7126 San Luis St #121 · Carlsbad, CA 92011

$160,000

2 bd · 2.0 ba · 1,440 sqft · Manufactured · 7 Days on market

Built 1972 29 ac lot

---

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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +6.5/10.0
• Appreciation +5.9/10.0
• Livability +3.9/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Lowest space rent in the park! $1,350 per month. Beautiful sunset views from the dual pane picture windows in the Living and Dining Rooms. Lots and lots of built-in cabinets and storage. Tile in the Dining Room, Kitchen and Bathrooms. Home Office off the Family Room. No neighbors in front of your home. 7X17 enclosed patio off the front porch. This home is convenient and comfortable and well located in Lakeshore Gardens – "Paradise Near the Beach" Lakeshore Gardens is close to the beach and shopping. Neighborhoods: Lakeshore Gardens Complex Features: , ,, ,, ,, ,, , Equipment: Dryer, Range/Oven, Shed(s), Washer Other Fees: 0 Sewer: Sewer Connected Topography: LL

Key facts

• Large center island
• Remodeled kitchen
• Abundant cabinetry

Tags

• REMODELED KITCHEN
• LARGE CENTER ISLAND
• ABUNDANT CABINETRY
• BAR SEATING
• STAINLESS STEEL APPLIANCES
• OPEN-CONCEPT FLOOR PLAN

Property features AI

Finance

• Other: Park name: Lakeshore Gardens; Community features include biking
• Financial info: Land lease applies
• HOA & community: Senior community; Onsite property management; Clubhouse; Pool; Spa; Gym/exercise room; Billiard room; Card room; Meeting/banquet facilities; Outdoor cooking area / barbecue; Fire pit; Common RV parking; Security; Pets permitted (with pet rules); Manager approval required

Exterior

• Parking: Attached carport; Carport fits 2 vehicles; Has parking
• Security: Automatic gate; Gated community; Smoke detector; Carbon monoxide detector
• Utilities: District/public water; Public sewer; Natural gas connected; Electricity connected; Underground utilities
• Home design: Mobile home (24' x 60') remains on site; Double body type (multi-unit/mobile setting); Single-story; Entry level: 1; Facing south
• Construction: Wood skirting
• Exterior features: Covered front porch; Patio; In-ground community pool; Wood skirting; Vinyl fencing; Shed (1); Landscaped yard; Garden; Back yard; Lot is level/flat; Maintained, paved road access; South-facing

Interior

• Kitchen: Kitchen island; Built-in trash/recycling; Gas cooktop; Gas oven; Microwave; Refrigerator; Dishwasher; Gas water heater
• Bedrooms: All bedrooms on the main level
• Flooring: Tile flooring; Laminate flooring
• Bathrooms: One full bathroom; One three-quarter bathroom; Master bath with double sinks; Walk-in shower; Low-flow toilets; Shower
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Ceiling fan; Storage space; Panel doors; Double pane windows; No interior steps; Doors swing inward; One-level home; Entry on north side; Turnkey condition; Community spa
• Laundry & utility: Laundry room inside; Gas dryer hookup; 220V outlet in laundry; Utility room

🏷️ Possibly a rental listed for sale. The $160,000 price doesn't fit this home's estimated sale value (~$360,000) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $160k.

Deal economics

• At list price, monthly cash flow is $2k ($30k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $160k).
• Cap rate 24.9% vs local median 2.1% in Carlsbad — 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 78/100 on livability (#67 in CA, #2,526 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, amenities A+, commute A+; Watch: health & safety D+, cost of living F.
• Carlsbad Unified (urban): math 68% / reading 76% proficiency, ranked #87 of 1,400 in CA (top 6%) — strong family-tenant draw, lease renewals of 3-5y typical; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+3.5%/yr); 96 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 53% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 11,759 units permitted in San Diego County in 2024 (7,244 in 5+ unit buildings).
• This rent runs 34% of the median local income ($159k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $4k of equity ($1k loan paydown + $3k appreciation (1.8% local appreciation)).
• San Diego County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (1.8% appreciation + 3.5% rent growth), your $45k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 11y ago 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.
• Current owner paid $92k; list at $160k implies a 73% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $160,000

Questions for the listing agent

1. Built in 1972 — 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: 2.84% ✓
• Cap rate: 24.95%
• Cash-on-cash: 66.62%
• DSCR: 3.96
• GRM: 2.9

CMA / ARV

• ARV (on-the-fly): $360,000
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7018 San Carlos St #60	0.07mi	2/2.0	1,440 (0%)	6mo	$392,000	$272	92
7140 Santa Rosa St	0.13mi	2/2.0	1,440 (0%)	6mo	$191,000	$133	89
7106 Santa Cruz #56	0.13mi	2/2.0	1,464 (+2%)	9mo	$390,000	$266	84
7217 San Luis St #173	0.17mi	2/2.0	1,440 (0%)	10mo	$280,000	$194	84
7024 San Bartolo Unit 19 A	0.10mi	3/2.0 (+1)	1,544 (+7%)	2mo	$425,000	$275	76
7203 San Luis St #166	0.11mi	2/2.5	1,536 (+7%)	9mo	$375,000	$244	74
7318 San Luis St	0.47mi	2/2.0	1,440 (0%)	9mo	$285,000	$198	70
7304 Santa Barbara St #325	0.33mi	2/2.0	1,512 (+5%)	9mo	$481,000	$318	69
7311 San Luis St #237	0.45mi	3/2.0 (+1)	1,359 (-6%)	1mo	$236,550	$174	64
7224 San Benito St	0.23mi	2/2.0	1,600 (+11%)	9mo	$400,000	$250	64
7243 San Luis St #257	0.31mi	2/2.0	1,248 (-13%)	2mo	$120,000	$96	62
7313 San Luis St #236	0.42mi	3/2.0 (+1)	1,548 (+8%)	5mo	$450,000	$291	59

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

1.75% appreciation · 3.54% rent growth · sell at horizon

5-year hold

• IRR: 70.7%
• Equity multiple: 4.79×
• Total profit: $169,890
• Equity at exit: $60,944

10-year hold

• IRR: 71.4%
• Equity multiple: 9.93×
• Total profit: $400,088
• Equity at exit: $86,127

Cash invested: $44,800 (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 92011

• Home prices YoY: 0.4%
• Rents YoY: 3.5%
• Active inventory: 96
• Price-to-rent: 2.9×

Monthly cashflow live

• Estimated rent: $4,548 high
• Mortgage (P&I): −$839
• Tax est. 1.5%: −$200 /mo · $2,400/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$955
• Net cashflow: $2,487

Break-even live

Break-even rent $1,400

Max offer price $160,000

Occupancy floor 40%

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6923 Whitecap Dr Carlsbad, CA	3.0	2.0	1246	$5,250	$4.21	43d	1	0.45mi
820 Windcrest Dr Carlsbad, CA	3.0	2.0	1404	$5,581	$3.98	18d	1	0.59mi
6790 Embarcadero Ln Carlsbad, CA	1.0–2.0	2.0–2.5	2104	$5,750	$2.73	5d	1	0.64mi
6938 Seascape Dr Carlsbad, CA	1.0–2.0	1.0–2.0	810	$3,775	$4.66	3d	9	0.66mi
6910 Peachtree Rd Unit 1546353P Carlsbad, CA	3.0	2.0	1399	$6,129	$4.38	16d	1	0.77mi
6811 Alderwood Dr Carlsbad, CA	2.0	2.0	1292	$3,850	$2.98	43d	1	0.84mi
916 Caminito Estrada Unit B Carlsbad, CA	2.0	2.0	1188	$3,650	$3.07	43d	1	0.93mi
902 Caminito Madrigal Unit B Carlsbad, CA	2.0	1.0	897	$3,200	$3.57	10d	1	0.96mi
6675 Paseo del Norte Unit B Carlsbad, CA	2.0	2.0	959	$4,300	$4.48	43d	1	0.97mi
6675 Paseo del Norte Unit A Carlsbad, CA	2.0	2.0	959	$3,850	$4.01	5d	1	0.97mi
6677 Paseo Del Norte Carlsbad, CA	2.0	2.0	959	$4,500	$4.69	43d	1	0.97mi
6677 Paseo del Norte Unit B Carlsbad, CA	2.0	1.0	959	$3,950	$4.12	43d	1	0.97mi
908 Caminito Madrigal Carlsbad, CA	2.0	2.0	897	$4,500	$5.02	43d	1	1.01mi
908 Caminito Madrigal Unit D Carlsbad, CA	2.0	1.5	897	$4,500	$5.02	43d	1	1.03mi
925 Wind Drift Dr Carlsbad, CA	2.0	2.5	1110	$3,895	$3.51	43d	1	1.09mi
6555 Sea Gate Rd Carlsbad, CA	2.0	2.0	1114	$4,095	$3.67	1d	3	1.12mi
1967 N Vulcan Ave Encinitas, CA	1.0–2.0	1.0–2.0	929	$5,359	$5.77	1d	7	1.36mi

Listing history 7 events

1. 2026-06-18
   days on market $160,000 Active 7 DOM
2. 2026-06-17
   days on market $160,000 Active 6 DOM
3. 2026-06-16
   days on market $160,000 Active 5 DOM
4. 2026-06-15
   days on market $160,000 Active 4 DOM
5. 2026-06-13
   days on market $160,000 Active 2 DOM
6. 2026-06-13
   remarks 693-char remark
7. 2026-06-13
   listed $160,000 Active 1 DOM

ⓘ 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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥82°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $54,574
• − Mortgage interest: −$8,962
• − Property taxes: −$2,400
• − Insurance: −$800
• − Repairs & maintenance: −$4,366
• − Management: −$4,366
• − Depreciation: −$4,655
• Taxable income: $29,025
• Est. tax owed @ 24.0%: −$6,966
• After-tax cash flow: $22,879/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: Carlsbad Unified
• NCES district ID: 0607500
• Math proficiency: 68% ▲ 2.00%
• Reading proficiency: 76% ▲ 2.00%
• Median HH income: $81,200
• Composite: 65.11/100
• National rank: #1068
• State rank: #87 of 1400 in CA

Livability — Carlsbad

• Score: 78/100
• State rank: #67
• US rank: #2526

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Carlsbad, CA
• County: San Diego County · 3,178,799 people
• City population: 114,373
• Metro: San Diego-Chula Vista-Carlsbad, CA
• Population (ZIP): 23,190
• Household income: $159,235
• Rent vs Own: 36.0% rent · 64.0% own
• Severe rent burden: 714.0

Population outlook (San Diego County) Hauer SSP2

• Today (2025): 3,678,185 people
• By 2030: 3,856,546 · +4.8%
• By 2040: 4,171,407 · +13.4%
• By 2050: 4,421,607 · +20.2%
• By 2075: 4,831,599 · +31.4%
• By 2100: 4,832,502 · +31.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Hispanic / Latino 17% Two or more races 15% Asian 12%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Portuguese 4% Slovak 3% Italian 3%
• Foreign-born: 16% · Canada, China, Vietnam
• Languages at home: 82% English-only · Spanish 6% Chinese 4% German/W. Germanic 2%

Political lean MEDSL · San Diego

• 2024 margin: D (+16.8) · D 56.9% · R 40.1% · Other 2.9%
• 2008→2024 swing: +6.6pp toward D · 2008: 10.2pp · 2024: 16.8pp
• All cycles: 2024: D+16.8 2020: D+22.8 2016: D+17.8 2012: D+5.1 2008: D+10.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.75%
• Current HPI: 399.8502
• Rent YoY: ▲ 3.54%
• Metro: San Diego-Chula Vista-Carlsbad, 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

+60.2% since first listed

7 events — show timeline

• 2026-06-11 Listed $160,000 CRMLS
• 2016-04-29 Sold (MLS) $92,500 SDMLS
• 2016-04-29 Sold (MLS) $92,500 CRMLS
• 2016-03-16 Pending — SDMLS
• 2015-11-20 Price Changed $99,900 SDMLS
• 2015-07-29 Listed $119,900 SDMLS
• 2015-07-29 Listed $99,900 CRMLS