3505 Alpine Blvd #52

Alpine, CA 91901

$244,000D+

3 bd · 2.0 ba · 1,207 sqft · Built 2018 · SingleFamily · Active · 458 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,431/mo
• Mortgage (P&I): −$1,280
• Tax + insurance: −$407
• HOA: −$0
• Vac / Maint / Mgmt: −$511
• Net cashflow: $235/mo
• Annual: $2,816/yr
• Cap rate: 7.45%
• Cash-on-cash: 4.12%
• DSCR: 1.18
• 1% rule: 1.00%
• Cash to close: $68,320

Investor read

• This is a 3-bed/2.0-bath single-family listed at $244k.
• At list price, monthly cash flow is $235 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $243k (0.4% below list).
• It's been on market 458 days — a 12% lower offer ($215k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $215k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 58/100 on livability (#711 in CA) — a working-class tenant base; expect higher turnover. Strengths: employment A+, commute A-, crime B; Watch: amenities F, cost of living F, health & safety F.
• Grossmont Union High (suburban): math 31% / reading 60% proficiency, ranked #173 of 517 in CA (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 17% free/reduced lunch — higher-income household profile.
• Market conditions: Rents flat; 85 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 11,759 units permitted in San Diego County in 2024 (7,244 in 5+ unit buildings).
• San Diego County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 19y ago; this cycle's ask has dropped $34k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.4% vs local median 1.4% in Alpine — 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.

Questions for listing agent

• It's been on market 458 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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.
• 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?
• 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.
• 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.
• 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.