46 Alabama St · Vallejo, CA 94590

$450,000

5 bd · 2.0 ba · 1,724 sqft · MultiFamily public records · 21 Days on market

Built 1900 6,500 sqft lot $261/sqft · 22% below area Est $579k · 22% under

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Why this score? — see what drove the C- 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 +16.6/30.0
• ARV discount +15.0/15.0
• DSCR +5.2/10.0
• 1% rule +3.8/10.0
• Livability +3.4/5.0
• Rent growth +2.7/5.0
• Schools +2.6/10.0
• 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 MLS

Two houses on one lot near the Napa River. These homes are a contractor special but for the right buyer, they will provide great value. The front home (46 Alabama St) is a 3/1 with a large basement. The back home (813 Butte St) is a 2/1. They share a garage. There are two large and beautiful Live Oaks on the property and Dolores Huerta Park (the marina park) is a block away. The property has legal historic status as a contributing member in the Saint Vincents Historic Hill District. 46 Alabama appears on the Sanborn Maps for the first time in 1901, but the home probably dates to the 1880's. This status may make it eligible for various grants and tax breaks. This front home has a wrap-around porch, which is pretty fun. It is now a Craftsman, but was originally a Victorian Italianate. The original Italianate had an addition to in the back, the whole building was raised to make room for a comfortable basement, and then the building was tricked out as a Craftsman. The original Italianate is still inside the building. It is most easily seen in the way the living room ceiling slopes away from the front of the home (a very typical Italianate feature). The back home is a comfortable cottage. Both structures need significant work, but the potential is there to have two great rentals for the price of one. Grab your tools and get ready to remodel.

Key facts

• Large basement
• Wrap-around porch
• 6,500 sq ft lot

Tags

• TWO HOUSES ON ONE LOT
• LARGE BASEMENT
• LEGAL HISTORIC STATUS
• WRAP-AROUND PORCH
• ORIGINAL ITALIANATE FEATURE

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $450k.

Deal economics

• At list price, monthly cash flow is $275 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $395k (12.3% below list).
• Recommended offer: $395k (12.3% below list) — sets the bar for 1% rule.
• Cap rate 7.0% vs local median 3.1% in Vallejo — 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 67/100 on livability (#304 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: schools D-, crime F, cost of living F.
• Vallejo City Unified (urban): math 20% / reading 30% proficiency, ranked #1,124 of 1,400 in CA (top 80%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents flat; 176 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,472 units permitted in Solano County in 2024 (131 in 5+ unit buildings).
• At $3,947/mo this rent would consume 73% of the median local household income ($65k/yr) (locally 2972% 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 $3k of loan paydown is wiped out by about $14k 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 21 days — a 2% lower offer ($443k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $394,700 (12.3% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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?
5. 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.
6. 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.
7. 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: 0.88% ✗
• Cap rate: 7.03%
• Cash-on-cash: 2.62%
• DSCR: 1.12
• GRM: 9.5

CMA / ARV

• ARV (median comp): $578,661
• List price: $450,000
• Delta: -22.23%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
206 - 210 Ohio St	0.14mi	4/4.0 (-1)	1,713 (-1%)	18mo	$645,500	$377	64
716 Branciforte St	0.21mi	4/2.0 (-1)	1,636 (-5%)	18mo	$385,000	$235	62
332 - 334 Kentucky St	0.27mi	4/1.0 (-1)	1,470 (-15%)	8mo	$569,000	$387	47
723 Florida St	0.60mi	6/3.0 (+1)	1,566 (-9%)	5mo	$625,000	$399	44
200 Illinois St	0.44mi	5/3.0	1,965 (+14%)	18mo	$549,900	$280	37

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 · 0.71% rent growth · sell at horizon

5-year hold

• IRR: -14.6%
• Equity multiple: 0.49×
• Total profit: $-64,407
• Equity at exit: $67,096

10-year hold

• IRR: -9.9%
• Equity multiple: 0.45×
• Total profit: $-68,811
• Equity at exit: $38,908

Cash invested: $126,000 (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 94590

• Rents YoY: 0.7%
• Active inventory: 176
• Price-to-rent: 17.8×

Monthly cashflow live

• Estimated rent: $3,947 high
• Mortgage (P&I): −$2,360
• Tax from tax record: −$296 /mo · $3,551/yr
• Insurance: −$188
• HOA: −$0
• Vacancy / Maint / Mgmt: −$829
• Net cashflow: $275

Break-even live

Break-even rent $3,599

Max offer price $450,000

Occupancy floor 88%

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$2,111
1× unit	2	1	$1,836
Total (2 units)			$3,947

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
300 Poplar Ave Vallejo, CA	4.0	2.5	2039	$3,100	$1.52	44d	1	1.18mi

Listing history 4 events

1. 2026-05-18
   status Pending 1358-char remark

   Show marketing remark (1358 chars)

   Two houses on one lot near the Napa River. These homes are a contractor special but for the right buyer, they will provide great value. The front home (46 Alabama St) is a 3/1 with a large basement. The back home (813 Butte St) is a 2/1. They share a garage. There are two large and beautiful Live Oaks on the property and Dolores Huerta Park (the marina park) is a block away. The property has legal historic status as a contributing member in the Saint Vincents Historic Hill District. 46 Alabama appears on the Sanborn Maps for the first time in 1901, but the home probably dates to the 1880's. This status may make it eligible for various grants and tax breaks. This front home has a wrap-around porch, which is pretty fun. It is now a Craftsman, but was originally a Victorian Italianate. The original Italianate had an addition to in the back, the whole building was raised to make room for a comfortable basement, and then the building was tricked out as a Craftsman. The original Italianate is still inside the building. It is most easily seen in the way the living room ceiling slopes away from the front of the home (a very typical Italianate feature). The back home is a comfortable cottage. Both structures need significant work, but the potential is there to have two great rentals for the price of one. Grab your tools and get ready to remodel.

2. 2026-05-01
   listed $450,000 Active 1358-char remark

   Show marketing remark (1358 chars)

   Two houses on one lot near the Napa River. These homes are a contractor special but for the right buyer, they will provide great value. The front home (46 Alabama St) is a 3/1 with a large basement. The back home (813 Butte St) is a 2/1. They share a garage. There are two large and beautiful Live Oaks on the property and Dolores Huerta Park (the marina park) is a block away. The property has legal historic status as a contributing member in the Saint Vincents Historic Hill District. 46 Alabama appears on the Sanborn Maps for the first time in 1901, but the home probably dates to the 1880's. This status may make it eligible for various grants and tax breaks. This front home has a wrap-around porch, which is pretty fun. It is now a Craftsman, but was originally a Victorian Italianate. The original Italianate had an addition to in the back, the whole building was raised to make room for a comfortable basement, and then the building was tricked out as a Craftsman. The original Italianate is still inside the building. It is most easily seen in the way the living room ceiling slopes away from the front of the home (a very typical Italianate feature). The back home is a comfortable cottage. Both structures need significant work, but the potential is there to have two great rentals for the price of one. Grab your tools and get ready to remodel.

3. 2026-05-01
   listed $450,000 Active 1358-char remark

   Show marketing remark (1358 chars)

   Two houses on one lot near the Napa River. These homes are a contractor special but for the right buyer, they will provide great value. The front home (46 Alabama St) is a 3/1 with a large basement. The back home (813 Butte St) is a 2/1. They share a garage. There are two large and beautiful Live Oaks on the property and Dolores Huerta Park (the marina park) is a block away. The property has legal historic status as a contributing member in the Saint Vincents Historic Hill District. 46 Alabama appears on the Sanborn Maps for the first time in 1901, but the home probably dates to the 1880's. This status may make it eligible for various grants and tax breaks. This front home has a wrap-around porch, which is pretty fun. It is now a Craftsman, but was originally a Victorian Italianate. The original Italianate had an addition to in the back, the whole building was raised to make room for a comfortable basement, and then the building was tricked out as a Craftsman. The original Italianate is still inside the building. It is most easily seen in the way the living room ceiling slopes away from the front of the home (a very typical Italianate feature). The back home is a comfortable cottage. Both structures need significant work, but the potential is there to have two great rentals for the price of one. Grab your tools and get ready to remodel.

4. 1997-09-30
   soldstatus $60,000

ⓘ 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: $3,551 · $296/mo
• Projected year-2 tax: $3,551 · $296/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 5/10 Major FEMA zone X (unshaded) · 65% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥93°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 13 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $47,364
• − Mortgage interest: −$25,207
• − Property taxes: −$3,551
• − Insurance: −$2,250
• − Repairs & maintenance: −$3,789
• − Management: −$3,789
• − Depreciation: −$13,091
• Taxable loss: −$4,313
• Est. tax savings @ 24.0%: +$1,035
• After-tax cash flow: $4,334/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: Vallejo City Unified
• NCES district ID: 0640740
• Math proficiency: 20% ▬ 0.00%
• Reading proficiency: 30% ▬ 0.00%
• Median HH income: $59,919
• Composite: 26.02/100
• National rank: #12743
• State rank: #1124 of 1400 in CA

Livability — Vallejo

• Score: 67/100
• State rank: #304
• US rank: #10215

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Vallejo, CA
• County: Solano County · 433,239 people
• City population: 125,311
• Metro: Vallejo, CA
• Population (ZIP): 37,128
• Household income: $65,290
• Rent vs Own: 57.6% rent · 42.4% own
• Severe rent burden: 2972.0

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: Highly diverse neighborhood (Simpson 0.77)
• Race & ethnicity: Hispanic / Latino 32% White 26% Black 21% Two or more races 14% Asian 13% Native American 1%
• Hispanic origin (detail): Mexican 23%
• Common ancestry: Lithuanian 2% Italian 1% Romanian 1%
• Foreign-born: 25% · Canada, South Korea, China
• Languages at home: 65% English-only · Spanish 21% Tagalog/Filipino 9% Other Indo-European 1%

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: ▼ -530.45%
• Current HPI: 321.0365
• Rent YoY: ▲ 0.71%
• 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

+591.7% since first listed

4 events — show timeline

• 2026-06-04 Sold (MLS) $415,000 BAREIS
• 2026-05-18 Pending — BAREIS
• 2026-05-01 Listed $450,000 BAREIS
• 1997-09-30 Sold (Public Records) $60,000 Public Records

Property tax history

+9.1%/yr

Latest (2025): $3,551 · +9.8% YoY. Source: county tax records.