4744 Hawley Blvd · San Diego, CA 92116

$4,100,000

23 bd · 13.0 ba · 9,479 sqft · MultiFamily public records · 1 Days on market

Built 1969

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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).

• Cash flow +12.0/30.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• DSCR +3.5/10.0
• Rent growth +3.0/5.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 13 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Pleased to present 4744 Hawley Boulevard, a 13-unit multifamily investment opportunity located in the highly desirable Normal Heights submarket of San Diego. Built in 1969, the property features a well-balanced unit mix consisting of ten (10) two-bedroom/one-bath units and three (3) one-bedroom/one-bath units, appealing to a broad tenant base seeking larger floor plans in one of San Diego’s most walkable urban neighborhoods. There are Twenty total parking spaces: Four front tandem (2-car spaces), three double-car garages, one single-car garage, one off-street rear space, and one 4-car rear tandem space. The asset has benefited from substantial capital improvements designed to reduce d

Key facts

• New exterior paint
• Roof replacement

Tags

• WELL-BALANCED UNIT MIX
• ELECTRICAL SYSTEM IMPROVEMENTS
• PLUMBING ENHANCEMENTS
• NEW EXTERIOR PAINT
• ROOF REPLACEMENT
• COMPLETED SB721 INSPECTIONS

Property features AI

Finance

• Other: Listed by San Diego Association of REALTORS (listing broker: Conor Brennan, Broker)

Exterior

• Utilities: Lot size reported in acres
• Home design: Residential Income property (commercial-residential income subtype)
• Construction: Approximately 9,479 square feet building

Interior

• Bathrooms: 13 full bathrooms
• Interior features: 13 full bathrooms

What this means for you Summary

Snapshot

• This is a 10×2.0bd/1.0ba + 3×1.0bd/1.0ba units multifamily listed at $4.10M.

Deal economics

• At list price, monthly cash flow is $-1k ($-12k/yr) — negative. Per door: $-78/mo.
• To cash-flow at today's rent, offer at most $3.92M (4.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $3.07M (25.1% below list).
• Recommended offer: $3.07M (25.1% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 2.0% in San Diego — 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 75/100 on livability (#123 in CA, #4,206 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: health & safety C-, crime D+, cost of living F.
• San Diego Unified (urban): math 19% / reading 29% proficiency, ranked #393 of 517 in CA (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+1.9%/yr); 119 active listings in the ZIP; solid renter incomes; 11,759 units permitted in San Diego County in 2024 (7,244 in 5+ unit buildings).
• At $30,693/mo this rent would consume 375% of the median local household income ($98k/yr) (locally 2385% 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 $28k of loan paydown is wiped out by about $123k of value loss. Plan a longer hold.
• San Diego County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $94k; list at $4.10M implies a 4262% gain — meaningful room to come down on a strong offer.

Recommended offer $3,069,300 (25.1% 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. 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 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. Crime grade is D 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. 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?
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: 0.75% ✗
• Cap rate: 6.00%
• Cash-on-cash: -1.06%
• DSCR: 0.95
• GRM: 11.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.92% rent growth · sell at horizon

5-year hold

• IRR: -19.2%
• Equity multiple: 0.34×
• Total profit: $-763,260
• Equity at exit: $611,323

10-year hold

• IRR: -14.0%
• Equity multiple: 0.23×
• Total profit: $-885,924
• Equity at exit: $354,493

Cash invested: $1,148,000 (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 92116

• Rents YoY: 1.9%
• Active inventory: 119
• Price-to-rent: 143.0×

Monthly cashflow live

• Estimated rent: $30,693 high
• Mortgage (P&I): −$21,501
• Tax from tax record: −$2,050 /mo · $24,604/yr
• Insurance: −$1,708
• HOA: −$0
• Vacancy / Maint / Mgmt: −$6,446
• Net cashflow: $-1,012

Break-even live

Break-even rent $31,974

Max offer price $3,921,218

Occupancy floor 98%

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

Units	Beds	Baths	Est. rent
▸ 10× units	2.0	1	$23,890
▸ 3× units	1.0	1	$6,804
Total (13 units)			$30,693

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: $1,025,000
• Closing costs: $123,000
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-06-19
   remarks 693-char remark
2. 2026-06-19
   listed $4,100,000 Active 1 DOM

ⓘ 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: $24,604 · $2,050/mo
• Projected year-2 tax: $31,160 · $2,597/mo
• Expected delta: +$6,556/yr (+$546/mo · 26.6%)

ⓘ 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 4/10 Moderate 7 d/yr ≥89°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $368,316
• − Mortgage interest: −$229,664
• − Property taxes: −$24,604
• − Insurance: −$20,500
• − Repairs & maintenance: −$29,465
• − Management: −$29,465
• − Depreciation: −$119,273
• Taxable loss: −$84,655
• Est. tax savings @ 24.0%: +$20,317
• After-tax cash flow: $8,173/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 Diego Unified
• NCES district ID: 0634320
• Math proficiency: 19% ▼ -29.00%
• Reading proficiency: 29% ▼ -28.00%
• Median HH income: $61,673
• Composite: 22.31/100
• National rank: #8135
• State rank: #393 of 517 in CA

Livability — San Diego

• Score: 75/100
• State rank: #123
• US rank: #4206

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Diego, CA
• County: San Diego County · 3,178,799 people
• City population: 1,397,612
• Metro: San Diego-Chula Vista-Carlsbad, CA
• Population (ZIP): 31,843
• Household income: $98,154
• Rent vs Own: 67.6% rent · 32.4% own
• Severe rent burden: 2385.0

Population outlook (San Diego County) Hauer SSP2

• Today (2025): 3,678,185 people
• By 2030: 3,856,546 · +4.8%
• By 2040: 4,171,407 · +13.4%
• By 2050: 4,421,607 · +20.2%
• By 2075: 4,831,599 · +31.4%
• By 2100: 4,832,502 · +31.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 54% Hispanic / Latino 30% Two or more races 17% Asian 6% Black 4%
• Hispanic origin (detail): Mexican 23%
• Common ancestry: Romanian 3% Lithuanian 2% Portuguese 2%
• Foreign-born: 15% · Canada, South Korea, China
• Languages at home: 72% English-only · Spanish 21% Other Indo-European 2% Other Asian/Pacific 1%

Political lean MEDSL · San Diego

• 2024 margin: D (+16.8) · D 56.9% · R 40.1% · Other 2.9%
• 2008→2024 swing: +6.6pp toward D · 2008: 10.2pp · 2024: 16.8pp
• All cycles: 2024: D+16.8 2020: D+22.8 2016: D+17.8 2012: D+5.1 2008: D+10.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -863.79%
• Current HPI: 378.6597
• Rent YoY: ▲ 1.92%
• Metro: San Diego-Chula Vista-Carlsbad, 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

+4261.7% since first listed

2 events — show timeline

• 2026-06-18 Listed $4,100,000 SDMLS
• 1974-12-04 Sold (Public Records) $94,000 Public Records

Property tax history

+13.0%/yr

Latest (2025): $24,604 · +3.9% YoY. Source: county tax records.