149 Mason St · Vacaville, CA 95688

$1,390,000

21 bd · 14.0 ba · 1,800 sqft · MultiFamily · 352 Days on market

6,817 sqft lot $772/sqft · 121% above area

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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).

• Cash flow +14.9/30.0
• ARV discount +7.5/15.0
• DSCR +4.6/10.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• 1% rule +3.5/10.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 7 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

Prime Investment Opportunity! All apartment units are occupied. Conveniently located in the highly desirable North Vacaville, just a short stroll to downtown. This income generating apartment complex, with a total of seven units, includes two units in the front building and five studio units in the back building connected by breezeway. Recent upgrades include updated electrical systems, a new roof and gutters on both the front and back buildings, paint and windows replaced to enhance energy efficiency and curb appeal. The property offers seven updated units, with Apartment 1 and Studios B & C fully remodeled, while Studios D and E now showcase brand-new, modern kitchens. This property presents a reliable, investment opportunity for investors seeking a turnkey property with excellent amenities and significant improvements. Spacious storage room available. This property offers convenient access to schools, downtown shopping, public transportation, and essential amenities. It's proximity to the I-80 freeway for easy commuting. Make your move today and let this apartment complex be the next addition to your investment portfolio!

Key facts

• Fully remodeled
• Modern kitchens
• Energy efficiency

Tags

• UPDATED ELECTRICAL SYSTEMS
• NEW ROOF AND GUTTERS
• ENERGY EFFICIENCY
• FULLY REMODELED
• MODERN KITCHENS
• SPACIOUS STORAGE ROOM

What this means for you Summary

Snapshot

• This is a 2×3bd/2.0ba + 5×1bd/1.0ba units multifamily listed at $1.39M.

Deal economics

• At list price, monthly cash flow is $420 ($5k/yr) — positive. Per door: $60/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.17M (15.5% below list).
• Recommended offer: $1.17M (15.5% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 3.0% in Vacaville — 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 77/100 on livability (#88 in CA, #3,156 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, employment A+, housing A+; Watch: schools C-, cost of living F.
• Vacaville Unified (suburban): math 37% / reading 52% proficiency, ranked #522 of 1,400 in CA (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.5%/yr); 167 active listings in the ZIP; high-income renter base; 1,472 units permitted in Solano County in 2024 (131 in 5+ unit buildings).
• At $11,748/mo this rent would consume 119% of the median local household income ($118k/yr) (locally 1051% 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 $10k of loan paydown is wiped out by about $42k of value loss. Plan a longer hold.
• Solano County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 352 days — a 12% lower offer ($1.22M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $110k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,174,800 (15.5% below list)

Questions for the listing agent

1. It's been on market 352 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 0.85% ✗
• Cap rate: 6.66%
• Cash-on-cash: 1.29%
• DSCR: 1.06
• GRM: 9.9

CMA / ARV

• ARV (median comp): $629,741
• List price: $1,390,000
• Delta: 120.73%
• Verdict: OVERPRICED
• Comps: 10 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.49% rent growth · sell at horizon

5-year hold

• IRR: -13.8%
• Equity multiple: 0.50×
• Total profit: $-192,969
• Equity at exit: $207,254

10-year hold

• IRR: -4.2%
• Equity multiple: 0.72×
• Total profit: $-110,631
• Equity at exit: $120,182

Cash invested: $389,200 (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 95688

• Rents YoY: 3.5%
• Active inventory: 167
• Price-to-rent: 53.5×

Monthly cashflow live

• Estimated rent: $11,748 medium
• Mortgage (P&I): −$7,289
• Tax from tax record: −$993 /mo · $11,913/yr
• Insurance: −$579
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,467
• Net cashflow: $420

Break-even live

Break-even rent $11,217

Max offer price $1,390,000

Occupancy floor 91%

Sensitivity live

Price	-10% $1,207	-5% $813	+0% $420	+5% $26	+10% $-367
Rent	-10% $-508	-5% $-44	+0% $420	+5% $884	+10% $1,348
Rate	-1.0pp $1,120	-0.5pp $773	base $420	+0.5pp $60	+1.0pp $-307

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$4,328
▸ 5× units	1	1	$7,420
Total (7 units)			$11,748

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: $347,500
• Closing costs: $41,700
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-21
   days on market $1,390,000 Active 352 DOM
2. 2026-06-18
   days on market $1,390,000 Active 349 DOM
3. 2026-06-17
   days on market $1,390,000 Active 348 DOM
4. 2026-06-16
   days on market $1,390,000 Active 347 DOM
5. 2026-06-15
   days on market $1,390,000 Active 346 DOM
6. 2026-06-14
   days on market $1,390,000 Active 344 DOM
7. 2026-06-13
   days on market $1,390,000 Active 343 DOM
8. 2026-06-10
   days on market $1,390,000 Active 341 DOM
9. 2026-06-09
   days on market $1,390,000 Active 340 DOM
10. 2026-06-08
    days on market $1,390,000 Active 339 DOM
11. 2026-06-07
    days on market $1,390,000 Active 338 DOM
12. 2026-06-05
    days on market $1,390,000 Active 335 DOM
13. 2026-06-03
    days on market $1,390,000 Active 334 DOM
14. 2026-06-02
    days on market $1,390,000 Active 333 DOM
15. 2026-06-01
    days on market $1,390,000 Active 332 DOM
16. 2026-05-31
    days on market $1,390,000 Active 331 DOM
17. 2026-05-30
    days on market $1,390,000 Active 330 DOM
18. 2026-04-18
    price $1,390,000 1146-char remark

    Show marketing remark (1146 chars)

    Prime Investment Opportunity! All apartment units are occupied. Conveniently located in the highly desirable North Vacaville, just a short stroll to downtown. This income generating apartment complex, with a total of seven units, includes two units in the front building and five studio units in the back building connected by breezeway. Recent upgrades include updated electrical systems, a new roof and gutters on both the front and back buildings, paint and windows replaced to enhance energy efficiency and curb appeal. The property offers seven updated units, with Apartment 1 and Studios B & C fully remodeled, while Studios D and E now showcase brand-new, modern kitchens. This property presents a reliable, investment opportunity for investors seeking a turnkey property with excellent amenities and significant improvements. Spacious storage room available. This property offers convenient access to schools, downtown shopping, public transportation, and essential amenities. It's proximity to the I-80 freeway for easy commuting. Make your move today and let this apartment complex be the next addition to your investment portfolio!

19. 2025-12-08
    status Active 1146-char remark

    Show marketing remark (1146 chars)

    Prime Investment Opportunity! All apartment units are occupied. Conveniently located in the highly desirable North Vacaville, just a short stroll to downtown. This income generating apartment complex, with a total of seven units, includes two units in the front building and five studio units in the back building connected by breezeway. Recent upgrades include updated electrical systems, a new roof and gutters on both the front and back buildings, paint and windows replaced to enhance energy efficiency and curb appeal. The property offers seven updated units, with Apartment 1 and Studios B & C fully remodeled, while Studios D and E now showcase brand-new, modern kitchens. This property presents a reliable, investment opportunity for investors seeking a turnkey property with excellent amenities and significant improvements. Spacious storage room available. This property offers convenient access to schools, downtown shopping, public transportation, and essential amenities. It's proximity to the I-80 freeway for easy commuting. Make your move today and let this apartment complex be the next addition to your investment portfolio!

20. 2025-07-01
    listed $1,500,000 Active 1146-char remark

    Show marketing remark (1146 chars)

    Prime Investment Opportunity! All apartment units are occupied. Conveniently located in the highly desirable North Vacaville, just a short stroll to downtown. This income generating apartment complex, with a total of seven units, includes two units in the front building and five studio units in the back building connected by breezeway. Recent upgrades include updated electrical systems, a new roof and gutters on both the front and back buildings, paint and windows replaced to enhance energy efficiency and curb appeal. The property offers seven updated units, with Apartment 1 and Studios B & C fully remodeled, while Studios D and E now showcase brand-new, modern kitchens. This property presents a reliable, investment opportunity for investors seeking a turnkey property with excellent amenities and significant improvements. Spacious storage room available. This property offers convenient access to schools, downtown shopping, public transportation, and essential amenities. It's proximity to the I-80 freeway for easy commuting. Make your move today and let this apartment complex be the next addition to your investment portfolio!

21. 2024-03-27
    historical Contingent (Show)
22. 2024-03-15
    listed $1,350,000 Active

ⓘ 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: $11,913 · $993/mo
• Projected year-2 tax: $11,913 · $993/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 8/10 Severe
• 🌡 Heat 6/10 Major 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 24 unhealthy d/yr today · 24 by 30 yrs out

Taxation est. · year 1

• Rental income: $140,976
• − Mortgage interest: −$77,862
• − Property taxes: −$11,913
• − Insurance: −$6,950
• − Repairs & maintenance: −$11,278
• − Management: −$11,278
• − Depreciation: −$40,436
• Taxable loss: −$18,741
• Est. tax savings @ 24.0%: +$4,498
• After-tax cash flow: $9,534/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: Vacaville Unified
• NCES district ID: 0640590
• Math proficiency: 37% ▼ -1.00%
• Reading proficiency: 52% ▲ 2.00%
• Median HH income: $71,383
• Composite: 42.48/100
• National rank: #6877
• State rank: #522 of 1400 in CA

Livability — Vacaville

• Score: 77/100
• State rank: #88
• US rank: #3156

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Vacaville, CA
• County: Solano County · 433,239 people
• City population: 109,591
• Metro: Vallejo, CA
• Population (ZIP): 40,201
• Household income: $118,186
• Rent vs Own: 29.3% rent · 70.7% own
• Severe rent burden: 1051.0

Population outlook (Solano County) Hauer SSP2

• Today (2025): 478,685 people
• By 2030: 497,974 · +4.0%
• By 2040: 528,515 · +10.4%
• By 2050: 549,115 · +14.7%
• By 2075: 587,229 · +22.7%
• By 2100: 571,378 · +19.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 52% Hispanic / Latino 26% Two or more races 13% Asian 10% Black 5%
• Hispanic origin (detail): Mexican 18%
• Common ancestry: Italian 12% Russian 2% Lithuanian 2%
• Foreign-born: 13% · Canada, China, South Korea
• Languages at home: 78% English-only · Spanish 14% Tagalog/Filipino 3% Other Indo-European 2%

Political lean MEDSL · Solano

• 2024 margin: Strong D (+23.0) · D 60.0% · R 37.1% · Other 2.9%
• 2008→2024 swing: -5.6pp toward R · 2008: 28.6pp · 2024: 23.0pp
• All cycles: 2024: D+23.0 2020: D+30.3 2016: D+30.5 2012: D+28.1 2008: D+28.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -383.80%
• Current HPI: 269.7694
• Rent YoY: ▲ 3.49%
• Metro: Vallejo, 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

+3.0% since first listed

5 events — show timeline

• 2026-04-18 Price Changed $1,390,000 BAREIS
• 2025-12-08 Relisted — BAREIS
• 2025-07-01 Listed $1,500,000 BAREIS
• 2024-03-27 Contingent — BAREIS
• 2024-03-15 Listed $1,350,000 BAREIS

Property tax history

+14.7%/yr

Latest (2025): $11,913 · +650.6% YoY. Source: county tax records.