4346 Texas St · San Diego, CA 92104

$4,499,000

15 bd · 8.0 ba · 5,433 sqft · MultiFamily public records · 2 Days on market

Built 1987 6,993 sqft lot

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Why this score? — see what drove the F 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 +7.5/15.0
• Cash flow +6.5/30.0
• Livability +3.8/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• 1% rule +1.2/10.0
• DSCR +0.8/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 14 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Price Reduced! Fully Renovated w/ In-Place 4.75% Cap Rate in San Diego's premier rental submarket of North Park. Built in 1987 and newly renovated as of 2023, this 8 unit property contains an ideal unit mix of mainly two-bedroom floor plans. Unit interiors feature luxurious kitchens with quartz countertops and stainless steel appliances, new flooring, premium fixtures throughout, walk-in showers, ceiling fans and wall air conditioning units. Amenities at the property include 11 on-site parking spaces, secured entry and on-site laundry. 4346 Texas St presents a new investor with an opportunity to own a turn-key low maintenance asset with strong cash flow in one of the hottest rental submarkets of San Diego.

Key facts

• Strong tenant base
• Convenient access
• Well-positioned lot

Tags

• EIGHT RESIDENTIAL UNITS
• WELL-POSITIONED LOT
• HIGHLY WALKABLE LOCATION
• CONVENIENT ACCESS
• STRONG TENANT BASE
• EXISTING INCOME

Property features AI

Finance

• Other: Approximately 5,450 total building area

Exterior

• Parking: 8 parking spaces
• Home design: Residential income property (Commercial-Residential income subtype)
• Exterior features: Composition roof; Lot of approximately 0.16 acres

Interior

• Flooring: Vinyl
• Bathrooms: 21 full bathrooms
• Heating & cooling: Wall/window air conditioning units
• Interior features: Vinyl flooring; Wall/window air conditioning units

What this means for you Summary

Snapshot

• This is a 14 × 1-bed/?-bath units multifamily listed at $4.50M.

Deal economics

• At list price, monthly cash flow is $-8k ($-92k/yr) — negative. Per door: $-546/mo.
• To cash-flow at today's rent, offer at most $3.15M (30.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $2.78M (38.3% below list).
• Recommended offer: $2.78M (38.3% below list) — sets the bar for 1% rule.
• Cap rate 4.3% vs local median 2.0% in San Diego — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 75/100 on livability (#123 in CA, #4,206 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: health & safety C-, crime D+, cost of living F.
• San Diego Unified (urban): math 19% / reading 29% proficiency, ranked #393 of 517 in CA (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+1.4%/yr); 171 active listings in the ZIP; solid renter incomes; 11,759 units permitted in San Diego County in 2024 (7,244 in 5+ unit buildings).
• At $27,752/mo this rent would consume 354% of the median local household income ($94k/yr) (locally 3114% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $31k of loan paydown is wiped out by about $135k of value loss. Plan a longer hold.
• San Diego County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $3.85M; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $2,775,200 (38.3% 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. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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 D 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.62% ✗
• Cap rate: 4.25%
• Cash-on-cash: -7.28%
• DSCR: 0.68
• GRM: 13.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.38% rent growth · sell at horizon

5-year hold

• IRR: -30.7%
• Equity multiple: -0.00×
• Total profit: $-1,260,883
• Equity at exit: $670,816

10-year hold

• IRR: -41.9%
• Equity multiple: -0.51×
• Total profit: $-1,903,736
• Equity at exit: $388,991

Cash invested: $1,259,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

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

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 92104

• Rents YoY: 1.4%
• Active inventory: 171
• Price-to-rent: 189.1×

Monthly cashflow live

• Estimated rent: $27,752 high
• Mortgage (P&I): −$23,593
• Tax from tax record: −$4,100 /mo · $49,196/yr
• Insurance: −$1,875
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,828
• Net cashflow: $-7,643

Break-even live

Break-even rent $37,427

Max offer price $3,148,754

Occupancy floor —

Sensitivity live

Price	-10% $-5,097	-5% $-6,370	+0% $-7,643	+5% $-8,917	+10% $-10,190
Rent	-10% $-9,836	-5% $-8,740	+0% $-7,643	+5% $-6,547	+10% $-5,451
Rate	-1.0pp $-5,378	-0.5pp $-6,499	base $-7,643	+0.5pp $-8,809	+1.0pp $-9,995

14-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 14× units	1	—	$27,748
Total (14 units)			$27,752

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: $1,124,750
• Closing costs: $134,970
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-18
   days on market $4,499,000 Active 2 DOM
2. 2026-06-17
   remarks 687-char remark
3. 2026-06-17
   listed $4,499,000 Active 1 DOM

ⓘ 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: $49,196 · $4,100/mo
• Projected year-2 tax: $49,196 · $4,100/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥89°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $333,024
• − Mortgage interest: −$252,014
• − Property taxes: −$49,196
• − Insurance: −$22,495
• − Repairs & maintenance: −$26,642
• − Management: −$26,642
• − Depreciation: −$130,880
• Taxable loss: −$174,845
• Est. tax savings @ 24.0%: +$41,963
• After-tax cash flow: $-49,758/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.

Schools (NCES district)

• District: San Diego Unified
• NCES district ID: 0634320
• Math proficiency: 19% ▼ -29.00%
• Reading proficiency: 29% ▼ -28.00%
• Median HH income: $61,673
• Composite: 22.31/100
• National rank: #8135
• State rank: #393 of 517 in CA

Livability — San Diego

• Score: 75/100
• State rank: #123
• US rank: #4206

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Diego, CA
• County: San Diego County · 3,178,799 people
• City population: 1,397,612
• Metro: San Diego-Chula Vista-Carlsbad, CA
• Population (ZIP): 47,410
• Household income: $94,014
• Rent vs Own: 71.2% rent · 28.8% own
• Severe rent burden: 3114.0

Population outlook (San Diego County) Hauer SSP2

• Today (2025): 3,678,185 people
• By 2030: 3,856,546 · +4.8%
• By 2040: 4,171,407 · +13.4%
• By 2050: 4,421,607 · +20.2%
• By 2075: 4,831,599 · +31.4%
• By 2100: 4,832,502 · +31.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 50% Hispanic / Latino 31% Two or more races 18% Black 7% Asian 6%
• Hispanic origin (detail): Mexican 24% Puerto Rican 1%
• Common ancestry: Lithuanian 2% Italian 2% Slovak 2%
• Foreign-born: 16% · Canada, Vietnam, Jamaica
• Languages at home: 70% English-only · Spanish 22% Russian/Polish/Slavic 1% Tagalog/Filipino 1%

Political lean MEDSL · San Diego

• 2024 margin: D (+16.8) · D 56.9% · R 40.1% · Other 2.9%
• 2008→2024 swing: +6.6pp toward D · 2008: 10.2pp · 2024: 16.8pp
• All cycles: 2024: D+16.8 2020: D+22.8 2016: D+17.8 2012: D+5.1 2008: D+10.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -970.97%
• Current HPI: 397.3028
• Rent YoY: ▲ 1.38%
• Metro: San Diego-Chula Vista-Carlsbad, 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

+7398.3% since first listed

19 events — show timeline

• 2026-06-17 Listed $4,499,000 SDMLS
• 2026-06-11 Price Changed $2,645 SHOWMOJO
• 2026-05-27 Listed for Rent $2,745 SHOWMOJO
• 2024-09-12 Rental Removed $1,650 LEASESTAR
• 2024-09-11 Listed for Rent $1,650 LEASESTAR
• 2024-06-12 Rental Removed $1,650 LEASESTAR
• 2024-05-30 Listed for Rent $1,650 LEASESTAR
• 2024-01-09 Rental Removed $2,500 LEASESTAR
• 2024-01-07 Listed for Rent $2,500 LEASESTAR
• 2024-01-04 Rental Removed $2,500 CRMLS
• 2023-12-07 Listed for Rent $2,500 CRMLS
• 2023-09-02 Rental Removed $1,650 LEASESTAR
• 2023-08-31 Listed for Rent $1,650 LEASESTAR
• 2023-08-09 Sold (Public Records) $3,850,000 Public Records
• 2023-08-08 Sold (MLS) $3,850,000 SDMLS
• 2023-03-09 Listed $3,850,000 SDMLS
• 2022-04-25 Sold (Public Records) $2,700,000 Public Records
• 2000-01-10 Sold (Public Records) $463,500 Public Records
• 1985-06-26 Sold (Public Records) $60,000 Public Records

Property tax history

+13.3%/yr

Latest (2025): $49,196 · +3.9% YoY. Source: county tax records.