117 W Fesler St Unit A,B,C,D,E · Santa Maria, CA 93458

$1,500,000

35 bd · 25.0 ba · — sqft · MultiFamily · 782 Days on market

6,969 sqft lot

---

Why this score? — see what drove the C+ 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 +25.8/30.0
• DSCR +8.6/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Livability +3.6/5.0
• Rent growth +3.1/5.0
• Schools +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Great investment property Rare 5 unit property Practically smack dab in the middle of town. Bathrooms all feature washer dryer hookups, Also featuring covered parking for 4 vehicles plus 1 garage. Super location to restaurants & shopping. Property is priced to sell fast

Key facts

• 6,969 sq ft lot
• Parking
• Listed 782 days

Property features AI

Finance

• Financial info: Rent example: 1-bedroom units around $1,330; Rent example: 2-bedroom units around $1,685

Exterior

• Parking: Covered parking (1–5 spaces)
• Utilities: Public water; Public sewer
• Home design: Multi-family property; Zoned for commercial/residential use
• Construction: Stucco construction; Tile roof; Slab foundation
• Exterior features: Alley access

Interior

• Bedrooms: Three 1-bedroom units; Two 2-bedroom units
• Bathrooms: Five full bathrooms in the building total; Each 1-bedroom unit has 1 full bathroom; Each 2-bedroom unit has 1 full bathroom
• Heating & cooling: Wall furnaces; Electric heating
• Interior features: Sidewalks on the property
• Laundry & utility: Tenants pay electricity, cable TV, and insurance; Owner pays water and trash collection

What this means for you Summary

Snapshot

• This is a 5 × 7-bed/5.0-bath units multifamily listed at $1.50M.

Deal economics

• At list price, monthly cash flow is $4k ($44k/yr) — positive. Per door: $731/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($18k rent vs $1.50M).
• Recommended offer: $1.32M (12.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 3.5% in Santa Maria — 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 71/100 on livability (#202 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A; Watch: schools F, crime F, cost of living F.
• Santa Maria-Bonita (urban): math 26% / reading 34% proficiency, ranked #1,023 of 1,400 in CA (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.3%/yr); 54 active listings in the ZIP; solid renter incomes; 719 units permitted in Santa Barbara County in 2024 (217 in 5+ unit buildings).
• At $17,746/mo this rent would consume 283% of the median local household income ($75k/yr) (locally 2583% 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 $10k of loan paydown is wiped out by about $45k of value loss. Plan a longer hold.
• Santa Barbara County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 782 days — a 12% lower offer ($1.32M) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 3y 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.

Recommended offer $1,320,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 782 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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?
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: 1.18% ✓
• Cap rate: 9.22%
• Cash-on-cash: 10.44%
• DSCR: 1.46
• GRM: 7.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.31% rent growth · sell at horizon

5-year hold

• IRR: -1.4%
• Equity multiple: 0.95×
• Total profit: $-22,361
• Equity at exit: $223,655

10-year hold

• IRR: 7.5%
• Equity multiple: 1.55×
• Total profit: $231,702
• Equity at exit: $129,693

Cash invested: $420,000 (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 93458

• Rents YoY: 2.3%
• Active inventory: 54
• Price-to-rent: 35.2×

Monthly cashflow live

• Estimated rent: $17,746 medium
• Mortgage (P&I): −$7,866
• Tax est. 1.5%: −$1,875 /mo · $22,500/yr
• Insurance: −$625
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,727
• Net cashflow: $3,653

Break-even live

Break-even rent $13,122

Max offer price $1,500,000

Occupancy floor 74%

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

Units	Beds	Baths	Est. rent
▸ 5× units	7	5	$17,745
Total (5 units)			$17,746

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: $375,000
• Closing costs: $45,000
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-18
   days on market $1,500,000 Active 782 DOM
2. 2026-06-17
   days on market $1,500,000 Active 781 DOM
3. 2026-06-16
   days on market $1,500,000 Active 780 DOM
4. 2026-06-15
   days on market $1,500,000 Active 779 DOM
5. 2026-06-14
   days on market $1,500,000 Active 777 DOM
6. 2026-06-13
   days on market $1,500,000 Active 776 DOM
7. 2026-06-10
   days on market $1,500,000 Active 774 DOM
8. 2026-06-09
   days on market $1,500,000 Active 773 DOM
9. 2026-06-08
   days on market $1,500,000 Active 772 DOM
10. 2026-06-07
    days on market $1,500,000 Active 771 DOM
11. 2026-06-05
    days on market $1,500,000 Active 768 DOM
12. 2026-06-03
    days on market $1,500,000 Active 767 DOM
13. 2026-06-02
    days on market $1,500,000 Active 766 DOM
14. 2026-06-01
    days on market $1,500,000 Active 765 DOM
15. 2026-05-31
    days on market $1,500,000 Active 764 DOM
16. 2026-05-30
    days on market $1,500,000 Active 763 DOM
17. 2026-03-17
    status Active
18. 2026-01-28
    status Active
19. 2026-01-15
    status Pending
20. 2026-01-15
    historical
21. 2025-03-05
    status Active
22. 2025-03-01
    historical
23. 2024-05-22
    price $1,500,000
24. 2024-04-16
    status Active
25. 2024-03-01
    historical
26. 2024-02-20
    status Active
27. 2024-01-31
    status Pending
28. 2023-12-19
    price $1,600,000
29. 2023-12-19
    listed $1,500,000 Active

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 21% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥84°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 11 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $212,952
• − Mortgage interest: −$84,023
• − Property taxes: −$22,500
• − Insurance: −$7,500
• − Repairs & maintenance: −$17,036
• − Management: −$17,036
• − Depreciation: −$43,636
• Taxable income: $21,220
• Est. tax owed @ 24.0%: −$5,093
• After-tax cash flow: $38,745/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: Santa Maria-Bonita
• NCES district ID: 0605580
• Math proficiency: 26% ▲ 3.00%
• Reading proficiency: 34% ▲ 3.00%
• Median HH income: $50,959
• Composite: 29.11/100
• National rank: #11891
• State rank: #1023 of 1400 in CA

Livability — Santa Maria

• Score: 71/100
• State rank: #202
• US rank: #6519

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Santa Maria, CA
• County: Santa Barbara County · 410,380 people
• City population: 145,655
• Metro: Santa Maria-Santa Barbara, CA
• Population (ZIP): 59,148
• Household income: $75,257
• Rent vs Own: 57.1% rent · 42.9% own
• Severe rent burden: 2583.0

Population outlook (Santa Barbara County) Hauer SSP2

• Today (2025): 484,679 people
• By 2030: 505,323 · +4.3%
• By 2040: 545,783 · +12.6%
• By 2050: 584,263 · +20.5%
• By 2075: 682,586 · +40.8%
• By 2100: 723,188 · +49.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (87%)
• Race & ethnicity: Hispanic / Latino 87% Two or more races 41% White 8% Asian 4% Native American 4%
• Hispanic origin (detail): Mexican 83%
• Common ancestry: Lithuanian 1%
• Foreign-born: 40% · Canada, Jamaica
• Languages at home: 21% English-only · Spanish 72% Tagalog/Filipino 2% Other Asian/Pacific 1%

Political lean MEDSL · Santa Barbara

• 2024 margin: Strong D (+26.7) · D 61.8% · R 35.1% · Other 3.1%
• 2008→2024 swing: +3.8pp toward D · 2008: 22.9pp · 2024: 26.7pp
• All cycles: 2024: D+26.7 2020: D+32.1 2016: D+28.2 2012: D+17.1 2008: D+22.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -422.91%
• Current HPI: 347.9281
• Rent YoY: ▲ 2.31%
• Metro: Santa Maria-Santa Barbara, 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

+0.0% since first listed

13 events — show timeline

• 2026-03-17 Relisted — NSBCRMLS
• 2026-01-28 Relisted — NSBCRMLS
• 2026-01-15 Pending — NSBCRMLS
• 2026-01-15 Listing Removed — NSBCRMLS
• 2025-03-05 Relisted — NSBCRMLS
• 2025-03-01 Listing Removed — NSBCRMLS
• 2024-05-22 Price Changed $1,500,000 NSBCRMLS
• 2024-04-16 Relisted — NSBCRMLS
• 2024-03-01 Listing Removed — NSBCRMLS
• 2024-02-20 Relisted — NSBCRMLS
• 2024-01-31 Pending — NSBCRMLS
• 2023-12-19 Price Changed $1,600,000 NSBCRMLS
• 2023-12-19 Listed $1,500,000 NSBCRMLS