10419 San Leandro St

Oakland, CA 94603

$460,000B+

6 bd · 3.0 ba · 2,284 sqft · Built 1949 · MultiFamily · Active · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,845/mo
• Mortgage (P&I): −$2,412
• Tax + insurance: −$1,154
• HOA: −$0
• Vac / Maint / Mgmt: −$1,437
• Net cashflow: $1,841/mo
• Annual: $22,097/yr
• Cap rate: 11.10%
• Cash-on-cash: 17.16%
• DSCR: 1.76
• 1% rule: 1.49%
• Cash to close: $128,800

Investor read

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $460k. Condition is rated fair.
• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $614/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $460k).
• It's been on market 24 days — a 2% lower offer ($453k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $453k (1.5% 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 $14k 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: 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.
• Zoned schools: Esperanza Elementary (422 students, 96% FRL); Castlemont High (680 students, 98% FRL) — zoned schools average 97% FRL vs 68% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 2.5% of price; built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+1.6%/yr); 192 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.
• 6 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 $129k cash investment doubles in ~8 years — after that, you're playing with house money.
• Cap rate 11.1% vs local median 2.5% 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.
• This rent per unit runs 36% of the median local income ($77k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.

Repairs flagged (vision-AI assessment)

• Major: siding — Severe weathering and peeling
• Major: paint — Severe peeling and discoloration
• Major: flooring — Likely outdated and in poor condition