617 Fallon St · Oakland, CA 94607

$575,000

5 bd · 4.0 ba · 2,035 sqft · MultiFamily public records · 27 Days on market

Built 1896 2,500 sqft lot $283/sqft · 26% below area Est $780k · 26% under

---

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
• 1% rule +6.3/10.0
• Livability +3.6/5.0
• Rent growth +3.3/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Only 2 blocks away from Lake Merritt BART - this beautiful Victorian duplex is ready for its next owner! Perfect for an investor or an owner-occupant. The top unit is occupied and has 3 bedrooms and 2.5 bathrooms. The downstairs unit is vacant and has 2 bedrooms and 1 bathroom (AND it has been COMPLETELY remodeled from top to bottom!) Top of the line finishes across the board - cabinets, counters, fixtures, and appliances that you will be the first to enjoy! Steps away from Downtown Oakland, cafes, and great restaurants! Easy commuter access via highway and public transportation. Schedule your tour today!

Key facts

• Victorian duplex
• Easy commuter access
• Bonus room

Tags

• VICTORIAN DUPLEX
• ORIGINAL HARDWOOD FLOORS
• BONUS ROOM
• DECK
• EASY COMMUTER ACCESS

Property features AI

Exterior

• Parking: Total 2 parking spaces; Off-street parking in a parking lot
• Utilities: Public water; Public sewer; Separate electric and gas meters
• Home design: Duplex (Residential Income); Originally built in 1896
• Construction: Wood siding construction
• Exterior features: Rear porch; Back yard; Low-maintenance landscaping; Level, rectangular lot

Interior

• Bedrooms: Duplex with 2 total units
• Flooring: Hardwood; Vinyl
• Bathrooms: Unit 1: 2.5 bathrooms; Unit 2: 1 bathroom
• Heating & cooling: Wall furnace heating; No air conditioning
• Interior features: Hardwood and vinyl flooring; Back yard (low maintenance)
• Laundry & utility: Separate electric and gas meters

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.5-bath units multifamily listed at $575k.

Deal economics

• At list price, monthly cash flow is $750 ($9k/yr) — positive. Per door: $375/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $575k).
• Recommended offer: $566k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 2.4% 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: schools C-, 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.
• Market conditions: Rents rising (+3.2%/yr); 133 active listings in the ZIP; 4 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; solid renter incomes; 1,742 units permitted in Alameda County in 2024 (856 in 5+ unit buildings).
• At $6,470/mo this rent would consume 82% of the median local household income ($95k/yr) (locally 2002% 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 $4k of loan paydown is wiped out by about $17k 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 27 days — a 2% lower offer ($566k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 17y 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.

Risks & watch-outs

• Watch-outs: built in 1896 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $566,375 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1896 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.13% ✓
• Cap rate: 7.86%
• Cash-on-cash: 5.59%
• DSCR: 1.25
• GRM: 7.4

CMA / ARV

• ARV (median comp): $780,052
• List price: $575,000
• Delta: -26.29%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
602 Alice St	0.26mi	6/2.0 (+1)	2,096 (+3%)	3mo	$525,000	$250	67
622 Alice St	0.26mi	5/2.0	1,894 (-7%)	1mo	$800,000	$422	67

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 · 3.24% rent growth · sell at horizon

5-year hold

• IRR: -7.3%
• Equity multiple: 0.73×
• Total profit: $-43,486
• Equity at exit: $85,734

10-year hold

• IRR: 2.7%
• Equity multiple: 1.20×
• Total profit: $31,487
• Equity at exit: $49,715

Cash invested: $161,000 (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 94607

• Rents YoY: 3.2%
• Active inventory: 133
• Price-to-rent: 14.8×

Monthly cashflow live

• Estimated rent: $6,470 high
• Mortgage (P&I): −$3,015
• Tax from tax record: −$1,106 /mo · $13,273/yr
• Insurance: −$240
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,359
• Net cashflow: $750

Break-even live

Break-even rent $5,520

Max offer price $575,000

Occupancy floor 83%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2.5	$6,470
Total (2 units)			$6,470

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: $143,750
• Closing costs: $17,250
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1015 Martin Luther King Junior Way Unit B2 Oakland, CA	4.0	2.0	1800	$1,000	$0.56	44d	1	0.88mi
1015 Martin Luther King Junior Way Oakland, CA	4.0	2.0	1800	$1,300	$0.72	44d	1	0.88mi
250 Mosley Ave Alameda, CA	2.0–4.0	2.5	1465	$5,815	$3.97	2d	5	1.32mi
1202 Adeline St Oakland, CA	4.0	3.0	1800	$3,795	$2.11	20d	1	1.45mi

Listing history 36 events

1. 2026-04-23
   listed $575,000 Active 841-char remark
2. 2024-03-18
   historical $2,000
3. 2024-02-27
   price $2,000
4. 2023-08-10
   price $2,400
5. 2022-08-11
   soldstatus $800,000 Sold 612-char remark

   Show marketing remark (612 chars)

   Only 2 blocks away from Lake Merritt BART - this beautiful Victorian duplex is ready for its next owner! Perfect for an investor or an owner-occupant. The top unit is occupied and has 3 bedrooms and 2.5 bathrooms. The downstairs unit is vacant and has 2 bedrooms and 1 bathroom (AND it has been COMPLETELY remodeled from top to bottom!) Top of the line finishes across the board - cabinets, counters, fixtures, and appliances that you will be the first to enjoy! Steps away from Downtown Oakland, cafes, and great restaurants! Easy commuter access via highway and public transportation. Schedule your tour today!

6. 2022-08-11
   soldstatus $800,000 612-char remark

   Show marketing remark (612 chars)

   Only 2 blocks away from Lake Merritt BART - this beautiful Victorian duplex is ready for its next owner! Perfect for an investor or an owner-occupant. The top unit is occupied and has 3 bedrooms and 2.5 bathrooms. The downstairs unit is vacant and has 2 bedrooms and 1 bathroom (AND it has been COMPLETELY remodeled from top to bottom!) Top of the line finishes across the board - cabinets, counters, fixtures, and appliances that you will be the first to enjoy! Steps away from Downtown Oakland, cafes, and great restaurants! Easy commuter access via highway and public transportation. Schedule your tour today!

7. 2022-07-29
   soldstatus $800,000
8. 2022-06-16
   status Pending - Show for Backups 612-char remark

   Show marketing remark (612 chars)

   Only 2 blocks away from Lake Merritt BART - this beautiful Victorian duplex is ready for its next owner! Perfect for an investor or an owner-occupant. The top unit is occupied and has 3 bedrooms and 2.5 bathrooms. The downstairs unit is vacant and has 2 bedrooms and 1 bathroom (AND it has been COMPLETELY remodeled from top to bottom!) Top of the line finishes across the board - cabinets, counters, fixtures, and appliances that you will be the first to enjoy! Steps away from Downtown Oakland, cafes, and great restaurants! Easy commuter access via highway and public transportation. Schedule your tour today!

9. 2022-06-02
   listed $750,000 New 612-char remark

   Show marketing remark (612 chars)

   Only 2 blocks away from Lake Merritt BART - this beautiful Victorian duplex is ready for its next owner! Perfect for an investor or an owner-occupant. The top unit is occupied and has 3 bedrooms and 2.5 bathrooms. The downstairs unit is vacant and has 2 bedrooms and 1 bathroom (AND it has been COMPLETELY remodeled from top to bottom!) Top of the line finishes across the board - cabinets, counters, fixtures, and appliances that you will be the first to enjoy! Steps away from Downtown Oakland, cafes, and great restaurants! Easy commuter access via highway and public transportation. Schedule your tour today!

10. 2022-06-02
    listed $750,000 612-char remark

    Show marketing remark (612 chars)

    Only 2 blocks away from Lake Merritt BART - this beautiful Victorian duplex is ready for its next owner! Perfect for an investor or an owner-occupant. The top unit is occupied and has 3 bedrooms and 2.5 bathrooms. The downstairs unit is vacant and has 2 bedrooms and 1 bathroom (AND it has been COMPLETELY remodeled from top to bottom!) Top of the line finishes across the board - cabinets, counters, fixtures, and appliances that you will be the first to enjoy! Steps away from Downtown Oakland, cafes, and great restaurants! Easy commuter access via highway and public transportation. Schedule your tour today!

11. 2020-11-24
    historical
12. 2020-08-18
    listed New
13. 2015-03-27
    soldstatus $460,000 Sold
14. 2015-03-27
    soldstatus $460,000 Sold
15. 2015-03-26
    soldstatus $460,100
16. 2015-01-28
    status Pending - Show for Backups
17. 2015-01-28
    status Pending - Show for Backups
18. 2015-01-13
    price $499,000
19. 2015-01-13
    price $499,000
20. 2014-12-30
    status Back On Market
21. 2014-12-30
    status Back On Market
22. 2014-12-17
    status Pending
23. 2014-12-17
    status Pending
24. 2014-12-10
    price $519,000
25. 2014-12-10
    price $519,000
26. 2014-07-28
    listed $569,950 New
27. 2014-07-28
    listed $569,950 New
28. 2009-09-13
    price $349,000 Sold
29. 2009-09-13
    soldstatus $330,000 Sold
30. 2009-09-11
    soldstatus $330,000
31. 2009-05-05
    historical
32. 2009-04-30
    price $399,000
33. 2009-04-03
    price $449,000
34. 2009-03-28
    listed $475,000
35. 2004-06-04
    soldstatus $478,000
36. 1979-10-15
    soldstatus $67,500

ⓘ 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: $13,273 · $1,106/mo
• Projected year-2 tax: $13,273 · $1,106/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 9/10 Extreme 16 unhealthy d/yr today · 16 by 30 yrs out

Taxation est. · year 1

• Rental income: $77,640
• − Mortgage interest: −$32,209
• − Property taxes: −$13,273
• − Insurance: −$2,875
• − Repairs & maintenance: −$6,211
• − Management: −$6,211
• − Depreciation: −$16,727
• Taxable income: $134
• Est. tax owed @ 24.0%: −$32
• After-tax cash flow: $8,971/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): 28,804
• Household income: $94,863
• Rent vs Own: 69.9% rent · 30.1% own
• Severe rent burden: 2002.0

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 0.78)
• Race & ethnicity: Black 29% White 25% Asian 25% Hispanic / Latino 13% Two or more races 10%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Lithuanian 1% Romanian 1% Portuguese 1%
• Foreign-born: 28% · China, Canada, Vietnam
• Languages at home: 65% English-only · Chinese 16% Spanish 8% Arabic 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: ▼ -170.49%
• Current HPI: 263.5885
• Rent YoY: ▲ 3.24%
• 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

+751.9% since first listed

35 events — show timeline

• 2026-05-20 Pending — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-04-23 Listed $575,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2024-03-18 Rental Removed $2,000 LEASESTAR
• 2024-02-27 Price Changed $2,000 LEASESTAR
• 2023-08-10 Price Changed $2,400 LEASESTAR
• 2022-08-11 Sold (MLS) $800,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2022-07-29 Sold (Public Records) $800,000 Public Records
• 2022-06-16 Pending — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2022-06-02 Listed $750,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2020-11-24 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2020-08-18 Listed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2015-03-27 Sold (MLS) $460,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2015-03-27 Sold (MLS) $460,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2015-03-26 Sold (Public Records) $460,100 Public Records
• 2015-01-28 Pending — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2015-01-28 Pending — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2015-01-13 Price Changed $499,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2015-01-13 Price Changed $499,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2014-12-30 Relisted — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2014-12-30 Relisted — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2014-12-17 Pending — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2014-12-17 Pending — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2014-12-10 Price Changed $519,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2014-12-10 Price Changed $519,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2014-07-28 Listed $569,950 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2014-07-28 Listed $569,950 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2009-09-13 Sold (MLS) $330,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2009-09-13 Price Changed $349,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2009-09-11 Sold (Public Records) $330,000 Public Records
• 2009-05-05 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2009-04-30 Price Changed $399,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2009-04-03 Price Changed $449,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2009-03-28 Listed $475,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2004-06-04 Sold (Public Records) $478,000 Public Records
• 1979-10-15 Sold (Public Records) $67,500 Public Records

Property tax history

+3.2%/yr

Latest (2025): $13,273 · +1.0% YoY. Source: county tax records.