23777 Mulholland Hwy #180 · Calabasas, CA 91302

$199,900

2 bd · 2.0 ba · 1,500 sqft · Manufactured · 78 Days on market

Built 1975 Fair condition 45 ac lot $133/sqft · 30% below area Est $287k · 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 +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
• Livability +2.9/5.0
• Condition / age +2.2/5.0
• Rent growth +1.8/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Secluded in the Highlands of Calabasas this unit sits at the end of a private cul-de-sac in the desireable Calabasas Village Mobile Home Estates. This is a fixer however the bones for a open concept great room with ample room for an additional 3rd bedroom there is tons of space to work with. A carport area may accomodate at least 3 cars. The ultra large front porch fitted with skylight panels leads to a the side of the property where there is a large fenced cement patio for weekend BBQ's. The back yard has a private access gate that leads directly onto Mulholland Hwy offering easy entry for weekend hikes into the canyon. This feature enhances the property's appeal for those seeking outdoor activities, scenic walks or weekend afternoon hikes up into the canyon. Property is priced to sell, the opportunity to make this your own won't last long!! This is your standard double wide 52 x 24 with a 24 x 10 expando. No probate confirmation is required. Sold As Is Seller to do No Repairs

Key facts

• Private access gate
• Private cul-de-sac
• 45.15 acre lot

Tags

• PRIVATE CUL-DE-SAC
• OPEN CONCEPT GREAT ROOM
• LARGE FENCED CEMENT PATIO
• PRIVATE ACCESS GATE

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $200k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $3k ($30k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $200k).
• Recommended offer: $188k (6.0% below list) — sets the bar for market timing.
• Cap rate 21.5% 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; 12 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).
• 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 $1k of loan paydown is wiped out by about $6k 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 $56k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($188k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $187,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 2.48% ✓
• Cap rate: 21.55%
• Cash-on-cash: 54.48%
• DSCR: 3.42
• GRM: 3.4

CMA / ARV

• ARV (median comp): $286,750
• List price: $199,900
• Delta: -30.29%
• Verdict: UNDERPRICED
• Comps: 20 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	0.00mi	3/2.0 (+1)	1,440 (-4%)	2mo	$290,000	$201	87
23777 Mulholland Hwy #42	0.13mi	2/2.0	1,536 (+2%)	11mo	$215,000	$140	81
23777 Mulholland Hwy #177	0.11mi	3/3.5 (+1)	1,536 (+2%)	0mo	$260,000	$169	80
23777 Mulholland Hwy #65	0.00mi	3/2.0 (+1)	1,560 (+4%)	12mo	$469,000	$301	79
23777 Mulholland Hwy #49	0.05mi	2/2.0	1,440 (-4%)	20mo	$299,000	$208	74
23777 Mulholland Hwy #17	0.11mi	2/3.0	1,486 (-1%)	20mo	$599,000	$403	73
23777 Mulholland Hwy Spc 19	0.11mi	3/2.0 (+1)	1,440 (-4%)	13mo	$270,000	$188	72
23777 MULHOLLAND HWY SPC 149	0.13mi	2/2.0	1,536 (+2%)	23mo	$250,000	$163	71
23777 Mulholland Hwy #187	0.11mi	2/2.0	1,440 (-4%)	21mo	$235,000	$163	70

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: 49.2%
• Equity multiple: 3.05×
• Total profit: $114,985
• Equity at exit: $29,806

10-year hold

• IRR: 53.5%
• Equity multiple: 5.51×
• Total profit: $252,607
• Equity at exit: $17,284

Cash invested: $55,972 (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: 3.4×

Monthly cashflow live

• Estimated rent: $4,965 high
• Mortgage (P&I): −$1,048
• Tax est. 1.5%: −$250 /mo · $2,998/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,043
• Net cashflow: $2,541

Break-even live

Break-even rent $1,749

Max offer price $199,900

Occupancy floor 44%

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
24621 Senda Salvia Calabasas, CA	3.0	3.0	1591	$6,200	$3.90	22d	1	0.52mi
24765 Via del Llano Calabasas, CA	3.0	2.5	1591	$5,480	$3.44	44d	1	0.69mi
3717 Calle Joaquin Calabasas, CA	3.0	2.5	1575	$6,500	$4.13	44d	1	0.87mi
24655 Park Miramar Calabasas, CA	2.0	2.0	1200	$5,995	$5.00	18d	1	0.90mi
4606 Park Granada #11 Calabasas, CA	2.0	2.0	1054	$2,795	$2.65	44d	1	1.16mi
23647 Park Capri #87 Calabasas, CA	3.0	2.0	1290	$3,900	$3.02	44d	1	1.19mi
4140 Meadow Lark Dr Calabasas, CA	3.0	2.5	1750	$5,400	$3.09	19d	1	1.23mi
4140 Meadow Lark Dr Calabasas, CA	3.0	3.0	1745	$5,750	$3.30	44d	1	1.23mi
23635 Park Capri #31 Calabasas, CA	2.0	2.0	1054	$2,975	$2.82	25d	1	1.25mi
4732 Park Granada #221 Calabasas, CA	2.0	2.0	1054	$2,800	$2.66	44d	1	1.25mi
4648 Park Granada #170 Calabasas, CA	3.0	2.0	1290	$4,200	$3.26	25d	1	1.25mi
23637 Park Capri #34 Calabasas, CA	2.0	2.0	1054	$3,800	$3.61	25d	1	1.25mi

Listing history 15 events

1. 2026-06-18
   days on market $199,900 Active 78 DOM
2. 2026-06-17
   days on market $199,900 Active 77 DOM
3. 2026-06-16
   days on market $199,900 Active 76 DOM
4. 2026-06-15
   days on market $199,900 Active 75 DOM
5. 2026-06-13
   days on market $199,900 Active 73 DOM
6. 2026-06-13
   days on market $199,900 Active 72 DOM
7. 2026-06-09
   days on market $199,900 Active 69 DOM
8. 2026-06-08
   days on market $199,900 Active 68 DOM
9. 2026-06-07
   days on market $199,900 Active 67 DOM
10. 2026-06-04
    days on market $199,900 Active 64 DOM
11. 2026-06-03
    days on market $199,900 Active 63 DOM
12. 2026-06-02
    days on market $199,900 Active 62 DOM
13. 2026-06-01
    days on market $199,900 Active 61 DOM
14. 2026-05-31
    days on market $199,900 Active 60 DOM
15. 2026-04-01
    listed $199,900 Active 992-char remark

    Show marketing remark (992 chars)

    Secluded in the Highlands of Calabasas this unit sits at the end of a private cul-de-sac in the desireable Calabasas Village Mobile Home Estates. This is a fixer however the bones for a open concept great room with ample room for an additional 3rd bedroom there is tons of space to work with. A carport area may accomodate at least 3 cars. The ultra large front porch fitted with skylight panels leads to a the side of the property where there is a large fenced cement patio for weekend BBQ's. The back yard has a private access gate that leads directly onto Mulholland Hwy offering easy entry for weekend hikes into the canyon. This feature enhances the property's appeal for those seeking outdoor activities, scenic walks or weekend afternoon hikes up into the canyon. Property is priced to sell, the opportunity to make this your own won't last long!! This is your standard double wide 52 x 24 with a 24 x 10 expando. No probate confirmation is required. Sold As Is Seller to do No Repairs

ⓘ 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: $59,586
• − Mortgage interest: −$11,198
• − Property taxes: −$2,998
• − Insurance: −$1,000
• − Repairs & maintenance: −$4,767
• − Management: −$4,767
• − Depreciation: −$5,815
• Taxable income: $29,041
• Est. tax owed @ 24.0%: −$6,970
• After-tax cash flow: $23,525/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

Fair 45/100 Moderate rehab

This mobile home requires moderate renovations, focusing on updating the interior and exterior to enhance its curb appeal and value.

Repairs flagged

• Major Kitchen cabinets — No photos of kitchen
• Moderate Bathroom fixtures — Dated and worn
• Moderate Exterior siding — Weathered
• Major Carpeted floors — Worn and outdated
• Moderate Interior walls — Peeling paint

Value-add opportunities

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Replace carpeted floors — New flooring improves comfort and value
• Both Upgrade bathroom fixtures — Modern fixtures increase appeal and functionality

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · No photos of kitchen	Major	$15,000–50,000
Bathroom fixtures · Dated and worn	Moderate	$3,000–15,000
Exterior siding · Weathered	Moderate	$3,000–15,000
Carpeted floors · Worn and outdated	Major	$15,000–50,000
Interior walls · Peeling paint	Moderate	$3,000–15,000
Total estimated repair cost · 5 items		$39,000–145,000

Value-add ROI direction

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Replace carpeted floors — New flooring improves comfort and value ↑
• Both Upgrade bathroom fixtures — Modern fixtures increase appeal and functionality ↑

ⓘ 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

1 event — show timeline

• 2026-04-01 Listed $199,900 CRMLS