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890 38th Ave SPACE 48
Santa Cruz, CA

890 38th Ave SPACE 48

$349,000
2 bd • 1 ba • 412 sf

This analysis was generated by artificial intelligence on 1/16/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$349,000

Price/Sq.Ft

$847

Year Built

1955

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

This manufactured home in Opal Cliff, Santa Cruz offers exceptional value with its prime location and recent updates. Key positives include: 1. Location: Situated in the desirable Pleasure Point area, near surfing spots, beaches, shops, and restaurants. This location typically commands higher prices, making the $349,000 price point relatively affordable for the area. 2. Recent Updates: Comprehensive renovations in 2023 include new windows, doors, and flooring, enhancing the property's value and reducing immediate maintenance needs. 3. Modern Amenities: The home features both heating and A/C, an outdoor shower, on-demand hot water, and double-paned windows, which are uncommon in older manufactured homes and improve energy efficiency. 4. Low Space Rent: At $417/month, the land lease is relatively low for the Santa Cruz area, keeping ongoing costs manageable. 5. Investment Potential: The property can be rented out, offering flexibility for investors or those seeking vacation rental income. Based on local rental rates, a 2-bedroom unit could potentially rent for around $3,420/month. 6. Climate Resilience: Exceptional climate risk scores with minimal flood (1/10), fire (1/10), and wind (1/10) risks, potentially leading to lower insurance costs. 7. Price Appreciation: The property has shown a 11.7% price increase since its last sale in November 2023, indicating strong market demand and potential for further appreciation. 8. Pet-Friendly: Allows pets, which is a significant advantage for many buyers and renters. 9. All Ages Welcome: No age restrictions, broadening the potential buyer and renter pool. 10. Enclosed Laundry: An often overlooked but valuable feature, especially in a compact home.

The Bad

While the property has many positives, there are several concerning aspects: 1. Size: At 412 square feet, it's extremely small, even for a manufactured home. This is significantly below the average size for a 2-bedroom home and may feel cramped for many buyers. 2. High Price per Square Foot: At $847.09/sqft, it's priced well above typical rates for manufactured homes, even considering the desirable location. 3. Age: Built in 1955, it's an older home that may require more maintenance despite recent updates. Systems not replaced in the 2023 renovation may need attention soon. 4. Limited Parking: No mention of dedicated parking, which can be a significant issue in a beach area with high tourist traffic. 5. Single Bathroom: Only one bathroom for a two-bedroom home can be inconvenient, especially if used as a rental property. 6. Days on Market: At 93 days, it's been on the market longer than average, suggesting potential overpricing or buyer hesitation. 7. Air Quality Risk: With a severe air quality risk score of 7/10 and 13 bad air days per year, this could be a health concern for some buyers. 8. School Ratings: Nearby schools have average ratings (5/10), which may deter families with children. 9. Limited Appreciation Potential: While the price has increased recently, manufactured homes typically appreciate more slowly than traditional homes, potentially limiting long-term value growth. 10. No Family Room: The lack of a dedicated family room may make the small space feel even more cramped.

The Ugly

Several significant concerns could impact the long-term value and livability of this property: 1. Land Lease Vulnerability: As a manufactured home on leased land, there's always a risk of land lease increases or, in extreme cases, park closure. The current $417/month could increase substantially over time. 2. Total Monthly Costs: Estimated monthly costs are high relative to the home's value: - Land Lease: $417 - Mortgage (assuming 20% down, 30-year fixed at 6.5%): ~$1,770 - Property Taxes (est. 1.2% of value): ~$349 - Insurance: ~$105/month - Utilities/Maintenance (est.): ~$200 Total: ~$2,841/month, which is high for a 412 sqft home. 3. Potential for Obsolescence: As a 70-year-old manufactured home, there's a risk of the unit becoming obsolete or requiring significant upgrades to remain competitive in the rental market. 4. Limited Financing Options: Manufactured homes, especially older ones, often have limited financing options with higher interest rates, potentially reducing the buyer pool. 5. Zoning and Use Restrictions: Manufactured home communities may have specific zoning or use restrictions that could limit future modifications or uses of the property. 6. Market Volatility: The Santa Cruz market can be volatile, and manufactured homes often bear the brunt of market downturns more severely than traditional homes. 7. Environmental Concerns: While flood and fire risks are low, the severe air quality risk (7/10) could lead to health issues and potentially impact future saleability. 8. Size Limitations: At 412 sqft, any future expansion would be challenging, if not impossible, limiting the property's ability to adapt to changing needs. 9. Potential HOA or Community Fees: While not mentioned, many manufactured home communities have additional fees that could further increase monthly costs. 10. Resale Challenges: The combination of its age, size, and being a manufactured home may make it challenging to resell, potentially leading to longer market times and price reductions.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is best suited for: 1. First-time buyers or investors with a budget under $350,000 looking to enter the competitive Santa Cruz market. 2. Surfers or beach enthusiasts prioritizing location over space, willing to pay a premium for proximity to Pleasure Point. 3. Investors seeking a vacation rental property in a high-demand area, potentially yielding strong short-term rental income. 4. Singles or couples comfortable with minimalist living, prioritizing location and lifestyle over space. 5. Remote workers needing a small, low-maintenance home base in a desirable coastal location. 6. Buyers with a household income of at least $100,000/year, based on the estimated $2,841 monthly costs (requiring about 34% of gross income). 7. Those seeking a lock-and-leave property for frequent travelers or as a part-time residence. 8. Buyers prioritizing energy efficiency and modern amenities in a compact space. 9. Pet owners who value a pet-friendly property with a gated, fenced yard. 10. Those looking to downsize significantly while remaining in a prime Santa Cruz location.

Not For

This property is not suitable for: 1. Families or those needing more than 412 sqft of living space. The compact size is impractical for more than 1-2 occupants. 2. Buyers seeking long-term appreciation potential comparable to traditional homes. Manufactured homes typically appreciate more slowly. 3. Those uncomfortable with land lease arrangements or the potential risks associated with not owning the land beneath their home. 4. Individuals with respiratory issues or sensitivities, given the severe air quality risk score of 7/10. 5. Buyers requiring conventional mortgage financing, as older manufactured homes often face lending restrictions. 6. Those seeking a home with potential for significant expansion or major modifications. 7. Investors looking for properties with strong long-term appreciation potential or ease of resale. 8. Buyers with a household income below $100,000, as the estimated monthly costs would be a significant financial burden. 9. Those prioritizing school quality for children, given the average ratings of nearby schools. 10. Buyers uncomfortable with the potential volatility and unique challenges of the manufactured home market segment.
Demographics
Area Median Income

$91,801

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Risk Assessment

Climate Risks

airSEVERE

13 bad air quality days per year

heatMODERATE

7 extreme heat days per year

98th percentile: 84°F

floodMINIMAL

FEMA Zone: X_UNSHADED

Insurance: Optional

fireMINIMAL

Insurance: Optional

windMINIMAL

Insurance: Optional

Risk Analysis

1. Land Lease Instability: The $417/month land lease could increase, potentially significantly impacting affordability. There's also a remote risk of park closure or redevelopment. 2. Limited Appreciation: Manufactured homes typically appreciate more slowly than traditional homes, with some even depreciating. This 1955 model may face particular challenges in maintaining value. 3. Financing Challenges: Older manufactured homes often face strict lending criteria, higher interest rates, and shorter loan terms, potentially limiting resale options. 4. Age-Related Issues: At 70 years old, there's a high risk of major system failures or needed replacements not addressed in the 2023 renovation. 5. Size Limitations: At 412 sqft, the home may feel cramped for many buyers, limiting its appeal and potentially its future value. 6. Air Quality Concerns: The severe air quality risk (7/10) could lead to health issues and impact future saleability. 7. Market Volatility: The Santa Cruz market can be volatile, and manufactured homes often experience more severe price fluctuations than traditional homes. 8. Zoning and Use Restrictions: Potential limitations on property use or modifications could impact future value or rental potential. 9. Insurance Costs: While climate risks are low, insuring an older manufactured home can be costly and may increase over time. 10. Obsolescence Risk: As newer, more efficient manufactured homes enter the market, this 1955 model may become less desirable, despite updates. 11. Community Changes: Changes in the manufactured home community (new management, rule changes) could impact quality of life and property value. 12. Rental Market Shifts: If depending on rental income, changes in local regulations or market conditions could affect profitability.
Insurance
Annual Cost

$1,256

$105 per month

Financials

Monthly Costs

Price History

Location & Comparables

Subject Property
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