274 Higuera St #17 · San Luis Obispo, CA 93401

$164,000

1 bd · 1.0 ba · 600 sqft · Manufactured · 121 Days on market

Built 2019 Good condition $273/sqft · 28% above area Est $128k · 28% over

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.6/10.0
• Condition / age +4.0/5.0
• Livability +3.7/5.0
• Rent growth +3.6/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

400 + 200 square feet, 1 bedroom + loft, 1 bath, lots of closets, vaulted ceilings, large covered porch, side porch to large fenced-in backyard, shed, driveway, gates, 3 parking spots, washer/dryer, dishwasher, AC, forced-air heater, farmhouse sink. Rent Space $1096.99. Square footage includes 200 sqft loft.

Key facts

• Large covered porch
• Farmhouse sink
• Side porch

Tags

• VAULTED CEILINGS
• LARGE COVERED PORCH
• SIDE PORCH
• LARGE FENCED-IN BACKYARD
• FARMHOUSE SINK

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath manufactured listed at $164k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $377 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $164k).
• Recommended offer: $144k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.2% vs local median 2.1% in San Luis Obispo — 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 74/100 on livability (#132 in CA, #4,576 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime F, cost of living F.
• San Luis Coastal Unified (urban): math 50% / reading 58% proficiency, ranked #118 of 517 in CA (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Pacheco Elementary (math 34% / reading 41%, grade F, #667 of 1,571 statewide, top 43%, 482 students, 36% FRL); Laguna Middle (math 57% / reading 65%, grade B+, #57 of 498 statewide, top 12%, 789 students, 30% FRL); San Luis Obispo High (math 47% / reading 67%, grade C, #234 of 1,170 statewide, top 21%, 1,644 students, 27% FRL) — zoned schools at 31% FRL track the district average.
• Market conditions: Rents rising fast (+4.4%/yr); 140 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 47% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,104 units permitted in San Luis Obispo County in 2024 (273 in 5+ unit buildings).
• This rent runs 30% of the median local income ($97k/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 Luis Obispo County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.4% rent growth), your $46k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 121 days — a 12% lower offer ($144k) is reasonable based on typical stale-listing flexibility.
• 3 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

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $144,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 121 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 B-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?
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: 1.50% ✓
• Cap rate: 12.17%
• Cash-on-cash: 21.00%
• DSCR: 1.93
• GRM: 5.6

CMA / ARV

• ARV (median comp): $127,913
• List price: $164,000
• Delta: 28.21%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
145 South St Unit A08	0.26mi	2/1.0 (+1)	616 (+3%)	12mo	$180,000	$292	68
145 South Unit A55	0.26mi	2/1.0 (+1)	540 (-10%)	0mo	$125,000	$231	66
145 south St Unit A10	0.26mi	2/1.0 (+1)	520 (-13%)	11mo	$129,900	$250	52
145 South Street, spc A50 E Unit A 50	0.26mi	2/1.0 (+1)	540 (-10%)	22mo	$171,000	$317	48

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 · 4.41% rent growth · sell at horizon

5-year hold

• IRR: 0.7%
• Equity multiple: 1.03×
• Total profit: $1,264
• Equity at exit: $24,453

10-year hold

• IRR: 12.2%
• Equity multiple: 2.05×
• Total profit: $48,131
• Equity at exit: $14,180

Cash invested: $45,920 (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 93401

• Rents YoY: 4.4%
• Active inventory: 140
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $2,452 high
• Mortgage (P&I): −$860
• Tax est. 1.5%: −$205 /mo · $2,460/yr
• Insurance: −$68
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$515
• Net cashflow: $377

Break-even live

Break-even rent $1,975

Max offer price $164,000

Occupancy floor 80%

Sensitivity live

Price	-10% $490	-5% $434	+0% $377	+5% $320	+10% $264
Rent	-10% $183	-5% $280	+0% $377	+5% $474	+10% $571
Rate	-1.0pp $460	-0.5pp $419	base $377	+0.5pp $335	+1.0pp $291

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: $41,000
• Closing costs: $4,920
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
331 Pismo St Unit C San Luis Obispo, CA	—	1.0	650	$2,200	$3.38	22d	1	0.17mi
544 Pacific St Apt 108 San Luis Obispo, CA	1.0	1.0	585	$1,975	$3.38	45d	1	0.38mi
564 Higuera St San Luis Obispo, CA	1.0	1.0	615	$2,775	$4.51	15d	4	0.43mi
522 Dana St San Luis Obispo, CA	2.0–3.0	1.0–2.0	875	$2,850	$3.26	15d	3	0.46mi
1427 Morro St Unit B San Luis Obispo, CA	1.0	1.0	400	$2,600	$6.50	45d	1	0.71mi
2200 Emily St San Luis Obispo, CA	—	1.0	528	$2,062	$3.90	15d	2	0.86mi
1707 Santa Rosa St San Luis Obispo, CA	—	1.0	350	$1,850	$5.29	45d	1	0.89mi
835 Madonna Rd San Luis Obispo, CA	—	1.0	407	$2,050	$5.04	15d	1	1.08mi
1245 Peach St Unit B San Luis Obispo, CA	2.0	1.0	700	$2,800	$4.00	45d	1	1.14mi
1314 Palm St San Luis Obispo, CA	1.0	1.0	695	$2,600	$3.74	22d	1	1.16mi
2800 Broad St San Luis Obispo, CA	1.0	1.0	464	$2,500	$5.39	45d	1	1.17mi
685 Stoneridge Dr Unit A San Luis Obispo, CA	—	1.0	580	$2,300	$3.97	15d	1	1.17mi
3150 Rockview Pl #8 San Luis Obispo, CA	1.0	1.0	600	$2,475	$4.12	45d	1	1.31mi
1247 Murray Ave Unit 1 San Luis Obispo, CA	1.0	1.0	585	$2,500	$4.27	45d	1	1.34mi
1247 Murray Ave Unit 4 San Luis Obispo, CA	1.0	1.0	585	$2,650	$4.53	45d	1	1.34mi
1290 Murray Ave San Luis Obispo, CA	1.0	1.0	750	$2,100	$2.80	22d	1	1.41mi
791 Orcutt Rd San Luis Obispo, CA	1.0	1.0	651	$2,750	$4.22	22d	3	1.45mi

Listing history 22 events

1. 2026-06-21
   days on market $164,000 Active 121 DOM
2. 2026-06-18
   days on market $164,000 Active 118 DOM
3. 2026-06-17
   days on market $164,000 Active 117 DOM
4. 2026-06-16
   days on market $164,000 Active 116 DOM
5. 2026-06-15
   days on market $164,000 Active 115 DOM
6. 2026-06-14
   days on market $164,000 Active 113 DOM
7. 2026-06-13
   days on market $164,000 Active 112 DOM
8. 2026-06-10
   days on market $164,000 Active 110 DOM
9. 2026-06-09
   days on market $164,000 Active 109 DOM
10. 2026-06-08
    days on market $164,000 Active 108 DOM
11. 2026-06-07
    days on market $164,000 Active 107 DOM
12. 2026-06-03
    days on market $164,000 Active 103 DOM
13. 2026-06-02
    days on market $164,000 Active 102 DOM
14. 2026-06-01
    days on market $164,000 Active 101 DOM
15. 2026-05-31
    days on market $164,000 Active 100 DOM
16. 2026-05-30
    days on market $164,000 Active 99 DOM
17. 2026-02-20
    listed $164,000 Active 309-char remark

    Show marketing remark (309 chars)

    400 + 200 square feet, 1 bedroom + loft, 1 bath, lots of closets, vaulted ceilings, large covered porch, side porch to large fenced-in backyard, shed, driveway, gates, 3 parking spots, washer/dryer, dishwasher, AC, forced-air heater, farmhouse sink. Rent Space $1096.99. Square footage includes 200 sqft loft.

18. 2026-01-31
    historical
19. 2025-10-25
    price $164,000
20. 2025-07-30
    listed $145,000 Active
21. 2025-04-19
    historical
22. 2025-02-16
    listed $145,000 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 6/10 Major FEMA zone AE · 66% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥82°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 11 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,422
• − Mortgage interest: −$9,187
• − Property taxes: −$2,460
• − Insurance: −$5,938
• − Repairs & maintenance: −$2,354
• − Management: −$2,354
• − Depreciation: −$4,771
• Taxable income: $2,358
• Est. tax owed @ 24.0%: −$566
• After-tax cash flow: $3,958/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 · 13 photos

Good 80/100 Cosmetic rehab

This manufactured home is in good condition with a good condition score of 80. It has a good kitchen, bathroom, and exterior. The home is move-in ready and has a good ROI potential for both resale and rental.

Value-add opportunities

• Resale Paint the exterior siding — Painting the exterior siding can improve the home's curb appeal and make it more attractive to potential buyers.
• Rental Replace any damaged windows — Replacing damaged windows can improve the home's energy efficiency and reduce heating and cooling costs.

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint the exterior siding — Painting the exterior siding can improve the home's curb appeal and make it more attractive to potential buyers. ↑
• Rental Replace any damaged windows — Replacing damaged windows can improve the home's energy efficiency and reduce heating and cooling costs. ↑

ⓘ 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: San Luis Coastal Unified
• NCES district ID: 0634800
• Math proficiency: 50% ▼ -14.00%
• Reading proficiency: 58% ▼ -12.00%
• Median HH income: $53,428
• Composite: 46.4/100
• National rank: #2455
• State rank: #118 of 517 in CA

Livability — San Luis Obispo

• Score: 74/100
• State rank: #132
• US rank: #4576

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Luis Obispo, CA
• County: San Luis Obispo County · 224,651 people
• City population: 54,204
• Metro: San Luis Obispo-Paso Robles, CA
• Population (ZIP): 29,202
• Household income: $96,824
• Rent vs Own: 52.1% rent · 47.9% own
• Severe rent burden: 2050.0

Population outlook (San Luis Obispo County) Hauer SSP2

• Today (2025): 306,977 people
• By 2030: 320,378 · +4.4%
• By 2040: 343,933 · +12.0%
• By 2050: 366,853 · +19.5%
• By 2075: 428,329 · +39.5%
• By 2100: 460,687 · +50.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Hispanic / Latino 18% Two or more races 12% Asian 4% Black 2%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Lithuanian 4% Italian 3% Portuguese 3%
• Foreign-born: 9% · Canada, China, South Korea
• Languages at home: 84% English-only · Spanish 10% Chinese 1% Other Asian/Pacific 1%

Political lean MEDSL · San Luis Obispo

• 2024 margin: D (+10.9) · D 53.9% · R 43.1% · Other 3.0%
• 2008→2024 swing: +5.5pp toward D · 2008: 5.4pp · 2024: 10.9pp
• All cycles: 2024: D+10.9 2020: D+13.1 2016: D+8.3 2012: D+1.0 2008: D+5.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -796.84%
• Current HPI: 359.9248
• Rent YoY: ▲ 4.41%
• Metro: San Luis Obispo-Paso Robles, 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

+13.1% since first listed

6 events — show timeline

• 2026-02-20 Listed $164,000 CRMLS
• 2026-01-31 Listing Removed — CRMLS
• 2025-10-25 Price Changed $164,000 CRMLS
• 2025-07-30 Listed $145,000 CRMLS
• 2025-04-19 Listing Removed — CRMLS
• 2025-02-16 Listed $145,000 CRMLS