10419 San Leandro St

Oakland, CA 94603

$499,000B

6 bd · 3.0 ba · 2,284 sqft · Built 1949 · MultiFamily · Active · 95 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,896/mo
• Mortgage (P&I): −$2,617
• Tax + insurance: −$1,170
• HOA: −$0
• Vac / Maint / Mgmt: −$1,448
• Net cashflow: $1,661/mo
• Annual: $19,931/yr
• Cap rate: 10.29%
• Cash-on-cash: 14.27%
• DSCR: 1.63
• 1% rule: 1.38%
• Cash to close: $139,720

Investor read

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $499k.
• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $554/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $499k).
• It's been on market 95 days — a 9% lower offer ($454k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $454k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#224 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: schools C-, crime F, cost of living F.
• Oakland Unified (urban): math 27% / reading 33% proficiency, ranked #1,007 of 1,400 in CA (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+1.6%/yr); 98 active listings in the ZIP; solid renter incomes; 1,742 units permitted in Alameda County in 2024 (856 in 5+ unit buildings).
• Alameda County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 8 sale attempts since 29y 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.
• At projected returns (-3.0% appreciation + 1.6% rent growth), your $140k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 10.3% vs local median 2.4% in Oakland — 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.
• At $6,896/mo this rent would consume 108% of the median local household income ($77k/yr) (locally 2061% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 95 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?
• 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.