1532 Howard St · San Francisco, CA 94103

$4,498,000

None bd · 15.0 ba · 5,334 sqft · Townhouse public records · 125 Days on market

Built 2019 Excellent condition 1,921 sqft lot $843/sqft · 13% above area Est $6145k · 27% under

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +15.0/15.0
• Appreciation +7.5/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Condition / age +4.8/5.0
• Livability +3.8/5.0
• Cash flow +0.0/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Rare opportunity to acquire a 15-unit, newly constructed multifamily property in San Francisco. Built in 2020, the six-story, 8,225 SF building features 15 studio condominiums, each with separate APNs, allowing flexibility to operate as apartments or sell units individually now or in the future. Each modern studio includes a full kitchen with dishwasher and microwave, in-unit washer/dryer, full bath, and walk-in closet. The contemporary design and abundant natural light appeal to today's renters, with strong upside potential as San Francisco rents continue to rise

Key facts

• Walk-in closet
• In-unit washer dryer
• Built 2019

Tags

• FULL KITCHEN WITH DISHWASHER
• IN-UNIT WASHER DRYER
• WALK-IN CLOSET
• ABUNDANT NATURAL LIGHT

What this means for you Summary

Snapshot

• This is a ?-bed/15.0-bath townhouse listed at $4.50M. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-29k ($-343k/yr) — negative.
• To cash-flow at today's rent, offer at most $410k (90.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $359k (92.0% below list).
• Recommended offer: $359k (92.0% below list) — sets the bar for 1% rule.
• Cap rate -1.3% vs local median 2.1% in San Francisco — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 76/100 on livability (#90 in CA, #3,143 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• San Francisco Unified (urban): math 50% / reading 56% proficiency, ranked #322 of 1,400 in CA (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+15.5%/yr); 108 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 750 units permitted in San Francisco County in 2024 (688 in 5+ unit buildings).
• This rent runs 37% of the median local income ($116k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $254k of equity ($31k loan paydown + $223k appreciation (5.0% local appreciation)).
• San Francisco County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$408k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 125 days — a 12% lower offer ($3.96M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask is 173233% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Recommended offer $358,597 (92.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 125 days. Have you received any prior offers? Is the seller open to a 92% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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.

Investment metrics

• 1% rule: 0.08% ✗
• Cap rate: -1.33%
• Cash-on-cash: -27.23%
• DSCR: -0.21
• GRM: 104.5

CMA / ARV

• ARV (median comp): $6,144,589
• List price: $4,498,000
• Delta: -26.80%
• Verdict: UNDERPRICED
• Comps: 4 within 2.0 mi

Projected returns pro-forma

4.96% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -9.3%
• Equity multiple: 0.39×
• Total profit: $-773,793
• Equity at exit: $2,538,715

10-year hold

• IRR: -2.8%
• Equity multiple: 0.43×
• Total profit: $-714,166
• Equity at exit: $4,373,031

Cash invested: $1,259,440 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City San Francisco: 0 Strongly Tenant-Friendly · D+57

SF Rent Ordinance + Eviction Protections; relocation $10k+; one of strictest in US.

Methodology + full state rankings →

ZIP-level market 94103

• Home prices YoY: 2.9%
• Rents YoY: 15.5%
• Active inventory: 108
• Price-to-rent: 104.5×

Monthly cashflow live

• Estimated rent: $3,586 medium
• Mortgage (P&I): −$23,588
• Tax from tax record: −$5,948 /mo · $71,375/yr
• Insurance: −$1,874
• HOA: −$0
• Vacancy / Maint / Mgmt: −$753
• Net cashflow: $-28,577

Break-even live

Break-even rent $39,760

Max offer price $409,927

Occupancy floor —

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $1,124,500
• Closing costs: $134,940
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14 Isis St Unit 4 San Francisco, CA	1.0	1.0	5526	$3,200	$0.58	44d	1	0.19mi

Listing history 24 events

1. 2026-06-18
   days on market $4,498,000 Active 125 DOM
2. 2026-06-17
   days on market $4,498,000 Active 124 DOM
3. 2026-06-16
   days on market $4,498,000 Active 123 DOM
4. 2026-06-15
   days on market $4,498,000 Active 122 DOM
5. 2026-06-13
   days on market $4,498,000 Active 120 DOM
6. 2026-06-13
   days on market $4,498,000 Active 119 DOM
7. 2026-06-09
   days on market $4,498,000 Active 116 DOM
8. 2026-06-08
   days on market $4,498,000 Active 115 DOM
9. 2026-06-07
   days on market $4,498,000 Active 114 DOM
10. 2026-06-04
    days on market $4,498,000 Active 111 DOM
11. 2026-06-03
    days on market $4,498,000 Active 110 DOM
12. 2026-06-02
    days on market $4,498,000 Active 109 DOM
13. 2026-06-01
    days on market $4,498,000 Active 108 DOM
14. 2026-05-31
    days on market $4,498,000 Active 107 DOM
15. 2026-05-17
    price $2,495
16. 2026-05-11
    listed $2,595
17. 2026-05-01
    historical $2,695
18. 2026-04-20
    price $4,498,000 570-char remark

    Show marketing remark (570 chars)

    Rare opportunity to acquire a 15-unit, newly constructed multifamily property in San Francisco. Built in 2020, the six-story, 8,225 SF building features 15 studio condominiums, each with separate APNs, allowing flexibility to operate as apartments or sell units individually now or in the future. Each modern studio includes a full kitchen with dishwasher and microwave, in-unit washer/dryer, full bath, and walk-in closet. The contemporary design and abundant natural light appeal to today's renters, with strong upside potential as San Francisco rents continue to rise

19. 2026-04-01
    listed $2,695
20. 2026-03-31
    historical $2,495
21. 2026-03-05
    listed $2,495
22. 2026-02-13
    listed $4,895,000 Active 570-char remark

    Show marketing remark (570 chars)

    Rare opportunity to acquire a 15-unit, newly constructed multifamily property in San Francisco. Built in 2020, the six-story, 8,225 SF building features 15 studio condominiums, each with separate APNs, allowing flexibility to operate as apartments or sell units individually now or in the future. Each modern studio includes a full kitchen with dishwasher and microwave, in-unit washer/dryer, full bath, and walk-in closet. The contemporary design and abundant natural light appeal to today's renters, with strong upside potential as San Francisco rents continue to rise

23. 2023-08-14
    historical $1,750
24. 2023-07-30
    price $1,750

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $71,375 · $5,948/mo
• Projected year-2 tax: $71,375 · $5,948/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 8 d/yr ≥78°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 15 unhealthy d/yr today · 15 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,032
• − Mortgage interest: −$251,958
• − Property taxes: −$71,375
• − Insurance: −$22,490
• − Repairs & maintenance: −$3,443
• − Management: −$3,443
• − Depreciation: −$130,851
• Taxable loss: −$440,527
• Est. tax savings @ 24.0%: +$105,727
• After-tax cash flow: $-237,199/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 13 photos

Excellent 95/100 None rehab

This property is in excellent condition with no visible repairs or maintenance needed. It is move-in ready and has a strong resale and rental value due to its location and modern design.

Value-add opportunities

• Both Painting the exterior and interior walls — Painting the exterior and interior walls can enhance the curb appeal and interior aesthetics, which can increase both resale and rental value.
• Both Landscaping improvements — Landscaping improvements can enhance the curb appeal and increase the property's value, making it more attractive to potential buyers and renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Painting the exterior and interior walls can enhance the curb appeal and interior aesthetics, which can increase both resale and rental value. ↑
• Both Landscaping improvements — Landscaping improvements can enhance the curb appeal and increase the property's value, making it more attractive to potential buyers and renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: San Francisco Unified
• NCES district ID: 0634410
• Math proficiency: 50% ▬ 0.00%
• Reading proficiency: 56% ▲ 1.00%
• Median HH income: $81,249
• Composite: 50.14/100
• National rank: #4088
• State rank: #322 of 1400 in CA

Livability — San Francisco

• Score: 76/100
• State rank: #90
• US rank: #3143

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment A+ Housing B- Health & safety A+ User ratings C-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Francisco, CA
• County: San Francisco County · 827,552 people
• City population: 827,552
• Metro: San Francisco-Oakland-Berkeley, CA
• Population (ZIP): 34,964
• Household income: $116,438
• Rent vs Own: 80.3% rent · 19.7% own
• Severe rent burden: 2666.0

Population outlook (San Francisco County) Hauer SSP2

• Today (2025): 1,030,936 people
• By 2030: 1,110,409 · +7.7%
• By 2040: 1,270,010 · +23.2%
• By 2050: 1,435,001 · +39.2%
• By 2075: 1,779,074 · +72.6%
• By 2100: 1,966,767 · +90.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.75)
• Race & ethnicity: White 32% Asian 31% Hispanic / Latino 20% Two or more races 11% Black 10% Native American 2%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Lithuanian 2% Slovak 2% Romanian 2%
• Foreign-born: 36% · Canada, China, Vietnam
• Languages at home: 56% English-only · Spanish 16% Chinese 9% Tagalog/Filipino 6%

Political lean MEDSL · San Francisco

• 2024 margin: Solid D (+64.8) · D 80.3% · R 15.5% · Other 4.1%
• 2008→2024 swing: -5.7pp toward R · 2008: 70.5pp · 2024: 64.8pp
• All cycles: 2024: D+64.8 2020: D+72.5 2016: D+76.1 2012: D+70.2 2008: D+70.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.96%
• Current HPI: 175.4945
• Rent YoY: ▲ 15.50%
• Metro: San Francisco-Oakland-Berkeley, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+42.6% since first listed

10 events — show timeline

• 2026-05-17 Price Changed $2,495 SHOWMOJO
• 2026-05-11 Listed for Rent $2,595 SHOWMOJO
• 2026-05-01 Rental Removed $2,695 SHOWMOJO
• 2026-04-20 Price Changed $4,498,000 San Francisco MLS
• 2026-04-01 Listed for Rent $2,695 SHOWMOJO
• 2026-03-31 Rental Removed $2,495 SHOWMOJO
• 2026-03-05 Listed for Rent $2,495 SHOWMOJO
• 2026-02-13 Listed $4,895,000 San Francisco MLS
• 2023-08-14 Rental Removed $1,750 APPFOLIO
• 2023-07-30 Price Changed $1,750 APPFOLIO

Property tax history

+9.8%/yr

Latest (2025): $71,375 · +3.0% YoY. Source: county tax records.