3395 S Higuera #48 · San Luis Obispo, CA 93401

$415,000

3 bd · 3.0 ba · 1,740 sqft · Manufactured public records · 31 Days on market

Built 2022 Good condition Est $487k · 15% 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 +24.3/30.0
• ARV discount +14.2/15.0
• DSCR +7.8/10.0
• 1% rule +5.4/10.0
• Schools +4.6/10.0
• Condition / age +4.0/5.0
• Livability +3.7/5.0
• Rent growth +3.6/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Rancho San Luis Mobile Estates, a welcoming 55+ community offering comfort and convenience. This beautifully updated home offers approximately 1,740 sq. ft. of bright, open living space with two spacious bedrooms, each with its own full bathroom, plus a third full guest bath. The open-concept layout features a stylish kitchen with marble countertops, white cabinetry, a large island, and a walk-in pantry, flowing seamlessly into the living and dining areas—perfect for everyday living and entertaining. A dedicated laundry room adds everyday convenience. The primary suite offers a spa-like retreat with a walk-in shower and relaxing freestanding tub. Enjoy time outdoors on the

Key facts

• Front deck
• Stylish kitchen
• Updated home

Tags

• UPDATED HOME
• STYLISH KITCHEN
• WALK-IN PANTRY
• DEDICATED LAUNDRY ROOM
• SPA-LIKE RETREAT
• FRONT DECK

Property features AI

Finance

• Other: Rent includes trash, pool, water and sewer
• Financial info: Land lease amount is charged monthly
• HOA & community: Senior community; Park: Rancho Mobile Estates; Community amenities include biking, hiking, and mountainous surroundings; Land lease (park) with monthly fee

Exterior

• Parking: Concrete driveway; On-site parking; Attached carport (1 space); RV access/parking and RV potential; One total parking space / pad
• Security: Carbon monoxide detector(s); Smoke detector(s)
• Utilities: Public/district water; Public sewer; Electricity connected; Sewer connected; Water connected; Cable available; Telephone in street; Natural gas available
• Home design: Mobile home (model: Sun RID); One story; Entry at level 1
• Construction: Shingle roof; Pier jacks foundation; Year built per assessor
• Exterior features: Front porch; Porch; Patio; Shed (1); Fiberglass skirting; Association pool; Paved lot; Rectangular lot shape; North-facing; Has a view; Elevator; Grab bars in bathroom(s)

Interior

• Kitchen: Kitchen open to family room; Quartz counters; Kitchen island; Walk-in pantry; 6-burner stove; Gas cooktop; Gas range; Gas oven; Dishwasher; Microwave; Refrigerator; Water heater unit
• Bedrooms: Primary bedroom on the main floor; Walk-in closet
• Flooring: Laminate flooring
• Bathrooms: Three full bathrooms; Soaking tub; Separate tub and shower; Bathtub and shower(s); Main floor full bath
• Heating & cooling: Central cooling; Central furnace; Fireplace
• Interior features: Built-in shelving/cabinetry; Ceiling fan(s); Pantry; Open floor plan; Granite counters; Insulated windows with screens; Carbon monoxide and smoke detectors
• Laundry & utility: Individual laundry room; Gas and electric dryer hookups

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath manufactured listed at $415k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $836 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $415k).
• Recommended offer: $403k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.7% vs local median 2.1% in San Luis Obispo — 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 74/100 on livability (#132 in CA, #4,576 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime F, cost of living F.
• San Luis Coastal Unified (urban): math 50% / reading 58% proficiency, ranked #118 of 517 in CA (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Hawthorne Elementary (math 42% / reading 47%, grade F, #496 of 1,571 statewide, top 34%, 430 students, 49% FRL); Laguna Middle (math 57% / reading 65%, grade B+, #57 of 498 statewide, top 12%, 789 students, 30% FRL); San Luis Obispo High (math 47% / reading 67%, grade C, #234 of 1,170 statewide, top 21%, 1,644 students, 27% FRL).
• Market conditions: Rents rising fast (+4.4%/yr); 143 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,104 units permitted in San Luis Obispo County in 2024 (273 in 5+ unit buildings).
• At $4,310/mo this rent would consume 53% of the median local household income ($97k/yr) (locally 2050% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k 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 + 4.4% rent growth), your $116k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($403k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Climate carrying-cost: major flood risk; major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $402,550 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 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. Schools are B-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. 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?
5. 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.
6. 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.
7. 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: 1.04% ✓
• Cap rate: 8.71%
• Cash-on-cash: 8.64%
• DSCR: 1.38
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $487,200
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3057 S Higuera #189	0.35mi	3/2.0	1,728 (-1%)	7mo	$399,000	$231	72
3395 S Higuera St S #11	0.01mi	3/2.0	1,560 (-10%)	9mo	$425,000	$272	71
3395 S Higuera St #13	0.00mi	3/2.0	1,602 (-8%)	15mo	$340,000	$212	70
3057 S Higuera St #90	0.26mi	3/2.0	1,564 (-10%)	8mo	$438,000	$280	61
3057 S Higuera St #73	0.25mi	2/2.0 (-1)	1,536 (-12%)	8mo	$430,000	$280	53
3395 S Higuera St #43	0.00mi	2/2.0 (-1)	1,485 (-15%)	23mo	$369,000	$248	47
3960 Higuera S #158	0.69mi	3/2.0	1,560 (-10%)	8mo	$520,000	$333	40
3057 S Higuera St #28	0.29mi	2/2.0 (-1)	1,488 (-14%)	17mo	$422,000	$284	39

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 · 4.41% rent growth · sell at horizon

5-year hold

• IRR: -1.8%
• Equity multiple: 0.93×
• Total profit: $-7,903
• Equity at exit: $61,878

10-year hold

• IRR: 9.2%
• Equity multiple: 1.75×
• Total profit: $87,407
• Equity at exit: $35,882

Cash invested: $116,200 (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 93401

• Rents YoY: 4.4%
• Active inventory: 143
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $4,310 high
• Mortgage (P&I): −$2,176
• Tax from tax record: −$220 /mo · $2,635/yr
• Insurance: −$173
• HOA: −$0
• Vacancy / Maint / Mgmt: −$905
• Net cashflow: $836

Break-even live

Break-even rent $3,252

Max offer price $415,000

Occupancy floor 76%

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: $103,750
• Closing costs: $12,450
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3070 Lucca Ln San Luis Obispo, CA	3.0	3.0	1740	$5,000	$2.87	21d	1	0.35mi
1824 Homestead Pl San Luis Obispo, CA	4.0	3.5	1869	$5,300	$2.84	43d	1	0.78mi
905 Madonna Rd San Luis Obispo, CA	3.0	3.0–3.5	1459	$4,825	$3.31	13d	2	0.91mi
915 Madonna Rd #102 San Luis Obispo, CA	3.0	2.0	1141	$1,685	$1.48	43d	1	0.93mi
925 Madonna Rd #302 San Luis Obispo, CA	3.0	2.0	1075	$3,500	$3.26	21d	1	0.94mi
3335 Broad St #18 San Luis Obispo, CA	2.0	1.5	1190	$2,900	$2.44	13d	1	1.05mi
3219 Fennel Ln #105 San Luis Obispo, CA	3.0	4.0	1873	$1,450	$0.77	43d	1	1.21mi
1704 Tonini Dr San Luis Obispo, CA	1.0–2.0	1.0–2.5	985	$3,445	$3.50	13d	3	1.38mi

Listing history 19 events

1. 2026-06-18
   days on market $415,000 Active 31 DOM
2. 2026-06-17
   days on market $415,000 Active 30 DOM
3. 2026-06-16
   days on market $415,000 Active 29 DOM
4. 2026-06-15
   days on market $415,000 Active 28 DOM
5. 2026-06-14
   days on market $415,000 Active 26 DOM
6. 2026-06-13
   days on market $415,000 Active 25 DOM
7. 2026-06-10
   days on market $415,000 Active 23 DOM
8. 2026-06-09
   days on market $415,000 Active 22 DOM
9. 2026-06-08
   days on market $415,000 Active 21 DOM
10. 2026-06-07
    days on market $415,000 Active 20 DOM
11. 2026-06-03
    days on market $415,000 Active 16 DOM
12. 2026-06-02
    days on market $415,000 Active 15 DOM
13. 2026-06-01
    days on market $415,000 Active 14 DOM
14. 2026-05-31
    days on market $415,000 Active 13 DOM
15. 2026-05-30
    days on market $415,000 Active 12 DOM
16. 2026-05-18
    listed $415,000 Active
17. 2026-04-30
    historical
18. 2026-04-03
    price
19. 2026-01-01
    listed Active

ⓘ 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: $2,635 · $220/mo
• Projected year-2 tax: $3,154 · $263/mo
• Expected delta: +$519/yr (+$43/mo · 19.7%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 68% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 4/10 Moderate 4 d/yr ≥82°F today · 10 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 11 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $51,722
• − Mortgage interest: −$23,246
• − Property taxes: −$2,635
• − Insurance: −$2,075
• − Repairs & maintenance: −$4,138
• − Management: −$4,138
• − Depreciation: −$12,073
• Taxable income: $3,418
• Est. tax owed @ 24.0%: −$820
• After-tax cash flow: $9,215/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 beautifully updated mobile home in Rancho San Luis Mobile Estates offers a modern, open-concept layout with good condition and minimal repairs needed. It's move-in ready with potential for further value increases through exterior painting and landscaping.

Value-add opportunities

• Both Painting exterior — Enhances curb appeal and value
• Both Landscaping — Improves curb appeal and rental value
• Both Add smart home features — Enhances convenience and marketability

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior — Enhances curb appeal and value ↑
• Both Landscaping — Improves curb appeal and rental value ↑
• Both Add smart home features — Enhances convenience and marketability ↑

ⓘ 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: San Luis Coastal Unified
• NCES district ID: 0634800
• Math proficiency: 50% ▼ -14.00%
• Reading proficiency: 58% ▼ -12.00%
• Median HH income: $53,428
• Composite: 46.4/100
• National rank: #2455
• State rank: #118 of 517 in CA

Livability — San Luis Obispo

• Score: 74/100
• State rank: #132
• US rank: #4576

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Luis Obispo, CA
• County: San Luis Obispo County · 224,651 people
• City population: 54,204
• Metro: San Luis Obispo-Paso Robles, CA
• Population (ZIP): 29,202
• Household income: $96,824
• Rent vs Own: 52.1% rent · 47.9% own
• Severe rent burden: 2050.0

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: Predominantly White (71%)
• Race & ethnicity: White 71% Hispanic / Latino 18% Two or more races 12% Asian 4% Black 2%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Lithuanian 4% Italian 3% Portuguese 3%
• Foreign-born: 9% · Canada, China, South Korea
• Languages at home: 84% English-only · Spanish 10% Chinese 1% Other Asian/Pacific 1%

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: ▼ -796.84%
• Current HPI: 359.9248
• Rent YoY: ▲ 4.41%
• Metro: San Luis Obispo-Paso Robles, 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

4 events — show timeline

• 2026-05-18 Listed $415,000 CRMLS
• 2026-04-30 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-04-03 Price Changed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-01-01 Listed — bridgeMLS, Bay East AOR, or Contra Costa AOR