1602 87th Ave · Oakland, CA 94621

$597,000

4 bd · 3.0 ba · 2,302 sqft · MultiFamily public records · 34 Days on market

Built 1930 4,500 sqft lot $259/sqft · at area comps Est $818k · 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
• Cash flow +9.0/30.0
• Rent growth +4.1/5.0
• Livability +3.6/5.0
• 1% rule +3.0/10.0
• Schools +3.0/10.0
• DSCR +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

A classic 1930s duplex at 1600 & 1602 87th Ave, each unit a spacious 2-bed/1-bath, along with a detached 3-bed/2-bath single-family home at 8714 Holly St complete with its own garage. Situated on a corner parcel, the two duplex units can provide rental income, while the standalone home will be delivered vacant; making it an ideal owner-occupant opportunity or a value-add rental. The property benefits from important updates including newer windows and a newer roof, offering a strong foundation for further cosmetic upgrades needed. With fresh paint and finishing touches, there is significant upside potential in rents and overall property value.

Key facts

• Fresh paint
• Newer roof
• Newer windows

Tags

• DETACHED SINGLE-FAMILY HOME
• CORNER PARCEL
• NEWER WINDOWS
• NEWER ROOF
• FRESH PAINT

Property features AI

Exterior

• Parking: Detached garage with side yard access (1 parking space total)
• Utilities: Public water; Public sewer
• Home design: Triplex (residential income property); Built in 1930
• Construction: Stucco and wood siding exterior
• Exterior features: Chain link fencing; Corner lot; Two houses on one lot

Interior

• Bedrooms: Total of 3 units (see unit bathroom counts for layout details)
• Flooring: Engineered wood
• Bathrooms: Unit 1: 1 bathroom; Unit 2: 1 bathroom; Unit 3: 2 bathrooms
• Heating & cooling: Forced air heating; Ceiling fans for cooling
• Interior features: Engineered wood flooring; Partial unfinished basement with separate entry

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath multifamily listed at $597k.

Deal economics

• At list price, monthly cash flow is $-471 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $514k (13.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $480k (19.7% below list).
• Recommended offer: $480k (19.7% below list) — sets the bar for 1% rule.
• Cap rate 5.3% vs local median 2.4% in Oakland — 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 71/100 on livability (#224 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: schools C-, crime F, cost of living F.
• Oakland Unified (urban): math 27% / reading 33% proficiency, ranked #1,007 of 1,400 in CA (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+6.5%/yr); 83 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,742 units permitted in Alameda County in 2024 (856 in 5+ unit buildings).
• At $4,796/mo this rent would consume 111% of the median local household income ($52k/yr) (locally 2404% 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 $18k of value loss. Plan a longer hold.
• Alameda County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($579k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 16y 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.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $479,600 (19.7% 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 34 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
3. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 0.80% ✗
• Cap rate: 5.35%
• Cash-on-cash: -3.38%
• DSCR: 0.85
• GRM: 10.4

CMA / ARV

• ARV (median comp): $818,371
• List price: $597,000
• Delta: -27.05%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1468 84th Ave	0.22mi	5/3.0 (+1)	2,103 (-9%)	3mo	$400,000	$190	68

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 · 6.45% rent growth · sell at horizon

5-year hold

• IRR: -18.0%
• Equity multiple: 0.35×
• Total profit: $-109,360
• Equity at exit: $89,015

10-year hold

• IRR: -4.5%
• Equity multiple: 0.66×
• Total profit: $-57,348
• Equity at exit: $51,618

Cash invested: $167,160 (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 Oakland: 0 Strongly Tenant-Friendly · D+62

Rent Adjustment Program + Just Cause.

Methodology + full state rankings →

ZIP-level market 94621

• Rents YoY: 6.5%
• Active inventory: 83
• Price-to-rent: 20.7×

Monthly cashflow live

• Estimated rent: $4,796 high
• Mortgage (P&I): −$3,131
• Tax from tax record: −$880 /mo · $10,564/yr
• Insurance: −$249
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,007
• Net cashflow: $-471

Break-even live

Break-even rent $5,392

Max offer price $513,795

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,796
Total (2 units)			$4,796

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: $149,250
• Closing costs: $17,910
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1724 96th Ave Oakland, CA	4.0	2.0	1743	$4,000	$2.29	1d	1	0.47mi
1211 98th Ave Unit 1211 Oakland, CA	4.0	2.0	1630	$3,300	$2.02	43d	1	0.61mi
7625 Lockwood St Oakland, CA	5.0	3.0	2115	$1,199	$0.57	43d	1	0.70mi
2702 99th Ave Oakland, CA	4.0	1.0	1750	$4,200	$2.40	43d	1	1.17mi

Listing history 23 events

1. 2026-06-18
   days on market $597,000 Active 34 DOM
2. 2026-06-17
   days on market $597,000 Active 33 DOM
3. 2026-06-16
   days on market $597,000 Active 32 DOM
4. 2026-06-15
   days on market $597,000 Active 31 DOM
5. 2026-06-13
   days on market $597,000 Active 29 DOM
6. 2026-06-13
   days on market $597,000 Active 28 DOM
7. 2026-06-09
   days on market $597,000 Active 25 DOM
8. 2026-06-08
   days on market $597,000 Active 24 DOM
9. 2026-06-07
   days on market $597,000 Active 23 DOM
10. 2026-06-04
    days on market $597,000 Active 20 DOM
11. 2026-06-03
    days on market $597,000 Active 19 DOM
12. 2026-06-02
    days on market $597,000 Active 18 DOM
13. 2026-06-01
    days on market $597,000 Active 17 DOM
14. 2026-05-31
    days on market $597,000 Active 16 DOM
15. 2026-05-15
    listed $597,000 Active 658-char remark
16. 2017-08-24
    historical
17. 2015-02-01
    historical
18. 2014-09-10
    listed New
19. 2014-01-16
    historical
20. 2011-08-08
    status Pending
21. 2010-11-17
    listed New
22. 2010-02-14
    historical
23. 2010-01-18
    listed New

ⓘ 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: $10,564 · $880/mo
• Projected year-2 tax: $10,564 · $880/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 ≥84°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 14 unhealthy d/yr today · 14 by 30 yrs out

Taxation est. · year 1

• Rental income: $57,552
• − Mortgage interest: −$33,441
• − Property taxes: −$10,564
• − Insurance: −$2,985
• − Repairs & maintenance: −$4,604
• − Management: −$4,604
• − Depreciation: −$17,367
• Taxable loss: −$16,014
• Est. tax savings @ 24.0%: +$3,843
• After-tax cash flow: $-1,809/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: Oakland Unified
• NCES district ID: 0628050
• Math proficiency: 27% ▬ 0.00%
• Reading proficiency: 33% ▬ 0.00%
• Median HH income: $55,194
• Composite: 29.52/100
• National rank: #11769
• State rank: #1007 of 1400 in CA

Livability — Oakland

• Score: 71/100
• State rank: #224
• US rank: #7245

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: Oakland, CA
• County: Alameda County · 1,614,355 people
• City population: 385,993
• Metro: San Francisco-Oakland-Berkeley, CA
• Population (ZIP): 33,840
• Household income: $52,049
• Rent vs Own: 63.6% rent · 36.4% own
• Severe rent burden: 2404.0

Population outlook (Alameda County) Hauer SSP2

• Today (2025): 1,928,884 people
• By 2030: 2,069,146 · +7.3%
• By 2040: 2,338,405 · +21.2%
• By 2050: 2,586,608 · +34.1%
• By 2075: 3,061,911 · +58.7%
• By 2100: 3,234,133 · +67.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Hispanic (63%)
• Race & ethnicity: Hispanic / Latino 63% Black 24% Two or more races 14% White 6% Asian 4% Native American 2%
• Hispanic origin (detail): Mexican 41%
• Common ancestry: Italian 1%
• Foreign-born: 35% · Canada, China, Vietnam
• Languages at home: 40% English-only · Spanish 53% Arabic 2% Other Asian/Pacific 2%

Political lean MEDSL · Alameda

• 2024 margin: Solid D (+53.6) · D 74.6% · R 21.0% · Other 4.4%
• 2008→2024 swing: -5.9pp toward R · 2008: 59.5pp · 2024: 53.6pp
• All cycles: 2024: D+53.6 2020: D+62.5 2016: D+64.4 2012: D+59.8 2008: D+59.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -346.43%
• Current HPI: 523.2253
• Rent YoY: ▲ 6.45%
• 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

9 events — show timeline

• 2026-05-15 Listed $597,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2017-08-24 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2015-02-01 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2014-09-10 Listed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2014-01-16 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2011-08-08 Pending — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2010-11-17 Listed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2010-02-14 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2010-01-18 Listed — bridgeMLS, Bay East AOR, or Contra Costa AOR

Property tax history

+4.8%/yr

Latest (2025): $10,564 · +17.5% YoY. Source: county tax records.