4669-73 Felton St · San Diego, CA 92116

$1,495,000

28 bd · 49.0 ba · 2,964 sqft · MultiFamily · 81 Days on market

Built 1952 Fair condition 7,149 sqft lot $504/sqft · 14% below area Est $1.738M · 14% under ↓ 6% 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
• ARV discount +13.8/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.8/5.0
• Rent growth +3.0/5.0
• Condition / age +2.2/5.0
• Schools +1.0/10.0
• 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

We are pleased to present Felton St Apartment Homes, a 7-unit multifamily property featuring 5 legal units and 2 nonconforming bonus units, strategically located at 4669–4673 Felton Street in San Diego, California. Unit mix is (4) Studios, (2) 1bed/1bath, & (1) 2bed/1bath. Just steps from the iconic Normal Heights Sign and the vibrant Adams Avenue corridor, the property benefits from immediate access to a dynamic mix of local dining, nightlife, and daily conveniences. This prime location consistently attracts strong tenant demand driven by its central proximity to Downtown San Diego, major employment hubs, and surrounding lifestyle neighborhoods like North Park and Kensington.

Key facts

• 5 legal units
• Prime location
• 7,149 sq ft lot

Tags

• 7 UNIT MULTIFAMILY PROPERTY
• 5 LEGAL UNITS
• 2 NONCONFORMING BONUS UNITS
• PRIME LOCATION
• MAJOR EMPLOYMENT HUBS
• STABLE RENTAL MARKETS

What this means for you Summary

Snapshot

• This is a 7 × 4-bed/7.0-bath units multifamily listed at $1.50M. Condition is rated fair.
• This rent per unit runs 41% of the median local income ($98k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Deal economics

• At list price, monthly cash flow is $8k ($98k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($23k rent vs $1.50M).
• Recommended offer: $1.41M (6.0% below list) — sets the bar for market timing.
• Cap rate 12.8% 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.
• Zoned schools: Adams Elementary (257 students, 70% FRL); Wilson Middle (math 10% / reading 10%, grade F, #474 of 498 statewide, top 99%, 732 students, 88% FRL); Hoover High (2,265 students, 81% FRL) — zoned schools average 80% FRL vs 52% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 10% at this address vs 24% district-wide (-14 pts) — the specific schools serving this property underperform the San Diego Unified average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+1.9%/yr); 163 active listings in the ZIP; solid renter incomes; 11,759 units permitted in San Diego County in 2024 (7,244 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $10k of loan paydown is wiped out by about $45k 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.
• At projected returns (-3.0% appreciation + 1.9% rent growth), your $419k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 81 days — a 6% lower offer ($1.41M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,405,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 81 days. Have you received any prior offers? Is the seller open to a 6% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.57% ✓
• Cap rate: 12.84%
• Cash-on-cash: 23.37%
• DSCR: 2.04
• GRM: 5.3

CMA / ARV

• ARV (median comp): $1,738,323
• List price: $1,495,000
• Delta: -14.00%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.92% rent growth · sell at horizon

5-year hold

• IRR: 15.2%
• Equity multiple: 1.60×
• Total profit: $252,150
• Equity at exit: $222,909

10-year hold

• IRR: 23.1%
• Equity multiple: 2.88×
• Total profit: $788,562
• Equity at exit: $129,260

Cash invested: $418,600 (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 92116

• Rents YoY: 1.9%
• Active inventory: 163
• Price-to-rent: 37.3×

Monthly cashflow live

• Estimated rent: $23,397 medium
• Mortgage (P&I): −$7,840
• Tax est. 1.5%: −$1,869 /mo · $22,425/yr
• Insurance: −$623
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,913
• Net cashflow: $8,152

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

Units	Beds	Baths	Est. rent
▸ 7× units	4	7	$23,394
Total (7 units)			$23,397

Break-even live

Break-even rent $13,078

Max offer price $1,495,000

Occupancy floor 60%

Sensitivity live

Price	-10% $9,185	-5% $8,669	+0% $8,152	+5% $7,635	+10% $7,119
Rent	-10% $6,304	-5% $7,228	+0% $8,152	+5% $9,076	+10% $10,000
Rate	-1.0pp $8,905	-0.5pp $8,532	base $8,152	+0.5pp $7,765	+1.0pp $7,371

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: $373,750
• Closing costs: $44,850
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4588 34th St San Diego, CA	5.0	2.0	1510	$4,995	$3.31	13d	1	0.15mi
4734 35th St #1 San Diego, CA	3.0	2.0	1092	$3,100	$2.84	9d	1	0.21mi
4734 35th St #1 San Diego, CA	3.0	2.0	1092	$3,300	$3.02	18d	1	0.21mi
4843 Felton St San Diego, CA	3.0	1.5	1090	$3,600	$3.30	38d	1	0.22mi
4542 Felton St Apt E San Diego, CA	3.0	2.0	—	$3,600	—	67d	1	0.23mi
4515 Felton St Unit 4515-H San Diego, CA	3.0	2.0	1200	$3,695	$3.08	29d	1	0.25mi
3178 Adams Ave San Diego, CA	3.0	1.5	1000	$2,500	$2.50	48d	1	0.27mi
4421 Felton St San Diego, CA	4.0	1.0	990	$4,095	$4.14	17d	1	0.36mi
4439 32nd St Unit 4439 San Diego, CA	3.0	1.0	1150	$3,195	$2.78	37d	1	0.41mi
4961 E Mountain View Dr San Diego, CA	4.0	2.0	1600	$7,000	$4.38	13d	1	0.46mi
4481 36th St Unit A San Diego, CA	3.0	2.0	946	$3,250	$3.44	73d	1	0.46mi
4326 Felton St San Diego, CA	3.0	2.0	1200	$4,400	$3.67	71d	1	0.49mi
4546 37th St San Diego, CA	3.0	1.0	1200	$3,200	$2.67	31d	1	0.50mi
2924 Suncrest Dr Unit 2932 San Diego, CA	3.0	2.0	1575	$3,995	$2.54	71d	1	0.57mi
2911 Adams Ave San Diego, CA	1.0–3.0	1.0	641	$3,074	$4.80	7d	5	0.59mi
2911 Adams Ave San Diego, CA	3.0	1.0	580	$3,641	$6.28	69d	12	0.59mi
4219 Felton St #2 San Diego, CA	3.0	2.5	1268	$4,650	$3.67	7d	1	0.63mi
4572 Kansas St #3 San Diego, CA	3.0	2.5	1069	$4,100	$3.84	73d	1	0.65mi
4462 40th St San Diego, CA	4.0	3.0	1317	$8,500	$6.45	38d	1	0.74mi
4152 Wilson Ave Unit 4152 San Diego, CA	4.0	2.0	1200	$2,600	$2.17	25d	1	0.76mi
4727 1/2 Oregon St San Diego, CA	3.0	2.0	1000	$3,495	$3.50	73d	1	0.81mi
4118 Adams Ave Unit 06 San Diego, CA	3.0	2.0	1000	$2,850	$2.85	69d	1	0.83mi
4118 Adams Ave Unit 07 San Diego, CA	3.0	1.0	1000	$2,695	$2.69	64d	1	0.83mi
3722 Polk Ave San Diego, CA	3.0	2.5	1200	$3,300	$2.75	73d	1	0.93mi
3929 33rd St San Diego, CA	3.0	2.0	995	$3,495	$3.51	9d	1	0.94mi
4161 39th St San Diego, CA	3.0	2.0	1026	$3,575	$3.48	41d	1	0.95mi
3867 35th St San Diego, CA	3.0	2.0	1547	$3,895	$2.52	34d	1	0.97mi
4459 Arizona St Apt 9 San Diego, CA	3.0	2.0	1050	$3,095	$2.95	73d	1	1.00mi
4117 Idaho St #4115 San Diego, CA	3.0	1.0	1150	$4,095	$3.56	73d	1	1.02mi
3806 35th St Unit 05 San Diego, CA	3.0	2.0	950	$2,895	$3.05	48d	1	1.04mi
3770 Cherokee Ave San Diego, CA	3.0	2.0	1000	$5,500	$5.50	37d	1	1.14mi
2288 Fenton Pkwy San Diego, CA	3.0	2.0	1346	$4,305	$3.20	7d	2	1.15mi
5150 Hastings Rd San Diego, CA	3.0	3.0	1700	$6,995	$4.11	69d	1	1.16mi
5302 E Palisades Rd San Diego, CA	4.0	3.5	2462	$7,000	$2.84	73d	1	1.16mi
4050 University Ave San Diego, CA	3.0	1.0–2.0	—	$2,580	—	71d	1	1.18mi
4454 44th St San Diego, CA	2.0–3.0	2.0	1035	$3,495	$3.38	13d	4	1.23mi
3553 Landis St Apt D San Diego, CA	3.0	2.0	915	$2,795	$3.05	73d	1	1.23mi
4030 Hamilton St San Diego, CA	3.0	4.0	1342	$4,800	$3.58	13d	1	1.24mi
3676 Bancroft St #1 San Diego, CA	3.0	2.5	1268	$4,495	$3.54	73d	1	1.24mi
4268 Caminito Pintoresco San Diego, CA	3.0	2.5	1748	$5,244	$3.00	64d	1	1.25mi

Property features AI

Finance

• Other: Property contains 5 total units across 3 buildings7 units currently leasedZoning: RM-1-2
• Financial info: Total building area reported (2,964)Total actual rent $10,495Gross scheduled/gross income $125,940Net operating income $76,331Total expenses $49,609 (includes insurance, water/sewer, trash, taxes)Insurance expense $6,000Water/Sewer expense $2,148Trash expense $4,560New taxes expense $21,256Rent control appliesBuyer to assume assessments
• HOA & community: Community features: Biking

Exterior

• Utilities: Public sewerMultiple separate gas and electric meters (5 each)Single separate water meter
• Home design: Attached propertySingle-story
• Construction: Year built estimated
• Exterior features: No poolGarden

Interior

• Bedrooms: One 2-bedroom unitTwo 1-bedroom unitsTwo 1-bedroom units inferred from unit counts
• Bathrooms: Units include one bath each
• Interior features: Entry at first levelCommunity laundry
• Laundry & utility: Community laundry

Listing history 31 events

1. 2026-07-08
   price $1,495,000 Active 81 DOM
2. 2026-07-07
   days on market $1,595,000 Active 81 DOM
3. 2026-07-06
   days on market $1,595,000 Active 80 DOM
4. 2026-07-06
   days on market $1,595,000 Active 79 DOM
5. 2026-07-05
   days on market $1,595,000 Active 78 DOM
6. 2026-07-03
   days on market $1,595,000 Active 77 DOM
7. 2026-07-02
   days on market $1,595,000 Active 76 DOM
8. 2026-07-01
   days on market $1,595,000 Active 75 DOM
9. 2026-06-30
   days on market $1,595,000 Active 74 DOM
10. 2026-06-29
    days on market $1,595,000 Active 73 DOM
11. 2026-06-28
    days on market $1,595,000 Active 72 DOM
12. 2026-06-27
    days on market $1,595,000 Active 71 DOM
13. 2026-06-26
    days on market $1,595,000 Active 70 DOM
14. 2026-06-24
    days on market $1,595,000 Active 68 DOM
15. 2026-06-22
    days on market $1,595,000 Active 66 DOM
16. 2026-06-21
    days on market $1,595,000 Active 65 DOM
17. 2026-06-18
    days on market $1,595,000 Active 62 DOM
18. 2026-06-17
    days on market $1,595,000 Active 61 DOM
19. 2026-06-16
    days on market $1,595,000 Active 60 DOM
20. 2026-06-15
    price $1,595,000 Active 59 DOM
21. 2026-06-15
    days on market $1,695,000 Active 59 DOM
22. 2026-06-13
    days on market $1,695,000 Active 57 DOM
23. 2026-06-09
    days on market $1,695,000 Active 53 DOM
24. 2026-06-08
    days on market $1,695,000 Active 52 DOM
25. 2026-06-07
    days on market $1,695,000 Active 51 DOM
26. 2026-06-04
    days on market $1,695,000 Active 48 DOM
27. 2026-06-03
    days on market $1,695,000 Active 47 DOM
28. 2026-06-02
    days on market $1,695,000 Active 46 DOM
29. 2026-06-01
    days on market $1,695,000 Active 45 DOM
30. 2026-05-31
    days on market $1,695,000 Active 44 DOM
31. 2026-04-17
    listed $1,695,000 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 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: $280,764
• − Mortgage interest: −$83,743
• − Property taxes: −$22,425
• − Insurance: −$7,475
• − Repairs & maintenance: −$22,461
• − Management: −$22,461
• − Depreciation: −$43,491
• Taxable income: $78,708
• Est. tax owed @ 24.0%: −$18,890
• After-tax cash flow: $78,934/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab Est. rehab $74,100–$133,380 screening

This multifamily property requires moderate rehabilitation to address significant exterior and interior issues, including siding, roof, windows, and driveway. Repairs and updates will significantly enhance its resale and rental value.

Repairs flagged

• Major siding — Severe weathering and peeling
• Major roof — Significant wear and tear
• Major driveway — Large cracks and deterioration
• Major windows — Older, worn-out windows

Value-add opportunities

• Both paint exterior and interior — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both repair and replace windows — New windows improve energy efficiency and appearance ↑
• Both repair and replace roof — A new roof extends the property's lifespan and enhances curb appeal ↑
• Both repair and replace driveway — A new driveway improves curb appeal and functionality ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 10/100

Zoned Schools

Elementary Adams Elementary Middle Wilson Middle F CA #474/498 Nat'l #13,307/14,009 High Hoover High

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

B Composite livability gradescore 75/100

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 · 3,678,185 people
• City population: 1,397,612
• Metro: San Diego-Chula Vista-Carlsbad, CA
• Population (ZIP): 31,843
• Household income: $98,154
• Rent vs Own: 67.6% rent · 32.4% own
• Severe rent burden: 11% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 54% Hispanic / Latino 30% Two or more races 17% Asian 6% Black 4%
• Hispanic origin (detail): Mexican 23%
• Common ancestry: Romanian 3% Lithuanian 2% Portuguese 2%
• Foreign-born: 15% · Canada, South Korea, China
• Languages at home: 72% English-only · Spanish 21% Other Indo-European 2% Other Asian/Pacific 1%

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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: ▼ -863.79%
• Current HPI: 378.6597
• Rent YoY: ▲ 1.92%
• Metro: San Diego-Chula Vista-Carlsbad, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

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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

Property features AI

Finance

• Other: Property contains 5 total units across 3 buildings7 units currently leasedZoning: RM-1-2
• Financial info: Total building area reported (2,964)Total actual rent $10,495Gross scheduled/gross income $125,940Net operating income $76,331Total expenses $49,609 (includes insurance, water/sewer, trash, taxes)Insurance expense $6,000Water/Sewer expense $2,148Trash expense $4,560New taxes expense $21,256Rent control appliesBuyer to assume assessments
• HOA & community: Community features: Biking

Exterior

• Utilities: Public sewerMultiple separate gas and electric meters (5 each)Single separate water meter
• Home design: Attached propertySingle-story
• Construction: Year built estimated
• Exterior features: No poolGarden

Interior

• Bedrooms: One 2-bedroom unitTwo 1-bedroom unitsTwo 1-bedroom units inferred from unit counts
• Bathrooms: Units include one bath each
• Interior features: Entry at first levelCommunity laundry
• Laundry & utility: Community laundry

Price history

-5.9% since first listed

2 events — show timeline

• 2026-06-15 Price Changed $1,595,000 CRMLS
• 2026-04-17 Listed $1,695,000 CRMLS