1401 El Norte Pkwy Spc 91 · San Marcos, CA 92069

$300,000

2 bd · 2.0 ba · 1,544 sqft · Manufactured public records · 51 Days on market

Built 1971 $194/sqft · 32% below area Est $441k · 32% under $216/mo HOA · 6% of rent

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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 +22.7/30.0
• ARV discount +15.0/15.0
• DSCR +7.3/10.0
• 1% rule +6.3/10.0
• Schools +5.4/10.0
• Livability +3.9/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Looking for a mobile home to upgrade using your own specifications and with building materials to suit your fancy? With this home, comes great bones and a blank canvas for a great start to creating your own comfortable way of living. You will enjoy this country club type community setting and all the amenities that come with it. HOA fee only $185.00 a month. This home to be sold in its present condition and at asking price.

Key facts

• Low hoa fees
• Pool and spa
• Land-owned community

Tags

• LAND-OWNED COMMUNITY
• LOW HOA FEES
• WELL-MAINTAINED SETTING
• RESORT-STYLE AMENITIES
• CLUBHOUSE WITH KITCHEN
• POOL AND SPA

Property features AI

Finance

• Other: Zoned R-1 (single family residential); Directions: W El Norte Parkway into the complex, between Woodland Parkway and Bennett Avenue
• HOA & community: Part of an association (Madrid Mnor); Monthly association fee of $177 plus a secondary monthly fee of $39; Community amenities: pool, spa, clubhouse, meeting room, billiard room, gym/exercise room, tennis, pickleball, recreational/multipurpose room; Pets permitted (subject to association rules); Senior community; Approximately 330 units in the community

Exterior

• Parking: Two parking spaces; Two carport spaces
• Utilities: Public sewer
• Home design: Single-story property; No shared/common walls
• Construction: Year built per assessor
• Exterior features: Rectangular lot shape; Community in-ground pool; Community spa; Has a view; Suburban setting

Interior

• Bedrooms: Primary bedroom on the main floor; Additional main floor bedroom
• Bathrooms: Two full bathrooms (both on the main level)
• Interior features: Single-level home with front entry; Main-level primary bedroom; Main-level bedrooms and bathrooms
• Laundry & utility: Laundry inside; Washer hookup; Gas dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $300k.

Deal economics

• At list price, monthly cash flow is $518 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $300k).
• Recommended offer: $291k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.4% vs local median 2.5% in San Marcos — 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 77/100 on livability (#80 in CA, #3,074 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: health & safety D+, cost of living F.
• San Marcos Unified (suburban): math 52% / reading 67% proficiency, ranked #249 of 1,400 in CA (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents flat; 115 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 5d 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 42% 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 $2k of loan paydown is wiped out by about $9k 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.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y 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.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $291,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.13% ✓
• Cap rate: 8.37%
• Cash-on-cash: 7.40%
• DSCR: 1.33
• GRM: 7.4

CMA / ARV

• ARV (median comp): $441,420
• List price: $300,000
• Delta: -32.04%
• Verdict: UNDERPRICED
• Comps: 19 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1401 El Norte Pkwy Spc 60	0.00mi	2/2.0	1,560 (+1%)	4mo	$441,420	$283	95
1401 El Norte Pkwy #42	0.00mi	3/2.0 (+1)	1,580 (+2%)	8mo	$445,000	$282	84
1401 El Norte Pkwy Spc 237	0.00mi	2/2.0	1,647 (+7%)	8mo	$470,000	$285	82
1401 El Norte Pkwy #57	0.00mi	2/2.0	1,368 (-11%)	2mo	$287,000	$210	79
1401 EL Norte Pkwy #323	0.00mi	2/2.0	1,440 (-7%)	12mo	$350,000	$243	78
1401 El Norte Pkwy #9	0.00mi	2/2.0	1,368 (-11%)	9mo	$345,000	$252	73
1401 El Norte Pkwy #230	0.00mi	3/2.0 (+1)	1,440 (-7%)	13mo	$480,000	$333	73
1723 Kiwi Gln	0.48mi	2/2.0	1,440 (-7%)	3mo	$460,000	$319	64
971 Borden Rd #2	0.59mi	2/2.0	1,440 (-7%)	3mo	$260,000	$181	59
1609 Desert Gln	0.56mi	2/2.0	1,440 (-7%)	7mo	$495,000	$344	57
971 Borden Rd #122	0.59mi	3/2.0 (+1)	1,401 (-9%)	3mo	$375,000	$268	49
1627 Toyon	0.59mi	2/2.0	1,344 (-13%)	9mo	$450,000	$335	44

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 · 0.55% rent growth · sell at horizon

5-year hold

• IRR: -7.8%
• Equity multiple: 0.72×
• Total profit: $-23,662
• Equity at exit: $44,731

10-year hold

• IRR: -1.9%
• Equity multiple: 0.89×
• Total profit: $-9,548
• Equity at exit: $25,939

Cash invested: $84,000 (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 92069

• Rents YoY: 0.6%
• Active inventory: 115
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $3,389 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$245 /mo · $2,941/yr
• Insurance: −$125
• HOA: −$216
• Vacancy / Maint / Mgmt: −$712
• Net cashflow: $518

Break-even live

Break-even rent $2,733

Max offer price $300,000

Occupancy floor 80%

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: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1920 Edith Dr Escondido, CA	2.0	2.0	1330	$3,699	$2.78	1d	1	0.42mi
1918 Firestone Dr Escondido, CA	3.0	2.0	2047	$4,595	$2.24	1d	1	0.53mi
909 Richland Rd San Marcos, CA	2.0	2.0	1688	$3,300	$1.95	5d	1	0.74mi
909 Richland Rd #142 San Marcos, CA	2.0	2.0	1688	$3,500	$2.07	24d	1	0.74mi
909 Richland Rd #89 San Marcos, CA	2.0	2.0	1440	$2,800	$1.94	43d	1	0.74mi
786 Fulton Rd San Marcos, CA	3.0	2.0	1821	$3,895	$2.14	43d	1	1.00mi
131 Avenida Chapala #105 San Marcos, CA	3.0	2.5	1379	$3,425	$2.48	1d	1	1.21mi
823 Nordahl Rd San Marcos, CA	1.0–3.0	1.0–2.0	887	$2,808	$3.17	2d	1	1.33mi

HOA detail

• Monthly dues: $216 · $2,592/yr

Listing history 30 events

1. 2026-06-18
   days on market $300,000 Active 51 DOM
2. 2026-06-17
   days on market $300,000 Active 50 DOM
3. 2026-06-16
   days on market $300,000 Active 49 DOM
4. 2026-06-15
   days on market $300,000 Active 48 DOM
5. 2026-06-13
   days on market $300,000 Active 46 DOM
6. 2026-06-09
   days on market $300,000 Active 42 DOM
7. 2026-06-08
   days on market $300,000 Active 41 DOM
8. 2026-06-07
   days on market $300,000 Active 40 DOM
9. 2026-06-04
   days on market $300,000 Active 37 DOM
10. 2026-06-03
    days on market $300,000 Active 36 DOM
11. 2026-06-02
    days on market $300,000 Active 35 DOM
12. 2026-06-01
    days on market $300,000 Active 34 DOM
13. 2026-05-31
    days on market $300,000 Active 33 DOM
14. 2026-04-29
    historical
15. 2026-04-28
    listed $300,000 Active 950-char remark
16. 2026-04-08
    listed $300,000 Active
17. 2025-05-16
    soldstatus $265,000 Sold

    Show marketing remark (427 chars)

    Looking for a mobile home to upgrade using your own specifications and with building materials to suit your fancy? With this home, comes great bones and a blank canvas for a great start to creating your own comfortable way of living. You will enjoy this country club type community setting and all the amenities that come with it. HOA fee only $185.00 a month. This home to be sold in its present condition and at asking price.

18. 2025-04-01
    status Pending

    Show marketing remark (427 chars)

    Looking for a mobile home to upgrade using your own specifications and with building materials to suit your fancy? With this home, comes great bones and a blank canvas for a great start to creating your own comfortable way of living. You will enjoy this country club type community setting and all the amenities that come with it. HOA fee only $185.00 a month. This home to be sold in its present condition and at asking price.

19. 2025-03-24
    historical
20. 2025-03-22
    listed $289,000 Active

    Show marketing remark (427 chars)

    Looking for a mobile home to upgrade using your own specifications and with building materials to suit your fancy? With this home, comes great bones and a blank canvas for a great start to creating your own comfortable way of living. You will enjoy this country club type community setting and all the amenities that come with it. HOA fee only $185.00 a month. This home to be sold in its present condition and at asking price.

21. 2025-02-24
    listed $295,000 Active
22. 2025-01-12
    historical
23. 2024-12-20
    price $295,000
24. 2024-12-03
    price $299,500
25. 2024-11-11
    price $309,999
26. 2024-11-11
    price $299,000
27. 2024-10-18
    price $320,000
28. 2024-09-30
    listed $350,000 Active
29. 1999-09-17
    soldstatus $59,000
30. 1985-12-17
    soldstatus $22,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $2,941 · $245/mo
• Projected year-2 tax: $2,941 · $245/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 5/10 Major 7 d/yr ≥97°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,671
• − Mortgage interest: −$16,805
• − Property taxes: −$2,941
• − Insurance: −$1,500
• − Repairs & maintenance: −$3,254
• − Management: −$3,254
• − HOA: −$2,592
• − Depreciation: −$8,727
• Taxable income: $1,598
• Est. tax owed @ 24.0%: −$384
• After-tax cash flow: $5,834/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 Marcos Unified
• NCES district ID: 0634880
• Math proficiency: 52% ▲ 1.00%
• Reading proficiency: 67% ▲ 2.00%
• Median HH income: $64,752
• Composite: 53.67/100
• National rank: #3093
• State rank: #249 of 1400 in CA

Livability — San Marcos

• Score: 77/100
• State rank: #80
• US rank: #3074

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Marcos, CA
• County: San Diego County · 3,178,799 people
• City population: 100,940
• Metro: San Diego-Chula Vista-Carlsbad, CA
• Population (ZIP): 47,335
• Household income: $96,771
• Rent vs Own: 43.9% rent · 56.1% own
• Severe rent burden: 2399.0

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 0.64)
• Race & ethnicity: Hispanic / Latino 46% White 36% Two or more races 20% Asian 11% Native American 1% Black 1%
• Hispanic origin (detail): Mexican 41%
• Common ancestry: Lithuanian 2% Romanian 2% Portuguese 2%
• Foreign-born: 26% · Canada, China, Vietnam
• Languages at home: 57% English-only · Spanish 32% Tagalog/Filipino 2% Other Asian/Pacific 2%

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: ▼ -522.69%
• Current HPI: 376.182
• Rent YoY: ▲ 0.55%
• 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

+1233.3% since first listed

17 events — show timeline

• 2026-04-29 Listing Removed — CRMLS
• 2026-04-28 Listed $300,000 CRMLS
• 2026-04-08 Listed $300,000 CRMLS
• 2025-05-16 Sold (MLS) $265,000 SDMLS
• 2025-04-01 Pending — SDMLS
• 2025-03-24 Listing Removed — CRMLS
• 2025-03-22 Listed $289,000 SDMLS
• 2025-02-24 Listed $295,000 CRMLS
• 2025-01-12 Listing Removed — CRMLS
• 2024-12-20 Price Changed $295,000 CRMLS
• 2024-12-03 Price Changed $299,500 CRMLS
• 2024-11-11 Price Changed $309,999 CRMLS
• 2024-11-11 Price Changed $299,000 CRMLS
• 2024-10-18 Price Changed $320,000 CRMLS
• 2024-09-30 Listed $350,000 CRMLS
• 1999-09-17 Sold (Public Records) $59,000 Public Records
• 1985-12-17 Sold (Public Records) $22,500 Public Records

Property tax history

+13.1%/yr

Latest (2025): $2,941 · +483.1% YoY. Source: county tax records.