1362 104th Ave

Oakland, CA 94603

$400,000B-

4 bd · 5.0 ba · 4,134 sqft · Built 1929 · MultiFamily · Active · 123 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $10,702/mo
• Mortgage (P&I): −$2,098
• Tax + insurance: −$667
• HOA: −$0
• Vac / Maint / Mgmt: −$2,247
• Net cashflow: $5,690/mo
• Annual: $68,283/yr
• Cap rate: 23.36%
• Cash-on-cash: 60.97%
• DSCR: 3.71
• 1% rule: 2.68%
• Cash to close: $112,000

Investor read

• This is a 5 × 1-bed/?-bath units multifamily listed at $400k. Condition is rated fair.
• At list price, monthly cash flow is $6k ($68k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $400k).
• It's been on market 123 days — a 12% lower offer ($352k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $352k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• 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: Esperanza Elementary (422 students, 96% FRL); Elmhurst United Middle (766 students, 94% FRL); Castlemont High (680 students, 98% FRL) — zoned schools average 96% FRL vs 68% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+1.6%/yr); 192 active listings in the ZIP; solid renter incomes; 1,742 units permitted in Alameda County in 2024 (856 in 5+ unit buildings).
• Alameda County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 8 sale attempts since 30y ago; this cycle's ask has dropped $100k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $99k; list at $400k implies a 304% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 1.6% rent growth), your $112k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 23.4% 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.
• This rent per unit runs 33% of the median local income ($77k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 123 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1929 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?

Repairs flagged (vision-AI assessment)

• Minor: roof — Some discoloration visible
• Minor: exterior paint — Light wear and tear on siding