3404 School St · Oakland, CA 94602

$949,000

8 bd · 5.0 ba · 3,548 sqft · MultiFamily public records · 73 Days on market

Built 1963 5,000 sqft lot $267/sqft · at area comps Est $971k · at est.

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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 +20.7/30.0
• ARV discount +8.5/15.0
• DSCR +6.6/10.0
• 1% rule +4.8/10.0
• Rent growth +3.9/5.0
• Livability +3.6/5.0
• 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 (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

3404 School St presents an excellent investment opportunity in Oakland featuring a well-maintained 4-unit property with strong income potential and flexible living options. The property offers an attractive unit mix including (1) spacious 3BD/2BA owner's unit delivered vacant, (2) 2BD/1BA units, and (1) 1BD/1BA unit, ideal for an owner-occupant to live in the 3BD/2BA unit while collecting rental income from the other units, or for investors seeking full cash flow by renting out all units. Several units have been updated with modern flooring, refreshed kitchens, and upgraded bathrooms, providing a clean, move-in ready environment. Functional layouts, generous living spaces, and ample natural light enhance tenant appeal. Property improvements include updated electrical panels and a newer roof. The property features 4 garages with additional driveway parking, a shared low-maintenance backyard, and an on-site laundry room with coin-operated washer and dryer for additional income potential. Utilities include separate electric and gas meters for each unit, plus common area gas and electric meters, with one water meter; owner currently pays for water and garbage. Conveniently located with easy access to I-580, public transportation, shops, and schools, this property offers strong rental demand and long-term upside.

Key facts

• On site laundry room
• Newer roof
• 4 unit property

Tags

• 4 UNIT PROPERTY
• FLEXIBLE LIVING OPTIONS
• ATTRACTIVE UNIT MIX
• UPDATED ELECTRICAL PANELS
• NEWER ROOF
• ON SITE LAUNDRY ROOM

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/?-bath units multifamily listed at $949k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $320/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 $930k (2.0% below list).
• Recommended offer: $892k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 2.5% 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: 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.
• Zoned schools: Fruitvale Elementary (247 students, 92% FRL); Bret Harte Middle (446 students, 86% FRL); Skyline High (1,590 students, 73% FRL).
• Market conditions: Rents rising fast (+5.5%/yr); 114 active listings in the ZIP; high-income renter base; 1,742 units permitted in Alameda County in 2024 (856 in 5+ unit buildings).
• At $9,302/mo this rent would consume 91% of the median local household income ($122k/yr) (locally 1018% 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 $28k 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.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($892k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $230k; list at $949k implies a 313% gain — meaningful room to come down on a strong offer.

Recommended offer $892,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 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 1963 — 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: 0.98% ✗
• Cap rate: 7.91%
• Cash-on-cash: 5.79%
• DSCR: 1.26
• GRM: 8.5

CMA / ARV

• ARV (median comp): $971,215
• List price: $949,000
• Delta: -2.29%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3201 Suter St	0.15mi	8/5.0	3,528 (-1%)	23mo	$855,200	$242	73
3360 Suter St	0.04mi	9/4.0 (+1)	3,677 (+4%)	16mo	$660,000	$179	69
3121 Coolidge Ave	0.42mi	7/5.0 (-1)	3,344 (-6%)	2mo	$850,000	$254	64
3608 Midvale Ave	0.35mi	8/4.0	3,264 (-8%)	16mo	$1,037,000	$318	53
2724 Octavia St	0.30mi	9/5.0 (+1)	3,958 (+12%)	12mo	$968,888	$245	52
3619 Brown Ave	0.44mi	9/5.0 (+1)	3,722 (+5%)	20mo	$750,000	$202	50
3639 Patterson Ave	0.49mi	9/5.0 (+1)	4,010 (+13%)	7mo	$950,000	$237	45
3449-3455 Champion St	0.68mi	7/4.0 (-1)	3,346 (-6%)	13mo	$1,000,000	$299	39
2464 Palmetto St	0.61mi	9/3.5 (+1)	3,186 (-10%)	11mo	$600,000	$188	35

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 · 5.5% rent growth · sell at horizon

5-year hold

• IRR: -4.8%
• Equity multiple: 0.82×
• Total profit: $-48,317
• Equity at exit: $141,499

10-year hold

• IRR: 7.5%
• Equity multiple: 1.62×
• Total profit: $165,980
• Equity at exit: $82,052

Cash invested: $265,720 (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 Oakland: 0 Strongly Tenant-Friendly · D+62

Rent Adjustment Program + Just Cause.

Methodology + full state rankings →

ZIP-level market 94602

• Rents YoY: 5.5%
• Active inventory: 114
• Price-to-rent: 34.0×

Monthly cashflow live

• Estimated rent: $9,302 high
• Mortgage (P&I): −$4,977
• Tax from tax record: −$695 /mo · $8,336/yr
• Insurance: −$395
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,953
• Net cashflow: $1,282

Break-even live

Break-even rent $7,679

Max offer price $949,000

Occupancy floor 81%

Sensitivity live

Price	-10% $1,819	-5% $1,550	+0% $1,282	+5% $1,013	+10% $745
Rent	-10% $547	-5% $914	+0% $1,282	+5% $1,649	+10% $2,017
Rate	-1.0pp $1,760	-0.5pp $1,523	base $1,282	+0.5pp $1,036	+1.0pp $786

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	—	$9,300
Total (4 units)			$9,302

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: $237,250
• Closing costs: $28,470
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $949,000 Active 73 DOM
2. 2026-06-18
   days on market $949,000 Active 70 DOM
3. 2026-06-17
   days on market $949,000 Active 69 DOM
4. 2026-06-16
   days on market $949,000 Active 68 DOM
5. 2026-06-15
   days on market $949,000 Active 67 DOM
6. 2026-06-13
   days on market $949,000 Active 65 DOM
7. 2026-06-13
   days on market $949,000 Active 64 DOM
8. 2026-06-09
   days on market $949,000 Active 61 DOM
9. 2026-06-08
   days on market $949,000 Active 60 DOM
10. 2026-06-07
    days on market $949,000 Active 59 DOM
11. 2026-06-04
    days on market $949,000 Active 56 DOM
12. 2026-06-03
    days on market $949,000 Active 55 DOM
13. 2026-06-02
    days on market $949,000 Active 54 DOM
14. 2026-06-01
    days on market $949,000 Active 53 DOM
15. 2026-05-31
    days on market $949,000 Active 52 DOM
16. 2026-05-05
    price $949,000 1329-char remark

    Show marketing remark (1329 chars)

    3404 School St presents an excellent investment opportunity in Oakland featuring a well-maintained 4-unit property with strong income potential and flexible living options. The property offers an attractive unit mix including (1) spacious 3BD/2BA owner's unit delivered vacant, (2) 2BD/1BA units, and (1) 1BD/1BA unit, ideal for an owner-occupant to live in the 3BD/2BA unit while collecting rental income from the other units, or for investors seeking full cash flow by renting out all units. Several units have been updated with modern flooring, refreshed kitchens, and upgraded bathrooms, providing a clean, move-in ready environment. Functional layouts, generous living spaces, and ample natural light enhance tenant appeal. Property improvements include updated electrical panels and a newer roof. The property features 4 garages with additional driveway parking, a shared low-maintenance backyard, and an on-site laundry room with coin-operated washer and dryer for additional income potential. Utilities include separate electric and gas meters for each unit, plus common area gas and electric meters, with one water meter; owner currently pays for water and garbage. Conveniently located with easy access to I-580, public transportation, shops, and schools, this property offers strong rental demand and long-term upside.

17. 2026-04-09
    listed $975,000 Active 1329-char remark

    Show marketing remark (1329 chars)

    3404 School St presents an excellent investment opportunity in Oakland featuring a well-maintained 4-unit property with strong income potential and flexible living options. The property offers an attractive unit mix including (1) spacious 3BD/2BA owner's unit delivered vacant, (2) 2BD/1BA units, and (1) 1BD/1BA unit, ideal for an owner-occupant to live in the 3BD/2BA unit while collecting rental income from the other units, or for investors seeking full cash flow by renting out all units. Several units have been updated with modern flooring, refreshed kitchens, and upgraded bathrooms, providing a clean, move-in ready environment. Functional layouts, generous living spaces, and ample natural light enhance tenant appeal. Property improvements include updated electrical panels and a newer roof. The property features 4 garages with additional driveway parking, a shared low-maintenance backyard, and an on-site laundry room with coin-operated washer and dryer for additional income potential. Utilities include separate electric and gas meters for each unit, plus common area gas and electric meters, with one water meter; owner currently pays for water and garbage. Conveniently located with easy access to I-580, public transportation, shops, and schools, this property offers strong rental demand and long-term upside.

18. 2024-07-16
    listed $1,050,000 Active
19. 1987-08-26
    soldstatus $230,000

ⓘ 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: $8,336 · $695/mo
• Projected year-2 tax: $8,336 · $695/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 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: $111,624
• − Mortgage interest: −$53,159
• − Property taxes: −$8,336
• − Insurance: −$4,745
• − Repairs & maintenance: −$8,930
• − Management: −$8,930
• − Depreciation: −$27,607
• Taxable loss: −$83
• Est. tax savings @ 24.0%: +$20
• After-tax cash flow: $15,402/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): 31,759
• Household income: $122,263
• Rent vs Own: 39.8% rent · 60.2% own
• Severe rent burden: 1018.0

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: Highly diverse neighborhood (Simpson 0.75)
• Race & ethnicity: White 41% Hispanic / Latino 20% Asian 16% Black 15% Two or more races 11% Pacific Islander 1%
• Hispanic origin (detail): Mexican 11% Puerto Rican 2%
• Common ancestry: Italian 3% Lithuanian 2% Romanian 1%
• Foreign-born: 24% · Canada, China, Vietnam
• Languages at home: 67% English-only · Spanish 14% Chinese 8% Other Asian/Pacific 2%

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: ▼ -1108.77%
• Current HPI: 275.7267
• Rent YoY: ▲ 5.50%
• 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

+312.6% since first listed

4 events — show timeline

• 2026-05-05 Price Changed $949,000 San Francisco MLS
• 2026-04-09 Listed $975,000 San Francisco MLS
• 2024-07-16 Listed $1,050,000 San Francisco MLS
• 1987-08-26 Sold (Public Records) $230,000 Public Records

Property tax history

+3.2%/yr

Latest (2025): $8,336 · +5.0% YoY. Source: county tax records.