141 E Coronado Ln

Tustin, CA 92780

$180,000B

3 bd · 2.0 ba · 1,368 sqft · Built 1985 · Manufactured · Active · 109 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,243/mo
• Mortgage (P&I): −$944
• Tax + insurance: −$300
• HOA: −$0
• Vac / Maint / Mgmt: −$681
• Net cashflow: $1,318/mo
• Annual: $15,812/yr
• Cap rate: 15.08%
• Cash-on-cash: 31.37%
• DSCR: 2.40
• 1% rule: 1.80%
• Cash to close: $50,400

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $180k.
• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $180k).
• It's been on market 109 days — a 9% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $164k (9.0% below list) — sets the bar for market timing.
• 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.
• Location reads 71/100 on livability (#215 in CA) — a middle-class / working-renter tenant base. Strengths: employment A+, commute B; Watch: health & safety D+, cost of living F.
• Tustin Unified (urban): math 46% / reading 65% proficiency, ranked #91 of 517 in CA (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Helen Estock Elementary (454 students, 89% FRL); Columbus Tustin Middle (math 24% / reading 24%, grade F, #277 of 498 statewide, top 73%, 609 students, 79% FRL); Foothill High (math 57% / reading 81%, grade B, #131 of 1,170 statewide, top 11%, 2,276 students, 26% FRL) — zoned schools average 65% FRL vs 33% district-wide (32 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.1%/yr); 70 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 6,974 units permitted in Orange County in 2024 (3,839 in 5+ unit buildings).
• Orange County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts; this cycle's ask has dropped $15k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 4.1% rent growth), your $50k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 15.1% vs local median 1.9% in Tustin — 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.
• This rent runs 39% of the median local income ($101k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 109 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.