1210 Cacique St #14 · Santa Barbara, CA 93103

$275,000

2 bd · 2.0 ba · 440 sqft · Manufactured · 108 Days on market

Built 1959 435 sqft lot $625/sqft · 68% below area

---

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 +21.4/30.0
• Appreciation +8.2/10.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• 1% rule +5.6/10.0
• Schools +4.6/10.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0

Listing remarks MLS

Welcome to this updated 2 bed, 2 bath, 440 sq ft home in the desirable Flamingo Park 55+ community. The interior is fully drywalled with dual-paned windows, shaker cabinets, gas stove, refrigerator, tankless water heater, and in-unit laundry. Exterior upgrades include new wood siding, and the home comes with a tandem parking space that fits two cars. Community amenities include a pool and clubhouse. Located just minutes to Milpas Street shopping, banks, cafés, bus lines, and East Beach, this home offers convenience and comfort in a prime Santa Barbara location. Seller Finance & Seller Credit Available. Contact us today for more info!

Key facts

• Dual paned windows
• Shaker cabinets
• Gas stove

Tags

• UPDATED HOME
• FULLY DRYWALLED INTERIOR
• DUAL PANED WINDOWS
• SHAKER CABINETS
• GAS STOVE
• TANKLESS WATER HEATER

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $275k.

Deal economics

• At list price, monthly cash flow is $-19 ($-231/yr) — negative.
• To cash-flow at today's rent, offer at most $272k (1.0% below list).
• Meets the 1% rule at list price ($3k rent vs $275k).
• Recommended offer: $250k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 1.8% in Santa Barbara — 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 71/100 on livability (#219 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, health & safety A+; Watch: schools C-, crime F, cost of living F.
• Santa Barbara Unified (urban): math 45% / reading 54% proficiency, ranked #409 of 1,400 in CA (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-0.6%/yr); 55 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 719 units permitted in Santa Barbara County in 2024 (217 in 5+ unit buildings).

Forward outlook

• In year one you build about $20k of equity ($2k loan paydown + $18k appreciation (6.5% local appreciation)).
• Santa Barbara County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (6.5% appreciation + 0.0% rent growth), your $77k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 108 days — a 9% lower offer ($250k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 20y ago; this cycle's ask has dropped $24k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $42k; list at $275k implies a 555% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $250,250 (9.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 108 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Crime grade is F 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?
8. 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.
9. 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.
10. 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: 1.06% ✓
• Cap rate: 8.07%
• Cash-on-cash: 6.35%
• DSCR: 1.28
• GRM: 7.8

CMA / ARV

• ARV (median comp): $858,355
• List price: $275,000
• Delta: -67.96%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1200 Punta Gorda St #3	0.19mi	2/1.0	500 (+14%)	15mo	$209,000	$418	52

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

Projected returns pro-forma

6.46% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 14.8%
• Equity multiple: 2.01×
• Total profit: $77,453
• Equity at exit: $180,894

10-year hold

• IRR: 13.8%
• Equity multiple: 3.76×
• Total profit: $212,252
• Equity at exit: $335,195

Cash invested: $77,000 (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 93103

• Home prices YoY: 1.8%
• Rents YoY: -0.6%
• Active inventory: 55
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $2,921 medium
• Mortgage (P&I): −$1,442
• Tax est. 1.5%: −$344 /mo · $4,125/yr
• Insurance: −$115
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$613
• Net cashflow: $-19

Break-even live

Break-even rent $2,946

Max offer price $272,212

Occupancy floor 96%

Sensitivity live

Price	-10% $171	-5% $76	+0% $-19	+5% $-114	+10% $-209
Rent	-10% $-250	-5% $-135	+0% $-19	+5% $96	+10% $212
Rate	-1.0pp $119	-0.5pp $51	base $-19	+0.5pp $-91	+1.0pp $-163

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
212 S Canada St Santa Barbara, CA	1.0	1.0	236	$1,895	$8.03	13d	2	0.04mi

Listing history 15 events

1. 2026-03-23
   price $275,000 661-char remark

   Show marketing remark (661 chars)

   Welcome to this updated 2 bed, 2 bath, 440 sq ft home in the desirable Flamingo Park 55+ community. The interior is fully drywalled with dual-paned windows, shaker cabinets, gas stove, refrigerator, tankless water heater, and in-unit laundry. Exterior upgrades include new wood siding, and the home comes with a tandem parking space that fits two cars. Community amenities include a pool and clubhouse. Located just minutes to Milpas Street shopping, banks, cafés, bus lines, and East Beach, this home offers convenience and comfort in a prime Santa Barbara location. Seller Finance & Seller Credit Available. Contact us today for more info!

2. 2026-02-08
   listed $299,000 Active 661-char remark

   Show marketing remark (661 chars)

   Welcome to this updated 2 bed, 2 bath, 440 sq ft home in the desirable Flamingo Park 55+ community. The interior is fully drywalled with dual-paned windows, shaker cabinets, gas stove, refrigerator, tankless water heater, and in-unit laundry. Exterior upgrades include new wood siding, and the home comes with a tandem parking space that fits two cars. Community amenities include a pool and clubhouse. Located just minutes to Milpas Street shopping, banks, cafés, bus lines, and East Beach, this home offers convenience and comfort in a prime Santa Barbara location. Seller Finance & Seller Credit Available. Contact us today for more info!

3. 2025-12-31
   historical
4. 2025-10-03
   price $299,000
5. 2025-09-03
   status Active
6. 2025-08-15
   historical
7. 2025-08-14
   historical
8. 2025-05-21
   price $339,900
9. 2025-05-21
   status Active
10. 2025-05-21
    listed $339,900 Active
11. 2025-05-14
    historical
12. 2025-02-14
    listed $349,900 Active
13. 2006-07-07
    soldstatus $42,000
14. 2006-05-22
    historical
15. 2006-05-15
    listed $42,000

ⓘ 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 6/10 Major 7 d/yr ≥84°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 13 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,054
• − Mortgage interest: −$15,404
• − Property taxes: −$4,125
• − Insurance: −$6,494
• − Repairs & maintenance: −$2,804
• − Management: −$2,804
• − Depreciation: −$8,000
• Taxable loss: −$4,577
• Est. tax savings @ 24.0%: +$1,099
• After-tax cash flow: $867/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 Barbara Unified
• NCES district ID: 0601414
• Math proficiency: 45% ▲ 2.00%
• Reading proficiency: 54% ▬ 0.00%
• Median HH income: $67,369
• Composite: 46.05/100
• National rank: #5495
• State rank: #409 of 1400 in CA

Livability — Santa Barbara

• Score: 71/100
• State rank: #219
• US rank: #6964

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Santa Barbara, CA
• County: Santa Barbara County · 410,380 people
• City population: 119,998
• Metro: Santa Maria-Santa Barbara, CA
• Population (ZIP): 19,382
• Household income: $122,159
• Rent vs Own: 56.9% rent · 43.1% own
• Severe rent burden: 1195.0

Population outlook (Santa Barbara County) Hauer SSP2

• Today (2025): 484,679 people
• By 2030: 505,323 · +4.3%
• By 2040: 545,783 · +12.6%
• By 2050: 584,263 · +20.5%
• By 2075: 682,586 · +40.8%
• By 2100: 723,188 · +49.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Hispanic / Latino 48% White 44% Two or more races 14% Asian 4% Native American 1% Black 1%
• Hispanic origin (detail): Mexican 40%
• Common ancestry: Italian 3% Serbian 2% Romanian 2%
• Foreign-born: 26% · Canada, Vietnam, Dominican Republic
• Languages at home: 57% English-only · Spanish 37% Vietnamese 2% Other Indo-European 2%

Political lean MEDSL · Santa Barbara

• 2024 margin: Strong D (+26.7) · D 61.8% · R 35.1% · Other 3.1%
• 2008→2024 swing: +3.8pp toward D · 2008: 22.9pp · 2024: 26.7pp
• All cycles: 2024: D+26.7 2020: D+32.1 2016: D+28.2 2012: D+17.1 2008: D+22.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.46%
• Current HPI: 357.0844
• Rent YoY: ▼ -0.58%
• Metro: Santa Maria-Santa Barbara, 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

+554.8% since first listed

15 events — show timeline

• 2026-03-23 Price Changed $275,000 SBMLS
• 2026-02-08 Listed $299,000 SBMLS
• 2025-12-31 Listing Removed — SBMLS
• 2025-10-03 Price Changed $299,000 SBMLS
• 2025-09-03 Relisted — SBMLS
• 2025-08-15 Listing Removed — NSBCRMLS
• 2025-08-14 Listing Removed — SBMLS
• 2025-05-21 Price Changed $339,900 SBMLS
• 2025-05-21 Relisted — SBMLS
• 2025-05-21 Listed $339,900 NSBCRMLS
• 2025-05-14 Listing Removed — SBMLS
• 2025-02-14 Listed $349,900 SBMLS
• 2006-07-07 Sold (MLS) $42,000 SBMLS
• 2006-05-22 Listing Removed — SBMLS
• 2006-05-15 Listed $42,000 SBMLS