7004 San Carlos St · Carlsbad, CA 92011

$324,900

2 bd · 2.0 ba · 1,440 sqft · Manufactured · 240 Days on market

Manufactured home 55+ age-restricted Built 1970 Good condition 29 ac lot $226/sqft · 9% below area Est $356k · 9% under

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Why this score? — see what drove the C 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 +17.9/30.0
• ARV discount +11.4/15.0
• Schools +6.5/10.0
• DSCR +5.8/10.0
• Appreciation +5.4/10.0
• 1% rule +5.2/10.0
• Condition / age +4.0/5.0
• Livability +3.9/5.0
• Rent growth +3.4/5.0
• Manufactured-home adj. -5.1

Listing remarks MLS

Welcome Home to Lakeshore Gardens, an exclusive 55+ gated community west of I-5 minutes from South Carlsbad State Beach. Live the coastal lifestyle, relax on the front porch & private patio while sipping your morning coffee & enjoying the afternoon ocean breeze. Spacious open floor plan with contemporary kitchen & large quartz-top island creates an inviting entertaining space. Primary bathroom features an elegant dual sink vanity with custom tiled oversized walk-in shower. The covered carport accommodates up to 2 vehicles with a screened-in addition perfect for arts & crafts/workshop or secure storage. Lakeshore Gardens is a premier resort-style community in Carlsbad with exclusive use amenities to include a community room, heated pool, spa, patios with outdoor BBQ, fitness center, library & RV parking. The peaceful park-like setting with greenbelts & walking paths & 10 lakes throughout the community are home to birds & aquatic life. This neighborhood is conveniently located near Carlsbad beaches, shopping, dining & transportation.

Key facts

• Contemporary kitchen
• Covered carport
• Private patio

Tags

• PRIVATE PATIO
• CONTEMPORARY KITCHEN
• DUAL SINK VANITY
• OVERSIZED WALK-IN SHOWER
• COVERED CARPORT
• ARTS AND CRAFTS WORKSHOP

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $325k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $445 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $325k).
• Recommended offer: $286k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 2.0% 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: amenities A+, commute A+, employment 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.
• Zoned schools: Pacific Rim Elementary (673 students, 10% FRL); Aviara Oaks Middle (1,021 students, 16% FRL); Carlsbad High (2,290 students, 23% FRL) — zoned schools at 16% FRL track the district average.
• Market conditions: Rents rising (+3.5%/yr); 130 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals lingering (median 77d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 77% 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).

Forward outlook

• In year one you build about $8k of equity ($2k loan paydown + $6k 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 $91k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 240 days — a 12% lower offer ($286k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 21y ago; this cycle's ask has dropped $70k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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 $285,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 240 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.05% ✓
• Cap rate: 7.94%
• Cash-on-cash: 5.87%
• DSCR: 1.26
• GRM: 7.9

CMA / ARV

• ARV (median comp): $356,137
• List price: $324,900
• Delta: -8.77%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7027 San Bartolo St #43	0.08mi	2/2.0	1,440 (0%)	2mo	$173,000	$120	95
7269 San Luis St #244	0.13mi	2/2.0	1,461 (+2%)	3mo	$170,000	$116	89
7219 San Benito St #344	0.26mi	2/2.0	1,440 (0%)	1mo	$463,500	$322	87
7209 San Luis St #169	0.34mi	2/2.0	1,440 (0%)	2mo	$308,950	$215	82
7228 San Benito St #351	0.27mi	2/2.0	1,464 (+2%)	3mo	$175,000	$120	82
7008 San Bartolo St #27	0.13mi	2/2.0	1,560 (+8%)	0mo	$220,000	$141	79
7305 San Luis St #240	0.47mi	2/2.0	1,440 (0%)	1mo	$320,000	$222	77
7241 Santa Barbara St #300	0.22mi	2/2.0	1,344 (-7%)	2mo	$175,000	$130	77
7241 San Luis St	0.32mi	3/2.0 (+1)	1,546 (+7%)	2mo	$400,000	$259	66
7311 San Luis St #237	0.47mi	3/2.0 (+1)	1,359 (-6%)	4mo	$236,550	$174	60
7243 San Luis St #257	0.35mi	2/2.0	1,248 (-13%)	5mo	$120,000	$96	57
7239 San Luis St, #184	0.51mi	3/2.0 (+1)	1,568 (+9%)	1mo	$461,001	$294	56

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: 10.0%
• Equity multiple: 1.53×
• Total profit: $48,412
• Equity at exit: $123,754

10-year hold

• IRR: 13.5%
• Equity multiple: 2.79×
• Total profit: $162,944
• Equity at exit: $174,892

Cash invested: $90,972 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 23 active · 24 under contract
• Months of supply: 8.1 mo (12%/mo absorbed)
• Median asking: $399,000 ($271/sqft)
• Median days on market: 147 d
• This list price: 35% of active listings are priced below it
• ARV vs active asking: -8.7% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 92011

• Home prices YoY: 0.4%
• Rents YoY: 3.5%
• Active inventory: 130
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $3,406 high
• Mortgage (P&I): −$1,704
• Tax est. 1.5%: −$406 /mo · $4,874/yr
• Insurance: −$135
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$715
• Net cashflow: $445

Break-even live

Break-even rent $2,842

Max offer price $324,900

Occupancy floor 82%

Sensitivity live

Price	-10% $670	-5% $557	+0% $445	+5% $333	+10% $221
Rent	-10% $176	-5% $311	+0% $445	+5% $580	+10% $714
Rate	-1.0pp $609	-0.5pp $528	base $445	+0.5pp $361	+1.0pp $275

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: $81,225
• Closing costs: $9,747
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6923 Whitecap Dr Carlsbad, CA	3.0	2.0	1246	$5,250	$4.21	139d	1	0.39mi
7332 Escallonia Ct Carlsbad, CA	3.0	2.5	1869	$5,200	$2.78	54d	1	0.46mi
6872 Shearwaters Dr Carlsbad, CA	3.0	2.0	1246	$4,000	$3.21	94d	1	0.48mi
820 Windcrest Dr Carlsbad, CA	3.0	2.0	1404	$5,581	$3.98	114d	1	0.52mi
867 Hollyhock Ct Carlsbad, CA	2.0	2.0	1263	$3,950	$3.13	18d	1	0.54mi
6763 Camino del Prado Carlsbad, CA	3.0	3.0	1439	$5,099	$3.54	2d	1	0.61mi
6938 Seascape Dr Carlsbad, CA	2.0	1.0–2.0	915	$3,598	$3.93	0d	6	0.63mi
6783 Heath Ct Carlsbad, CA	3.0	2.5	1800	$5,500	$3.06	45d	1	0.66mi
6863 Alderwood Dr Carlsbad, CA	3.0	2.5	1438	$4,200	$2.92	34d	1	0.73mi
6910 Peachtree Rd Unit 1546353P Carlsbad, CA	3.0	2.0	1399	$6,129	$4.38	112d	1	0.75mi
7431 Linden Ter Carlsbad, CA	2.0	2.0	1180	$3,200	$2.71	76d	1	0.76mi
634 Compass Ct Carlsbad, CA	3.0	2.5	1869	$5,900	$3.16	45d	1	0.79mi
6811 Alderwood Dr Carlsbad, CA	2.0	2.0	1292	$3,850	$2.98	139d	1	0.79mi
901 Caminito Estrada	2.0	1.5	1180	$3,800	$3.22	64d	1	0.80mi
901 Caminito Madrigal Unit E Carlsbad, CA	2.0	2.0	1027	$5,995	$5.84	34d	1	0.86mi
916 Caminito Estrada Unit B Carlsbad, CA	2.0	2.0	1188	$3,650	$3.07	139d	1	0.86mi
909 Caminito Madrigal Unit D Carlsbad, CA	3.0	2.5	1300	$4,950	$3.81	10d	1	0.88mi
902 Caminito Madrigal Unit B Carlsbad, CA	2.0	1.0	897	$3,075	$3.43	84d	1	0.89mi
918 Caminito Estrada Unit E Carlsbad, CA	2.0	2.0	1188	$3,600	$3.03	76d	1	0.90mi
6675 Paseo del Norte Unit B Carlsbad, CA	2.0	2.0	959	$4,300	$4.48	139d	1	0.90mi
6675 Paseo del Norte Unit A Carlsbad, CA	2.0	2.0	959	$3,850	$4.01	101d	1	0.90mi
6677 Paseo Del Norte Carlsbad, CA	2.0	2.0	959	$4,500	$4.69	139d	1	0.91mi
6677 Paseo del Norte Unit B Carlsbad, CA	2.0	1.0	959	$3,950	$4.12	139d	1	0.91mi
908 Caminito Madrigal Carlsbad, CA	2.0	2.0	897	$4,500	$5.02	139d	1	0.94mi
908 Caminito Madrigal Carlsbad, CA	2.0	2.0	959	$4,100	$4.28	10d	1	0.94mi
908 Caminito Madrigal Unit D Carlsbad, CA	2.0	1.5	897	$4,500	$5.02	139d	1	0.96mi
908 Caminito Madrigal Unit F Carlsbad, CA	2.0	2.0	959	$4,100	$4.28	8d	1	0.96mi
6805 Briarwood Dr Carlsbad, CA	2.0	2.0	1292	$3,850	$2.98	80d	1	0.96mi
6822 Briarwood Dr Carlsbad, CA	3.0	2.5	1443	$3,995	$2.77	76d	1	0.97mi
925 Wind Drift Dr Carlsbad, CA	2.0	2.5	1110	$3,895	$3.51	139d	1	1.02mi
6555 Sea Gate Rd Carlsbad, CA	2.0	2.0	1110	$4,148	$3.74	2d	2	1.05mi

Listing history 50 events

1. 2026-09-24
   statusdays on market $324,900 Active 240 DOM
2. 2026-09-11
   statusdays on market $324,900 Pending 239 DOM
3. 2026-09-05
   days on market $324,900 Active 238 DOM
4. 2026-09-04
   days on market $324,900 Active 237 DOM
5. 2026-09-03
   days on market $324,900 Active 236 DOM
6. 2026-08-31
   days on market $324,900 Active 233 DOM
7. 2026-08-30
   days on market $324,900 Active 232 DOM
8. 2026-08-29
   days on market $324,900 Active 231 DOM
9. 2026-08-28
   price $324,900 Active 230 DOM
10. 2026-08-28
    days on market $338,000 Active 230 DOM
11. 2026-08-27
    days on market $338,000 Active 229 DOM
12. 2026-08-26
    days on market $338,000 Active 228 DOM
13. 2026-08-25
    days on market $338,000 Active 227 DOM
14. 2026-08-24
    days on market $338,000 Active 226 DOM
15. 2026-08-23
    days on market $338,000 Active 225 DOM
16. 2026-08-22
    days on market $338,000 Active 224 DOM
17. 2026-08-21
    days on market $338,000 Active 223 DOM
18. 2026-08-20
    days on market $338,000 Active 222 DOM
19. 2026-08-19
    days on market $338,000 Active 221 DOM
20. 2026-08-18
    days on market $338,000 Active 220 DOM
21. 2026-08-17
    days on market $338,000 Active 219 DOM
22. 2026-08-16
    days on market $338,000 Active 218 DOM
23. 2026-08-15
    days on market $338,000 Active 217 DOM
24. 2026-08-14
    days on market $338,000 Active 216 DOM
25. 2026-08-13
    days on market $338,000 Active 215 DOM
26. 2026-08-12
    days on market $338,000 Active 214 DOM
27. 2026-08-11
    days on market $338,000 Active 213 DOM
28. 2026-08-10
    days on market $338,000 Active 212 DOM
29. 2026-08-09
    days on market $338,000 Active 211 DOM
30. 2026-08-08
    days on market $338,000 Active 210 DOM
31. 2026-08-06
    days on market $338,000 Active 208 DOM
32. 2026-08-05
    days on market $338,000 Active 207 DOM
33. 2026-08-04
    days on market $338,000 Active 206 DOM
34. 2026-08-03
    days on market $338,000 Active 205 DOM
35. 2026-07-31
    days on market $338,000 Active 202 DOM
36. 2026-07-30
    days on market $338,000 Active 201 DOM
37. 2026-07-30
    days on market $338,000 Active 200 DOM
38. 2026-07-28
    days on market $338,000 Active 199 DOM
39. 2026-07-26
    days on market $338,000 Active 197 DOM
40. 2026-07-24
    days on market $338,000 Active 195 DOM
41. 2026-07-23
    days on market $338,000 Active 194 DOM
42. 2026-07-22
    days on market $338,000 Active 193 DOM
43. 2026-07-21
    days on market $338,000 Active 192 DOM
44. 2026-07-20
    days on market $338,000 Active 191 DOM
45. 2026-07-18
    days on market $338,000 Active 189 DOM
46. 2026-07-18
    days on market $338,000 Active 188 DOM
47. 2026-07-16
    days on market $338,000 Active 187 DOM
48. 2026-07-15
    days on market $338,000 Active 186 DOM
49. 2026-07-14
    days on market $338,000 Active 185 DOM
50. 2026-07-13
    days on market $338,000 Active 184 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: $40,869
• − Mortgage interest: −$18,199
• − Property taxes: −$4,874
• − Insurance: −$1,624
• − Repairs & maintenance: −$3,270
• − Management: −$3,270
• − Depreciation: −$9,452
• Taxable income: $181
• Est. tax owed @ 24.0%: −$43
• After-tax cash flow: $5,299/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

Good 80/100 Cosmetic rehab Est. rehab $7,200–$21,600 screening

This home is in excellent condition with a good condition score of 80. It has a cosmetic rehab level and is move-in ready with a well-maintained exterior and interior. The home has a good kitchen and bathroom, and the landscaping is well-maintained. The home has a good roof and flooring, and the interior walls and paint are in good condition. The home has a good systems rating and no visible repairs or maintenance needed. The home has a good rehab level and is move-in ready with a good condition score of 80. The home has a good kitchen and bathroom, and the landscaping is well-maintained. The home has a good roof and flooring, and the interior walls and paint are in good condition. The home has a good systems rating and no visible repairs or maintenance needed.

Value-add opportunities

• Both Landscaping — Enhances curb appeal and adds value ↑
• Both Painting — Fresh paint can make a home more appealing ↑
• Both Lighting — Improved lighting can make the home more inviting ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

Zoned Schools

Elementary Pacific Rim Elementary Middle Aviara Oaks Middle High Carlsbad High

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

B Composite livability gradescore 78/100

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 · 3,678,185 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: 14% of renters

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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%

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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%

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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

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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

+114.4% since first listed

4 events — show timeline

• 2026-04-07 Price Changed $375,000 SDMLS
• 2026-01-11 Listed $395,000 SDMLS
• 2005-08-28 Listing Removed — CRMLS
• 2005-07-13 Listed $174,900 CRMLS