692 Adele St St #133 · Orange, CA 92863

$349,000

2 bd · 2.0 ba · 1,440 sqft · Manufactured · 49 Days on market

Built 2022 Good condition $242/sqft · 81% above area ↓ 12% since listing

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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 +21.1/30.0
• ARV discount +7.5/15.0
• DSCR +6.7/10.0
• 1% rule +5.6/10.0
• Appreciation +5.0/10.0
• Schools +4.5/10.0
• Condition / age +4.0/5.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0

Listing remarks MLS

* * * PAID SOLAR * * * Welcome to this stunning 2022 Fleetwood Canyon Lake double-wide in the highly sought-after 55+ community of Santiago Creek Orange Estates. This meticulously upgraded home offers 2 bedrooms, 2 bathrooms and 1,440 sq ft of thoughtfully designed living space. The current owners, the only owners of this home, spared no expense with over $92,000 in upgrades including 12 fully paid owned Tesla solar panels with Powerwall battery backup, a brand new 50-year roof, premium dual-pane low-e windows, 3 mini-split heating and cooling units, waterproof luxury vinyl plank flooring throughout, and a whole-house LifeSource 1620 water filtration system. The kitchen features quartz countertops, new cabinetry and stainless steel appliances. Both bathrooms showcase glass tile walk-in showers. Nine foot ceilings, crown molding, custom baseboards, LED recessed lighting and custom faux blinds throughout give this home a high-end custom feel well beyond its price point. Oversized ceiling fans in every room and an automatic roof ventilation fan add year-round comfort. Additional highlights include a SimpliSafe alarm system covering all entry points and perimeter, premium custom interior and exterior paint, a drywalled finished garage with EV charging station, and a Tuff Shed that conveys with the sale. Enjoy outdoor living under the covered patio sitting area. This is a rare opportunity to own a like-new home loaded with premium upgrades in one of Orange's most desirable 55+ communities.

Key facts

• 2 garage spots
• Community pool
• Built 2022

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $349k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $501 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $349k).
• Recommended offer: $339k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.0% vs local median 2.2% in Orange — 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 73/100 on livability (#172 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, employment A+, crime B; Watch: schools C-, health & safety C-, cost of living F.
• Orange Unified (urban): math 39% / reading 60% proficiency, ranked #127 of 517 in CA (top 25%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 2 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals leasing fast (median 9d on market — plan ~1-2 weeks tenant-placement turnaround); 6,974 units permitted in Orange County in 2024 (3,839 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($2k loan paydown + $10k appreciation (3.0% local appreciation)).
• Orange County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $98k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($339k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $338,530 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 8.02%
• Cash-on-cash: 6.15%
• DSCR: 1.27
• GRM: 7.9

CMA / ARV

• ARV (median comp): $193,000
• List price: $349,000
• Delta: 80.83%
• Verdict: OVERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
692 N Adele St #30	0.04mi	2/2.0	1,440 (0%)	3mo	$155,000	$108	96
692 N Adele #10	0.04mi	2/2.0	1,440 (0%)	3mo	$235,000	$163	96
692 N Adele St #103	0.04mi	2/2.0	1,440 (0%)	8mo	$260,000	$181	92
692 N Adele #50	0.04mi	2/2.0	1,500 (+4%)	1mo	$193,000	$129	91
692 N Adele St #2	0.04mi	3/2.0 (+1)	1,440 (0%)	13mo	$195,000	$135	82
692 N Adele St #78	0.04mi	2/2.0	1,440 (0%)	20mo	$159,000	$110	82
692 N Adele St #69	0.04mi	3/2.0 (+1)	1,440 (0%)	15mo	$177,500	$123	81
692 N Adele St #48	0.04mi	3/2.0 (+1)	1,440 (0%)	16mo	$174,000	$121	80
692 N Adele St #8	0.04mi	2/2.0	1,440 (0%)	24mo	$168,133	$117	78
692 N Adele St #26	0.04mi	3/2.0 (+1)	1,440 (0%)	21mo	$230,000	$160	76
692 Adele St N Spc 118	0.04mi	2/2.0	1,344 (-7%)	22mo	$147,000	$109	69
692 N Adele St #31	0.04mi	2/2.0	1,248 (-13%)	21mo	$189,900	$152	59

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: 13.3%
• Equity multiple: 1.76×
• Total profit: $74,019
• Equity at exit: $156,926

10-year hold

• IRR: 15.2%
• Equity multiple: 3.24×
• Total profit: $218,894
• Equity at exit: $241,841

Cash invested: $97,720 (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 92863

• Active inventory: 2
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $3,687 high
• Mortgage (P&I): −$1,830
• Tax est. 1.5%: −$436 /mo · $5,235/yr
• Insurance: −$145
• HOA: −$0
• Vacancy / Maint / Mgmt: −$774
• Net cashflow: $501

Break-even live

Break-even rent $3,053

Max offer price $349,000

Occupancy floor 81%

Sensitivity live

Price	-10% $742	-5% $622	+0% $501	+5% $381	+10% $260
Rent	-10% $210	-5% $356	+0% $501	+5% $647	+10% $792
Rate	-1.0pp $677	-0.5pp $590	base $501	+0.5pp $411	+1.0pp $319

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: $87,250
• Closing costs: $10,470
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
730 N Kathleen Ln Apt 1 Orange, CA	3.0	2.5	1447	$3,500	$2.42	0d	1	0.09mi
760 N Adele St #4 Orange, CA	2.0	1.0	880	$2,600	$2.95	3d	1	0.13mi
612 N Pageant Dr Orange, CA	3.0	2.5	1620	$4,000	$2.47	26d	1	0.19mi
820 N Adele St Unit B Orange, CA	2.0	2.5	1250	$3,500	$2.80	26d	1	0.21mi
3441 E Berkshire Ct Orange, CA	3.0	3.0	1471	$4,000	$2.72	4d	1	0.29mi
2720 E Walnut Ave #39 Orange, CA	3.0	3.0	1325	$4,250	$3.21	14d	1	0.29mi
869 N Mallard St Orange, CA	2.0	1.5	1100	$2,695	$2.45	14d	1	0.30mi
201 N Wayfield St Orange, CA	1.0–2.0	1.0–2.0	870	$2,945	$3.39	14d	2	0.85mi
1527 E Walnut Ave Apt 02 Orange, CA	2.0	2.0	1000	$2,825	$2.83	4d	1	0.95mi
345 N Shattuck Pl Orange, CA	3.0	2.0	1421	$4,995	$3.52	0d	1	0.98mi
345 N Shattuck Pl Orange, CA	3.0	1.5	1434	$5,195	$3.62	18d	1	0.98mi
1429 E Lomita Ave Orange, CA	3.0	2.0	1769	$4,095	$2.31	8d	1	1.01mi
1420 E Lomita Ave Orange, CA	3.0	2.0	1452	$4,995	$3.44	5d	1	1.02mi
338 S James St Orange, CA	3.0	2.0	1422	$3,500	$2.46	0d	1	1.08mi
1306 E Rose Ave Orange, CA	3.0	2.0	1780	$4,000	$2.25	0d	1	1.09mi
1139 N Shattuck St Unit C Orange, CA	3.0	2.0	1350	$3,550	$2.63	26d	1	1.11mi
1918 E Vanowen Ave Orange, CA	2.0–3.0	1.5–2.5	1147	$2,630	$2.29	0d	6	1.13mi
1210 E Oakmont Ave Orange, CA	3.0	2.0	1209	$4,350	$3.60	0d	1	1.14mi
1189 N Shattuck St Unit C Orange, CA	2.0	1.5	1100	$2,900	$2.64	18d	1	1.15mi
1172 N Shattuck St Orange, CA	2.0–3.0	1.5–2.5	1140	$3,295	$2.89	45d	2	1.15mi
327 S Wayfield St Orange, CA	3.0	2.0	1200	$3,900	$3.25	0d	1	1.20mi
4720 E Washington Ave Orange, CA	3.0	2.0	1369	$6,300	$4.60	45d	1	1.33mi
181 N Waverly St Orange, CA	3.0	2.0	1522	$4,900	$3.22	45d	1	1.40mi
553 N Pine St Orange, CA	3.0	2.0	1503	$4,395	$2.92	0d	1	1.40mi
18942 E Smiley Dr Orange, CA	3.0	1.5	1200	$5,195	$4.33	0d	1	1.41mi
817 E Palm Ave Unit Palm Orange, CA	2.0	1.0	950	$3,095	$3.26	3d	1	1.45mi
166 N Cambridge St Orange, CA	3.0	2.0	1100	$3,995	$3.63	18d	1	1.50mi
385 N Harwood St Orange, CA	2.0	1.0	1032	$3,550	$3.44	21d	1	1.50mi

Listing history 6 events

1. 2026-06-01
   days on market $349,000 Active 49 DOM
2. 2026-05-31
   days on market $349,000 Active 48 DOM
3. 2026-05-03
   price $349,000 1513-char remark

   Show marketing remark (1513 chars)

   * * * PAID SOLAR * * * Welcome to this stunning 2022 Fleetwood Canyon Lake double-wide in the highly sought-after 55+ community of Santiago Creek Orange Estates. This meticulously upgraded home offers 2 bedrooms, 2 bathrooms and 1,440 sq ft of thoughtfully designed living space. The current owners, the only owners of this home, spared no expense with over $92,000 in upgrades including 12 fully paid owned Tesla solar panels with Powerwall battery backup, a brand new 50-year roof, premium dual-pane low-e windows, 3 mini-split heating and cooling units, waterproof luxury vinyl plank flooring throughout, and a whole-house LifeSource 1620 water filtration system. The kitchen features quartz countertops, new cabinetry and stainless steel appliances. Both bathrooms showcase glass tile walk-in showers. Nine foot ceilings, crown molding, custom baseboards, LED recessed lighting and custom faux blinds throughout give this home a high-end custom feel well beyond its price point. Oversized ceiling fans in every room and an automatic roof ventilation fan add year-round comfort. Additional highlights include a SimpliSafe alarm system covering all entry points and perimeter, premium custom interior and exterior paint, a drywalled finished garage with EV charging station, and a Tuff Shed that conveys with the sale. Enjoy outdoor living under the covered patio sitting area. This is a rare opportunity to own a like-new home loaded with premium upgrades in one of Orange's most desirable 55+ communities.

4. 2026-04-25
   price $385,000 1513-char remark

   Show marketing remark (1513 chars)

   * * * PAID SOLAR * * * Welcome to this stunning 2022 Fleetwood Canyon Lake double-wide in the highly sought-after 55+ community of Santiago Creek Orange Estates. This meticulously upgraded home offers 2 bedrooms, 2 bathrooms and 1,440 sq ft of thoughtfully designed living space. The current owners, the only owners of this home, spared no expense with over $92,000 in upgrades including 12 fully paid owned Tesla solar panels with Powerwall battery backup, a brand new 50-year roof, premium dual-pane low-e windows, 3 mini-split heating and cooling units, waterproof luxury vinyl plank flooring throughout, and a whole-house LifeSource 1620 water filtration system. The kitchen features quartz countertops, new cabinetry and stainless steel appliances. Both bathrooms showcase glass tile walk-in showers. Nine foot ceilings, crown molding, custom baseboards, LED recessed lighting and custom faux blinds throughout give this home a high-end custom feel well beyond its price point. Oversized ceiling fans in every room and an automatic roof ventilation fan add year-round comfort. Additional highlights include a SimpliSafe alarm system covering all entry points and perimeter, premium custom interior and exterior paint, a drywalled finished garage with EV charging station, and a Tuff Shed that conveys with the sale. Enjoy outdoor living under the covered patio sitting area. This is a rare opportunity to own a like-new home loaded with premium upgrades in one of Orange's most desirable 55+ communities.

5. 2026-04-13
   listed $395,000 Active 1513-char remark

   Show marketing remark (1513 chars)

   * * * PAID SOLAR * * * Welcome to this stunning 2022 Fleetwood Canyon Lake double-wide in the highly sought-after 55+ community of Santiago Creek Orange Estates. This meticulously upgraded home offers 2 bedrooms, 2 bathrooms and 1,440 sq ft of thoughtfully designed living space. The current owners, the only owners of this home, spared no expense with over $92,000 in upgrades including 12 fully paid owned Tesla solar panels with Powerwall battery backup, a brand new 50-year roof, premium dual-pane low-e windows, 3 mini-split heating and cooling units, waterproof luxury vinyl plank flooring throughout, and a whole-house LifeSource 1620 water filtration system. The kitchen features quartz countertops, new cabinetry and stainless steel appliances. Both bathrooms showcase glass tile walk-in showers. Nine foot ceilings, crown molding, custom baseboards, LED recessed lighting and custom faux blinds throughout give this home a high-end custom feel well beyond its price point. Oversized ceiling fans in every room and an automatic roof ventilation fan add year-round comfort. Additional highlights include a SimpliSafe alarm system covering all entry points and perimeter, premium custom interior and exterior paint, a drywalled finished garage with EV charging station, and a Tuff Shed that conveys with the sale. Enjoy outdoor living under the covered patio sitting area. This is a rare opportunity to own a like-new home loaded with premium upgrades in one of Orange's most desirable 55+ communities.

6. 2026-04-10
   historical $395,000 1513-char remark

   Show marketing remark (1513 chars)

   * * * PAID SOLAR * * * Welcome to this stunning 2022 Fleetwood Canyon Lake double-wide in the highly sought-after 55+ community of Santiago Creek Orange Estates. This meticulously upgraded home offers 2 bedrooms, 2 bathrooms and 1,440 sq ft of thoughtfully designed living space. The current owners, the only owners of this home, spared no expense with over $92,000 in upgrades including 12 fully paid owned Tesla solar panels with Powerwall battery backup, a brand new 50-year roof, premium dual-pane low-e windows, 3 mini-split heating and cooling units, waterproof luxury vinyl plank flooring throughout, and a whole-house LifeSource 1620 water filtration system. The kitchen features quartz countertops, new cabinetry and stainless steel appliances. Both bathrooms showcase glass tile walk-in showers. Nine foot ceilings, crown molding, custom baseboards, LED recessed lighting and custom faux blinds throughout give this home a high-end custom feel well beyond its price point. Oversized ceiling fans in every room and an automatic roof ventilation fan add year-round comfort. Additional highlights include a SimpliSafe alarm system covering all entry points and perimeter, premium custom interior and exterior paint, a drywalled finished garage with EV charging station, and a Tuff Shed that conveys with the sale. Enjoy outdoor living under the covered patio sitting area. This is a rare opportunity to own a like-new home loaded with premium upgrades in one of Orange's most desirable 55+ communities.

ⓘ 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 6/10 Major 7 d/yr ≥94°F today · 22 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 7 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $44,249
• − Mortgage interest: −$19,549
• − Property taxes: −$5,235
• − Insurance: −$1,745
• − Repairs & maintenance: −$3,540
• − Management: −$3,540
• − Depreciation: −$10,153
• Taxable income: $487
• Est. tax owed @ 24.0%: −$117
• After-tax cash flow: $5,897/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

This 2022 Fleetwood Canyon Lake double-wide is in excellent condition with modern upgrades and a solar system, making it a great investment.

Value-add opportunities

• Both Solar panels with Powerwall battery backup — solar panels reduce energy costs and increase home value
• Both Whole-house water filtration system — improves water quality and adds value
• Both Landscaping and curb appeal — enhances curb appeal and adds value

Renovation cost estimate screening

Value-add ROI direction

• Both Solar panels with Powerwall battery backup — solar panels reduce energy costs and increase home value ↑
• Both Whole-house water filtration system — improves water quality and adds value ↑
• Both Landscaping and curb appeal — enhances curb appeal and adds value ↑

ⓘ 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: Orange Unified
• NCES district ID: 0628650
• Math proficiency: 39% ▼ -6.00%
• Reading proficiency: 60% ▲ 3.00%
• Median HH income: $83,557
• Composite: 45.5/100
• National rank: #2609
• State rank: #127 of 517 in CA

Livability — Orange

• Score: 73/100
• State rank: #172
• US rank: #5560

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Orange, CA

Population outlook (Orange County) Hauer SSP2

• Today (2025): 3,477,456 people
• By 2030: 3,613,117 · +3.9%
• By 2040: 3,835,945 · +10.3%
• By 2050: 3,968,736 · +14.1%
• By 2075: 4,097,053 · +17.8%
• By 2100: 3,903,633 · +12.3%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

-11.6% since first listed

4 events — show timeline

• 2026-05-03 Price Changed $349,000 CRMLS
• 2026-04-25 Price Changed $385,000 CRMLS
• 2026-04-13 Listed $395,000 CRMLS
• 2026-04-10 Coming Soon $395,000 CRMLS