298 Ramona Drive, San Luis Obispo, California 93405, San Luis Obispo, 93405 - 5 bed, 2 bath
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San Luis Obispo, California 93405
This property represents a Strong Value Opportunity, listed at $1,195,000—positioned well below the $1,277,776 Fair Market Value by 6%. This valuation gap offers $82,776 in Instant Equity. Featuring a 2022 Granite Kitchen and a Condition Rating of 3, the home is currently a stable Buy-and-Hold Asset leased through 2026. With Picturesque Mountain Views and a Large Back Deck, it serves as a high-yield rental today and a future residence for Buy-and-Hold Investors or Owner-Occupants.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 298 Ramona Drive Subject | $1,195,000* List Price | 5 | 2 | 1,736 | $736 | - |
A 24 Verde Drive Sold | $1,230,000 | 3 | 2 | 1,633 | $753 | 0.2 mi |
B 504 Cuesta Drive Sold | $1,260,000 | 4 | 3 | 1,578 | $798 | 0.4 mi |
C 137 Broad St Sold | $1,125,000 | 3 | 2 | 1,793 | $627 | 0.5 mi |
D 372 Cerro Romauldo Sold | $1,315,000 | 3 | 2 | 1,630 | $807 | 0.2 mi |
E 550 Highland Sold | $1,352,500 | 4 | 2 | 1,891 | $715 | 0.4 mi |
F 321 Jeffrey Drive Sold | $1,130,000 | 3 | 3 | 1,450 | $779 | 0.2 mi |
G 71 Rafael Way Pending | $949,000 List Price | 3 | 2 | 1,160 | $818 | 0.1 mi |
* Subject property listed price vs sold prices of comps.
Property is move-in ready.
Although originally built in 1955, the property features a significant kitchen renovation completed around 2022 (<5 years old) with granite countertops and modern cabinetry. The interior is well-maintained with a mix of original oak hardwoods and newer laminate flooring, and the home is fully functional as a high-end rental. It falls short of 'Excellent' due to the age of the overall structure, original 1950s fireplace, and visible wear on exterior concrete surfaces.
The property is currently leased for $6,500 per month through June 2026, providing immediate, high-yield cash flow and making it a turnkey opportunity for investors.
Ideally situated near Cal Poly and downtown SLO, the home offers picturesque mountain views and a serene backyard setting overlooking a seasonal creek.
A 2022 kitchen renovation featuring granite countertops and dual refrigerators, combined with classic oak hardwood flooring, balances mid-century charm with contemporary utility.
The existing lease agreement through mid-2026 prevents immediate move-in for owner-occupants, limiting the buyer pool to investors or those with a long-term relocation timeline.
A single-car garage is relatively small for a five-bedroom residence, which may be a drawback for large families or groups of tenants with multiple vehicles.
Located in a desirable San Luis Obispo neighborhood, this single-level home offers flexible living and is currently used as a 5 bedroom residence (or 4 bedrooms plus a separate family room), all complemented by picturesque views of the surrounding mountains. Built in 1955, the home features oak hardwood flooring, built-in cabinetry, large picture windows and a welcoming front porch perfect for enjoying coffee with a view. The front door opens to a living room and thereafter, a galley style kitchen (renovated ~2022) designed for both function and style, showcasing granite countertops, glass-faced cabinetry, and the convenience of two refrigerators. Indoor laundry adds practicality, while the generously sized bedrooms provide comfortable living for family, guests, or home office needs. Enjoy the expansive back deck overlooking a seasonal creek — an ideal setting for entertaining, dining al fresco, or simply unwinding. Additional features include an attached single-car garage, storage shed, and abundant on-site parking. Ideally located near downtown SLO, Cal Poly, hiking trails, and schools, this property offers a nice combination of convenience and views. Currently leased for $6,500/mo through June 30, 2026.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 5.0 | 3.0 | 85% |
| Baths | 2.0 | 2.0 | 50% |
| Square foot | 1,736 | 1,793 | 45% |
| Lot Size | 6,970 | 6,723 | 58% |
| Price | $1.20M | $1.25M | 47% |
| Price per sq ft | $688 | $702 | 47% |
| Built year | 1955 | 1977 | 26% |
| HOA | $0 | $0 | 50% |
| Days on market | 30 | 116 | 6% |
May 14, 2026
$1,195,000
Initial Listing
Apr 9, 2003
$69,000
Public Record