: D+45.3 2016: D+43.5 2012: D+33.7 2008: D+37.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -478.40%
• Current HPI: 376.2576
• Rent YoY: ▲ 1.11%
• Metro: San Francisco-Oakland-Berkeley, 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

-4.5% since first listed

3 events — show timeline

• 2026-06-01 Sold (MLS) $70,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-05-14 Pending — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-05-05 Listed $73,333 bridgeMLS, Bay East AOR, or Contra Costa AOR