4479 N Cleveland Ave · Fresno, CA 93723

$498,200

5 bd · 3.5 ba · 2,623 sqft · Land · 82 Days on market

Built 2026 $190/sqft · 16% below area Est $593k · 16% under

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Why this score? — see what drove the D- 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).

• ARV discount +14.7/15.0
• Cash flow +8.8/30.0
• Livability +3.1/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.4/10.0
• 1% rule +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

The first floor of this new two-story home is host to an inviting open plan shared between the kitchen, living and dining areas, with a comfortable bedroom suite tucked away to the side for optimal privacy. Three additional secondary bedrooms share the second floor with a lavish owner's suite that features a full bathroom and walk-in closet. This home boasts modern details such as a first-floor flex space and a versatile loft on the second level.

Key facts

• Music venues
• Movie theaters
• Local wineries

Tags

• KINTSU SQUARE MASTERPLAN
• LOCAL WINERIES
• MUSIC VENUES
• MOVIE THEATERS
• MARKETPLACE AT EL PASEO
• LOCAL SHOPPING AND DINING

What this means for you Summary

Snapshot

• This is a 5-bed/3.5-bath land listed at $498k.

Deal economics

• At list price, monthly cash flow is $-407 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $426k (14.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $327k (34.4% below list).
• Recommended offer: $327k (34.4% below list) — sets the bar for 1% rule.
• Cap rate 5.3% vs local median 3.7% in Fresno — 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 62/100 on livability (#469 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+; Watch: amenities D+, employment D+, crime F.
• Central Unified (urban): math 18% / reading 40% proficiency, ranked #345 of 517 in CA (top 67%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Herndon-Barstow Elementary (math 24% / reading 24%, grade F, #973 of 1,571 statewide, top 73%, 696 students, 66% FRL); Rio Vista Middle (math 24% / reading 24%, grade F, #277 of 498 statewide, top 73%, 804 students, 67% FRL); Central East High (math 20% / reading 41%, grade F, #710 of 1,170 statewide, top 61%, 2,061 students, 82% FRL).
• Market conditions: 212 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 2,426 units permitted in Fresno County in 2024 (296 in 5+ unit buildings).
• This rent runs 30% of the median local income ($129k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• Fresno County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 82 days — a 6% lower offer ($468k) is reasonable based on typical stale-listing flexibility.

Recommended offer $326,911 (34.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 82 days. Have you received any prior offers? Is the seller open to a 34% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.66% ✗
• Cap rate: 5.31%
• Cash-on-cash: -3.50%
• DSCR: 0.84
• GRM: 12.7

CMA / ARV

• ARV (median comp): $593,109
• List price: $498,200
• Delta: -16.00%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -22.2%
• Equity multiple: 0.23×
• Total profit: $-106,851
• Equity at exit: $74,283

10-year hold

• IRR: -16.4%
• Equity multiple: 0.09×
• Total profit: $-127,316
• Equity at exit: $43,075

Cash invested: $139,496 (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 93723

• Home prices YoY: -19.4%
• Active inventory: 212
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $3,269 medium
• Mortgage (P&I): −$2,613
• Tax from tax record: −$169 /mo · $2,027/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$687
• Net cashflow: $-407

Break-even live

Break-even rent $3,784

Max offer price $426,386

Occupancy floor —

Sensitivity live

Price	-10% $-125	-5% $-266	+0% $-407	+5% $-548	+10% $-689
Rent	-10% $-665	-5% $-536	+0% $-407	+5% $-277	+10% $-148
Rate	-1.0pp $-156	-0.5pp $-280	base $-407	+0.5pp $-536	+1.0pp $-667

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: $124,550
• Closing costs: $14,946
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6130 W Norwich Ave Unit 6130 Fresno, CA	4.0	3.0	1894	$2,900	$1.53	12d	1	1.20mi

Listing history 18 events

1. 2026-06-17
   days on market $498,200 Active 82 DOM
2. 2026-06-16
   pricedays on market $498,200 Active 81 DOM
3. 2026-06-15
   days on market $493,200 Active 80 DOM
4. 2026-06-13
   days on market $493,200 Active 78 DOM
5. 2026-06-13
   days on market $493,200 Active 77 DOM
6. 2026-06-10
   pricedays on market $493,200 Active 75 DOM
7. 2026-06-09
   days on market $488,200 Active 74 DOM
8. 2026-06-08
   days on market $488,200 Active 73 DOM
9. 2026-06-07
   days on market $488,200 Active 72 DOM
10. 2026-06-03
    days on market $488,200 Active 68 DOM
11. 2026-06-02
    days on market $488,200 Active 67 DOM
12. 2026-06-01
    days on market $488,200 Active 66 DOM
13. 2026-05-31
    days on market $488,200 Active 65 DOM
14. 2026-05-12
    price $493,300 450-char remark

    Show marketing remark (450 chars)

    The first floor of this new two-story home is host to an inviting open plan shared between the kitchen, living and dining areas, with a comfortable bedroom suite tucked away to the side for optimal privacy. Three additional secondary bedrooms share the second floor with a lavish owner's suite that features a full bathroom and walk-in closet. This home boasts modern details such as a first-floor flex space and a versatile loft on the second level.

15. 2026-05-07
    price $494,650 450-char remark

    Show marketing remark (450 chars)

    The first floor of this new two-story home is host to an inviting open plan shared between the kitchen, living and dining areas, with a comfortable bedroom suite tucked away to the side for optimal privacy. Three additional secondary bedrooms share the second floor with a lavish owner's suite that features a full bathroom and walk-in closet. This home boasts modern details such as a first-floor flex space and a versatile loft on the second level.

16. 2026-05-01
    price $496,350 450-char remark

    Show marketing remark (450 chars)

    The first floor of this new two-story home is host to an inviting open plan shared between the kitchen, living and dining areas, with a comfortable bedroom suite tucked away to the side for optimal privacy. Three additional secondary bedrooms share the second floor with a lavish owner's suite that features a full bathroom and walk-in closet. This home boasts modern details such as a first-floor flex space and a versatile loft on the second level.

17. 2026-04-28
    price $491,500 450-char remark

    Show marketing remark (450 chars)

    The first floor of this new two-story home is host to an inviting open plan shared between the kitchen, living and dining areas, with a comfortable bedroom suite tucked away to the side for optimal privacy. Three additional secondary bedrooms share the second floor with a lavish owner's suite that features a full bathroom and walk-in closet. This home boasts modern details such as a first-floor flex space and a versatile loft on the second level.

18. 2026-03-27
    listed $496,500 Active 450-char remark

    Show marketing remark (450 chars)

    The first floor of this new two-story home is host to an inviting open plan shared between the kitchen, living and dining areas, with a comfortable bedroom suite tucked away to the side for optimal privacy. Three additional secondary bedrooms share the second floor with a lavish owner's suite that features a full bathroom and walk-in closet. This home boasts modern details such as a first-floor flex space and a versatile loft on the second level.

ⓘ 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: $2,027 · $169/mo
• Projected year-2 tax: $3,786 · $316/mo
• Expected delta: +$1,759/yr (+$147/mo · 86.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $39,229
• − Mortgage interest: −$27,907
• − Property taxes: −$2,027
• − Insurance: −$2,491
• − Repairs & maintenance: −$3,138
• − Management: −$3,138
• − Depreciation: −$14,493
• Taxable loss: −$13,965
• Est. tax savings @ 24.0%: +$3,352
• After-tax cash flow: $-1,527/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: Central Unified
• NCES district ID: 0607970
• Math proficiency: 18% ▼ -15.00%
• Reading proficiency: 40% ▼ -5.00%
• Median HH income: $58,363
• Composite: 26.08/100
• National rank: #7294
• State rank: #345 of 517 in CA

Livability — Fresno

• Score: 62/100
• State rank: #469
• US rank: #15907

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fresno, CA
• County: Fresno County · 834,801 people
• City population: 593,114
• Metro: Fresno, CA
• Population (ZIP): 14,726
• Household income: $128,725
• Rent vs Own: 19.6% rent · 80.4% own
• Severe rent burden: 182.0

Population outlook (Fresno County) Hauer SSP2

• Today (2025): 1,042,971 people
• By 2030: 1,072,198 · +2.8%
• By 2040: 1,122,408 · +7.6%
• By 2050: 1,157,251 · +11.0%
• By 2075: 1,182,575 · +13.4%
• By 2100: 1,105,899 · +6.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: Hispanic / Latino 46% White 24% Two or more races 21% Asian 20% Black 6%
• Hispanic origin (detail): Mexican 42% Puerto Rican 1%
• Common ancestry: Italian 2% Iranian 1% Russian 1%
• Foreign-born: 19% · Canada
• Languages at home: 62% English-only · Spanish 21% Other Indo-European 10% Other Asian/Pacific 4%

Political lean MEDSL · Fresno

• 2024 margin: Toss-up / Even · D 46.5% · R 50.9% · Other 2.6%
• 2008→2024 swing: -6.5pp toward R · 2008: 2.1pp · 2024: -4.4pp
• All cycles: 2024: R+4.4 2020: D+7.8 2016: D+3.9 2012: R+2.9 2008: D+2.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -82.00%
• Current HPI: 341.348
• Rent YoY: —
• Metro: Fresno, 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

-0.6% since first listed

5 events — show timeline

• 2026-05-12 Price Changed $493,300 Zillow
• 2026-05-07 Price Changed $494,650 Zillow
• 2026-05-01 Price Changed $496,350 Zillow
• 2026-04-28 Price Changed $491,500 Zillow
• 2026-03-27 Listed $496,500 Zillow