23777 Mulholland Hwy #190 · Calabasas, CA 91302

$285,000

2 bd · 2.0 ba · 1,440 sqft · Manufactured · 68 Days on market

Built 1974 $198/sqft · at area comps Est $290k · at est.

---

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
• ARV discount +8.3/15.0
• Schools +6.0/10.0
• Livability +2.9/5.0
• Condition / age +2.5/5.0
• Rent growth +1.8/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This charming retreat in the exclusive neighborhood of Calabasas Village offers peaceful community living just minutes from the area's best shopping, dining and schools. The ultra-private property features an expansive living/dining space with formal dining room, living room, and separate family room/office, plus two nicely-sized bedrooms and baths. Thoughtfully laid-out with an eye towards space-saving features, the home offers plentiful closet space and built-ins, plus a walk-in pantry and external storage sheds. Enjoy a fully fenced private yard and mountain views. The lovingly-maintained landscaping includes mature fruit trees, rosebushes, and florals that bloom year-round. Side-by-side covered parking is an added - and rare - bonus. Calabasas Village is just a short drive away from the world-famous Malibu beaches, and is surrounded by some of the country's best surfing, hiking, and biking. Enjoy exclusive access to community features such as the heated Olympic-size pool, spa, basketball/tennis courts, clubhouse, sauna, gym, dog park, and beautifully maintained grounds. Space Rent/Pass through fees cover water, trash, sewer, security, cable, and internet.

Key facts

• Walk in pantry
• Mountain views
• 2 parking spots

Tags

• EXPANSIVE LIVING DINING SPACE
• PLENTIFUL CLOSET SPACE
• WALK IN PANTRY
• FULLY FENCED PRIVATE YARD
• MOUNTAIN VIEWS
• HEATED OLYMPIC SIZE POOL

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $285k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $285k).
• Recommended offer: $268k (6.0% below list) — sets the bar for market timing.
• Cap rate 14.2% vs local median 2.2% in Calabasas — 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 57/100 on livability (#756 in CA) — a working-class tenant base; expect higher turnover. Strengths: employment A+, schools A-, crime A-; Watch: amenities F, commute F, cost of living F.
• Las Virgenes Unified (suburban): math 55% / reading 70% proficiency, ranked #58 of 517 in CA (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 6% free/reduced lunch — higher-income household profile.
• Market conditions: Rents soft (-2.9%/yr); 219 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• This rent runs 32% of the median local income ($186k/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 $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Los Angeles County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $80k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($268k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 10y ago 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.
• Current owner paid $154k; list at $285k implies a 85% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $267,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 68 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — 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 A-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. 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: 1.71% ✓
• Cap rate: 14.25%
• Cash-on-cash: 28.42%
• DSCR: 2.26
• GRM: 4.9

CMA / ARV

• ARV (median comp): $290,000
• List price: $285,000
• Delta: -1.72%
• Verdict: FAIR
• Comps: 5 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23777 Mulholland Hwy #86	0.11mi	3/2.0 (+1)	1,440 (0%)	2mo	$290,000	$201	88
23777 Mulholland Hwy Spc 19	0.00mi	3/2.0 (+1)	1,440 (0%)	13mo	$270,000	$188	84
23777 Mulholland Hwy #187	0.00mi	2/2.0	1,440 (0%)	21mo	$235,000	$163	82
23777 Mulholland Hwy #49	0.08mi	2/2.0	1,440 (0%)	20mo	$299,000	$208	80
23777 Mulholland Hwy #177	0.00mi	3/3.5 (+1)	1,536 (+7%)	0mo	$260,000	$169	78
23777 Mulholland Hwy #42	0.09mi	2/2.0	1,536 (+7%)	11mo	$215,000	$140	75
23777 Mulholland Hwy #17	0.00mi	2/3.0	1,486 (+3%)	20mo	$599,000	$403	74
23777 Mulholland Hwy #65	0.11mi	3/2.0 (+1)	1,560 (+8%)	12mo	$469,000	$301	66
23777 MULHOLLAND HWY SPC 149	0.09mi	2/2.0	1,536 (+7%)	23mo	$250,000	$163	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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 19.2%
• Equity multiple: 1.75×
• Total profit: $59,932
• Equity at exit: $42,494

10-year hold

• IRR: 25.4%
• Equity multiple: 2.91×
• Total profit: $152,138
• Equity at exit: $24,642

Cash invested: $79,800 (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 91302

• Rents YoY: -2.9%
• Active inventory: 219
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $4,885 high
• Mortgage (P&I): −$1,495
• Tax est. 1.5%: −$356 /mo · $4,275/yr
• Insurance: −$119
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,026
• Net cashflow: $1,890

Break-even live

Break-even rent $2,493

Max offer price $285,000

Occupancy floor 56%

Sensitivity live

Price	-10% $2,087	-5% $1,988	+0% $1,890	+5% $1,791	+10% $1,693
Rent	-10% $1,504	-5% $1,697	+0% $1,890	+5% $2,083	+10% $2,276
Rate	-1.0pp $2,033	-0.5pp $1,962	base $1,890	+0.5pp $1,816	+1.0pp $1,741

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: $71,250
• Closing costs: $8,550
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
24621 Senda Salvia Calabasas, CA	3.0	3.0	1591	$6,200	$3.90	23d	1	0.44mi
24765 Via del Llano Calabasas, CA	3.0	2.5	1591	$5,480	$3.44	45d	1	0.59mi
3717 Calle Joaquin Calabasas, CA	3.0	2.5	1575	$6,500	$4.13	45d	1	0.76mi
24655 Park Miramar Calabasas, CA	2.0	2.0	1200	$5,995	$5.00	19d	1	0.83mi
4606 Park Granada #11 Calabasas, CA	2.0	2.0	1054	$2,795	$2.65	45d	1	1.18mi
23647 Park Capri #87 Calabasas, CA	3.0	2.0	1290	$3,900	$3.02	45d	1	1.21mi
4642 Park Granada #161 Calabasas, CA	2.0	2.0	1006	$4,000	$3.98	26d	1	1.28mi
4648 Park Granada #170 Calabasas, CA	3.0	2.0	1290	$4,200	$3.26	26d	1	1.28mi
23637 Park Capri #34 Calabasas, CA	2.0	2.0	1054	$3,800	$3.61	26d	1	1.28mi
23635 Park Capri #31 Calabasas, CA	2.0	2.0	1054	$2,975	$2.82	26d	1	1.28mi
4732 Park Granada #221 Calabasas, CA	2.0	2.0	1054	$2,800	$2.66	45d	1	1.28mi
4140 Meadow Lark Dr Calabasas, CA	3.0	2.5	1750	$5,400	$3.09	20d	1	1.33mi
4140 Meadow Lark Dr Calabasas, CA	3.0	3.0	1745	$5,750	$3.30	45d	1	1.33mi
4720 Park Granada Calabasas, CA	2.0	2.0	1006	$2,975	$2.96	45d	1	1.36mi

Listing history 32 events

1. 2026-06-21
   days on market $285,000 Active 68 DOM
2. 2026-06-18
   days on market $285,000 Active 65 DOM
3. 2026-06-17
   days on market $285,000 Active 64 DOM
4. 2026-06-16
   days on market $285,000 Active 63 DOM
5. 2026-06-15
   days on market $285,000 Active 62 DOM
6. 2026-06-13
   days on market $285,000 Active 60 DOM
7. 2026-06-13
   days on market $285,000 Active 59 DOM
8. 2026-06-09
   days on market $285,000 Active 56 DOM
9. 2026-06-08
   days on market $285,000 Active 55 DOM
10. 2026-06-07
    days on market $285,000 Active 54 DOM
11. 2026-06-04
    days on market $285,000 Active 51 DOM
12. 2026-06-03
    days on market $285,000 Active 50 DOM
13. 2026-06-02
    days on market $285,000 Active 49 DOM
14. 2026-06-01
    days on market $285,000 Active 48 DOM
15. 2026-05-31
    days on market $285,000 Active 47 DOM
16. 2026-04-30
    price $285,000 1177-char remark

    Show marketing remark (1177 chars)

    This charming retreat in the exclusive neighborhood of Calabasas Village offers peaceful community living just minutes from the area's best shopping, dining and schools. The ultra-private property features an expansive living/dining space with formal dining room, living room, and separate family room/office, plus two nicely-sized bedrooms and baths. Thoughtfully laid-out with an eye towards space-saving features, the home offers plentiful closet space and built-ins, plus a walk-in pantry and external storage sheds. Enjoy a fully fenced private yard and mountain views. The lovingly-maintained landscaping includes mature fruit trees, rosebushes, and florals that bloom year-round. Side-by-side covered parking is an added - and rare - bonus. Calabasas Village is just a short drive away from the world-famous Malibu beaches, and is surrounded by some of the country's best surfing, hiking, and biking. Enjoy exclusive access to community features such as the heated Olympic-size pool, spa, basketball/tennis courts, clubhouse, sauna, gym, dog park, and beautifully maintained grounds. Space Rent/Pass through fees cover water, trash, sewer, security, cable, and internet.

17. 2026-04-14
    listed $295,000 Active 1177-char remark

    Show marketing remark (1177 chars)

    This charming retreat in the exclusive neighborhood of Calabasas Village offers peaceful community living just minutes from the area's best shopping, dining and schools. The ultra-private property features an expansive living/dining space with formal dining room, living room, and separate family room/office, plus two nicely-sized bedrooms and baths. Thoughtfully laid-out with an eye towards space-saving features, the home offers plentiful closet space and built-ins, plus a walk-in pantry and external storage sheds. Enjoy a fully fenced private yard and mountain views. The lovingly-maintained landscaping includes mature fruit trees, rosebushes, and florals that bloom year-round. Side-by-side covered parking is an added - and rare - bonus. Calabasas Village is just a short drive away from the world-famous Malibu beaches, and is surrounded by some of the country's best surfing, hiking, and biking. Enjoy exclusive access to community features such as the heated Olympic-size pool, spa, basketball/tennis courts, clubhouse, sauna, gym, dog park, and beautifully maintained grounds. Space Rent/Pass through fees cover water, trash, sewer, security, cable, and internet.

18. 2025-09-05
    price
19. 2025-08-06
    price
20. 2025-04-09
    listed Active
21. 2025-01-07
    status Active
22. 2024-06-18
    listed Active
23. 2024-06-17
    historical
24. 2024-01-08
    historical
25. 2023-07-19
    listed $339,000 Active
26. 2017-11-21
    soldstatus $154,000 Closed Sale
27. 2017-11-08
    historical Active Under Contract
28. 2017-06-22
    listed $180,000 Active
29. 2016-08-09
    historical
30. 2016-08-02
    price $189,000
31. 2016-05-16
    price $210,000
32. 2016-01-29
    listed $230,000 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 8/10 Severe
• 🌡 Heat 4/10 Moderate 7 d/yr ≥98°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $58,622
• − Mortgage interest: −$15,964
• − Property taxes: −$4,275
• − Insurance: −$1,425
• − Repairs & maintenance: −$4,690
• − Management: −$4,690
• − Depreciation: −$8,291
• Taxable income: $19,287
• Est. tax owed @ 24.0%: −$4,629
• After-tax cash flow: $18,048/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: Las Virgenes Unified
• NCES district ID: 0621000
• Math proficiency: 55% ▼ -4.00%
• Reading proficiency: 70% ▬ 0.00%
• Median HH income: $118,374
• Composite: 59.63/100
• National rank: #907
• State rank: #58 of 517 in CA

Livability — Calabasas

• Score: 57/100
• State rank: #756
• US rank: #22060

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Calabasas, CA
• County: Los Angeles County · 9,444,647 people
• City population: 25,569
• Metro: Los Angeles-Long Beach-Anaheim, CA
• Population (ZIP): 25,569
• Household income: $185,636
• Rent vs Own: 29.4% rent · 70.6% own
• Severe rent burden: 1222.0

Population outlook (Los Angeles County) Hauer SSP2

• Today (2025): 10,940,515 people
• By 2030: 11,256,481 · +2.9%
• By 2040: 11,729,929 · +7.2%
• By 2050: 11,948,407 · +9.2%
• By 2075: 11,818,114 · +8.0%
• By 2100: 10,842,928 · -0.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Asian 11% Two or more races 8% Hispanic / Latino 7% Black 3%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Scotch-Irish 7% Romanian 3% Italian 3%
• Foreign-born: 25% · China, Canada, South Korea
• Languages at home: 72% English-only · Other Indo-European 10% Russian/Polish/Slavic 4% Spanish 4%

Political lean MEDSL · Los Angeles

• 2024 margin: Solid D (+32.9) · D 64.8% · R 31.9% · Other 3.3%
• 2008→2024 swing: -7.4pp toward R · 2008: 40.4pp · 2024: 32.9pp
• All cycles: 2024: D+32.9 2020: D+44.2 2016: D+48.0 2012: D+40.0 2008: D+40.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -483.62%
• Current HPI: 332.6271
• Rent YoY: ▼ -2.89%
• 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

+23.9% since first listed

17 events — show timeline

• 2026-04-30 Price Changed $285,000 TheMLS
• 2026-04-14 Listed $295,000 TheMLS
• 2025-09-05 Price Changed — TheMLS
• 2025-08-06 Price Changed — TheMLS
• 2025-04-09 Listed — TheMLS
• 2025-01-07 Relisted — TheMLS
• 2024-06-18 Listed — TheMLS
• 2024-06-17 Coming Soon — TheMLS
• 2024-01-08 Listing Removed — CRMLS
• 2023-07-19 Listed $339,000 CRMLS
• 2017-11-21 Sold (MLS) $154,000 CRMLS
• 2017-11-08 Contingent — CRMLS
• 2017-06-22 Listed $180,000 CRMLS
• 2016-08-09 Listing Removed — CRMLS
• 2016-08-02 Price Changed $189,000 CRMLS
• 2016-05-16 Price Changed $210,000 CRMLS
• 2016-01-29 Listed $230,000 CRMLS