971 Borden Rd #9 · San Marcos, CA 92069

$264,000

2 bd · 2.0 ba · 1,150 sqft · Manufactured · 14 Days on market

Built 1975 Good condition Est $377k · 30% under

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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 +24.8/30.0
• ARV discount +15.0/15.0
• DSCR +8.0/10.0
• 1% rule +6.4/10.0
• Schools +5.4/10.0
• Condition / age +4.0/5.0
• Livability +3.9/5.0
• Rent growth +2.6/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Remodeled, move in ready home available in a Family park w/ NO age restrictions and rent control! New central A/C, new dual pane windows, new interior & exterior paint, new flooring throughout, Quartz counters, new Kitchen & updated Bathrooms, all new fixtures and more! This open floor plan features a big great room that provides plenty of space to section of an area to convert to a 3rd bedroom or office if you desire! Both bedrooms feature walk in closets. The large driveway provides ample parking for up to 3 cars. A unique large private yard with two storage sheds! Great location nearby guest parking, community clubhouse, pool and amenities! Rancho San Marcos park offers a clubhouse, pool, spa, ample guest parking, and is located right across from Richland Elementary. Located in the San Marcos School District and walking distance to the newly remodeled Richland Elementary! Space rent is $1,500 per month + utilities.

Key facts

• 3 parking spots
• Community pool
• Built 1975

Property features AI

Finance

• Other: Pets allowed
• HOA & community: Community pool and clubhouse

Exterior

• Parking: 3 parking spaces
• Utilities: Sewer connected
• Home design: Mobile home (residential); Single-story; Entry at level 1
• Construction: Aluminum siding; Metal roof
• Exterior features: Wood fencing; Community pool; Community clubhouse; Shed(s); Sprinkler irrigation

Interior

• Kitchen: Built-in range; Dishwasher; Disposal
• Bedrooms: 3 possible bedrooms
• Flooring: Linoleum; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating (natural gas)
• Interior features: Dishwasher; Disposal; Built-in range; Gas water heater; Linoleum and vinyl flooring
• Laundry & utility: Shared laundry in common area

🏷️ Possibly a rental listed for sale. The $264,000 price doesn't fit this home's estimated sale value (~$377,200) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $264k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $557 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $264k).
• Cap rate 8.8% 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; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 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 37% 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 $8k 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

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 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: major wildfire risk; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $264,000

Questions for the listing agent

1. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.14% ✓
• Cap rate: 8.82%
• Cash-on-cash: 9.03%
• DSCR: 1.40
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $377,200
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
971 Borden Rd #9	0.00mi	2/2.0	1,152 (+0%)	14mo	$245,000	$213	88
971 Borden Rd #117	0.00mi	2/2.0	1,248 (+8%)	11mo	$225,000	$180	77
1401 W El Norte Pkwy Spc 309	0.68mi	2/2.0	1,152 (+0%)	1mo	$442,900	$384	67
909 Richland Rd Spc 122	0.16mi	3/2.0 (+1)	1,307 (+14%)	21mo	$599,000	$458	47
1401 El Norte Pkwy #217	0.68mi	2/2.0	1,248 (+8%)	10mo	$339,500	$272	45
1401 El Norte Pkwy Spc 274	0.68mi	2/2.0	1,250 (+9%)	18mo	$410,000	$328	39
1401 El Norte Pkwy Spc 35 Pkwy Spc 35	0.68mi	3/2.0 (+1)	1,041 (-10%)	23mo	$430,000	$413	28

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: -5.4%
• Equity multiple: 0.80×
• Total profit: $-14,540
• Equity at exit: $39,363

10-year hold

• IRR: 1.0%
• Equity multiple: 1.07×
• Total profit: $4,832
• Equity at exit: $22,826

Cash invested: $73,920 (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 92069

• Rents YoY: 0.6%
• Active inventory: 115
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $3,014 high
• Mortgage (P&I): −$1,384
• Tax est. 1.5%: −$330 /mo · $3,960/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$633
• Net cashflow: $557

Break-even live

Break-even rent $2,309

Max offer price $264,000

Occupancy floor 77%

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: $66,000
• Closing costs: $7,920
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
909 Richland Rd #89 San Marcos, CA	2.0	2.0	1440	$2,800	$1.94	44d	1	0.15mi
975 Woodland Pkwy San Marcos, CA	1.0–2.0	1.0–2.0	755	$3,275	$4.33	2d	1	0.52mi
452 Lynwood Ln San Marcos, CA	3.0	2.0	1000	$3,250	$3.25	44d	1	0.62mi
772 Vineyard Rd Unit 772 San Marcos, CA	2.0	1.0	861	$2,600	$3.02	44d	1	0.80mi
218 Woodland Pkwy #146 San Marcos, CA	2.0	2.0	908	$2,900	$3.19	44d	1	0.85mi
220 Woodland Pkwy #250 San Marcos, CA	1.0	1.0	700	$3,500	$5.00	44d	1	0.85mi
1920 Edith Dr Escondido, CA	2.0	2.0	1330	$3,699	$2.78	2d	1	0.86mi
610 Sunset Ct San Marcos, CA	3.0	2.0	1428	$3,800	$2.66	44d	1	0.95mi
1113 Privet St San Marcos, CA	2.0	2.0	1008	$2,595	$2.57	24d	1	1.09mi
715 Ash Ln San Marcos, CA	1.0–3.0	1.0–2.0	835	$2,750	$3.29	3d	20	1.13mi
595 Sirginson Rd Unit 97 San Marcos, CA	2.0	1.0	832	$3,100	$3.73	24d	1	1.13mi
701 Ash Ln #202 San Marcos, CA	3.0	2.0	919	$2,895	$3.15	15d	1	1.15mi
131 Avenida Chapala #105 San Marcos, CA	3.0	2.5	1379	$3,425	$2.48	2d	1	1.26mi
570 E Barham Dr San Marcos, CA	1.0–3.0	1.0–2.0	840	$3,108	$3.70	3d	14	1.27mi
506 E Barham Dr Unit 230 San Marcos, CA	2.0	2.0	900	$3,095	$3.44	3d	1	1.37mi
506 E Barham Dr Unit 130 San Marcos, CA	2.0	2.0	900	$2,975	$3.31	3d	1	1.37mi
506 E Barham Dr Unit 224 San Marcos, CA	2.0	2.0	900	$2,895	$3.22	3d	1	1.37mi
506 E Barham Dr San Marcos, CA	1.0–2.0	1.0–2.0	770	$3,095	$4.02	17d	4	1.38mi
295 Mission Villas Rd Unit 3 San Marcos, CA	2.0	2.5	1105	$3,100	$2.81	13d	1	1.45mi
468 N Twin Oaks Valley Rd San Marcos, CA	2.0	2.0	950	$2,881	$3.03	3d	3	1.50mi

Listing history 10 events

1. 2026-06-18
   days on market $264,000 Active 14 DOM
2. 2026-06-17
   days on market $264,000 Active 13 DOM
3. 2026-06-16
   pricedays on market $264,000 Active 12 DOM
4. 2026-06-15
   days on market $269,000 Active 11 DOM
5. 2026-06-13
   days on market $269,000 Active 9 DOM
6. 2026-06-09
   days on market $269,000 Active 5 DOM
7. 2026-06-08
   days on market $269,000 Active 4 DOM
8. 2026-06-07
   statusdays on market $269,000 Active 3 DOM
9. 2026-06-04
   remarks 624-char remark
10. 2026-06-04
    listed $269,000 Coming Soon 1 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 5/10 Major 7 d/yr ≥97°F today · 23 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: $36,167
• − Mortgage interest: −$14,788
• − Property taxes: −$3,960
• − Insurance: −$1,320
• − Repairs & maintenance: −$2,893
• − Management: −$2,893
• − Depreciation: −$7,680
• Taxable income: $2,632
• Est. tax owed @ 24.0%: −$632
• After-tax cash flow: $6,047/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

Good 80/100 Cosmetic rehab

This move-in ready manufactured home is in good condition with recent updates, including new dual-pane windows and quartz countertops. It offers a good balance of curb appeal and functionality.

Value-add opportunities

• Both Landscaping and irrigation system — Enhances curb appeal and water efficiency
• Both Carport roof replacement — Improves structural integrity and enhances curb appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping and irrigation system — Enhances curb appeal and water efficiency ↑
• Both Carport roof replacement — Improves structural integrity and enhances curb appeal ↑

ⓘ 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 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

+7.6% since first listed

5 events — show timeline

• 2026-06-04 Listed $269,000 SDMLS
• 2026-06-03 Coming Soon $269,000 SDMLS
• 2025-05-06 Sold (MLS) $245,000 CRMLS
• 2025-04-24 Pending — CRMLS
• 2025-03-26 Listed $249,900 CRMLS