350 N El Camino Real #78 · Encinitas, CA 92024

$179,500

2 bd · 2.0 ba · 2,380 sqft · Manufactured public records · 151 Days on market

Built 1977 4,125 sqft lot ↓ 22% since listing

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +7.1/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Priced to sell quickly! A spacious fixer, 2bd X 2ba home with superb panoramic views is located in highly sought-after Encinitas. With an open-concept large family room, the living room with gas log fireplace, is equipped with book shelves on either side. Carpeting is in the livng room, dining room, family room and bedrooms. The exterior is stucco. The widened driveway has been aligned with a block wall. Wonderully situated in a convenient location in the heart of shopping and restaurants. Only 15 minutes to the beach! This is a senior community which also has a pool.

Key facts

• Widened driveway
• Book shelves
• Panoramic views

Tags

• PANORAMIC VIEWS
• OPEN-CONCEPT LARGE FAMILY ROOM
• GAS LOG FIREPLACE
• BOOK SHELVES
• STUCCO EXTERIOR
• WIDENED DRIVEWAY

Property features AI

Finance

• Other: Lot dimensions approximately 55' x 75' (estimated); Lot categorized 0-1 unit/acre; Property listed as fixer
• HOA & community: Senior community; Watersports community features; Land lease ($2,150 monthly)

Exterior

• Parking: 2 parking spaces; 2 carport spaces; Located in Green Valley Mobile Estates (park-managed; manager approval required)
• Utilities: Public sewer; Access via paved city streets
• Home design: Manufactured/mobile home (San Simeon model); Single-story; Mobile home remains on property; Has a view
• Construction: Stucco exterior; Estimated year built (builder source)
• Exterior features: Screened patio; Community pool; Two sheds

Interior

• Kitchen: Gas cooktop; Gas oven; Dishwasher; Gas water heater
• Bedrooms: Primary bedroom (main level)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Wall/window cooling
• Interior features: One-level home; No interior steps (single-level accessibility); Right-side entry; Primary bedroom; Separate family room; Living room; Primary bathroom
• Laundry & utility: Dedicated laundry room; Washer included; Dryer included

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $180k.

Deal economics

• At list price, monthly cash flow is $3k ($30k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $180k).
• Recommended offer: $158k (12.0% below list) — sets the bar for market timing.
• Cap rate 23.2% vs local median 1.6% in Encinitas — 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 79/100 on livability (#54 in CA, #2,026 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, amenities A+, commute A+; Watch: health & safety C-, cost of living F.
• San Dieguito Union High (urban): math 72% / reading 79% proficiency, ranked #56 of 1,400 in CA (top 4%) — strong family-tenant draw, lease renewals of 3-5y typical; only 8% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+5.4%/yr); 205 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 11,759 units permitted in San Diego County in 2024 (7,244 in 5+ unit buildings).
• This rent runs 34% of the median local income ($159k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• San Diego County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 5.4% rent growth), your $50k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 151 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $50k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $157,960 (12.0% below list)

Questions for the listing agent

1. It's been on market 151 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 1977 — 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: 2.52% ✓
• Cap rate: 23.16%
• Cash-on-cash: 60.23%
• DSCR: 3.68
• GRM: 3.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.39% rent growth · sell at horizon

5-year hold

• IRR: 61.5%
• Equity multiple: 3.84×
• Total profit: $142,681
• Equity at exit: $26,764

10-year hold

• IRR: 66.9%
• Equity multiple: 8.54×
• Total profit: $378,950
• Equity at exit: $15,520

Cash invested: $50,260 (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 92024

• Rents YoY: 5.4%
• Active inventory: 205
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $4,524 medium
• Mortgage (P&I): −$941
• Tax from tax record: −$35 /mo · $424/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$950
• Net cashflow: $2,523

Break-even live

Break-even rent $1,331

Max offer price $179,500

Occupancy floor 39%

Sensitivity live

Price	-10% $2,624	-5% $2,574	+0% $2,523	+5% $2,472	+10% $2,421
Rent	-10% $2,165	-5% $2,344	+0% $2,523	+5% $2,701	+10% $2,880
Rate	-1.0pp $2,613	-0.5pp $2,568	base $2,523	+0.5pp $2,476	+1.0pp $2,429

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: $44,875
• Closing costs: $5,385
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1647 Tennis Match Way Encinitas, CA	3.0	2.5	1783	$6,000	$3.37	12d	1	0.67mi

Listing history 20 events

1. 2026-06-18
   days on market $179,500 Active 151 DOM
2. 2026-06-17
   days on market $179,500 Active 150 DOM
3. 2026-06-16
   days on market $179,500 Active 149 DOM
4. 2026-06-15
   days on market $179,500 Active 148 DOM
5. 2026-06-13
   days on market $179,500 Active 146 DOM
6. 2026-06-13
   days on market $179,500 Active 145 DOM
7. 2026-06-09
   days on market $179,500 Active 142 DOM
8. 2026-06-08
   days on market $179,500 Active 141 DOM
9. 2026-06-07
   days on market $179,500 Active 140 DOM
10. 2026-06-04
    days on market $179,500 Active 137 DOM
11. 2026-06-03
    days on market $179,500 Active 136 DOM
12. 2026-06-02
    days on market $179,500 Active 135 DOM
13. 2026-06-01
    days on market $179,500 Active 134 DOM
14. 2026-05-31
    days on market $179,500 Active 133 DOM
15. 2026-05-01
    price $179,500
16. 2026-04-07
    status Active
17. 2026-04-07
    price $187,900
18. 2026-04-02
    historical
19. 2026-01-26
    price $197,500
20. 2026-01-01
    listed $229,000 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: $424 · $35/mo
• Projected year-2 tax: $1,364 · $114/mo
• Expected delta: +$940/yr (+$78/mo · 221.7%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥87°F today · 20 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: $54,292
• − Mortgage interest: −$10,055
• − Property taxes: −$424
• − Insurance: −$898
• − Repairs & maintenance: −$4,343
• − Management: −$4,343
• − Depreciation: −$5,222
• Taxable income: $29,007
• Est. tax owed @ 24.0%: −$6,962
• After-tax cash flow: $23,312/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: San Dieguito Union High
• NCES district ID: 0634380
• Math proficiency: 72% ▬ 0.00%
• Reading proficiency: 79% ▼ -1.00%
• Median HH income: $110,199
• Composite: 70.63/100
• National rank: #519
• State rank: #56 of 1400 in CA

Livability — Encinitas

• Score: 79/100
• State rank: #54
• US rank: #2026

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Encinitas, CA
• County: San Diego County · 3,178,799 people
• City population: 61,717
• Metro: San Diego-Chula Vista-Carlsbad, CA
• Population (ZIP): 50,617
• Household income: $158,507
• Rent vs Own: 32.6% rent · 67.4% own
• Severe rent burden: 1537.0

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%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 14% Two or more races 11% Asian 5%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Italian 4% Romanian 3% Slovak 3%
• Foreign-born: 12% · Canada, China
• Languages at home: 84% English-only · Spanish 9% Other Indo-European 2% German/W. Germanic 1%

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: ▼ -881.14%
• Current HPI: 461.5044
• Rent YoY: ▲ 5.39%
• Metro: San Diego-Chula Vista-Carlsbad, 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

-21.6% since first listed

6 events — show timeline

• 2026-05-01 Price Changed $179,500 CRMLS
• 2026-04-07 Relisted — CRMLS
• 2026-04-07 Price Changed $187,900 CRMLS
• 2026-04-02 Listing Removed — CRMLS
• 2026-01-26 Price Changed $197,500 CRMLS
• 2026-01-01 Listed $229,000 CRMLS

Property tax history

+2.2%/yr

Latest (2013): $424 · +5.7% YoY. Source: county tax records.