1401 El Norte Pkwy #267
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1401 El Norte Pkwy #267

Atop 10%

San Marcos, CA 92069Neighborhood: Richland

$405,000

Pass at asking: -$1,707/mo full cashflow at 20% down, 7.49% rate.

Works at $183,683 (55% under asking), or at 81% down.

Rent $2,186/mo: zip market median for this bed count.

Beds

2

Baths

2

Sqft

1,584

Year Built

1972

Days on Market

239

Property Type

Manufactured

HOA/mo

$266

MLS ID

NDP2601949

This property is in San Marcos (92069). View neighborhood stats →

Virtual Tour

About This Property

Seller will entertain offers between $385,000 & $405,000. This is a really nice and spacious 2 BR 2 Bath unit located in Madrid Manor Senior Community which is a 55 and over where you own the land and there are lots of activities every month. Miniature Golf Course & Tennis/Pickle ball Court. Billiard Room to name a few. This home has a Family Room and Large Enclosed 18 X 8 California Room that is currently being used as an office and is included in the square footage listed. New Laminate Floors. Freshly painted inside and out. Open front porch to enjoy the wonderful breeze that comes through. Desirable location with no neighbors in front of you or behind you for privacy. Plenty of parking for friends and family. WHEELCHAIR RAMP IN THE CARPORT. Mirrored Closet Doors in the Master Bedroom with his and her closets, Walk in Shower in the Master Bath with a separate Vanity in the Master Bedroom. This home has good bones. Many upgrades. New Siding in the front. New Siding on the Calif Room. 5 Year old roof. Pads and Piers under the home have been replaced. Plus a permanent foundation installed and recorded. Furnace and water heater replaced. New toilets. faucets and shower heads in both bathrooms. New faucet in kitchen. Under Sink Water Filter. Water resistant Vinyl in kitchen and both bathrooms. New Blinds throughout. Central Air Conditioning and Heat. Ceiling fans in the Family room and Dining room. Good size manicured fenced back yard. Huge insulated storage shed with electricity and a ceiling fan and plenty of shelves. Nice and clean. Includes Washer and Dryer. Move in ready. Seller will pay for a One year Home Warranty for buyer. HOA will allow two small pets 20 pounds or less. This home has everything you need.Land owned. No high space rent. Low HOA fee. Pre-Hud. NO FHA OR VA Please review the Community Website. Lots of social activities. https://www.madridmanor.com/about-our-community.html

Mortgage Calculator

Est. Monthly Payment

$3,052

Principal & Interest$2,263
Property Tax$405
Insurance$118
HOA$266
%($81,000)
%
Loan Term

Location

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Zoned Schools

  • Elementary

    Richland Elementary · grades K-5 · San Marcos Unified

  • Middle

    Woodland Park Middle · grades 6-8 · San Marcos Unified

  • High

    Mission Hills High · grades 9-12 · San Marcos Unified

The district's assigned schools for this parcel, from its attendance boundaries and rules. Boundaries change: confirm with the district before you buy.

Investment Score

53A
Est. Monthly Rent
$2,186

Zip market median for this bed count

Thin data: no closed leases like this one nearby.

Monthly Cashflow

Rent − PITIA

-$866
Full Cashflow

Incl. vacancy, PM, maint, capex

-$1,707

What would make this work?

$1,707/mo short at 20% down; 81% down or +$2,216/mo rent closes it.

Break-even price

55% under asking

$183,683
Break-even rent

$2,216/mo above the estimate

$4,402/mo
Cashflow at 35% down
−$1,282/mo
Down payment to break even

$328,050 cash

81%
Rate to break even

Negative even at a 0% loan

Not reachable

Mortgage (P+I)
$2,263
Cap Rate
1.97%
Cash-on-Cash
-25.28%
DSCR

Need ≥ 1.25 for DSCR loan

0.72

NOI (Annual)
$7,992
Price-to-Rent

Lower = better for investors

15.4

* Modelled at 20% down, 7.49% rate, 30yr · vacancy 8% · PM 10% · capex 5% · maintenance 1%/yr.

Estimates only. Not financial advice. Verify all figures independently with a licensed professional before making any investment decision.

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ACashflow−$1,707/mo