1075 47th St

Emeryville, CA 94608

$1,050,000C

4 bd · 3.0 ba · 2,450 sqft · Built 1940 · MultiFamily · Pending · 83 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $10,997/mo
• Mortgage (P&I): −$5,506
• Tax + insurance: −$772
• HOA: −$0
• Vac / Maint / Mgmt: −$2,309
• Net cashflow: $2,409/mo
• Annual: $28,909/yr
• Cap rate: 9.05%
• Cash-on-cash: 9.83%
• DSCR: 1.44
• 1% rule: 1.05%
• Cash to close: $294,000

Investor read

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $1.05M.
• At list price, monthly cash flow is $2k ($29k/yr) — positive. Per door: $803/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $1.05M).
• It's been on market 83 days — a 6% lower offer ($987k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $987k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $32k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#117 in CA, #4,173 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• Emery Unified (suburban): math 23% / reading 37% proficiency, ranked #943 of 1,400 in CA (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.3%/yr); 154 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,742 units permitted in Alameda County in 2024 (856 in 5+ unit buildings).
• Alameda County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $120k; list at $1.05M implies a 775% gain — meaningful room to come down on a strong offer.
• Cap rate 9.0% vs local median 1.9% in Emeryville — 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.
• At $10,997/mo this rent would consume 110% of the median local household income ($120k/yr) (locally 2495% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.