23777 Mulholland Hwy #150 · Calabasas, CA 91302

$349,000

4 bd · 4.0 ba · 2,180 sqft · Manufactured · 23 Days on market

Built 1976 Good condition Est $576k · 39% under ↓ 7% since listing

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +6.0/10.0
• Condition / age +4.0/5.0
• Livability +2.9/5.0
• Rent growth +1.8/5.0
• Appreciation +0.0/10.0

Listing remarks

An appx. 2180 sq ft 4-Bedroom 4 Bath Manufactured Home in a prime end of a cul-de-sac location. A beautifully updated manufactured home located in the highly desirable Calabasas Village Park. This spacious residence offers a total of 4 bedrooms and 4 bathrooms, with approximately 2180 square feet of living space. The home combines comfort, style, and functionality. An open floor plan with recessed lighting, stainless steel appliances, and a modern barn door that adds a touch of character. Each bedroom features individual split A/C units, in addition to the central air conditioning, ensuring personalized comfort year-round. Enjoy the peaceful nature of the ideal setting for entertaining, rel

Key facts

• Cul-de-sac location
• Open floor plan
• Modern barn door

Tags

• CUL-DE-SAC LOCATION
• CALABASAS VILLAGE COMMUNITY
• OPEN FLOOR PLAN
• RECESSED LIGHTING
• STAINLESS STEEL APPLIANCES
• MODERN BARN DOOR

Property features AI

Finance

• Other: Located in park: Calabasas Village; Community features include park and dog park
• Financial info: Land lease: $2,500 monthly (seller-provided figure); Rent includes trash, pool, water and sewer; Manager approval required
• HOA & community: Part of an association; Association amenities include pool, spa, clubhouse, gym/exercise room, sauna, playground, dog park, onsite property management, trash and water/sewer services

Exterior

• Parking: Attached front-entry garage; 2 garage/parking spaces
• Utilities: Public/district water; Public sewer; Sewer connected; Water connected; Cable connected
• Home design: Single-story home; Entry at main level; Mobile home model 'Baron' (24' x 60'); Updated/remodeled condition; Faces a private road
• Construction: Mobile home remains on site; One shed on property; Year built source: seller
• Exterior features: Deck; Community pool; Patio/deck present; Storage building; Attached guest house

Interior

• Kitchen: Kitchen open to family room; Kitchen island; Microwave; Gas range; Dishwasher
• Bedrooms: Primary bedroom; Main floor primary bedroom; Two primary bedrooms; All bedrooms on one level; Bonus room; Main floor bedroom
• Flooring: Laminate flooring
• Bathrooms: 4 full bathrooms; Remodeled bathrooms; Exhaust fans; Shower(s)
• Heating & cooling: Central furnace heating; Central air conditioning; Wall/window AC units
• Interior features: Living room with attached deck; Storage space; Community spa
• Laundry & utility: Inside laundry in a dedicated room

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath manufactured listed at $349k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $3k ($41k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $349k).
• Recommended offer: $344k (1.5% below list) — sets the bar for market timing.
• Cap rate 18.0% 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); 223 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals lingering (median 44d 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).
• At $7,374/mo this rent would consume 48% of the median local household income ($186k/yr) (locally 1222% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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 $98k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($344k) is reasonable based on typical stale-listing flexibility.
• 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: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $343,765 (1.5% below list)

Questions for the listing agent

1. Built in 1976 — 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. 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?
4. 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.
5. 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.
6. 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: 2.11% ✓
• Cap rate: 18.03%
• Cash-on-cash: 41.92%
• DSCR: 2.87
• GRM: 3.9

CMA / ARV

• ARV (on-the-fly): $575,520
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23777 Mulholland Hwy #151	0.00mi	4/3.0	2,006 (-8%)	6mo	$335,000	$167	78
23777 Mulholland Hwy #39	0.00mi	4/2.5	2,194 (+1%)	21mo	$580,000	$264	75

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: 35.1%
• Equity multiple: 2.43×
• Total profit: $139,373
• Equity at exit: $52,037

10-year hold

• IRR: 40.3%
• Equity multiple: 4.26×
• Total profit: $318,269
• Equity at exit: $30,175

Cash invested: $97,720 (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 91302

• Rents YoY: -2.9%
• Active inventory: 223
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $7,374 high
• Mortgage (P&I): −$1,830
• Tax est. 1.5%: −$436 /mo · $5,235/yr
• Insurance: −$145
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,549
• Net cashflow: $3,414

Break-even live

Break-even rent $3,053

Max offer price $349,000

Occupancy floor 49%

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: $87,250
• Closing costs: $10,470
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3549 Elm Dr Calabasas, CA	4.0	3.5	2300	$8,000	$3.48	43d	1	0.16mi
24621 Senda Salvia Calabasas, CA	3.0	3.0	1591	$6,200	$3.90	22d	1	0.52mi
24709 Via del Llano Calabasas, CA	4.0	3.0	1931	$7,000	$3.63	18d	1	0.62mi
3539 Canon Dr Topanga, CA	4.0	3.0	1891	$9,000	$4.76	43d	1	0.64mi
24765 Via del Llano Calabasas, CA	3.0	2.5	1591	$5,480	$3.44	43d	1	0.69mi
3657 Calle Jazmin Calabasas, CA	4.0	3.0	2438	$7,500	$3.08	10d	1	0.82mi
3717 Calle Joaquin Calabasas, CA	3.0	2.5	1575	$6,500	$4.13	43d	1	0.87mi
3450 Malaga Ct Calabasas, CA	5.0	4.0	2798	$8,300	$2.97	20d	1	0.96mi
4140 Meadow Lark Dr Calabasas, CA	3.0	3.0	1745	$5,750	$3.30	43d	1	1.23mi
4140 Meadow Lark Dr Calabasas, CA	3.0	2.5	1750	$5,400	$3.09	18d	1	1.23mi
22840 Sparrowdell Dr Calabasas, CA	4.0	3.0	2344	$7,500	$3.20	24d	1	1.23mi
4271 Park Paloma Calabasas, CA	3.0	2.5	2992	$8,200	$2.74	43d	1	1.30mi
23124 Park Contessa Calabasas, CA	3.0	2.5	2715	$9,985	$3.68	43d	1	1.33mi
23039 Park Privado Calabasas, CA	3.0	3.0	2416	$6,650	$2.75	24d	1	1.42mi

Listing history 17 events

1. 2026-06-18
   days on market $349,000 Active 23 DOM
2. 2026-06-17
   days on market $349,000 Active 22 DOM
3. 2026-06-16
   days on market $349,000 Active 21 DOM
4. 2026-06-15
   days on market $349,000 Active 20 DOM
5. 2026-06-13
   days on market $349,000 Active 18 DOM
6. 2026-06-13
   days on market $349,000 Active 17 DOM
7. 2026-06-09
   days on market $349,000 Active 14 DOM
8. 2026-06-08
   days on market $349,000 Active 13 DOM
9. 2026-06-07
   days on market $349,000 Active 12 DOM
10. 2026-06-04
    days on market $349,000 Active 9 DOM
11. 2026-06-03
    days on market $349,000 Active 8 DOM
12. 2026-06-02
    days on market $349,000 Active 7 DOM
13. 2026-06-01
    days on market $349,000 Active 6 DOM
14. 2026-05-31
    days on market $349,000 Active 5 DOM
15. 2026-05-26
    listed $349,000 Active
16. 2026-04-29
    historical
17. 2026-03-16
    listed $375,000 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: $88,491
• − Mortgage interest: −$19,549
• − Property taxes: −$5,235
• − Insurance: −$1,745
• − Repairs & maintenance: −$7,079
• − Management: −$7,079
• − Depreciation: −$10,153
• Taxable income: $37,650
• Est. tax owed @ 24.0%: −$9,036
• After-tax cash flow: $31,929/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 · 1 photo

Good 80/100 Cosmetic rehab

This beautifully updated manufactured home in Calabasas Village Park offers a good condition with a modern kitchen and ample living space. It is ready for a fresh paint job and landscaping to further enhance its curb appeal and value.

Value-add opportunities

• Both Painting exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics.
• Both Landscaping and curb appeal improvements — A well-maintained yard and landscaping can increase both resale and rental value.
• Both Add a smart home system — Modern technology can increase both resale and rental appeal by adding convenience and energy efficiency features.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics. ↑
• Both Landscaping and curb appeal improvements — A well-maintained yard and landscaping can increase both resale and rental value. ↑
• Both Add a smart home system — Modern technology can increase both resale and rental appeal by adding convenience and energy efficiency features. ↑

ⓘ 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: 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

-6.9% since first listed

3 events — show timeline

• 2026-05-26 Listed $349,000 CRMLS
• 2026-04-29 Listing Removed — CRMLS
• 2026-03-16 Listed $375,000 CRMLS