275 S Worthington St #105 · La Presa, CA 91977

$169,900

2 bd · 2.0 ba · 1,440 sqft · Manufactured · 278 Days on market

Built 1977 Est $197k · 14% under ↓ 15% 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 +13.7/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.0/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

In the most desirable Mobile Home Park in Spring Valley-Bonita area. Price to sell, this 1440 sqft located on top of the Hill, Corner lot, with unobstructed ocean views, offers 2 bedrooms 2 full bath, extended porch, living and dining area, family room. New sliding Dual pane door. New carpet in bedrooms. it is a must see. The park offers community pool, spa, club house.

Key facts

• Distant ocean views
• Prime corner lot
• 2 parking spots

Tags

• DISTANT OCEAN VIEWS
• PRIME CORNER LOT

Property features AI

Finance

• HOA & community: Senior community; Community pool

Exterior

• Parking: 2 parking spaces
• Utilities: Public water; Sewer connected
• Home design: Mobile home; Single-story
• Construction: Aluminum siding
• Exterior features: Lot in Spring Valley subdivision; Zoned residential

Interior

• Bedrooms: Up to 2 bedrooms possible
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning
• Interior features: Community pool; Has a view; Breed restrictions for pets; Located in a senior community; Building named Bonita Hills Estates

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $170k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $170k).
• Recommended offer: $150k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.5% vs local median 3.0% in La Presa — 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 60/100 on livability (#571 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, employment B, housing B; Watch: schools D+, health & safety D, crime F.
• San Diego Unified (urban): math 19% / reading 29% proficiency, ranked #393 of 517 in CA (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents flat; 158 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 11,759 units permitted in San Diego County in 2024 (7,244 in 5+ unit buildings).
• This rent runs 38% of the median local income ($100k/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 $5k 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 + 0.9% rent growth), your $48k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 278 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y ago; this cycle's ask has dropped $25k (13%) 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 5→13/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $149,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 278 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.84% ✓
• Cap rate: 15.47%
• Cash-on-cash: 32.77%
• DSCR: 2.46
• GRM: 4.5

CMA / ARV

• ARV (on-the-fly): $197,280
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
275 S Worthington St #46	0.13mi	2/2.0	1,440 (0%)	7mo	$260,000	$181	88
275 S Worthington St #125	0.00mi	2/2.0	1,488 (+3%)	17mo	$169,999	$114	81
275 S Worthington St #107	0.00mi	2/2.0	1,584 (+10%)	11mo	$204,900	$129	74
275 S WORTHINGTON St #60	0.00mi	2/2.0	1,536 (+7%)	20mo	$210,000	$137	72

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 · 0.88% rent growth · sell at horizon

5-year hold

• IRR: 25.5%
• Equity multiple: 2.02×
• Total profit: $48,717
• Equity at exit: $25,333

10-year hold

• IRR: 31.9%
• Equity multiple: 3.59×
• Total profit: $123,438
• Equity at exit: $14,690

Cash invested: $47,572 (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 91977

• Rents YoY: 0.9%
• Active inventory: 158
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $3,131 high
• Mortgage (P&I): −$891
• Tax est. 1.5%: −$212 /mo · $2,548/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$657
• Net cashflow: $1,299

Break-even live

Break-even rent $1,486

Max offer price $169,900

Occupancy floor 54%

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8119 Paradise Valley Ct Spring Valley, CA	3.0	2.0	975	$3,195	$3.28	4d	1	0.40mi
425 S Meadowbrook Dr #133 San Diego, CA	2.0	2.0	1228	$3,000	$2.44	16d	1	0.63mi
8513 Paradise Valley Rd Spring Valley, CA	1.0–3.0	1.0–2.0	819	$2,430	$2.97	1d	8	0.67mi
5155 Cedarwood Rd Bonita, CA	2.0	2.0	1024	$2,583	$2.52	1d	4	0.90mi
2957 Plaza Miguel Bonita, CA	3.0	2.5	1658	$3,595	$2.17	1d	1	0.98mi
7291 Gatewood Ln Unit A San Diego, CA	3.0	2.0	1470	$3,750	$2.55	24d	1	1.02mi
7853 Gribble St San Diego, CA	3.0	2.0	1247	$4,100	$3.29	18d	1	1.03mi
752 Osage St Spring Valley, CA	3.0	2.0	1643	$4,200	$2.56	1d	1	1.06mi
2368 Fulham Way San Diego, CA	3.0	3.0	1540	$4,100	$2.66	18d	1	1.11mi
2165 Honey Dr San Diego, CA	1.0–2.0	1.0	800	$2,225	$2.78	5d	1	1.34mi
2147 Honey Dr San Diego, CA	1.0–2.0	1.0	800	$4,150	$5.19	13d	1	1.36mi
6935 Paradise Valley Rd San Diego, CA	1.0–2.0	1.0–2.0	752	$2,395	$3.18	7d	3	1.41mi
7055 Appian Dr Unit B San Diego, CA	3.0	2.0	1224	$2,999	$2.45	7d	1	1.42mi
6909 Alcona St San Diego, CA	1.0–2.0	1.0	800	$2,225	$2.78	15d	1	1.43mi
6932 Alcona St San Diego, CA	1.0–2.0	1.0	800	$4,150	$5.19	13d	1	1.46mi

Listing history 27 events

1. 2026-06-18
   days on market $169,900 Active 278 DOM
2. 2026-06-17
   days on market $169,900 Active 277 DOM
3. 2026-06-16
   days on market $169,900 Active 276 DOM
4. 2026-06-15
   days on market $169,900 Active 275 DOM
5. 2026-06-13
   days on market $169,900 Active 273 DOM
6. 2026-06-09
   days on market $169,900 Active 269 DOM
7. 2026-06-08
   days on market $169,900 Active 268 DOM
8. 2026-06-07
   days on market $169,900 Active 267 DOM
9. 2026-06-04
   days on market $169,900 Active 264 DOM
10. 2026-06-03
    days on market $169,900 Active 263 DOM
11. 2026-06-01
    days on market $169,900 Active 261 DOM
12. 2026-05-31
    days on market $169,900 Active 260 DOM
13. 2026-05-21
    status Active
14. 2026-05-21
    historical
15. 2026-03-30
    price $169,900
16. 2026-02-28
    price $169,900
17. 2026-02-13
    price $185,000
18. 2026-02-06
    status Active
19. 2026-02-06
    price $180,000
20. 2026-02-01
    historical
21. 2025-10-17
    price $189,900
22. 2025-09-08
    listed $195,000 Active
23. 2023-06-29
    soldstatus $185,000 Closed Sale 372-char remark

    Show marketing remark (372 chars)

    In the most desirable Mobile Home Park in Spring Valley-Bonita area. Price to sell, this 1440 sqft located on top of the Hill, Corner lot, with unobstructed ocean views, offers 2 bedrooms 2 full bath, extended porch, living and dining area, family room. New sliding Dual pane door. New carpet in bedrooms. it is a must see. The park offers community pool, spa, club house.

24. 2023-06-22
    price $185,000 372-char remark

    Show marketing remark (372 chars)

    In the most desirable Mobile Home Park in Spring Valley-Bonita area. Price to sell, this 1440 sqft located on top of the Hill, Corner lot, with unobstructed ocean views, offers 2 bedrooms 2 full bath, extended porch, living and dining area, family room. New sliding Dual pane door. New carpet in bedrooms. it is a must see. The park offers community pool, spa, club house.

25. 2023-06-19
    status Pending Sale 372-char remark

    Show marketing remark (372 chars)

    In the most desirable Mobile Home Park in Spring Valley-Bonita area. Price to sell, this 1440 sqft located on top of the Hill, Corner lot, with unobstructed ocean views, offers 2 bedrooms 2 full bath, extended porch, living and dining area, family room. New sliding Dual pane door. New carpet in bedrooms. it is a must see. The park offers community pool, spa, club house.

26. 2023-05-02
    price $189,900 372-char remark

    Show marketing remark (372 chars)

    In the most desirable Mobile Home Park in Spring Valley-Bonita area. Price to sell, this 1440 sqft located on top of the Hill, Corner lot, with unobstructed ocean views, offers 2 bedrooms 2 full bath, extended porch, living and dining area, family room. New sliding Dual pane door. New carpet in bedrooms. it is a must see. The park offers community pool, spa, club house.

27. 2023-02-23
    listed $199,900 Active 372-char remark

    Show marketing remark (372 chars)

    In the most desirable Mobile Home Park in Spring Valley-Bonita area. Price to sell, this 1440 sqft located on top of the Hill, Corner lot, with unobstructed ocean views, offers 2 bedrooms 2 full bath, extended porch, living and dining area, family room. New sliding Dual pane door. New carpet in bedrooms. it is a must see. The park offers community pool, spa, club house.

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 5 d/yr ≥89°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,568
• − Mortgage interest: −$9,517
• − Property taxes: −$2,548
• − Insurance: −$850
• − Repairs & maintenance: −$3,005
• − Management: −$3,005
• − Depreciation: −$4,943
• Taxable income: $13,700
• Est. tax owed @ 24.0%: −$3,288
• After-tax cash flow: $12,301/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 Diego Unified
• NCES district ID: 0634320
• Math proficiency: 19% ▼ -29.00%
• Reading proficiency: 29% ▼ -28.00%
• Median HH income: $61,673
• Composite: 22.31/100
• National rank: #8135
• State rank: #393 of 517 in CA

Livability — La Presa

• Score: 60/100
• State rank: #571
• US rank: #18714

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: La Presa, CA
• County: San Diego County · 3,178,799 people
• City population: 62,957
• Metro: San Diego-Chula Vista-Carlsbad, CA
• Population (ZIP): 61,064
• Household income: $99,657
• Rent vs Own: 36.2% rent · 63.8% own
• Severe rent burden: 2007.0

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: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: Hispanic / Latino 46% White 29% Two or more races 19% Black 12% Asian 7% Native American 1%
• Hispanic origin (detail): Mexican 43%
• Common ancestry: Portuguese 2% Lithuanian 1% Italian 1%
• Foreign-born: 19% · Canada, China, Vietnam
• Languages at home: 59% English-only · Spanish 32% Tagalog/Filipino 3% Arabic 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: ▼ -697.99%
• Current HPI: 381.66
• Rent YoY: ▲ 0.88%
• 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

-15.0% since first listed

15 events — show timeline

• 2026-05-21 Relisted — SDMLS
• 2026-05-21 Listing Removed — SDMLS
• 2026-03-30 Price Changed $169,900 AVMLS
• 2026-02-28 Price Changed $169,900 SDMLS
• 2026-02-13 Price Changed $185,000 AVMLS
• 2026-02-06 Relisted — SDMLS
• 2026-02-06 Price Changed $180,000 SDMLS
• 2026-02-01 Listing Removed — SDMLS
• 2025-10-17 Price Changed $189,900 SDMLS
• 2025-09-08 Listed $195,000 SDMLS
• 2023-06-29 Sold (MLS) $185,000 CRMLS
• 2023-06-22 Price Changed $185,000 CRMLS
• 2023-06-19 Pending — CRMLS
• 2023-05-02 Price Changed $189,900 CRMLS
• 2023-02-23 Listed $199,900 CRMLS