543-545 28th St · San Francisco, CA 94131

$999,000

4 bd · 2.0 ba · 1,750 sqft · MultiFamily public records · 65 Days on market

Built 1910 2,850 sqft lot $571/sqft · 31% below area Est $1455k · 31% 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 +20.4/30.0
• ARV discount +15.0/15.0
• DSCR +6.5/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• 1% rule +4.4/10.0
• Livability +3.8/5.0
• 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: 2 units. confirmed

Listing remarks MLS

A property with great upside and potential for investors and owner-occupiers that features a 1,750 sq. ft. two unit building, carport, front and rear yards, and nice views on a special Noe Valley block with multimillion dollar homes. The big 2,850 sq. ft. lot presents a value-add opportunity for a ground-up reimagining, expansion, or an owner-occupied renovation. The upper unit is vacant and the lower unit is tenant occupied. The bright upper unit has 2 bedrooms, 1 bathroom, open living and dining area with a fireplace and skylight, kitchen, and views of hills, trees, and the Bay. The lower unit has 2 bedrooms, 1 bathroom, open living and dining area, kitchen, and views of the garden and trees. There are spacious storage areas and a laundry area below the lower unit. Blocks from the beloved Noe Valley 24th St. corridor with its many popular restaurants, cafes, and shops. By multiple parks and open spaces. Near Glen Park and Bernal Heights. Access to public transportation and freeways. This property has been loved by the owners for decades and hasn't been on the market in over 40 years. Expansion and development possibilities should be independently verified by buyers and not guaranteed by sellers or listing agents.

Key facts

• 2,850 sq ft lot
• Parking
• Listed 65 days

🏷️ Possibly a rental listed for sale. The $999,000 price doesn't fit this home's estimated sale value (~$1,455,004) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $999k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $647/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $938k (6.1% below list).
• Recommended offer: $938k (6.1% below list) — sets the bar for 1% rule.
• Cap rate 7.8% vs local median 2.1% in San Francisco — 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 76/100 on livability (#90 in CA, #3,143 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• San Francisco Unified (urban): math 50% / reading 56% proficiency, ranked #322 of 1,400 in CA (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+14.1%/yr); 94 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 750 units permitted in San Francisco County in 2024 (688 in 5+ unit buildings).
• At $9,381/mo this rent would consume 57% of the median local household income ($199k/yr) (locally 865% 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 $7k of loan paydown is wiped out by about $30k of value loss. Plan a longer hold.
• San Francisco County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $280k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($939k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $938,100 (6.1% below list)

Questions for the listing agent

1. It's been on market 65 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. Built in 1910 — 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. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.94% ✗
• Cap rate: 7.85%
• Cash-on-cash: 5.56%
• DSCR: 1.25
• GRM: 8.9

CMA / ARV

• ARV (median comp): $1,455,004
• List price: $999,000
• Delta: -31.34%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
449 27th St	0.26mi	3/2.0 (-1)	1,785 (+2%)	9mo	$1,204,000	$675	72
1635-1637 Sanchez St	0.34mi	4/2.0	1,771 (+1%)	20mo	$1,250,000	$706	66
79-81 Homestead St	0.44mi	4/—	1,950 (+11%)	10mo	$1,300,000	$667	52
236-236B 27th St	0.48mi	4/3.0	1,864 (+6%)	13mo	$1,735,000	$931	52
3821-3823 26th St	0.56mi	4/3.0	1,840 (+5%)	12mo	$1,275,000	$693	51
330 Chattanooga St	0.64mi	3/3.0 (-1)	1,660 (-5%)	17mo	$1,260,000	$759	38

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -2.7%
• Equity multiple: 0.89×
• Total profit: $-30,173
• Equity at exit: $148,954

10-year hold

• IRR: 11.4%
• Equity multiple: 2.09×
• Total profit: $304,175
• Equity at exit: $86,375

Cash invested: $279,720 (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 San Francisco: 0 Strongly Tenant-Friendly · D+57

SF Rent Ordinance + Eviction Protections; relocation $10k+; one of strictest in US.

Methodology + full state rankings →

ZIP-level market 94131

• Rents YoY: 14.1%
• Active inventory: 94
• Price-to-rent: 17.7×

Monthly cashflow live

• Estimated rent: $9,381 high
• Mortgage (P&I): −$5,239
• Tax from tax record: −$461 /mo · $5,532/yr
• Insurance: −$416
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,970
• Net cashflow: $1,295

Break-even live

Break-even rent $7,742

Max offer price $999,000

Occupancy floor 81%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$9,380
Total (2 units)			$9,381

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: $249,750
• Closing costs: $29,970
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1626 Noe St San Francisco, CA	3.0	2.0	1870	$12,000	$6.42	24d	1	0.21mi
1059 Noe St San Francisco, CA	3.0	2.5	2545	$14,000	$5.50	43d	1	0.50mi
65 High St Unit NA San Francisco, CA	4.0	3.0	2315	$9,950	$4.30	43d	1	0.56mi
753 Castro St San Francisco, CA	4.0	3.0	2467	$10,950	$4.44	43d	1	0.81mi
79 Coleridge St San Francisco, CA	3.0	2.0	1850	$9,750	$5.27	24d	1	0.82mi
22 Mountview Ct San Francisco, CA	4.0	2.0	1900	$7,400	$3.89	43d	1	0.91mi
4058 20th St San Francisco, CA	3.0	2.0	1794	$13,975	$7.79	24d	1	0.91mi
270 Eureka St San Francisco, CA	3.0	1.0	2024	$6,995	$3.46	2d	1	0.92mi
2 Fair Oaks St #4 San Francisco, CA	3.0	1.0	1513	$9,900	$6.54	18d	1	0.95mi
61 Marview Way San Francisco, CA	3.0	2.0	1581	$8,200	$5.19	7d	1	1.08mi
61 Marview Way San Francisco, CA	3.0	2.0	1581	$8,450	$5.34	24d	1	1.08mi
922 Valencia St Unit A San Francisco, CA	3.0	2.5	1250	$8,450	$6.76	43d	1	1.13mi
922 Valencia St Apt C San Francisco, CA	3.0	2.5	1300	$7,950	$6.12	43d	1	1.13mi
725 Capp St San Francisco, CA	4.0	2.0	1350	$5,490	$4.07	43d	1	1.14mi
372 Cresta Vista Dr San Francisco, CA	3.0	2.0	1581	$9,400	$5.95	43d	1	1.18mi
143 Corbett Ave San Francisco, CA	4.0	4.0	2500	$10,500	$4.20	43d	1	1.21mi
569-571 Capp St San Francisco, CA	3.0	1.0	1600	$6,995	$4.37	2d	1	1.25mi
3436 19th St Unit A San Francisco, CA	3.0	2.0	1250	$7,225	$5.78	19d	1	1.30mi
230 Ridgewood Ave San Francisco, CA	3.0	1.5	1932	$5,750	$2.98	43d	1	1.38mi
13 Warren Dr San Francisco, CA	3.0	3.0	1900	$8,750	$4.61	43d	1	1.40mi
1265 Stanyan St San Francisco, CA	3.0	2.0	2005	$13,900	$6.93	7d	1	1.45mi
454 Holladay Ave San Francisco, CA	4.0	2.0	1500	$8,500	$5.67	18d	1	1.46mi

Listing history 16 events

1. 2026-06-18
   status $999,000 Pending 65 DOM
2. 2026-06-18
   days on market $999,000 Active 65 DOM
3. 2026-06-17
   days on market $999,000 Active 64 DOM
4. 2026-06-16
   days on market $999,000 Active 63 DOM
5. 2026-06-15
   days on market $999,000 Active 62 DOM
6. 2026-06-13
   days on market $999,000 Active 60 DOM
7. 2026-06-13
   days on market $999,000 Active 59 DOM
8. 2026-06-09
   days on market $999,000 Active 56 DOM
9. 2026-06-08
   days on market $999,000 Active 55 DOM
10. 2026-06-07
    days on market $999,000 Active 54 DOM
11. 2026-06-04
    days on market $999,000 Active 51 DOM
12. 2026-06-03
    days on market $999,000 Active 50 DOM
13. 2026-06-02
    days on market $999,000 Active 49 DOM
14. 2026-06-01
    days on market $999,000 Active 48 DOM
15. 2026-05-31
    days on market $999,000 Active 47 DOM
16. 2026-04-14
    listed $999,000 Active 1234-char remark

    Show marketing remark (1234 chars)

    A property with great upside and potential for investors and owner-occupiers that features a 1,750 sq. ft. two unit building, carport, front and rear yards, and nice views on a special Noe Valley block with multimillion dollar homes. The big 2,850 sq. ft. lot presents a value-add opportunity for a ground-up reimagining, expansion, or an owner-occupied renovation. The upper unit is vacant and the lower unit is tenant occupied. The bright upper unit has 2 bedrooms, 1 bathroom, open living and dining area with a fireplace and skylight, kitchen, and views of hills, trees, and the Bay. The lower unit has 2 bedrooms, 1 bathroom, open living and dining area, kitchen, and views of the garden and trees. There are spacious storage areas and a laundry area below the lower unit. Blocks from the beloved Noe Valley 24th St. corridor with its many popular restaurants, cafes, and shops. By multiple parks and open spaces. Near Glen Park and Bernal Heights. Access to public transportation and freeways. This property has been loved by the owners for decades and hasn't been on the market in over 40 years. Expansion and development possibilities should be independently verified by buyers and not guaranteed by sellers or listing agents.

ⓘ 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: $5,532 · $461/mo
• Projected year-2 tax: $7,592 · $633/mo
• Expected delta: +$2,061/yr (+$172/mo · 37.3%)

ⓘ 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 2/10 Low 7 d/yr ≥76°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 13 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $112,572
• − Mortgage interest: −$55,960
• − Property taxes: −$5,532
• − Insurance: −$4,995
• − Repairs & maintenance: −$9,006
• − Management: −$9,006
• − Depreciation: −$29,062
• Taxable loss: −$987
• Est. tax savings @ 24.0%: +$237
• After-tax cash flow: $15,776/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: San Francisco Unified
• NCES district ID: 0634410
• Math proficiency: 50% ▬ 0.00%
• Reading proficiency: 56% ▲ 1.00%
• Median HH income: $81,249
• Composite: 50.14/100
• National rank: #4088
• State rank: #322 of 1400 in CA

Livability — San Francisco

• Score: 76/100
• State rank: #90
• US rank: #3143

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: San Francisco, CA
• County: San Francisco County · 827,552 people
• City population: 827,552
• Metro: San Francisco-Oakland-Berkeley, CA
• Population (ZIP): 28,504
• Household income: $199,211
• Rent vs Own: 46.0% rent · 54.0% own
• Severe rent burden: 865.0

Population outlook (San Francisco County) Hauer SSP2

• Today (2025): 1,030,936 people
• By 2030: 1,110,409 · +7.7%
• By 2040: 1,270,010 · +23.2%
• By 2050: 1,435,001 · +39.2%
• By 2075: 1,779,074 · +72.6%
• By 2100: 1,966,767 · +90.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 51% Asian 23% Hispanic / Latino 13% Two or more races 13% Black 4%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Lithuanian 4% Italian 4% Scotch-Irish 3%
• Foreign-born: 25% · China, Canada, South Korea
• Languages at home: 72% English-only · Chinese 8% Spanish 8% Other Indo-European 4%

Political lean MEDSL · San Francisco

• 2024 margin: Solid D (+64.8) · D 80.3% · R 15.5% · Other 4.1%
• 2008→2024 swing: -5.7pp toward R · 2008: 70.5pp · 2024: 64.8pp
• All cycles: 2024: D+64.8 2020: D+72.5 2016: D+76.1 2012: D+70.2 2008: D+70.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1249.94%
• Current HPI: 268.447
• Rent YoY: ▲ 14.12%
• 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

1 event — show timeline

• 2026-04-14 Listed $999,000 San Francisco MLS

Property tax history

+2.5%/yr

Latest (2025): $5,532 · +4.0% YoY. Source: county tax records.