1131 Las Alturas Rd #B · Santa Barbara, CA 93103

$999,000

3 bd · 4.0 ba · 5,100 sqft · SingleFamily · 240 Days on market

Built 2013 Excellent condition 0.46 ac lot $196/sqft · 78% below area

---

Why this score? — see what drove the D- 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).

• Appreciation +8.2/10.0
• ARV discount +7.5/15.0
• Condition / age +4.8/5.0
• Schools +4.6/10.0
• Cash flow +4.4/30.0
• Livability +3.6/5.0
• Rent growth +2.4/5.0
• 1% rule +0.4/10.0
• DSCR +0.0/10.0

Listing remarks MLS

New co-ownership opportunity: Own one-eighth of this professionally managed, turnkey home by Pacaso. Riviera is a contemporary residence offers panoramic views of the ocean and mountains, with spacious rooms flowing to terraces and mature gardens. The open-concept layout centers on a great room with a modern kitchen, dining area, and lounge opening to a private pool terrace and walled garden. A wood, steel, and glass stairwell connects the levels. The main-level suite opens to the pool terrace, while additional suites offer flexibility. A rooftop terrace with a wet bar and a lower-level bedroom with a fireplace complete this fully furnished, professionally designed home.

Key facts

• Rooftop terrace
• Wet bar
• Private pool terrace

Tags

• PANORAMIC VIEWS
• PRIVATE POOL TERRACE
• WALLED GARDEN
• ROOFTOP TERRACE
• WET BAR
• LOWER-LEVEL BEDROOM

What this means for you Summary

Snapshot

• This is a 3-bed/4.0-bath single-family listed at $999k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-3k ($-31k/yr) — negative.
• To cash-flow at today's rent, offer at most $620k (38.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $542k (45.7% below list).
• Recommended offer: $542k (45.7% below list) — sets the bar for 1% rule.
• Cap rate 3.1% vs local median 1.8% in Santa Barbara — 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 71/100 on livability (#219 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, health & safety A+; Watch: crime F, cost of living F.
• Santa Barbara Unified (urban): math 45% / reading 54% proficiency, ranked #409 of 1,400 in CA (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Cleveland Elementary (math 24% / reading 24%, grade F, #973 of 1,571 statewide, top 73%, 243 students, 76% FRL); Santa Barbara Junior High (math 24% / reading 75%, grade C, #98 of 498 statewide, top 21%, 560 students, 78% FRL); Santa Barbara Senior High (2,107 students, 61% FRL) — zoned schools average 72% FRL vs 46% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 37% at this address vs 50% district-wide (-12 pts) — the specific schools serving this property underperform the Santa Barbara Unified average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-0.6%/yr); 55 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 719 units permitted in Santa Barbara County in 2024 (217 in 5+ unit buildings).
• At $5,422/mo this rent would consume 53% of the median local household income ($122k/yr) (locally 1195% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $71k of equity ($7k loan paydown + $65k appreciation (6.5% local appreciation)).
• Santa Barbara County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$114k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 240 days — a 12% lower offer ($879k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk; extreme-heat days projected 8→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $542,158 (45.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 240 days. Have you received any prior offers? Is the seller open to a 46% concession, seller financing, or rate buy-down credit?
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. 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.54% ✗
• Cap rate: 3.14%
• Cash-on-cash: -11.24%
• DSCR: 0.50
• GRM: 15.4

CMA / ARV

• ARV (median comp): $4,583,030
• List price: $999,000
• Delta: -78.20%
• Verdict: UNDERPRICED
• Comps: 19 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1235 Mission Ridge Rd	0.24mi	4/4.0 (+1)	4,616 (-10%)	10mo	$2,600,000	$563	60
1530 Franceschi Rd	0.54mi	4/3.5 (+1)	5,339 (+5%)	17mo	$5,312,500	$995	46

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

Projected returns pro-forma

6.46% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 6.8%
• Equity multiple: 1.48×
• Total profit: $133,083
• Equity at exit: $657,137

10-year hold

• IRR: 8.2%
• Equity multiple: 2.74×
• Total profit: $487,331
• Equity at exit: $1,217,672

Cash invested: $279,720 (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 93103

• Home prices YoY: 1.8%
• Rents YoY: -0.6%
• Active inventory: 55
• Price-to-rent: 15.4×

Monthly cashflow live

• Estimated rent: $5,422 medium
• Mortgage (P&I): −$5,239
• Tax est. 1.5%: −$1,249 /mo · $14,985/yr
• Insurance: −$416
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,139
• Net cashflow: $-2,621

Break-even live

Break-even rent $8,739

Max offer price $619,764

Occupancy floor —

Sensitivity live

Price	-10% $-1,930	-5% $-2,276	+0% $-2,621	+5% $-2,966	+10% $-3,311
Rent	-10% $-3,049	-5% $-2,835	+0% $-2,621	+5% $-2,407	+10% $-2,193
Rate	-1.0pp $-2,118	-0.5pp $-2,367	base $-2,621	+0.5pp $-2,880	+1.0pp $-3,143

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: $249,750
• Closing costs: $29,970
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2519 Foothill Ln Santa Barbara, CA	4.0	5.5	3964	$25,000	$6.31	15d	1	1.06mi
762 Westmont Rd Santa Barbara, CA	3.0	3.5	3510	$24,000	$6.84	15d	1	1.09mi
622 Cowles Rd Santa Barbara, CA	4.0	3.5	4074	$25,000	$6.14	25d	1	1.23mi
743 Woodland Dr Santa Barbara, CA	4.0	4.5	4339	$36,500	$8.41	23d	1	1.38mi

Listing history 18 events

1. 2026-06-21
   days on market $999,000 Active 240 DOM
2. 2026-06-18
   days on market $999,000 Active 237 DOM
3. 2026-06-17
   days on market $999,000 Active 236 DOM
4. 2026-06-16
   days on market $999,000 Active 235 DOM
5. 2026-06-15
   days on market $999,000 Active 234 DOM
6. 2026-06-14
   days on market $999,000 Active 232 DOM
7. 2026-06-13
   days on market $999,000 Active 231 DOM
8. 2026-06-10
   days on market $999,000 Active 229 DOM
9. 2026-06-09
   days on market $999,000 Active 228 DOM
10. 2026-06-08
    days on market $999,000 Active 227 DOM
11. 2026-06-07
    days on market $999,000 Active 226 DOM
12. 2026-06-05
    days on market $999,000 Active 223 DOM
13. 2026-06-03
    days on market $999,000 Active 222 DOM
14. 2026-06-02
    days on market $999,000 Active 221 DOM
15. 2026-06-01
    days on market $999,000 Active 220 DOM
16. 2026-05-31
    days on market $999,000 Active 219 DOM
17. 2026-05-30
    days on market $999,000 Active 218 DOM
18. 2025-10-24
    listed $999,000 Active 679-char remark

    Show marketing remark (679 chars)

    New co-ownership opportunity: Own one-eighth of this professionally managed, turnkey home by Pacaso. Riviera is a contemporary residence offers panoramic views of the ocean and mountains, with spacious rooms flowing to terraces and mature gardens. The open-concept layout centers on a great room with a modern kitchen, dining area, and lounge opening to a private pool terrace and walled garden. A wood, steel, and glass stairwell connects the levels. The main-level suite opens to the pool terrace, while additional suites offer flexibility. A rooftop terrace with a wet bar and a lower-level bedroom with a fireplace complete this fully furnished, professionally designed home.

ⓘ 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 8 d/yr ≥84°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 13 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $65,059
• − Mortgage interest: −$55,960
• − Property taxes: −$14,985
• − Insurance: −$4,995
• − Repairs & maintenance: −$5,205
• − Management: −$5,205
• − Depreciation: −$29,062
• Taxable loss: −$50,352
• Est. tax savings @ 24.0%: +$12,084
• After-tax cash flow: $-19,365/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

Excellent 95/100 None rehab

This co-ownership home is in excellent condition with a modern design and a stunning ocean and mountain view. It is move-in ready and offers high ROI for both resale and rental.

Value-add opportunities

• Both Landscaping improvements — Enhance curb appeal and increase property value
• Both Painting exterior walls — Fresh paint can make the home more appealing
• Both Upgrade pool equipment — Modernize the pool area for better use and value

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping improvements — Enhance curb appeal and increase property value ↑
• Both Painting exterior walls — Fresh paint can make the home more appealing ↑
• Both Upgrade pool equipment — Modernize the pool area for better use and 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: Santa Barbara Unified
• NCES district ID: 0601414
• Math proficiency: 45% ▲ 2.00%
• Reading proficiency: 54% ▬ 0.00%
• Median HH income: $67,369
• Composite: 46.05/100
• National rank: #5495
• State rank: #409 of 1400 in CA

Livability — Santa Barbara

• Score: 71/100
• State rank: #219
• US rank: #6964

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Santa Barbara, CA
• County: Santa Barbara County · 410,380 people
• City population: 119,998
• Metro: Santa Maria-Santa Barbara, CA
• Population (ZIP): 19,382
• Household income: $122,159
• Rent vs Own: 56.9% rent · 43.1% own
• Severe rent burden: 1195.0

Population outlook (Santa Barbara County) Hauer SSP2

• Today (2025): 484,679 people
• By 2030: 505,323 · +4.3%
• By 2040: 545,783 · +12.6%
• By 2050: 584,263 · +20.5%
• By 2075: 682,586 · +40.8%
• By 2100: 723,188 · +49.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Hispanic / Latino 48% White 44% Two or more races 14% Asian 4% Native American 1% Black 1%
• Hispanic origin (detail): Mexican 40%
• Common ancestry: Italian 3% Serbian 2% Romanian 2%
• Foreign-born: 26% · Canada, Vietnam, Dominican Republic
• Languages at home: 57% English-only · Spanish 37% Vietnamese 2% Other Indo-European 2%

Political lean MEDSL · Santa Barbara

• 2024 margin: Strong D (+26.7) · D 61.8% · R 35.1% · Other 3.1%
• 2008→2024 swing: +3.8pp toward D · 2008: 22.9pp · 2024: 26.7pp
• All cycles: 2024: D+26.7 2020: D+32.1 2016: D+28.2 2012: D+17.1 2008: D+22.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.46%
• Current HPI: 357.0844
• Rent YoY: ▼ -0.58%
• Metro: Santa Maria-Santa Barbara, 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

1 event — show timeline

• 2025-10-24 Listed $999,000 SBMLS