832 Walker · Oakland, CA 94610

$825,000

20 bd · None ba · 3,972 sqft · MultiFamily · 95 Days on market

Built 1923 3,750 sqft lot ↓ 17% since listing

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Why this score? — see what drove the B- 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• ARV discount +7.5/15.0
• Livability +3.6/5.0
• Rent growth +3.3/5.0
• Schools +3.0/10.0
• 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: 5 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

Huge price reduction!! Handsome large 5 plex on fantastic Grand-Lake location. So much potential for future rent increases. Two units delivered vacant and are ready for upgrades and owner move in. Four top units are charming & spacious with formal dining + living rooms. All units with wonderful hillside views. The studio on the lower level has so much potential to expand into the huge basement for a much larger unit or even a 6th unit (ADU)?? Buyer to verify with the city directly. The square footage of each units are approximated, the seller & listing agent have not verified. The county record show 3,972 s/f as the total building square footage. Two vacant units can be shown a

Key facts

• Huge basement
• Hillside views
• Grand-lake location

Tags

• GRAND-LAKE LOCATION
• HILLSIDE VIEWS
• HUGE BASEMENT

Property features AI

Finance

• Other: Building area approximately 3,972 square feet; Lot approximately 0.09 acres
• Financial info: Five total units (multifamily/residential income)

Exterior

• Parking: Garage; Total of 4 parking spaces
• Utilities: Public water; Public sewer
• Home design: Residential income property; Built in 1923
• Construction: Stucco exterior
• Exterior features: Balcony/Patio; No yard; Sloped-up lot

Interior

• Flooring: Hardwood floors throughout
• Bathrooms: Units include one bathroom each (multiple units)
• Heating & cooling: Gravity heating; Space heaters; No air conditioning
• Interior features: Storage areas; Unfinished basement with separate entry and storage space; Hardwood floors throughout

What this means for you Summary

Snapshot

• This is a 5 × 2-bed/1.5-bath units multifamily listed at $825k.

Deal economics

• At list price, monthly cash flow is $4k ($43k/yr) — positive. Per door: $709/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $825k).
• Recommended offer: $751k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.4% 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 (+3.3%/yr); 107 active listings in the ZIP; high-income renter base; 1,742 units permitted in Alameda County in 2024 (856 in 5+ unit buildings).
• At $11,704/mo this rent would consume 104% of the median local household income ($135k/yr) (locally 1614% 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 $6k of loan paydown is wiped out by about $25k 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.
• At projected returns (-3.0% appreciation + 3.3% rent growth), your $231k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 95 days — a 9% lower offer ($751k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $174k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $750,750 (9.0% below list)

Questions for the listing agent

1. It's been on market 95 days. Have you received any prior offers? Is the seller open to a 9% 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. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 1.42% ✓
• Cap rate: 11.45%
• Cash-on-cash: 18.41%
• DSCR: 1.82
• GRM: 5.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.34% rent growth · sell at horizon

5-year hold

• IRR: 10.5%
• Equity multiple: 1.42×
• Total profit: $96,277
• Equity at exit: $123,010

10-year hold

• IRR: 19.9%
• Equity multiple: 2.70×
• Total profit: $391,866
• Equity at exit: $71,331

Cash invested: $231,000 (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 94610

• Rents YoY: 3.3%
• Active inventory: 107
• Price-to-rent: 29.4×

Monthly cashflow live

• Estimated rent: $11,704 high
• Mortgage (P&I): −$4,326
• Tax est. 1.5%: −$1,031 /mo · $12,375/yr
• Insurance: −$344
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,458
• Net cashflow: $3,545

Break-even live

Break-even rent $7,217

Max offer price $825,000

Occupancy floor 65%

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

Units	Beds	Baths	Est. rent
▸ 5× units	2	1.5	$11,705
Total (5 units)			$11,704

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: $206,250
• Closing costs: $24,750
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-05-01
   status Pending
2. 2026-04-21
   price $825,000
3. 2026-04-13
   status Active
4. 2026-04-10
   status Pending
5. 2026-03-04
   price $895,000
6. 2026-01-22
   listed $999,000 Active

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 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: $140,448
• − Mortgage interest: −$46,213
• − Property taxes: −$12,375
• − Insurance: −$4,125
• − Repairs & maintenance: −$11,236
• − Management: −$11,236
• − Depreciation: −$24,000
• Taxable income: $31,263
• Est. tax owed @ 24.0%: −$7,503
• After-tax cash flow: $35,034/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): 32,628
• Household income: $134,507
• Rent vs Own: 62.0% rent · 38.0% own
• Severe rent burden: 1614.0

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: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: White 50% Asian 17% Black 13% Two or more races 13% Hispanic / Latino 11%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 3% Lithuanian 3% Scotch-Irish 2%
• Foreign-born: 18% · China, Canada, Vietnam
• Languages at home: 77% English-only · Spanish 7% Chinese 4% Other Asian/Pacific 3%

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: ▼ -1222.50%
• Current HPI: 290.482
• Rent YoY: ▲ 3.34%
• 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

-17.4% since first listed

6 events — show timeline

• 2026-05-01 Pending — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-04-21 Price Changed $825,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-04-13 Relisted — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-04-10 Pending — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-03-04 Price Changed $895,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-01-22 Listed $999,000 bridgeMLS, Bay East AOR, or Contra Costa AOR