356 Santa Paula · San Leandro, CA 94579

$135,000

2 bd · 2.0 ba · 1,200 sqft · Manufactured · 7 Days on market

Built 1971 Est $185k · 27% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.4/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

ORIGINAL OWNER, WELL MAINTAINED, HAS EARTH- QUAKE BRACING, WATER FILTERING SYSTEM, LOW RENT AND IS LOCATED IN A FIRST CLASS PARK!

Key facts

• Hot tub
• Sauna
• Swimming pool

Tags

• CENTRAL AIR CONDITIONING
• SWIMMING POOL
• HOT TUB
• SAUNA
• EXERCISE ROOMS
• BILLIARDS ROOM

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $135k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $135k).
• Cap rate 18.1% vs local median 2.0% in San Leandro — 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 68/100 on livability (#289 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, health & safety A+; Watch: amenities C-, schools D, crime F.
• San Lorenzo Unified (suburban): math 23% / reading 33% proficiency, ranked #1,044 of 1,400 in CA (top 75%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 33 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 1,742 units permitted in Alameda County in 2024 (856 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Alameda County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 28y ago; this cycle's ask is 4% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $52k; list at $135k implies a 162% gain — meaningful room to come down on a strong offer.

Recommended offer $135,000

Questions for the listing agent

1. Built in 1971 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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?
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: 2.12% ✓
• Cap rate: 18.09%
• Cash-on-cash: 42.13%
• DSCR: 2.87
• GRM: 3.9

CMA / ARV

• ARV (on-the-fly): $184,800
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
191 Santa Teresa	0.16mi	2/2.0	1,152 (-4%)	3mo	$128,000	$111	83
264 Santa Susana	0.05mi	2/2.0	1,344 (+12%)	4mo	$210,000	$156	74
411 Santa Monica	0.22mi	2/2.0	1,156 (-4%)	15mo	$205,000	$177	71
455 Santa Monica	0.04mi	2/2.0	1,296 (+8%)	21mo	$305,000	$235	68
450 Santa Monica #450	0.05mi	2/2.0	1,056 (-12%)	12mo	$160,000	$152	67
137 Santa Teresa	0.14mi	2/2.0	1,058 (-12%)	12mo	$115,000	$109	64
541 Santa Ynez	0.09mi	2/2.0	1,368 (+14%)	13mo	$204,500	$149	62
440 Santa Monica	0.09mi	3/2.0 (+1)	1,368 (+14%)	7mo	$211,000	$154	62
109 Santa Teresa	0.25mi	2/2.0	1,080 (-10%)	13mo	$195,000	$181	61
112 Santa Teresa	0.23mi	2/2.0	1,368 (+14%)	7mo	$159,900	$117	60
105 Santa Teresa	0.26mi	2/2.0	1,368 (+14%)	8mo	$182,000	$133	57
201 Santa Susana	0.27mi	2/2.0	1,332 (+11%)	19mo	$280,000	$210	53

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 38.8%
• Equity multiple: 2.66×
• Total profit: $62,690
• Equity at exit: $20,129

10-year hold

• IRR: 45.3%
• Equity multiple: 5.33×
• Total profit: $163,601
• Equity at exit: $11,672

Cash invested: $37,800 (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 94579

• Active inventory: 33
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $2,861 high
• Mortgage (P&I): −$708
• Tax est. 1.5%: −$169 /mo · $2,025/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$601
• Net cashflow: $1,327

Break-even live

Break-even rent $1,181

Max offer price $135,000

Occupancy floor 49%

Sensitivity live

Price	-10% $1,420	-5% $1,374	+0% $1,327	+5% $1,280	+10% $1,234
Rent	-10% $1,101	-5% $1,214	+0% $1,327	+5% $1,440	+10% $1,553
Rate	-1.0pp $1,395	-0.5pp $1,361	base $1,327	+0.5pp $1,292	+1.0pp $1,257

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2015 Quebec Ave Unit C San Leandro, CA	2.0	1.0	750	$2,450	$3.27	25d	1	0.30mi
941 Lewelling Blvd San Leandro, CA	2.0	1.0	925	$2,525	$2.73	44d	1	0.91mi
724 Lewelling Blvd San Leandro, CA	1.0	1.0	950	$2,338	$2.46	25d	1	1.05mi
Corvallis St San Leandro, CA	3.0	1.0	1100	$3,600	$3.27	0d	1	1.25mi
13897 Doolittle Dr San Leandro, CA	2.0	1.0–1.5	785	$2,542	$3.24	6d	6	1.47mi
13933 Santiago Rd San Leandro, CA	3.0	2.0	1336	$3,800	$2.84	2d	1	1.49mi
13933 Santiago Rd San Leandro, CA	3.0	2.0	1336	$3,800	$2.84	0d	1	1.49mi

Listing history 8 events

1. 2026-06-07
   pricedays on market $135,000 Pending 7 DOM
2. 2026-04-26
   status Pending
3. 2026-04-20
   listed $130,000 Active
4. 1998-11-30
   soldstatus $51,500 129-char remark

   Show marketing remark (129 chars)

   ORIGINAL OWNER, WELL MAINTAINED, HAS EARTH- QUAKE BRACING, WATER FILTERING SYSTEM, LOW RENT AND IS LOCATED IN A FIRST CLASS PARK!

5. 1998-11-24
   soldstatus $51,500 129-char remark

   Show marketing remark (129 chars)

   ORIGINAL OWNER, WELL MAINTAINED, HAS EARTH- QUAKE BRACING, WATER FILTERING SYSTEM, LOW RENT AND IS LOCATED IN A FIRST CLASS PARK!

6. 1998-11-01
   historical 129-char remark

   Show marketing remark (129 chars)

   ORIGINAL OWNER, WELL MAINTAINED, HAS EARTH- QUAKE BRACING, WATER FILTERING SYSTEM, LOW RENT AND IS LOCATED IN A FIRST CLASS PARK!

7. 1998-10-23
   listed $54,950 129-char remark

   Show marketing remark (129 chars)

   ORIGINAL OWNER, WELL MAINTAINED, HAS EARTH- QUAKE BRACING, WATER FILTERING SYSTEM, LOW RENT AND IS LOCATED IN A FIRST CLASS PARK!

8. 1998-10-21
   listed $54,950 129-char remark

   Show marketing remark (129 chars)

   ORIGINAL OWNER, WELL MAINTAINED, HAS EARTH- QUAKE BRACING, WATER FILTERING SYSTEM, LOW RENT AND IS LOCATED IN A FIRST CLASS PARK!

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥85°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 14 unhealthy d/yr today · 14 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,330
• − Mortgage interest: −$7,562
• − Property taxes: −$2,025
• − Insurance: −$675
• − Repairs & maintenance: −$2,746
• − Management: −$2,746
• − Depreciation: −$3,927
• Taxable income: $14,648
• Est. tax owed @ 24.0%: −$3,515
• After-tax cash flow: $12,410/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 Lorenzo Unified
• NCES district ID: 0634710
• Math proficiency: 23% ▬ 0.00%
• Reading proficiency: 33% ▼ -1.00%
• Median HH income: $61,114
• Composite: 28.5/100
• National rank: #12087
• State rank: #1044 of 1400 in CA

Livability — San Leandro

• Score: 68/100
• State rank: #289
• US rank: #9768

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Leandro, CA
• City population: 88,086
• Population (ZIP): 19,955

Population outlook (Alameda County) Hauer SSP2

• Today (2025): 1,928,884 people
• By 2030: 2,069,146 · +7.3%
• By 2040: 2,338,405 · +21.2%
• By 2050: 2,586,608 · +34.1%
• By 2075: 3,061,911 · +58.7%
• By 2100: 3,234,133 · +67.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: Asian 54% White 20% Hispanic / Latino 17% Two or more races 9% Black 3% Pacific Islander 1%
• Hispanic origin (detail): Mexican 11% Puerto Rican 2%
• Common ancestry: Russian 7% American 1% Slovak 1%
• Foreign-born: 44% · China, Canada, Vietnam
• Languages at home: 42% English-only · Chinese 34% Spanish 9% Tagalog/Filipino 5%

Political lean MEDSL · Alameda

• 2024 margin: Solid D (+53.6) · D 74.6% · R 21.0% · Other 4.4%
• 2008→2024 swing: -5.9pp toward R · 2008: 59.5pp · 2024: 53.6pp
• All cycles: 2024: D+53.6 2020: D+62.5 2016: D+64.4 2012: D+59.8 2008: D+59.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -797.47%
• Current HPI: 272.3821
• Rent YoY: —
• Metro: —
• 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

+136.6% since first listed

7 events — show timeline

• 2026-04-26 Pending — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-04-20 Listed $130,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 1998-11-30 Sold (MLS) $51,500 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 1998-11-24 Sold (MLS) $51,500 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 1998-11-01 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 1998-10-23 Listed $54,950 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 1998-10-21 Listed $54,950 bridgeMLS, Bay East AOR, or Contra Costa AOR