103 E 2nd St · Imperial, CA 92251

$650,000

8 bd · 4.0 ba · 3,064 sqft · MultiFamily · 28 Days on market

Built 1983 6,285 sqft lot $212/sqft · 48% above area Est $440k · 48% over

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Why this score? — see what drove the C 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).

• Cash flow +28.6/30.0
• DSCR +10.0/10.0
• 1% rule +6.6/10.0
• Livability +3.4/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Great 4-unit investment opportunity located right in the heart of Imperial on a desirable corner lot. The property offers plenty of parking, including covered spaces, and has a brand-new roof already in place, one major expense taken care of for the next owner. Each unit has its own outdoor space, with the downstairs units featuring private back patios and the upstairs units offering balconies. One of the units has been fully upgraded, giving you a good idea of the potential throughout the rest of the property. There's also strong upside here as some of the units are currently rented below market value, leaving room for future rent increases and improved cash flow over time. Solid location,

Key facts

• Desirable corner lot
• Brand new roof
• Plenty of parking

Tags

• 4 UNIT INVESTMENT OPPORTUNITY
• DESIRABLE CORNER LOT
• PLENTY OF PARKING
• BRAND NEW ROOF
• OUTDOOR SPACE
• PRIVATE BACK PATIOS

Property features AI

Finance

• Other: Lot size approximately 0.144 acres; Directions: Head North on Imperial Ave, take a left on 2nd St; property is on the immediate right

Exterior

• Parking: Total of 7 parking spaces; Detached carport; Carport fits 4 vehicles
• Utilities: Public water; Public sewer
• Home design: Residential income property; 2-story
• Exterior features: Composition/shingle roof; Zoned R-3

Interior

• Flooring: Carpet; Ceramic tile; Laminate
• Heating & cooling: Forced air heating
• Interior features: Gas water heater

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $650k.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $537/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $650k).
• Recommended offer: $640k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.3% vs local median 3.9% in Imperial — 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 68/100 on livability (#286 in CA) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A-; Watch: schools C-, amenities F, commute F.
• Imperial Unified (suburban): math 21% / reading 44% proficiency, ranked #281 of 517 in CA (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 119 active listings in the ZIP; solid renter incomes; 271 units permitted in Imperial County in 2024 (112 in 5+ unit buildings).
• At $7,564/mo this rent would consume 100% of the median local household income ($91k/yr) (locally 410% 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 $4k of loan paydown is wiped out by about $20k of value loss. Plan a longer hold.
• Imperial County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $182k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($640k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y 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 $396k; list at $650k implies a 64% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $640,250 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.16% ✓
• Cap rate: 10.26%
• Cash-on-cash: 14.15%
• DSCR: 1.63
• GRM: 7.2

CMA / ARV

• ARV (median comp): $439,757
• List price: $650,000
• Delta: 47.81%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
521 S E St	0.33mi	8/4.0	3,180 (+4%)	18mo	$495,000	$156	63

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 4.4%
• Equity multiple: 1.17×
• Total profit: $31,091
• Equity at exit: $96,917

10-year hold

• IRR: 13.9%
• Equity multiple: 2.11×
• Total profit: $201,921
• Equity at exit: $56,200

Cash invested: $182,000 (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 92251

• Home prices YoY: -9.8%
• Active inventory: 119
• Price-to-rent: 28.6×

Monthly cashflow live

• Estimated rent: $7,564 medium
• Mortgage (P&I): −$3,409
• Tax from tax record: −$150 /mo · $1,795/yr
• Insurance: −$271
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,588
• Net cashflow: $2,147

Break-even live

Break-even rent $4,847

Max offer price $650,000

Occupancy floor 67%

Sensitivity live

Price	-10% $2,514	-5% $2,330	+0% $2,147	+5% $1,963	+10% $1,779
Rent	-10% $1,549	-5% $1,848	+0% $2,147	+5% $2,445	+10% $2,744
Rate	-1.0pp $2,474	-0.5pp $2,312	base $2,147	+0.5pp $1,978	+1.0pp $1,807

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$7,564
Total (4 units)			$7,564

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: $162,500
• Closing costs: $19,500
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-04-28
   listed $650,000 Active 803-char remark
2. 2021-07-01
   listed $420,000
3. 2006-09-29
   soldstatus $396,000

ⓘ 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: $1,795 · $150/mo
• Projected year-2 tax: $4,940 · $412/mo
• Expected delta: +$3,145/yr (+$262/mo · 175.3%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥114°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $90,768
• − Mortgage interest: −$36,410
• − Property taxes: −$1,795
• − Insurance: −$3,250
• − Repairs & maintenance: −$7,261
• − Management: −$7,261
• − Depreciation: −$18,909
• Taxable income: $15,881
• Est. tax owed @ 24.0%: −$3,812
• After-tax cash flow: $21,947/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: Imperial Unified
• NCES district ID: 0618210
• Math proficiency: 21% ▼ -21.00%
• Reading proficiency: 44% ▼ -16.00%
• Median HH income: $66,775
• Composite: 29.79/100
• National rank: #6424
• State rank: #281 of 517 in CA

Livability — Imperial

• Score: 68/100
• State rank: #286
• US rank: #9731

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Imperial, CA
• County: Imperial County · 104,838 people
• City population: 27,454
• Metro: El Centro, CA
• Population (ZIP): 27,454
• Household income: $90,709
• Rent vs Own: 29.8% rent · 70.2% own
• Severe rent burden: 410.0

Population outlook (Imperial County) Hauer SSP2

• Today (2025): 186,713 people
• By 2030: 190,022 · +1.8%
• By 2040: 195,993 · +5.0%
• By 2050: 199,534 · +6.9%
• By 2075: 216,878 · +16.2%
• By 2100: 352,705 · +88.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (83%)
• Race & ethnicity: Hispanic / Latino 83% Two or more races 30% White 10% Asian 3% Black 3%
• Hispanic origin (detail): Mexican 80%
• Common ancestry: Slovak 1%
• Foreign-born: 24% · Canada, South Korea, Vietnam
• Languages at home: 34% English-only · Spanish 63% Korean 1% Arabic 1%

Political lean MEDSL · Imperial

• 2024 margin: Toss-up / Even · D 48.3% · R 49.1% · Other 2.6%
• 2008→2024 swing: -27.0pp toward R · 2008: 26.2pp · 2024: -0.9pp
• All cycles: 2024: R+0.9 2020: D+24.4 2016: D+41.1 2012: D+28.8 2008: D+26.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -41.26%
• Current HPI: 380.9947
• Rent YoY: —
• Metro: El Centro, 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

+64.1% since first listed

3 events — show timeline

• 2026-04-28 Listed $650,000 ICAOR
• 2021-07-01 Listed $420,000 ICAOR
• 2006-09-29 Sold (Public Records) $396,000 Public Records

Property tax history

+0.7%/yr

Latest (2025): $1,795 · -59.6% YoY. Source: county tax records.