2400 Cienaga St #59 · Oceano, CA 93445

$225,000

3 bd · 2.0 ba · 1,080 sqft · Manufactured public records · 83 Days on market

Built 1997 Est $316k · 29% 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 +28.4/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +6.5/10.0
• Schools +4.5/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Very clean and nicely updated mobile home in quiet Duna Vista park. Master bath has newer tiled walk-in shower. Has a wonderful larger than normal private backyard. Even includes central air!

Key facts

• Community room
• Functional layout
• Spacious living room

Tags

• DUNA VISTA MOBILE HOME PARK
• COMMUNITY ROOM
• FUNCTIONAL LAYOUT
• SPACIOUS LIVING ROOM
• DEDICATED DINING AREA
• WELL-EQUIPPED KITCHEN

Property features AI

Finance

• Other: Living area source: assessor's data
• Financial info: Land lease of $823.13 per month (park); Rent includes gas, association dues, trash, water and sewer
• HOA & community: Senior community; Park amenities include a recreational multipurpose room; Located in Duna Vista Mobile Home Park

Exterior

• Parking: Attached carport
• Utilities: Public sewer; District/Public water
• Home design: Mobile home (24' x 44'); Mobile home remains on site; One story
• Construction: Year built per public records
• Exterior features: No pool; Level lot with street frontage; Paved lot; Back yard; Close to clubhouse

Interior

• Bathrooms: Two full bathrooms
• Interior features: Single-level home; Entry located on the left with a large covered porch
• Laundry & utility: Laundry in an individual room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $225k.

Deal economics

• At list price, monthly cash flow is $725 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $212k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.2% vs local median 2.5% in Oceano — 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 66/100 on livability (#346 in CA) — a middle-class / working-renter tenant base. Strengths: employment A, health & safety A, housing B; Watch: crime D, amenities D, schools F.
• Lucia Mar Unified (town): math 42% / reading 56% proficiency, ranked #433 of 1,400 in CA (top 31%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 36 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,104 units permitted in San Luis Obispo County in 2024 (273 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• San Luis Obispo County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $63k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 16y ago; this cycle's ask has dropped $50k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $119k; list at $225k implies a 89% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 6→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $211,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 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 F-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: 1.15% ✓
• Cap rate: 10.16%
• Cash-on-cash: 13.81%
• DSCR: 1.61
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $316,440
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2400 Cienaga St #37	0.00mi	3/2.0	1,120 (+4%)	9mo	$390,000	$348	87
2400 Cienaga St #51	0.00mi	3/2.0	1,048 (-3%)	12mo	$260,000	$248	85
2700 Cienaga #72	0.21mi	2/2.0 (-1)	1,153 (+7%)	1mo	$446,500	$387	73
2550 Cienaga St #42	0.09mi	2/2.0 (-1)	1,040 (-4%)	15mo	$362,500	$349	72
2550 Cienaga St #43	0.09mi	2/2.0 (-1)	1,040 (-4%)	23mo	$150,500	$145	65
2531 Cienaga St #2	0.18mi	2/2.0 (-1)	1,145 (+6%)	22mo	$335,000	$293	58
2531 Cienaga St #42	0.18mi	2/1.5 (-1)	920 (-15%)	11mo	$195,000	$212	51

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: 3.9%
• Equity multiple: 1.15×
• Total profit: $9,594
• Equity at exit: $33,548

10-year hold

• IRR: 13.4%
• Equity multiple: 2.07×
• Total profit: $67,352
• Equity at exit: $19,454

Cash invested: $63,000 (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 93445

• Home prices YoY: -24.0%
• Active inventory: 36
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $2,580 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$40 /mo · $480/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$542
• Net cashflow: $725

Break-even live

Break-even rent $1,663

Max offer price $225,000

Occupancy floor 67%

Sensitivity live

Price	-10% $852	-5% $788	+0% $725	+5% $661	+10% $328
Rent	-10% $521	-5% $623	+0% $725	+5% $827	+10% $929
Rate	-1.0pp $838	-0.5pp $782	base $725	+0.5pp $666	+1.0pp $607

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2531 Cienaga St #13 Oceano, CA	2.0	2.0	800	$1,995	$2.49	24d	1	0.18mi
1451 16th St Oceano, CA	2.0	2.0	928	$2,800	$3.02	44d	1	0.72mi
1247 Driftwood St Grover Beach, CA	2.0	2.0	1090	$2,600	$2.39	24d	1	0.76mi
1093 Belridge St Oceano, CA	3.0	2.5	1410	$3,200	$2.27	44d	1	0.95mi
502 Morning Rise Ln Arroyo Grande, CA	2.0	2.0	1383	$3,350	$2.42	44d	1	0.96mi
503 Starlight Ln Arroyo Grande, CA	2.0	2.0	1383	$3,250	$2.35	24d	1	0.98mi
435 Walnut St Arroyo Grande, CA	3.0	1.0	1500	$3,000	$2.00	44d	1	1.07mi
976 S 13th St Apt B Grover Beach, CA	2.0	1.5	944	$2,050	$2.17	24d	1	1.30mi
813 Valley Rd Arroyo Grande, CA	2.0	2.0	1258	$3,650	$2.90	44d	1	1.32mi
198 S Elm St Unit C Arroyo Grande, CA	2.0	1.0	900	$2,375	$2.64	24d	1	1.35mi
314 S Halcyon Rd Arroyo Grande, CA	2.0	1.0	780	$2,650	$3.40	44d	1	1.35mi
312 S Halcyon Rd Unit B Arroyo Grande, CA	2.0	2.0	900	$3,000	$3.33	44d	1	1.36mi
1036 Baden Ave Grover Beach, CA	2.0	1.0	900	$1,995	$2.22	44d	1	1.44mi

Listing history 21 events

1. 2026-06-18
   days on market $225,000 Active 83 DOM
2. 2026-06-17
   days on market $225,000 Active 82 DOM
3. 2026-06-16
   days on market $225,000 Active 81 DOM
4. 2026-06-15
   days on market $225,000 Active 80 DOM
5. 2026-06-14
   pricestatus $225,000 Active 78 DOM
6. 2026-06-09
   status $275,000 Pending Sale 78 DOM
7. 2026-06-08
   days on market $275,000 Active 78 DOM
8. 2026-06-07
   days on market $275,000 Active 77 DOM
9. 2026-06-03
   days on market $275,000 Active 73 DOM
10. 2026-06-02
    days on market $275,000 Active 72 DOM
11. 2026-06-01
    days on market $275,000 Active 71 DOM
12. 2026-05-31
    days on market $275,000 Active 70 DOM
13. 2026-05-30
    days on market $275,000 Active 69 DOM
14. 2026-05-24
    status Active
15. 2026-05-13
    status Pending Sale
16. 2026-04-04
    historical Active Under Contract
17. 2026-03-11
    listed $275,000 Active
18. 2011-02-09
    soldstatus $119,000 191-char remark

    Show marketing remark (191 chars)

    Very clean and nicely updated mobile home in quiet Duna Vista park. Master bath has newer tiled walk-in shower. Has a wonderful larger than normal private backyard. Even includes central air!

19. 2011-02-09
    soldstatus $119,000 191-char remark

    Show marketing remark (191 chars)

    Very clean and nicely updated mobile home in quiet Duna Vista park. Master bath has newer tiled walk-in shower. Has a wonderful larger than normal private backyard. Even includes central air!

20. 2010-10-29
    listed $119,900 191-char remark

    Show marketing remark (191 chars)

    Very clean and nicely updated mobile home in quiet Duna Vista park. Master bath has newer tiled walk-in shower. Has a wonderful larger than normal private backyard. Even includes central air!

21. 2010-10-29
    listed $119,900 191-char remark

    Show marketing remark (191 chars)

    Very clean and nicely updated mobile home in quiet Duna Vista park. Master bath has newer tiled walk-in shower. Has a wonderful larger than normal private backyard. Even includes central air!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $480 · $40/mo
• Projected year-2 tax: $1,710 · $142/mo
• Expected delta: +$1,230/yr (+$103/mo · 256.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 5/10 Major 6 d/yr ≥80°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,964
• − Mortgage interest: −$12,603
• − Property taxes: −$480
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,477
• − Management: −$2,477
• − Depreciation: −$6,545
• Taxable income: $5,256
• Est. tax owed @ 24.0%: −$1,261
• After-tax cash flow: $7,436/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: Lucia Mar Unified
• NCES district ID: 0623080
• Math proficiency: 42% ▲ 3.00%
• Reading proficiency: 56% ▲ 2.00%
• Median HH income: $62,681
• Composite: 45.19/100
• National rank: #5782
• State rank: #433 of 1400 in CA

Livability — Oceano

• Score: 66/100
• State rank: #346
• US rank: #11833

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Oceano, CA
• Population (ZIP): 6,812

Population outlook (San Luis Obispo County) Hauer SSP2

• Today (2025): 306,977 people
• By 2030: 320,378 · +4.4%
• By 2040: 343,933 · +12.0%
• By 2050: 366,853 · +19.5%
• By 2075: 428,329 · +39.5%
• By 2100: 460,687 · +50.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 51% Hispanic / Latino 44% Two or more races 17% Black 1%
• Hispanic origin (detail): Mexican 41% Puerto Rican 1%
• Common ancestry: Slovak 2% Portuguese 2% Iranian 2%
• Foreign-born: 17% · Canada
• Languages at home: 71% English-only · Spanish 28%

Political lean MEDSL · San Luis Obispo

• 2024 margin: D (+10.9) · D 53.9% · R 43.1% · Other 3.0%
• 2008→2024 swing: +5.5pp toward D · 2008: 5.4pp · 2024: 10.9pp
• All cycles: 2024: D+10.9 2020: D+13.1 2016: D+8.3 2012: D+1.0 2008: D+5.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -124.63%
• Current HPI: 394.4039
• Rent YoY: —
• Metro: —
• 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

+129.4% since first listed

8 events — show timeline

• 2026-05-24 Relisted — CRMLS
• 2026-05-13 Pending — CRMLS
• 2026-04-04 Contingent — CRMLS
• 2026-03-11 Listed $275,000 CRMLS
• 2011-02-09 Sold (MLS) $119,000 CRMLS
• 2011-02-09 Sold (MLS) $119,000 NSBCRMLS
• 2010-10-29 Listed $119,900 CRMLS
• 2010-10-29 Listed $119,900 NSBCRMLS

Property tax history

-1.0%/yr

Latest (2025): $480 · +1.2% YoY. Source: county tax records.