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Rare Santa Margarita Opportunity-Two Homes on One Acre. Rarely does an opportunity like this come to market! This versatile property features two separate homes, offering an exceptional combination of rental income, multi-generational living, guest accommodations, or future investment potential. The main residence offers 3 bedrooms and 2 bathrooms across approximately 1,080+/- square feet and plenty of usable outdoor space. Raised garden beds, a large storage shed, carport for covered parking, and a cute front deck are just a few perks of this home. A separate 1-bedroom plus office, 2-bath 804+/- square foot guest home with a charming covered porch and a detached two-car garage provides additional flexibility and opportunity. Both residences are currently tenant occupied, generating a combined $2,375 per month in rental income ($1,350/month for the main home and $1,025/month for the guest home) and boast separately metered utilities, providing immediate income for an investor while preserving the potential to enhance the property's value over time. The approximately one-acre setting offers room to spread out, with potential space for horses and other rural lifestyle uses. Enjoy the charm and community of Santa Margarita while remaining conveniently located near San Luis Obispo, Paso Robles, Atascadero, and the Central Coast. Whether you're looking for an income-producing investment, a property for extended family, or a unique opportunity to own multiple residences on one parcel, this rare Santa Margarita offering deserves a closer look. If you're looking to add even more land and a third home, check out the neighboring property at 22815 I Street, Santa Margarita also being offered for sale at $699,900. MLS#NS26216088. BONUS- The sellers are open to considering seller financing for 5-7 years with 20-30% down at only a 4% interest on at least one of these parcels
Property Type(s):
Mobile/Manufactured
| Last Updated | 10/16/2026 | Tract | Santa Margarita In Town(70) |
|---|---|---|---|
| Year Built | 2002 | Community | SMRG - Santa Margarita |
| Garage Spaces | 2.0 | County | San Luis Obispo |
Additional Details
| AIR | Central Air |
|---|---|
| AIR CONDITIONING | Yes |
| AREA | SMRG - Santa Margarita |
| GARAGE | Yes |
| LOT | 1 acre(s) |
| LOT DESCRIPTION | Back Yard, Front Yard |
| LOT DIMENSIONS | 43560 |
| PARKING | Driveway, Garage, RV Access/Parking |
| POOL DESCRIPTION | None |
| SEWER | Septic Tank |
| STORIES | 1 |
| SUBDIVISION | Santa Margarita In Town(70) |
| VIEW | Yes |
| VIEW DESCRIPTION | Hills |
| WATER | Public |
Location
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Listed with Oaks to Ocean Real Estate
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