1111 Morse Ave #206 · Sunnyvale, CA 94089

$399,000

3 bd · 2.0 ba · 1,332 sqft · Manufactured · 27 Days on market

Built 2022 Good condition

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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 +25.5/30.0
• DSCR +8.4/10.0
• Schools +8.3/10.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• Livability +4.1/5.0
• Condition / age +4.0/5.0
• Appreciation +3.2/10.0
• Rent growth +3.2/5.0

Listing remarks MLS

Darling home in a wonderful senior park, Tree lined streets and amazing neighbors! Welcome to this 3 bedroom 2 bath home with the lowest rent in town! Open the front door to a sunlit open floor plan, Clean almost new. Off of the kitchen you have a walk in pantry, and a great area for a coffee bar, Primary suite has a walk in closet with organized shelving for add convenience. The primary bath room has a great sized walk in shower. Laundry comes with washer and dryer. AC and central forced air, Long driveway and shed Make this darling home complete.

Key facts

• Walk in closet
• Walk in pantry
• Organized shelving

Tags

• TREE LINED STREETS
• WALK IN PANTRY
• COFFEE BAR
• WALK IN CLOSET
• ORGANIZED SHELVING
• WALK IN SHOWER

Property features AI

Finance

• Other: Energy-saving features including ceiling insulation, double-pane windows, Energy Star appliances, Energy Star HVAC, and thermostat controller
• HOA & community: Community pool; Clubhouse; Recreation room; Billiard room; Barbecue area; Organized activities; Additional storage; Common utility room; RV/boat storage

Exterior

• Parking: Carport with tandem parking; 3 minimum carport spaces; Assigned space #206; Space rent applies
• Utilities: Individual electric meters; Individual gas meters; Individual water meter; Public utilities (water and sewer); Public sewer
• Home design: Manufactured home; Vaulted ceiling; High ceiling
• Construction: Built as a park home (serial numbers available)
• Exterior features: Composition roof; Park lot/site remains with unit; Board approval required for restrictions; Pets allowed (cats and dogs permitted with number restrictions); Senior community (one resident 55+)

Interior

• Kitchen: Countertops (other); Island; Pantry; Dishwasher; Gas oven/range; Refrigerator(s); Exhaust fan; Dining area with dining bar
• Bedrooms: 3 bedrooms (all on main level)
• Flooring: Other (see remarks)
• Bathrooms: 2 full bathrooms with double sinks, shower and tub, and stall shower
• Heating & cooling: Central forced air heating; Central forced air cooling
• Interior features: High ceilings with vaulted areas; Walk-in closet; Laundry room; Additional storage
• Laundry & utility: Washer and dryer included

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $399k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $500 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $399k).
• Recommended offer: $393k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 1.2% in Sunnyvale — 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 82/100 on livability (#37 in CA, #1,258 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: cost of living F.
• Fremont Union High (urban): math 87% / reading 91% proficiency, ranked #6 of 517 in CA (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: Rents rising (+2.6%/yr); 69 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 3,838 units permitted in Santa Clara County in 2024 (1,886 in 5+ unit buildings).
• This rent runs 35% of the median local income ($158k/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 $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Santa Clara County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($393k) 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

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $393,015 (1.5% below list)

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-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: 1.17% ✓
• Cap rate: 9.08%
• Cash-on-cash: 9.95%
• DSCR: 1.44
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $239,760
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1111 Morse Ave #29	0.08mi	2/2.0 (-1)	1,440 (+8%)	6mo	$230,000	$160	73
1111 Morse Ave Spc 17	0.09mi	2/2.0 (-1)	1,440 (+8%)	6mo	$240,000	$167	72
1050 Borregas Ave #111	0.13mi	2/2.0 (-1)	1,425 (+7%)	9mo	$320,000	$225	70
600 E Weddell #59	0.49mi	3/2.0	1,344 (+1%)	8mo	$345,000	$257	69
1111 Morse Ave #36	0.16mi	2/2.0 (-1)	1,438 (+8%)	7mo	$199,999	$139	68
600 E Weddell Dr #192	0.49mi	3/2.0	1,248 (-6%)	2mo	$300,000	$240	65
600 E Weddell Dr #9	0.51mi	3/2.0	1,269 (-5%)	6mo	$228,000	$180	63
600 E Weddell Dr #184	0.49mi	3/2.0	1,227 (-8%)	3mo	$280,000	$228	62
600 E Weddell Dr #126	0.51mi	3/2.0	1,500 (+13%)	8mo	$349,000	$233	48
690 Persian Dr #61	0.64mi	2/2.0 (-1)	1,464 (+10%)	2mo	$229,500	$157	48
690 Persian Dr #4	0.64mi	2/2.0 (-1)	1,440 (+8%)	7mo	$229,900	$160	46
1085 Tasman Dr #862	0.70mi	2/2.0 (-1)	1,464 (+10%)	7mo	$239,000	$163	40

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 · 2.63% rent growth · sell at horizon

5-year hold

• IRR: -8.4%
• Equity multiple: 0.69×
• Total profit: $-34,215
• Equity at exit: $59,492

10-year hold

• IRR: 0.7%
• Equity multiple: 1.05×
• Total profit: $5,508
• Equity at exit: $34,498

Cash invested: $111,720 (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 94089

• Home prices YoY: -1.1%
• Rents YoY: 2.6%
• Active inventory: 69
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $4,663 high
• Mortgage (P&I): −$2,092
• Tax est. 1.5%: −$499 /mo · $5,985/yr
• Insurance: −$166
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$979
• Net cashflow: $500

Break-even live

Break-even rent $4,030

Max offer price $399,000

Occupancy floor 84%

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1063 Morse Ave Sunnyvale, CA	1.0–2.0	1.0–2.0	844	$5,014	$5.94	1d	14	0.22mi
568 Saco Ter Sunnyvale, CA	4.0	3.0	1720	$5,200	$3.02	1d	1	0.44mi
550 E Weddell Dr Sunnyvale, CA	1.0–3.0	1.0–2.0	1255	$5,966	$4.75	1d	8	0.48mi
621 Tasman Dr Sunnyvale, CA	1.0–2.0	1.0–2.0	959	$4,557	$4.75	1d	9	0.55mi
1220 N Fair Oaks Ave Sunnyvale, CA	1.0–2.0	1.0–2.0	887	$4,780	$5.39	1d	4	0.58mi
785 N Fair Oaks Ave #8 Sunnyvale, CA	2.0	1.0	926	$3,300	$3.56	10d	1	0.68mi
781 N Fair Oaks Ave #6 Sunnyvale, CA	3.0	2.0	1134	$3,795	$3.35	16d	1	0.68mi
676 Johanna Ave Unit 2 Sunnyvale, CA	2.0	1.0	892	$2,650	$2.97	1d	1	0.93mi
450 N Mathilda Ave Sunnyvale, CA	1.0–2.0	1.0–2.0	810	$4,217	$5.21	1d	4	1.27mi
1271 Lawrence Station Rd Sunnyvale, CA	1.0–2.0	1.0–2.5	1417	$5,197	$3.67	1d	7	1.29mi
725 San Simeon St #1617 Sunnyvale, CA	3.0	2.0	1008	$5,400	$5.36	1d	1	1.34mi

Listing history 15 events

1. 2026-06-18
   days on market $399,000 Active 27 DOM
2. 2026-06-17
   days on market $399,000 Active 26 DOM
3. 2026-06-16
   days on market $399,000 Active 25 DOM
4. 2026-06-15
   days on market $399,000 Active 24 DOM
5. 2026-06-13
   days on market $399,000 Active 22 DOM
6. 2026-06-09
   days on market $399,000 Active 18 DOM
7. 2026-06-08
   days on market $399,000 Active 17 DOM
8. 2026-06-07
   days on market $399,000 Active 16 DOM
9. 2026-06-05
   days on market $399,000 Active 13 DOM
10. 2026-06-03
    days on market $399,000 Active 12 DOM
11. 2026-06-02
    days on market $399,000 Active 11 DOM
12. 2026-06-01
    days on market $399,000 Active 10 DOM
13. 2026-05-31
    days on market $399,000 Active 9 DOM
14. 2026-05-23
    listed $399,000 Active 554-char remark

    Show marketing remark (554 chars)

    Darling home in a wonderful senior park, Tree lined streets and amazing neighbors! Welcome to this 3 bedroom 2 bath home with the lowest rent in town! Open the front door to a sunlit open floor plan, Clean almost new. Off of the kitchen you have a walk in pantry, and a great area for a coffee bar, Primary suite has a walk in closet with organized shelving for add convenience. The primary bath room has a great sized walk in shower. Laundry comes with washer and dryer. AC and central forced air, Long driveway and shed Make this darling home complete.

15. 2026-05-23
    listed $399,000 Active 554-char remark

    Show marketing remark (554 chars)

    Darling home in a wonderful senior park, Tree lined streets and amazing neighbors! Welcome to this 3 bedroom 2 bath home with the lowest rent in town! Open the front door to a sunlit open floor plan, Clean almost new. Off of the kitchen you have a walk in pantry, and a great area for a coffee bar, Primary suite has a walk in closet with organized shelving for add convenience. The primary bath room has a great sized walk in shower. Laundry comes with washer and dryer. AC and central forced air, Long driveway and shed Make this darling home complete.

ⓘ 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 AE · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥90°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 13 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $55,957
• − Mortgage interest: −$22,350
• − Property taxes: −$5,985
• − Insurance: −$7,114
• − Repairs & maintenance: −$4,477
• − Management: −$4,477
• − Depreciation: −$11,607
• Taxable loss: −$52
• Est. tax savings @ 24.0%: +$13
• After-tax cash flow: $6,011/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 · 30 photos

Good 80/100 Cosmetic rehab

This home is in excellent condition with a good condition score of 80. It is move-in ready with a cosmetic rehab level and minimal repairs needed.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Clean gutters — Improves drainage and overall appearance

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Clean gutters — Improves drainage and overall appearance ↑

ⓘ 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: Fremont Union High
• NCES district ID: 0614430
• Math proficiency: 87% ▲ 9.00%
• Reading proficiency: 91% ▲ 10.00%
• Median HH income: $128,947
• Composite: 82.66/100
• National rank: #20
• State rank: #6 of 517 in CA

Livability — Sunnyvale

• Score: 82/100
• State rank: #37
• US rank: #1258

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sunnyvale, CA
• County: Santa Clara County · 1,806,974 people
• City population: 154,236
• Metro: San Jose-Sunnyvale-Santa Clara, CA
• Population (ZIP): 22,699
• Household income: $158,304
• Rent vs Own: 47.1% rent · 52.9% own
• Severe rent burden: 558.0

Population outlook (Santa Clara County) Hauer SSP2

• Today (2025): 2,179,074 people
• By 2030: 2,301,297 · +5.6%
• By 2040: 2,528,195 · +16.0%
• By 2050: 2,712,135 · +24.5%
• By 2075: 2,998,701 · +37.6%
• By 2100: 2,931,429 · +34.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: Asian 45% White 24% Hispanic / Latino 24% Two or more races 9% Black 2%
• Hispanic origin (detail): Mexican 17%
• Common ancestry: Scotch-Irish 2% Lithuanian 1% Estonian 1%
• Foreign-born: 51% · Canada, China, Vietnam
• Languages at home: 40% English-only · Spanish 18% Chinese 12% Other Asian/Pacific 8%

Political lean MEDSL · Santa Clara

• 2024 margin: Solid D (+40.0) · D 68.1% · R 28.1% · Other 3.8%
• 2008→2024 swing: -0.9pp no change · 2008: 40.9pp · 2024: 40.0pp
• All cycles: 2024: D+40.0 2020: D+47.4 2016: D+52.5 2012: D+42.1 2008: D+40.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -3.70%
• Current HPI: 338.6935
• Rent YoY: ▲ 2.63%
• Metro: San Jose-Sunnyvale-Santa Clara, 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

+0.0% since first listed

2 events — show timeline

• 2026-05-23 Listed $399,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-05-23 Listed $399,000 MLSListings