145 South St Unit A44 · San Luis Obispo, CA 93401

$169,000

2 bd · 1.0 ba · 594 sqft · Manufactured public records · 218 Days on market

Built 2019 Good condition $285/sqft · 27% above area Est $128k · 32% over

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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
• Schools +4.6/10.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• Rent growth +3.6/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Searching for affordable housing in San Luis Obispo? A wonderful location to downtown, this attractive two-bedroom, one-bathroom, 2019 manufactured home, ideally located near all local amenities. Enjoy an open sophisticated kitchen with a mix of black and stainless appliances in a fully functional kitchen. This home also features water-resistant laminate wood flooring for easy maintenance. Positioned on a corner lot at the rear of the community, it offers beautiful views of the hills and mountains. The property also includes two parking spaces, extra storage with a shed, and front and side yards for added outdoor enjoyment. One of the lowest priced homes in San Luis!

Key facts

• Front and side yards
• Extra storage
• Corner lot

Tags

• OPEN SOPHISTICATED KITCHEN
• CORNER LOT
• EXTRA STORAGE
• FRONT AND SIDE YARDS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $169k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $775 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $169k).
• Recommended offer: $149k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.8% 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.
• Market conditions: Rents rising fast (+4.4%/yr); 143 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,104 units permitted in San Luis Obispo County in 2024 (273 in 5+ unit buildings).
• This rent runs 35% of the median local income ($97k/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 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 $47k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 218 days — a 12% lower offer ($149k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $139k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $148,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 218 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.65% ✓
• Cap rate: 14.83%
• Cash-on-cash: 30.48%
• DSCR: 2.36
• GRM: 5.0

CMA / ARV

• ARV (median comp): $127,979
• List price: $169,000
• Delta: 32.05%
• Verdict: OVERPRICED
• Comps: 3 within 2.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
145 South Unit A55	0.00mi	2/1.0	540 (-9%)	0mo	$125,000	$231	85
145 South St Unit A08	0.00mi	2/1.0	616 (+4%)	12mo	$180,000	$292	84
145 south St Unit A10	0.00mi	2/1.0	520 (-12%)	11mo	$129,900	$250	70
145 South Street, spc A50 E Unit A 50	0.00mi	2/1.0	540 (-9%)	22mo	$171,000	$317	66

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: 13.6%
• Equity multiple: 1.55×
• Total profit: $26,205
• Equity at exit: $25,198

10-year hold

• IRR: 23.7%
• Equity multiple: 3.20×
• Total profit: $104,173
• Equity at exit: $14,612

Cash invested: $47,320 (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: 5.0×

Monthly cashflow live

• Estimated rent: $2,791 high
• Mortgage (P&I): −$886
• Tax from tax record: −$46 /mo · $556/yr
• Insurance: −$70
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$586
• Net cashflow: $775

Break-even live

Break-even rent $1,810

Max offer price $169,000

Occupancy floor 67%

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: $42,250
• Closing costs: $5,070
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
544 Pacific St Apt 108 San Luis Obispo, CA	1.0	1.0	585	$1,975	$3.38	44d	1	0.59mi
564 Higuera St San Luis Obispo, CA	1.0	1.0	615	$2,775	$4.51	14d	4	0.68mi
522 Dana St San Luis Obispo, CA	2.0–3.0	1.0–2.0	875	$2,850	$3.26	14d	3	0.73mi
1427 Morro St Unit B San Luis Obispo, CA	1.0	1.0	400	$2,600	$6.50	44d	1	0.86mi
2800 Broad St San Luis Obispo, CA	1.0	1.0	464	$2,500	$5.39	44d	1	1.02mi
3150 Rockview Pl #8 San Luis Obispo, CA	1.0	1.0	600	$2,475	$4.12	44d	1	1.12mi
791 Orcutt Rd San Luis Obispo, CA	1.0	1.0	651	$2,750	$4.22	21d	3	1.28mi
1245 Peach St Unit B San Luis Obispo, CA	2.0	1.0	700	$2,800	$4.00	44d	1	1.36mi
1314 Palm St San Luis Obispo, CA	1.0	1.0	695	$2,600	$3.74	21d	1	1.36mi

Listing history 21 events

1. 2026-06-18
   days on market $169,000 Active 218 DOM
2. 2026-06-17
   days on market $169,000 Active 217 DOM
3. 2026-06-16
   days on market $169,000 Active 216 DOM
4. 2026-06-15
   days on market $169,000 Active 215 DOM
5. 2026-06-14
   days on market $169,000 Active 213 DOM
6. 2026-06-13
   days on market $169,000 Active 212 DOM
7. 2026-06-10
   days on market $169,000 Active 210 DOM
8. 2026-06-09
   days on market $169,000 Active 209 DOM
9. 2026-06-08
   days on market $169,000 Active 208 DOM
10. 2026-06-07
    statusdays on market $169,000 Active 207 DOM
11. 2026-05-11
    historical
12. 2026-02-25
    price $169,000
13. 2025-10-18
    listed $179,000 Active
14. 2024-12-31
    historical
15. 2024-10-10
    price $179,900
16. 2024-08-22
    price $184,500
17. 2024-06-24
    price $189,000
18. 2024-04-30
    listed $195,000 Active
19. 2022-03-23
    soldstatus $139,000 Closed Sale
20. 2022-03-01
    status Pending Sale
21. 2022-02-10
    listed $139,000 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: $556 · $46/mo
• Projected year-2 tax: $1,284 · $107/mo
• Expected delta: +$729/yr (+$61/mo · 131.2%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 4/10 Moderate 6 d/yr ≥82°F today · 16 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: $33,489
• − Mortgage interest: −$9,467
• − Property taxes: −$556
• − Insurance: −$5,964
• − Repairs & maintenance: −$2,679
• − Management: −$2,679
• − Depreciation: −$4,916
• Taxable income: $7,229
• Est. tax owed @ 24.0%: −$1,735
• After-tax cash flow: $7,567/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 · 6 photos

Good 75/100 Cosmetic rehab

This 2019 manufactured home is in good condition with a good condition score of 75. It is move-in ready with minor cosmetic updates that could further enhance its value.

Value-add opportunities

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics.
• Both Landscaping improvements — Enhances curb appeal and adds value.
• Both Upgrading appliances — Modernizes kitchen and adds value for both resale and rental.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Enhances curb appeal and adds value. ↑
• Both Upgrading appliances — Modernizes kitchen and adds value for both resale and rental. ↑

ⓘ 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

+21.6% since first listed

11 events — show timeline

• 2026-05-11 Listing Removed — CRMLS
• 2026-02-25 Price Changed $169,000 CRMLS
• 2025-10-18 Listed $179,000 CRMLS
• 2024-12-31 Listing Removed — CRMLS
• 2024-10-10 Price Changed $179,900 CRMLS
• 2024-08-22 Price Changed $184,500 CRMLS
• 2024-06-24 Price Changed $189,000 CRMLS
• 2024-04-30 Listed $195,000 CRMLS
• 2022-03-23 Sold (MLS) $139,000 CRMLS
• 2022-03-01 Pending — CRMLS
• 2022-02-10 Listed $139,000 CRMLS

Property tax history

-0.1%/yr

Latest (2025): $556 · +1.7% YoY. Source: county tax records.