106 Amalfi · Santa Ana, CA 92703

$99,900

2 bd · 2.0 ba · 880 sqft · Manufactured · 75 Days on market

Built 1989 12 ac lot $114/sqft · 16% below area Est $118k · 16% 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 +14.5/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +2.8/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

TWO BEDROOM, TWO BATH HOME IN THE HEART OF SANTA ANA. OPEN KITCHEN TO LARGE LIVING AREA THAT COULD BE CONVERTED TO A THIRD BEDROOM. INCLUDES SEPARATE LAUNDRY ROOM. SPACIOUS WRAP AROUND YARD (BEWARE OF DOGS) WITH MANY FRUIT TREES. CARPORT WITH ROOM FOR 2 TO 3 CARS.

Key facts

• Wrap around yard
• Large living area
• Laundry room

Tags

• OPEN KITCHEN
• LARGE LIVING AREA
• LAUNDRY ROOM
• WRAP AROUND YARD
• FRUIT TREES
• CARPORT

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $100k.

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 $100k).
• Recommended offer: $94k (6.0% below list) — sets the bar for market timing.
• Cap rate 22.8% vs local median 2.5% in Santa Ana — 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 55/100 on livability (#871 in CA) — a working-class tenant base; expect higher turnover. Strengths: employment A; Watch: schools D, crime D-, amenities F.
• Santa Ana Unified (urban): math 23% / reading 37% proficiency, ranked #329 of 517 in CA (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 83% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 59 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 6,974 units permitted in Orange County in 2024 (3,839 in 5+ unit buildings).
• This rent runs 37% of the median local income ($84k/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 $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Orange County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 75 days — a 6% lower offer ($94k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $93,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 75 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. Crime grade is D 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?
6. 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.
7. 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.
8. 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: 2.61% ✓
• Cap rate: 22.77%
• Cash-on-cash: 58.86%
• DSCR: 3.62
• GRM: 3.2

CMA / ARV

• ARV (median comp): $118,225
• List price: $99,900
• Delta: -15.50%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
306 Sullivan St. Spc #103	0.18mi	2/2.0	800 (-9%)	5mo	$152,000	$190	73
201 Capri #161	0.08mi	3/1.0 (+1)	860 (-2%)	13mo	$80,000	$93	73
2767 W 1st St #35	0.12mi	2/1.0	786 (-11%)	11mo	$65,000	$83	63
201 Queen Ln #108	0.32mi	3/2.0 (+1)	800 (-9%)	10mo	$105,000	$131	57

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: 57.5%
• Equity multiple: 3.55×
• Total profit: $71,242
• Equity at exit: $14,895

10-year hold

• IRR: 62.4%
• Equity multiple: 7.25×
• Total profit: $174,726
• Equity at exit: $8,638

Cash invested: $27,972 (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 92703

• Active inventory: 59
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $2,611 high
• Mortgage (P&I): −$524
• Tax est. 1.5%: −$125 /mo · $1,498/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$548
• Net cashflow: $1,372

Break-even live

Break-even rent $874

Max offer price $99,900

Occupancy floor 42%

Sensitivity live

Price	-10% $1,441	-5% $1,407	+0% $1,372	+5% $1,338	+10% $1,303
Rent	-10% $1,166	-5% $1,269	+0% $1,372	+5% $1,475	+10% $1,578
Rate	-1.0pp $1,422	-0.5pp $1,398	base $1,372	+0.5pp $1,346	+1.0pp $1,320

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3200 W 5th St Santa Ana, CA	1.0–2.0	1.0–2.0	769	$2,795	$3.63	3d	9	0.41mi
308 S Laurel St Unit C Santa Ana, CA	2.0	1.0	950	$2,650	$2.79	44d	1	0.53mi
1905 W Myrtle St Unit 3 Santa Ana, CA	2.0	1.0	750	$2,350	$3.13	44d	1	0.64mi
3900 W 5th St Santa Ana, CA	1.0–2.0	1.0–2.0	780	$2,175	$2.79	13d	1	0.96mi
4109 W 5th St Unit C3 Santa Ana, CA	2.0	2.0	921	$2,900	$3.15	44d	1	1.09mi
4109 W 5th St Unit C3 Santa Ana, CA	2.0	2.0	921	$2,500	$2.71	22d	1	1.09mi
4200 W 1st St Santa Ana, CA	1.0–2.0	1.0–2.0	714	$2,929	$4.10	0d	5	1.13mi
4201 W 5th St Santa Ana, CA	2.0	1.0	921	$2,800	$3.04	8d	1	1.14mi
1610 N King St Santa Ana, CA	1.0–2.0	1.0–2.0	808	$2,400	$2.97	44d	1	1.14mi
1806 N Fairview St Unit Q Santa Ana, CA	1.0	1.0	693	$2,526	$3.65	25d	1	1.20mi
2417 W Stanford St Santa Ana, CA	2.0	1.0	700	$3,200	$4.57	25d	1	1.22mi
1314 N Harbor Blvd Santa Ana, CA	2.0	2.0	884	$2,742	$3.10	13d	4	1.23mi
1329 W Civic Center Dr Santa Ana, CA	2.0	1.0	850	$2,295	$2.70	16d	1	1.25mi
1329 W Civic Center Dr Unit 09 Santa Ana, CA	2.0	1.0	850	$2,295	$2.70	25d	1	1.25mi
3630 Westminster Ave Santa Ana, CA	1.0	1.0	696	$2,508	$3.60	22d	1	1.25mi
3630 Westminster Ave Santa Ana, CA	2.0	2.0	997	$2,758	$2.77	44d	1	1.25mi
225 S Newhope St Santa Ana, CA	1.0–2.0	1.0–2.0	822	$2,288	$2.78	0d	2	1.26mi
517 S Newhope St Santa Ana, CA	2.0	1.0	840	$2,125	$2.53	45d	1	1.27mi
2111 W 17th St Santa Ana, CA	1.0–2.0	1.0–2.0	756	$2,880	$3.81	0d	7	1.28mi
1330 W 10th St Unit 2 Santa Ana, CA	3.0	2.0	993	$3,700	$3.73	13d	1	1.28mi
1500 N Harbor Blvd Santa Ana, CA	1.0–2.0	1.0–2.0	780	$2,575	$3.30	16d	1	1.31mi
623 N Bristol St Santa Ana, CA	1.0	1.0	708	$2,300	$3.25	25d	1	1.35mi
631 N Bristol St #66 Santa Ana, CA	1.0	1.0	630	$2,500	$3.97	44d	1	1.35mi
2513 W Occidental St Santa Ana, CA	2.0	2.0	980	$3,495	$3.57	8d	1	1.37mi
1214 W Brook St Apt E Santa Ana, CA	1.0	1.0	540	$1,750	$3.24	44d	1	1.40mi
1114 W Santa Ana Blvd Santa Ana, CA	2.0	2.0	725	$2,700	$3.72	44d	4	1.43mi
1131 Highland St Santa Ana, CA	2.0	1.0	850	$2,200	$2.59	2d	1	1.44mi
16350 S Harbor Blvd Santa Ana, CA	1.0–2.0	1.0	800	$2,870	$3.59	44d	1	1.45mi
1148 W Civic Center Dr Unit 12 Santa Ana, CA	2.0	1.0	850	$2,595	$3.05	25d	1	1.46mi
12562 Cardinal Ave Unit B Garden Grove, CA	3.0	1.0	1100	$2,800	$2.55	44d	1	1.50mi

Listing history 15 events

1. 2026-06-18
   days on market $99,900 Active 75 DOM
2. 2026-06-17
   days on market $99,900 Active 74 DOM
3. 2026-06-16
   days on market $99,900 Active 73 DOM
4. 2026-06-15
   days on market $99,900 Active 72 DOM
5. 2026-06-13
   days on market $99,900 Active 70 DOM
6. 2026-06-13
   days on market $99,900 Active 69 DOM
7. 2026-06-09
   days on market $99,900 Active 66 DOM
8. 2026-06-08
   days on market $99,900 Active 65 DOM
9. 2026-06-07
   days on market $99,900 Active 64 DOM
10. 2026-06-04
    days on market $99,900 Active 61 DOM
11. 2026-06-03
    days on market $99,900 Active 60 DOM
12. 2026-06-02
    days on market $99,900 Active 59 DOM
13. 2026-06-01
    days on market $99,900 Active 58 DOM
14. 2026-05-31
    pricedays on market $99,900 Active 57 DOM
15. 2026-04-04
    listed $109,900 Active 264-char remark

    Show marketing remark (264 chars)

    TWO BEDROOM, TWO BATH HOME IN THE HEART OF SANTA ANA. OPEN KITCHEN TO LARGE LIVING AREA THAT COULD BE CONVERTED TO A THIRD BEDROOM. INCLUDES SEPARATE LAUNDRY ROOM. SPACIOUS WRAP AROUND YARD (BEWARE OF DOGS) WITH MANY FRUIT TREES. CARPORT WITH ROOM FOR 2 TO 3 CARS.

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥89°F today · 23 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,329
• − Mortgage interest: −$5,596
• − Property taxes: −$1,498
• − Insurance: −$500
• − Repairs & maintenance: −$2,506
• − Management: −$2,506
• − Depreciation: −$2,906
• Taxable income: $15,816
• Est. tax owed @ 24.0%: −$3,796
• After-tax cash flow: $12,669/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: Santa Ana Unified
• NCES district ID: 0635310
• Math proficiency: 23% ▼ -2.00%
• Reading proficiency: 37% ▲ 5.00%
• Median HH income: $55,752
• Composite: 26.7/100
• National rank: #7152
• State rank: #329 of 517 in CA

Livability — Santa Ana

• Score: 55/100
• State rank: #871
• US rank: #23502

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Santa Ana, CA
• County: Orange County · 3,096,323 people
• City population: 288,255
• Metro: Los Angeles-Long Beach-Anaheim, CA
• Population (ZIP): 62,447
• Household income: $84,437
• Rent vs Own: 49.0% rent · 51.0% own
• Severe rent burden: 1835.0

Population outlook (Orange County) Hauer SSP2

• Today (2025): 3,477,456 people
• By 2030: 3,613,117 · +3.9%
• By 2040: 3,835,945 · +10.3%
• By 2050: 3,968,736 · +14.1%
• By 2075: 4,097,053 · +17.8%
• By 2100: 3,903,633 · +12.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (77%)
• Race & ethnicity: Hispanic / Latino 77% Two or more races 19% Asian 16% White 5% Native American 2%
• Hispanic origin (detail): Mexican 72%
• Common ancestry: Iranian 1%
• Foreign-born: 47% · Canada, Vietnam, China
• Languages at home: 17% English-only · Spanish 68% Vietnamese 13% Other Asian/Pacific 1%

Political lean MEDSL · Orange

• 2024 margin: Toss-up / Even · D 49.7% · R 47.1% · Other 3.2%
• 2008→2024 swing: +5.2pp toward D · 2008: -2.6pp · 2024: 2.6pp
• All cycles: 2024: D+2.6 2020: D+9.0 2016: D+7.7 2012: R+8.3 2008: R+2.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -666.61%
• Current HPI: 458.1824
• Rent YoY: —
• 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

• 2026-04-04 Listed $109,900 CRMLS

Property tax history

-28.8%/yr

Latest (2018): $5 · -87.6% YoY. Source: county tax records.