900 North Point St #320 · San Francisco, CA 94109

$60,000

2 bd · 2.0 ba · 1,270 sqft · Condo · 56 Days on market

Built 1964 $1450/mo HOA · 22% of rent

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Why this score? — see what drove the F 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 +7.5/15.0
• Appreciation +7.5/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Cash flow +0.3/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks

A rare opportunity to own a fraction/condo residence in one of San Francisco's most iconic and historically rich destinations, Ghirardelli Square. Residence 115, is a sophisticated, 2-bedroom, 2 bath residence in a building known primarily for it's luxury hotel use and fractional ownership. This means more flexibility, privacy and the ability to truly make this your pied-a-terre, worldwide travel opportunity or rental investment in the city. Residence 115 features exposed brick walls, oversized windows with abundant light, high-end finishes, and designer interiors. Enjoy seamless indoor-outdoor living with dramatic views, a chef's kitchen, spa-quality bathrooms and Fairmont approved, luxury

Key facts

• Exposed brick walls
• Luxury amenities
• Private lounge

Tags

• EXPOSED BRICK WALLS
• OVERSIZED WINDOWS
• CHEF'S KITCHEN
• SPA-QUALITY BATHROOMS
• LUXURY AMENITIES
• PRIVATE LOUNGE

Property features AI

Finance

• HOA & community: Association (CROA) with monthly fee; Association amenities include roof deck, gym/exercise room, clubhouse and other shared facilities; Association fee covers water, trash, sewer, security, grounds and exterior maintenance, internet, structure insurance, homeowners insurance, gas, electricity, earthquake insurance, door person, common areas and cable TV; Senior community: No

Exterior

• Parking: 2 total parking spaces; 2 enclosed garage spaces (side-by-side) with garage door opener; EV charging available; Unassigned parking option; Paved sidewalk at driveway
• Security: Video system; Security patrol; Door person (association amenity); Fire alarm and fire suppression system; Carbon monoxide detector; Smoke detectors
• Utilities: Natural gas connected; Internet available; DSL available; Cable available; Public sewer; 220 volts in laundry
• Home design: Residential co-ownership property; New construction; Property faces northeast
• Construction: New construction
• Exterior features: Uncovered and covered patios; Uncovered and covered decks; Uncovered and covered courtyards; Balcony; Fire pit; Metal fencing; Storage structure and gazebo on property

Interior

• Kitchen: Microwave; Range hood; Disposal; Dishwasher; Built-in refrigerator; Built-in gas oven; Built-in electric range and oven; Built-in freezer; Kitchen/family combo with island sink, granite counters and breakfast area
• Bedrooms: 2 bedrooms; Primary bedroom with walk-in closet (2+)
• Flooring: Wood; Tile; Carpet
• Bathrooms: 2 full bathrooms; Master bath with tub, shower stall and marble surfaces; Additional bathroom(s) with shower stall and marble surfaces
• Heating & cooling: Central heating; Fireplace heating; Central air conditioning
• Interior features: Storage areas; Elevator; Cathedral ceilings; Video security system; Smoke detectors; Security patrol; Fire suppression system; Fire alarm; Carbon monoxide detector; One fireplace with stone surround, raised hearth and gas log in the living room; Four-story residence; Six total rooms
• Laundry & utility: Stacked washer/dryer in laundry closet; 220V in laundry

🏗️ New construction. The $60,000 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $1,510,416.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $60k.

Deal economics

• At list price, monthly cash flow is $-7k ($-81k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $60k).
• Recommended offer: $58k (3.0% below list) — sets the bar for market timing.
• Cap rate 0.9% vs local median 2.1% in San Francisco — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 76/100 on livability (#90 in CA, #3,143 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• San Francisco Unified (urban): math 50% / reading 56% proficiency, ranked #322 of 1,400 in CA (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+15.6%/yr); 155 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 750 units permitted in San Francisco County in 2024 (688 in 5+ unit buildings).
• At $6,518/mo this rent would consume 74% of the median local household income ($106k/yr) (locally 5272% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $86k of equity ($10k loan paydown + $76k appreciation (5.0% local appreciation)).
• San Francisco County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$138k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($58k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 37.8% of price; HOA is 22% of rent.

Recommended offer $58,200 (3.0% 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 56 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
3. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 0.43% ✗
• Cap rate: 0.94%
• Cash-on-cash: -19.12%
• DSCR: 0.15
• GRM: 19.3

CMA / ARV

• ARV (median comp): $1,510,416
• List price: $60,000
• Delta: -96.03%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

5.02% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -1.6%
• Equity multiple: 0.90×
• Total profit: $-43,826
• Equity at exit: $857,890

10-year hold

• IRR: 3.8%
• Equity multiple: 1.76×
• Total profit: $322,583
• Equity at exit: $1,482,221

Cash invested: $422,917 (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 San Francisco: 0 Strongly Tenant-Friendly · D+57

SF Rent Ordinance + Eviction Protections; relocation $10k+; one of strictest in US.

Methodology + full state rankings →

ZIP-level market 94109

• Home prices YoY: 2.9%
• Rents YoY: 15.6%
• Active inventory: 155
• Price-to-rent: 0.8×

Monthly cashflow live

• Estimated rent: $6,518 high
• Mortgage (P&I): −$7,921
• Tax est. 1.5%: −$1,888 /mo · $22,656/yr
• Insurance: −$629
• HOA: −$1,450
• Vacancy / Maint / Mgmt: −$1,369
• Net cashflow: $-6,739

Break-even live

Break-even rent $15,048

Max offer price $535,233

Occupancy floor —

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: $377,604
• Closing costs: $45,312
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
990 Bay St San Francisco, CA	2.0	1.0	1035	$5,995	$5.79	24d	1	0.09mi
1255 Columbus Ave Unit 402 San Francisco, CA	3.0	2.0	1505	$7,250	$4.82	1d	1	0.27mi
1305 Lombard St San Francisco, CA	2.0	2.0	1050	$8,995	$8.57	12d	1	0.32mi
1140 Greenwich St Unit 301 San Francisco, CA	1.0	1.0	1100	$3,500	$3.18	43d	1	0.40mi
1472 Filbert St San Francisco, CA	2.0	1.0	941	$7,895	$8.39	11d	1	0.43mi
1535 Chestnut St Unit 203 San Francisco, CA	2.0	2.0	1200	$6,195	$5.16	43d	1	0.44mi
1127 Filbert St Apt 3 San Francisco, CA	3.0	2.5	1700	$11,900	$7.00	43d	1	0.49mi
650 Chestnut St #104 San Francisco, CA	2.0	2.0	1080	$6,500	$6.02	7d	1	0.50mi
600 Chestnut St #301 San Francisco, CA	2.0	2.0	1098	$5,600	$5.10	43d	1	0.53mi
2233 Larkin St San Francisco, CA	2.0	1.0	1100	$6,200	$5.64	2d	1	0.53mi
1142 Green St Unit 1146 San Francisco, CA	2.0	1.0	1200	$4,795	$4.00	43d	1	0.57mi
33 Vandewater St #103 San Francisco, CA	2.0	2.0	950	$6,900	$7.26	18d	1	0.57mi
3322 Buchanan St San Francisco, CA	2.0	2.0	1030	$7,995	$7.76	3d	2	0.64mi
3322 Buchanan St San Francisco, CA	2.0	2.0	1271	$8,395	$6.61	21d	1	0.64mi
1808 Leavenworth St San Francisco, CA	3.0	1.0	1100	$6,475	$5.89	43d	1	0.65mi
2550 Gough St #6 San Francisco, CA	1.0	1.0	1009	$3,269	$3.24	43d	1	0.66mi
1750 Vallejo St Unit 402 San Francisco, CA	1.0	1.0	1000	$7,950	$7.95	16d	1	0.67mi
770 Filbert St Unit 3 San Francisco, CA	2.0	1.0	1050	$5,190	$4.94	43d	1	0.67mi
1690 Broadway San Francisco, CA	1.0–2.0	1.0	761	$6,995	$9.19	7d	2	0.71mi
1888 Green St San Francisco, CA	3.0	2.0	1455	$9,875	$6.79	43d	1	0.74mi
1212 Pacific Ave Unit 3 San Francisco, CA	3.0	2.0	1000	$5,100	$5.10	5d	1	0.81mi
1860 Jackson St San Francisco, CA	1.0	1.0	1000	$5,495	$5.50	3d	1	0.85mi
90 Alhambra St San Francisco, CA	3.0	2.0	900	$8,695	$9.66	7d	1	0.85mi
2007 Pacific Ave Apt 6 San Francisco, CA	3.0	2.0	1131	$8,000	$7.07	16d	1	0.89mi
1369 Hyde St San Francisco, CA	3.0	1.0–2.0	1435	$6,695	$4.67	21d	1	0.91mi
2140 Pacific Ave San Francisco, CA	2.0	2.0	1600	$11,500	$7.19	21d	1	0.92mi
2080 Gough St San Francisco, CA	2.0	2.0	1000	$7,495	$7.50	24d	1	0.94mi
2200 Pacific Ave San Francisco, CA	2.0	2.0	1850	$9,995	$5.40	2d	1	0.96mi
1755 Van Ness Ave San Francisco, CA	1.0	1.0	947	$5,195	$5.49	13d	1	0.97mi
1755 Van Ness Ave San Francisco, CA	1.0	1.0	884	$5,095	$5.76	3d	1	0.97mi
1735 Van Ness Ave San Francisco, CA	2.0	1.0	1064	$12,225	$11.49	7d	2	0.98mi
2190 Washington St San Francisco, CA	1.0	1.0	950	$12,000	$12.63	1d	1	0.98mi
2360 Greenwich St San Francisco, CA	2.0	2.0	1354	$8,995	$6.64	16d	1	0.99mi
1310 Jones St San Francisco, CA	2.0	2.0	1367	$10,250	$7.50	3d	4	0.99mi
2280 Pacific Ave San Francisco, CA	2.0	1.0	1600	$10,500	$6.56	23d	1	0.99mi
150 Lombard St San Francisco, CA	1.0	1.0	1150	$7,800	$6.78	43d	1	1.04mi
1501-1519 Polk St San Francisco, CA	2.0	1.0	1171	$5,295	$4.52	5d	2	1.05mi
1600 California St San Francisco, CA	2.0	1.0	1171	$5,295	$4.52	5d	1	1.06mi
2398 Pacific Ave San Francisco, CA	1.0	1.0	1000	$8,950	$8.95	21d	1	1.06mi
2900 Pierce St Unit 2900 San Francisco, CA	2.0	2.0	1153	$6,200	$5.38	7d	1	1.06mi

HOA detail condo

• Monthly dues: $1,450 · $17,400/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-18
   days on market $60,000 Active 56 DOM
2. 2026-06-17
   days on market $60,000 Active 55 DOM
3. 2026-06-16
   days on market $60,000 Active 54 DOM
4. 2026-06-15
   days on market $60,000 Active 53 DOM
5. 2026-06-13
   days on market $60,000 Active 51 DOM
6. 2026-06-13
   days on market $60,000 Active 50 DOM
7. 2026-06-09
   days on market $60,000 Active 47 DOM
8. 2026-06-08
   days on market $60,000 Active 46 DOM
9. 2026-06-07
   days on market $60,000 Active 45 DOM
10. 2026-06-04
    days on market $60,000 Active 42 DOM
11. 2026-06-03
    days on market $60,000 Active 41 DOM
12. 2026-06-02
    days on market $60,000 Active 40 DOM
13. 2026-06-01
    days on market $60,000 Active 39 DOM
14. 2026-05-31
    days on market $60,000 Active 38 DOM
15. 2026-04-23
    listed $60,000 Active 1251-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 8 d/yr ≥79°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 15 unhealthy d/yr today · 15 by 30 yrs out

Taxation est. · year 1

• Rental income: $78,211
• − Mortgage interest: −$84,607
• − Property taxes: −$22,656
• − Insurance: −$7,552
• − Repairs & maintenance: −$6,257
• − Management: −$6,257
• − HOA: −$17,400
• − Depreciation: −$43,939
• Taxable loss: −$110,458
• Est. tax savings @ 24.0%: +$26,510
• After-tax cash flow: $-54,362/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 Francisco Unified
• NCES district ID: 0634410
• Math proficiency: 50% ▬ 0.00%
• Reading proficiency: 56% ▲ 1.00%
• Median HH income: $81,249
• Composite: 50.14/100
• National rank: #4088
• State rank: #322 of 1400 in CA

Livability — San Francisco

• Score: 76/100
• State rank: #90
• US rank: #3143

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: San Francisco, CA
• County: San Francisco County · 827,552 people
• City population: 827,552
• Metro: San Francisco-Oakland-Berkeley, CA
• Population (ZIP): 54,553
• Household income: $106,018
• Rent vs Own: 83.2% rent · 16.8% own
• Severe rent burden: 5272.0

Population outlook (San Francisco County) Hauer SSP2

• Today (2025): 1,030,936 people
• By 2030: 1,110,409 · +7.7%
• By 2040: 1,270,010 · +23.2%
• By 2050: 1,435,001 · +39.2%
• By 2075: 1,779,074 · +72.6%
• By 2100: 1,966,767 · +90.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 50% Asian 27% Hispanic / Latino 13% Two or more races 10% Black 4%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Lithuanian 3% Italian 3% Romanian 2%
• Foreign-born: 31% · China, Canada, Vietnam
• Languages at home: 64% English-only · Chinese 10% Spanish 7% Other Asian/Pacific 4%

Political lean MEDSL · San Francisco

• 2024 margin: Solid D (+64.8) · D 80.3% · R 15.5% · Other 4.1%
• 2008→2024 swing: -5.7pp toward R · 2008: 70.5pp · 2024: 64.8pp
• All cycles: 2024: D+64.8 2020: D+72.5 2016: D+76.1 2012: D+70.2 2008: D+70.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.02%
• Current HPI: 175.8886
• Rent YoY: ▲ 15.60%
• 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

1 event — show timeline

• 2026-04-23 Listed $60,000 BAREIS