28 Walnut #28 · Anaheim, CA 92801

$185,000

3 bd · 2.0 ba · 1,175 sqft · Manufactured · 22 Days on market

Built 1998 24 ac lot Est $153k · 21% over

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Why this score? — see what drove the C+ 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
• Rent growth +3.8/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this fantastic open-floor-plan double-wide Home featuring 3 bedrooms and 2 bathrooms, situated on a beautifully landscaped, spacious property. It is pet-friendly and suitable for residents of all ages. The side yard is a standout feature, providing an excellent outdoor retreat. Additionally, the property includes a storage shed and a carport with parking space for two vehicles. The community is near major freeways and shopping centers; you'll enjoy easy access to Downtown Fullerton, Downtown Disney, Disneyland Park, Knott's Berry Farm, The Anaheim Convention Center, The Honda Center, Angel Stadium, Restaurants, Little Arabia, and Much More. Don't miss the opportunity to make this

Key facts

• Landscaped property
• Carport
• Storage shed

Tags

• OPEN-FLOOR-PLAN
• LANDSCAPED PROPERTY
• SIDE YARD
• STORAGE SHED
• CARPORT
• NEAR MAJOR FREEWAYS

Property features AI

Finance

• Financial info: Land lease payable ($1,870)
• HOA & community: Part of an association (Rancho La Paz); Community gutters

Exterior

• Parking: Driveway parking; Part of Rancho La Paz park
• Security: 24-hour security
• Utilities: Public/district water; Public sewer; Electricity on property; Natural gas available; Cable available; Sewer connected
• Home design: Single-story; Mobile home (24' x 50', model 3502K) — mobile home remains on site; Raised foundation; Asbestos shingle roof; Property has 2+ access exits
• Construction: Siding exterior
• Exterior features: Porch; Rain gutters; Siding skirt; Association pool

Interior

• Kitchen: Formica counters; Kitchen open to family room
• Bedrooms: All bedrooms on the ground floor
• Flooring: Laminate flooring
• Bathrooms: 2 full bathrooms with bathtub and shower
• Heating & cooling: Central heating (furnace); Central air conditioning
• Interior features: Balcony; High ceilings (9 feet+); Open floor plan; Entry on upper level reached by 5 steps; Turnkey condition; 24-hour security
• Laundry & utility: Separate laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $185k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $185k).
• Recommended offer: $182k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.5% vs local median 2.2% in Anaheim — 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 70/100 on livability (#240 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: health & safety C-, crime F, cost of living F.
• Anaheim Elementary (urban): math 25% / reading 25% proficiency, ranked #386 of 517 in CA (top 75%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.1%/yr); 72 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 6,974 units permitted in Orange County in 2024 (3,839 in 5+ unit buildings).
• At $3,227/mo this rent would consume 46% of the median local household income ($84k/yr) (locally 3604% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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.
• Orange County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 5.1% rent growth), your $52k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $182,225 (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. 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?
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: 1.74% ✓
• Cap rate: 14.54%
• Cash-on-cash: 29.44%
• DSCR: 2.31
• GRM: 4.8

CMA / ARV

• ARV (on-the-fly): $152,750
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
22 Magnolia Via	0.32mi	2/2.0 (-1)	1,200 (+2%)	3mo	$120,000	$100	74
63 Cherry #63	0.19mi	3/2.0	1,100 (-6%)	10mo	$164,000	$149	73
63 Lemon Via	0.14mi	2/2.0 (-1)	1,152 (-2%)	17mo	$170,000	$148	71
27 Cypress Via	0.09mi	2/2.0 (-1)	1,100 (-6%)	13mo	$125,000	$114	69
13 Elm Via #13	0.09mi	2/2.0 (-1)	1,040 (-12%)	11mo	$159,900	$154	62
13 PALM Via	0.31mi	2/2.0 (-1)	1,056 (-10%)	2mo	$90,000	$85	62
21 Ash	0.22mi	2/2.0 (-1)	1,238 (+5%)	17mo	$209,000	$169	61
33 Walnut	0.11mi	2/2.0 (-1)	1,080 (-8%)	21mo	$140,000	$130	59
8 Ash Via	0.26mi	2/2.0 (-1)	1,300 (+11%)	9mo	$99,900	$77	58
7 Magnolia	0.28mi	2/2.0 (-1)	1,344 (+14%)	3mo	$140,000	$104	55
55 Lemon	0.14mi	2/2.0 (-1)	1,344 (+14%)	20mo	$161,000	$120	48
1241 N East #216	0.74mi	3/2.0	1,344 (+14%)	1mo	$249,000	$185	41

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 · 5.13% rent growth · sell at horizon

5-year hold

• IRR: 26.3%
• Equity multiple: 2.12×
• Total profit: $58,079
• Equity at exit: $27,584

10-year hold

• IRR: 35.2%
• Equity multiple: 4.58×
• Total profit: $185,276
• Equity at exit: $15,995

Cash invested: $51,800 (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 92801

• Rents YoY: 5.1%
• Active inventory: 72
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $3,227 high
• Mortgage (P&I): −$970
• Tax est. 1.5%: −$231 /mo · $2,775/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$678
• Net cashflow: $1,271

Break-even live

Break-even rent $1,618

Max offer price $185,000

Occupancy floor 56%

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
251 Orangefair Ave Fullerton, CA	2.0	1.0–2.0	966	$3,916	$4.05	1d	27	0.46mi
110 S Balcom Ave Fullerton, CA	2.0	2.0	700	$2,695	$3.85	1d	1	0.59mi
124 N Princeton Ave Fullerton, CA	3.0	2.0	1119	$3,500	$3.13	24d	1	0.72mi
127 W Valencia Dr Unit A Fullerton, CA	3.0	2.0	1000	$3,500	$3.50	1d	1	0.76mi
130 N Lincoln Ave Fullerton, CA	2.0	1.0	900	$3,400	$3.78	12d	1	0.76mi
125 W Valencia Dr Unit A Fullerton, CA	3.0	1.0	1100	$3,500	$3.18	1d	1	0.76mi
229 E Commonwealth Ave Fullerton, CA	3.0	1.0–3.0	1126	$4,409	$3.91	1d	8	0.78mi
325 E Amerige Ave Unit A Fullerton, CA	3.0	2.0	1325	$3,500	$2.64	5d	1	0.78mi
325 E Amerige Ave Fullerton, CA	3.0	2.0	1325	$3,500	$2.64	1d	1	0.78mi
1480 S Highland Ave Fullerton, CA	2.0	1.0–2.0	792	$3,110	$3.92	24d	4	0.84mi
1311 S Highland Ave Fullerton, CA	1.0–2.0	1.0–2.0	826	$2,050	$2.48	1d	1	0.88mi
1134 E Whiting Ave Fullerton, CA	2.0	1.5	1157	$3,500	$3.03	7d	1	0.91mi
1127 N Briarwood St Anaheim, CA	2.0	1.0	800	$2,700	$3.38	1d	1	0.94mi
1501 S Highland Ave Unit 1541K Fullerton, CA	2.0	2.0	950	$2,905	$3.06	1d	1	0.95mi
1501 S Highland Ave Unit 1551O Fullerton, CA	2.0	2.0	950	$2,795	$2.94	19d	1	0.95mi
1501 S Highland Ave Unit 1611O Fullerton, CA	2.0	2.0	950	$2,885	$3.04	10d	1	0.95mi
1501 S Highland Ave Unit 1631M Fullerton, CA	2.0	1.0	850	$2,780	$3.27	1d	1	0.95mi
1501 S Highland Ave Unit 1551N Fullerton, CA	2.0	1.0	850	$2,900	$3.41	1d	1	0.95mi
1501 S Highland Ave Unit 1621M Fullerton, CA	2.0	1.0	850	$2,775	$3.26	1d	1	0.95mi
1501 S Highland Ave Unit 1571M Fullerton, CA	2.0	1.0	850	$2,745	$3.23	1d	1	0.95mi
1501 S Highland Ave Unit 1601G Fullerton, CA	2.0	2.0	950	$2,970	$3.13	24d	1	0.95mi
130 E Chapman Ave Fullerton, CA	1.0–2.0	1.0–2.0	910	$2,644	$2.91	1d	4	0.99mi
1096 N Ivory Palm Ln Anaheim, CA	3.0	2.5	1406	$4,200	$2.99	1d	1	0.99mi
527 W Victor Ave Anaheim, CA	3.0	3.0	1420	$13,200	$9.30	1d	1	1.02mi
1000 E La Palma Ave Anaheim, CA	1.0–2.0	1.0–2.0	806	$2,470	$3.06	1d	1	1.04mi
141 W Wilshire Ave Fullerton, CA	1.0–2.0	1.0–2.5	910	$3,187	$3.50	1d	6	1.05mi
111 S Acacia Ave Unit K Fullerton, CA	2.0	1.0	832	$2,370	$2.85	1d	1	1.09mi
443 W Valencia Dr Apt B Fullerton, CA	2.0	1.5	938	$2,500	$2.67	1d	1	1.09mi
1250 E La Palma Ave Anaheim, CA	1.0–2.0	1.0	762	$2,500	$3.28	1d	2	1.13mi
525 W Woodcrest Ave Fullerton, CA	2.0	1.0	800	$2,500	$3.12	18d	1	1.17mi
729 N Sabina St Anaheim, CA	3.0	2.0	880	$4,000	$4.55	2d	1	1.17mi
1024 W Romneya Dr Anaheim, CA	2.0–3.0	2.0	1241	$4,795	$3.86	1d	10	1.24mi
331 W Whiting Ave Fullerton, CA	3.0	1.0	1490	$2,350	$1.58	10d	1	1.27mi
524 W Williamson Ave Apt 6 Fullerton, CA	2.0	1.0	850	$2,595	$3.05	15d	1	1.29mi
1464 E La Palma Ave Anaheim, CA	2.0	2.0	960	$2,600	$2.71	1d	1	1.33mi
1531 E La Palma Ave Unit F1 Anaheim, CA	3.0	1.0	976	$3,195	$3.27	3d	1	1.37mi
1531 E La Palma Ave Unit F1 Anaheim, CA	2.0	1.0	975	$2,950	$3.03	3d	1	1.37mi
1531 E La Palma Ave Unit F1 Anaheim, CA	2.0	1.0	976	$2,950	$3.02	1d	1	1.37mi
800 N Janss St Anaheim, CA	4.0	2.0	1450	$4,500	$3.10	1d	1	1.38mi
600 W Commonwealth Ave Fullerton, CA	3.0	1.0–2.0	1002	$4,564	$4.55	1d	18	1.39mi

Listing history 9 events

1. 2026-06-18
   days on market $185,000 Active 22 DOM
2. 2026-06-17
   days on market $185,000 Active 21 DOM
3. 2026-06-16
   days on market $185,000 Active 20 DOM
4. 2026-06-15
   days on market $185,000 Active 19 DOM
5. 2026-06-13
   days on market $185,000 Active 17 DOM
6. 2026-06-13
   days on market $185,000 Active 16 DOM
7. 2026-06-09
   days on market $185,000 Active 13 DOM
8. 2026-06-08
   remarks 699-char remark
9. 2026-06-08
   listed $185,000 Active 12 DOM

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥93°F today · 22 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 7 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,725
• − Mortgage interest: −$10,363
• − Property taxes: −$2,775
• − Insurance: −$925
• − Repairs & maintenance: −$3,098
• − Management: −$3,098
• − Depreciation: −$5,382
• Taxable income: $13,084
• Est. tax owed @ 24.0%: −$3,140
• After-tax cash flow: $12,111/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: Anaheim Elementary
• NCES district ID: 0602610
• Math proficiency: 25% ▼ -3.00%
• Reading proficiency: 25% ▼ -9.00%
• Median HH income: $55,235
• Composite: 22.56/100
• National rank: #8078
• State rank: #386 of 517 in CA

Livability — Anaheim

• Score: 70/100
• State rank: #240
• US rank: #7861

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Anaheim, CA
• County: Orange County · 3,096,323 people
• City population: 361,715
• Metro: Los Angeles-Long Beach-Anaheim, CA
• Population (ZIP): 60,547
• Household income: $83,725
• Rent vs Own: 63.0% rent · 37.0% own
• Severe rent burden: 3604.0

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: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: Hispanic / Latino 59% Two or more races 19% Asian 19% White 16% Black 4%
• Hispanic origin (detail): Mexican 50%
• Common ancestry: Russian 1% Lithuanian 1%
• Foreign-born: 41% · Canada, Vietnam, South Korea
• Languages at home: 30% English-only · Spanish 48% Tagalog/Filipino 5% Vietnamese 5%

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: ▼ -723.92%
• Current HPI: 446.9118
• Rent YoY: ▲ 5.13%
• 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

+2.8% since first listed

4 events — show timeline

• 2026-06-08 Relisted — CRMLS
• 2025-11-24 Price Changed $185,000 CRMLS
• 2025-11-24 Listing Removed — CRMLS
• 2025-11-12 Listed $180,000 CRMLS