1405 E Cypress · Reedley, CA 93654

$664,900

8 bd · 4.0 ba · 3,144 sqft · MultiFamily · 50 Days on market

Built 1997 Fair condition 3,599 sqft lot $211/sqft · 37% above area Est $484k · 37% over ↓ 3% since listing

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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 +18.8/30.0
• DSCR +5.9/10.0
• 1% rule +5.0/10.0
• Livability +3.1/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

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 MLS

Excellent investment opportunity in the growing Reedley market. This fully occupied fourplex features four 2-bedroom, 1-bath units totaling approximately 3,144 square feet, providing consistent rental income. Three units have been updated with modern kitchens, bathrooms, and durable LVP flooring, while one unit offers long-term tenancy. Each unit includes central HVAC and indoor laundry, enhancing overall appeal. Conveniently located near schools, shopping, and commuter routes, this property is well-suited for investors seeking an income-producing asset with potential upside. Do not disturb tenants. Offers subject to inspection. Unit configuration per tax records; buyer to verify.

Key facts

• Central hvac
• Modern kitchens
• Indoor laundry

Tags

• MODERN KITCHENS
• DURABLE LVP FLOORING
• CENTRAL HVAC
• INDOOR LAUNDRY

Property features AI

Finance

• Financial info: Gross scheduled income approximately $55,200; Gross income reported as $55,200; Net operating income approximately $52,028.76; Operating expenses about $3,171.20; Actual rent example: one unit listed at $1,150; total rent across units $4,600; Four total units, all currently leased

Exterior

• Utilities: Public sewer; District/public water
• Home design: Planned development community; Single-story building; No accessory dwelling unit
• Construction: Building area approximately 3,144 total; One building containing all units
• Exterior features: No pool; Zero lot line

Interior

• Kitchen: Kitchens included in each unit (appliance details not provided)
• Bedrooms: Unit mix includes 2-bedroom units (some units listed as 2 beds)
• Bathrooms: Each 2-bedroom unit includes 1 full bathroom
• Heating & cooling: Central cooling; Central furnace heating
• Interior features: One-level entry and living; Sidewalks and suburban neighborhood setting
• Laundry & utility: In-unit laundry available (inside)

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $665k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $667 ($8k/yr) — positive. Per door: $167/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $665k).
• Recommended offer: $645k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 3.8% in Reedley — 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 62/100 on livability (#486 in CA) — a middle-class / working-renter tenant base. Strengths: housing A; Watch: commute D+, crime D, health & safety D.
• Kings Canyon Joint Unified (town): math 26% / reading 43% proficiency, ranked #288 of 517 in CA (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Great Western Elementary (math 27% / reading 37%, grade F, #779 of 1,571 statewide, top 52%, 323 students, 86% FRL); Navelencia Middle (math 23% / reading 41%, grade F, #207 of 498 statewide, top 42%, 327 students, 90% FRL); Reedley High (math 31% / reading 69%, grade D+, #331 of 1,170 statewide, top 28%, 1,848 students, 82% FRL).
• Market conditions: 51 active listings in the ZIP; 2,426 units permitted in Fresno County in 2024 (296 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k of value loss. Plan a longer hold.
• Fresno County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($645k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y 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

• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $644,953 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.00% ✓
• Cap rate: 7.50%
• Cash-on-cash: 4.30%
• DSCR: 1.19
• GRM: 8.3

CMA / ARV

• ARV (median comp): $483,634
• List price: $664,900
• Delta: 37.48%
• Verdict: OVERPRICED
• Comps: 2 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1405 E Cypress Ave #217	0.08mi	8/4.0	3,144 (0%)	8mo	$649,900	$207	90

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -9.6%
• Equity multiple: 0.65×
• Total profit: $-65,147
• Equity at exit: $99,139

10-year hold

• IRR: -0.1%
• Equity multiple: 0.99×
• Total profit: $-1,601
• Equity at exit: $57,488

Cash invested: $186,172 (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 93654

• Active inventory: 51
• Price-to-rent: 33.3×

Monthly cashflow live

• Estimated rent: $6,661 medium
• Mortgage (P&I): −$3,487
• Tax est. 1.5%: −$831 /mo · $9,974/yr
• Insurance: −$277
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,399
• Net cashflow: $667

Break-even live

Break-even rent $5,816

Max offer price $664,900

Occupancy floor 85%

Sensitivity live

Price	-10% $1,127	-5% $897	+0% $667	+5% $437	+10% $208
Rent	-10% $141	-5% $404	+0% $667	+5% $930	+10% $1,193
Rate	-1.0pp $1,002	-0.5pp $836	base $667	+0.5pp $495	+1.0pp $320

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$6,660
Total (4 units)			$6,661

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: $166,225
• Closing costs: $19,947
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $664,900 Active 50 DOM
2. 2026-06-18
   days on market $664,900 Active 47 DOM
3. 2026-06-17
   days on market $664,900 Active 46 DOM
4. 2026-06-16
   days on market $664,900 Active 45 DOM
5. 2026-06-15
   days on market $664,900 Active 44 DOM
6. 2026-06-13
   days on market $664,900 Active 42 DOM
7. 2026-06-13
   days on market $664,900 Active 41 DOM
8. 2026-06-10
   days on market $664,900 Active 39 DOM
9. 2026-06-09
   days on market $664,900 Active 38 DOM
10. 2026-06-08
    days on market $664,900 Active 37 DOM
11. 2026-06-07
    days on market $664,900 Active 36 DOM
12. 2026-06-03
    days on market $664,900 Active 32 DOM
13. 2026-06-02
    days on market $664,900 Active 31 DOM
14. 2026-06-01
    days on market $664,900 Active 30 DOM
15. 2026-05-31
    days on market $664,900 Active 29 DOM
16. 2026-05-02
    listed $684,900 Active 371-char remark
17. 2026-04-30
    listed $684,900 Active 689-char remark

    Show marketing remark (689 chars)

    Excellent investment opportunity in the growing Reedley market. This fully occupied fourplex features four 2-bedroom, 1-bath units totaling approximately 3,144 square feet, providing consistent rental income. Three units have been updated with modern kitchens, bathrooms, and durable LVP flooring, while one unit offers long-term tenancy. Each unit includes central HVAC and indoor laundry, enhancing overall appeal. Conveniently located near schools, shopping, and commuter routes, this property is well-suited for investors seeking an income-producing asset with potential upside. Do not disturb tenants. Offers subject to inspection. Unit configuration per tax records; buyer to verify.

18. 2026-04-30
    listed $684,900 Active

    Show marketing remark (689 chars)

    Excellent investment opportunity in the growing Reedley market. This fully occupied fourplex features four 2-bedroom, 1-bath units totaling approximately 3,144 square feet, providing consistent rental income. Three units have been updated with modern kitchens, bathrooms, and durable LVP flooring, while one unit offers long-term tenancy. Each unit includes central HVAC and indoor laundry, enhancing overall appeal. Conveniently located near schools, shopping, and commuter routes, this property is well-suited for investors seeking an income-producing asset with potential upside. Do not disturb tenants. Offers subject to inspection. Unit configuration per tax records; buyer to verify.

19. 2026-04-30
    listed $684,900 Active

    Show marketing remark (689 chars)

    Excellent investment opportunity in the growing Reedley market. This fully occupied fourplex features four 2-bedroom, 1-bath units totaling approximately 3,144 square feet, providing consistent rental income. Three units have been updated with modern kitchens, bathrooms, and durable LVP flooring, while one unit offers long-term tenancy. Each unit includes central HVAC and indoor laundry, enhancing overall appeal. Conveniently located near schools, shopping, and commuter routes, this property is well-suited for investors seeking an income-producing asset with potential upside. Do not disturb tenants. Offers subject to inspection. Unit configuration per tax records; buyer to verify.

20. 2024-03-30
    historical $995
21. 2024-03-19
    listed $995

ⓘ 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 8/10 Severe
• 🌡 Heat 8/10 Severe 7 d/yr ≥106°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 50 unhealthy d/yr today · 56 by 30 yrs out

Taxation est. · year 1

• Rental income: $79,932
• − Mortgage interest: −$37,245
• − Property taxes: −$9,974
• − Insurance: −$3,324
• − Repairs & maintenance: −$6,395
• − Management: −$6,395
• − Depreciation: −$19,343
• Taxable loss: −$2,742
• Est. tax savings @ 24.0%: +$658
• After-tax cash flow: $8,665/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This fourplex requires moderate repairs and maintenance, particularly in exterior paint and landscaping, to improve its condition and value.

Repairs flagged

• Major Exterior paint — Weathered and peeling paint on exterior.
• Major Landscaping — Basic landscaping could be improved for curb appeal.
• Minor Windows — Windows may need cleaning and minor repairs.

Value-add opportunities

• Both Landscaping and exterior paint — Improving curb appeal and exterior condition would attract more tenants and buyers.
• Rental Kitchen and bathroom updates — Modernizing kitchens and bathrooms would appeal to tenants and increase rental income.
• Resale HVAC maintenance — A functional HVAC system is crucial for a home's value and comfort for potential buyers.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior paint · Weathered and peeling paint on exterior.	Major	$15,000–50,000
Landscaping · Basic landscaping could be improved for curb appeal.	Major	$15,000–50,000
Windows · Windows may need cleaning and minor repairs.	Minor	$500–3,000
Total estimated repair cost · 3 items		$30,500–103,000

Value-add ROI direction

• Both Landscaping and exterior paint — Improving curb appeal and exterior condition would attract more tenants and buyers. ↑
• Rental Kitchen and bathroom updates — Modernizing kitchens and bathrooms would appeal to tenants and increase rental income. ↑
• Resale HVAC maintenance — A functional HVAC system is crucial for a home's value and comfort for potential buyers. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Kings Canyon Joint Unified
• NCES district ID: 0619700
• Math proficiency: 26% ▼ -14.00%
• Reading proficiency: 43% ▼ -9.00%
• Median HH income: $42,406
• Composite: 29.14/100
• National rank: #6582
• State rank: #288 of 517 in CA

Livability — Reedley

• Score: 62/100
• State rank: #486
• US rank: #16474

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Reedley, CA
• Population (ZIP): 31,905

Population outlook (Fresno County) Hauer SSP2

• Today (2025): 1,042,971 people
• By 2030: 1,072,198 · +2.8%
• By 2040: 1,122,408 · +7.6%
• By 2050: 1,157,251 · +11.0%
• By 2075: 1,182,575 · +13.4%
• By 2100: 1,105,899 · +6.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (75%)
• Race & ethnicity: Hispanic / Latino 75% White 19% Two or more races 18% Asian 2% Black 2%
• Hispanic origin (detail): Mexican 72%
• Common ancestry: Iranian 1% Russian 1% Portuguese 1%
• Foreign-born: 27% · Canada, China
• Languages at home: 42% English-only · Spanish 55% Arabic 2% Tagalog/Filipino 1%

Political lean MEDSL · Fresno

• 2024 margin: Toss-up / Even · D 46.5% · R 50.9% · Other 2.6%
• 2008→2024 swing: -6.5pp toward R · 2008: 2.1pp · 2024: -4.4pp
• All cycles: 2024: R+4.4 2020: D+7.8 2016: D+3.9 2012: R+2.9 2008: D+2.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -343.56%
• Current HPI: 322.9544
• Rent YoY: —
• Metro: —
• 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

-2.9% since first listed

10 events — show timeline

• 2026-05-29 Price Changed $664,900 KCBOR
• 2026-05-28 Price Changed $664,900 CRMLS
• 2026-05-28 Price Changed $664,900 FRESNOMLS
• 2026-05-28 Price Changed $664,900 TCMLS
• 2026-05-02 Listed $684,900 CRMLS
• 2026-04-30 Listed $684,900 TCMLS
• 2026-04-30 Listed $684,900 FRESNOMLS
• 2026-04-30 Listed $684,900 KCBOR
• 2024-03-30 Rental Removed $995 APPFOLIO
• 2024-03-19 Listed for Rent $995 APPFOLIO