222 Laurel St #105 · San Carlos, CA 94070

$675,000

2 bd · 1.0 ba · 930 sqft · Condo · 94 Days on market

Built 1963 $482/mo HOA · 10% of rent

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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).

• Appreciation +8.3/10.0
• ARV discount +7.5/15.0
• Schools +7.0/10.0
• Cash flow +5.4/30.0
• Livability +4.1/5.0
• Rent growth +4.0/5.0
• Condition / age +2.5/5.0
• 1% rule +1.9/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Well-Maintained End-Unit Condo walking distance to Downtown San Carlos! This bright, clean, and well-kept first-floor corner unit offers a rare blend of comfort, privacy, and space. Completely updated the entire unit, freshly painted, and the kitchen features new countertops, cabinetry, and new flooring throughout. A shared laundry room is conveniently located just down the hallway, with access to the pool area. Laurel Oaks offers gated covered parking and this unit's assigned stall is stall three, directly under the unit with a locker at the back wall of the space. Residents also enjoy access to a secure building, a pool, and a reservable ground-floor recreation/social room with a full kitchen and bathroom, perfect for gatherings or meetings. Located just blocks from charming downtown San Carlos and only two blocks from Caltrain, this move-in-ready home is a true opportunity in a highly desirable location.

Key facts

• Secure building
• End-unit condo
• Updated kitchen

Tags

• END-UNIT CONDO
• FIRST-FLOOR CORNER UNIT
• UPDATED KITCHEN
• GATED COVERED PARKING
• SECURE BUILDING
• ACCESS TO POOL

Property features AI

Finance

• HOA & community: Monthly HOA fee of $482; HOA covers common area electricity, common area insurance, landscaping/gardening, exterior maintenance, pools/spa/tennis, and reserves; HOA provides governing documents (Articles of Incorporation, Budget, Bylaws, CC&R s, Financial Statement, Minutes, Reserve Study, Rules & Regulations)

Exterior

• Parking: Assigned covered parking; 1 garage space
• Security: Closed-circuit 24-hour monitoring; Intercom
• Utilities: Individual water meter; Sewer: public; Individual electric meters; Individual gas meters
• Home design: Condominium/Unit in a 3-story building; Trust ownership
• Construction: Reinforced concrete foundation; 3-story building height
• Exterior features: West-facing property; Has pool; Other roof (see remarks)

Interior

• Kitchen: Solid surface/Corian countertops; Dishwasher; Microwave; Oven/range
• Bedrooms: 2 bedrooms; More than one bedroom on ground floor; Corner/end unit
• Flooring: Laminate
• Bathrooms: 1 full bathroom; Shower over tub
• Heating & cooling: Wall furnace heating; Ceiling fan cooling
• Interior features: Laminate flooring; Dining area in living room; Dining bar; Intercom; Closed-circuit 24-hour monitoring
• Laundry & utility: Community laundry facility

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $675k.

Deal economics

• At list price, monthly cash flow is $-1k ($-17k/yr) — negative.
• To cash-flow at today's rent, offer at most $464k (31.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $467k (30.8% below list).
• Recommended offer: $464k (31.2% below list) — sets the bar for cash-flow.
• Cap rate 3.7% vs local median 0.7% in San Carlos — 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 82/100 on livability (#30 in CA, #1,083 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, health & safety A+; Watch: amenities D, cost of living F.
• San Carlos Elementary (suburban): math 70% / reading 77% proficiency, ranked #30 of 517 in CA (top 6%) — strong family-tenant draw, lease renewals of 3-5y typical; only 5% free/reduced lunch — higher-income household profile.
• Zoned schools: Central Middle (math 68% / reading 75%, grade A, #34 of 498 statewide, top 7%, 427 students, 11% FRL).
• Market conditions: Rents rising fast (+5.9%/yr); 55 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,019 units permitted in San Mateo County in 2024 (484 in 5+ unit buildings).

Forward outlook

• In year one you build about $50k of equity ($5k loan paydown + $45k appreciation (6.7% local appreciation)).
• San Mateo County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$79k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($614k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $464,216 (31.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
3. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
9. 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?
10. 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.
11. 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.
12. 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: 0.69% ✗
• Cap rate: 3.70%
• Cash-on-cash: -9.25%
• DSCR: 0.59
• GRM: 12.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.65% appreciation · 5.86% rent growth · sell at horizon

5-year hold

• IRR: 10.6%
• Equity multiple: 1.75×
• Total profit: $142,612
• Equity at exit: $452,321

10-year hold

• IRR: 12.5%
• Equity multiple: 3.74×
• Total profit: $518,499
• Equity at exit: $845,580

Cash invested: $189,000 (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 94070

• Home prices YoY: 1.8%
• Rents YoY: 5.9%
• Active inventory: 55
• Price-to-rent: 12.0×

Monthly cashflow live

• Estimated rent: $4,671 high
• Mortgage (P&I): −$3,540
• Tax est. 1.5%: −$844 /mo · $10,125/yr
• Insurance: −$281
• HOA: −$482
• Vacancy / Maint / Mgmt: −$981
• Net cashflow: $-1,457

Break-even live

Break-even rent $6,515

Max offer price $464,216

Occupancy floor —

Sensitivity live

Price	-10% $-990	-5% $-1,223	+0% $-1,457	+5% $-1,690	+10% $-1,923
Rent	-10% $-1,826	-5% $-1,641	+0% $-1,457	+5% $-1,272	+10% $-1,088
Rate	-1.0pp $-1,117	-0.5pp $-1,285	base $-1,457	+0.5pp $-1,632	+1.0pp $-1,810

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: $168,750
• Closing costs: $20,250
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
261 El Camino Real #366 San Carlos, CA	1.0	1.0	779	$5,000	$6.42	11d	1	0.12mi
331 El Camino Real Unit 2148 San Carlos, CA	2.0	2.0	1009	$7,060	$7.00	16d	1	0.12mi
331 El Camino Real #439 San Carlos, CA	1.0	1.0	788	$4,880	$6.19	0d	1	0.13mi
400 Laurel St Apt 102 San Carlos, CA	2.0	2.0	780	$3,100	$3.97	16d	1	0.15mi
333 El Camino Real San Carlos, CA	1.0–2.0	1.0–2.0	1052	$5,793	$5.51	0d	9	0.17mi
257 Cedar St San Carlos, CA	2.0	1.0	950	$4,800	$5.05	0d	1	0.20mi
44 Elm St San Carlos, CA	2.0	1.0	1100	$4,800	$4.36	0d	1	0.21mi
44 Elm St San Carlos, CA	2.0	1.0	1100	$4,800	$4.36	4d	1	0.21mi
1240 Holly St Unit 4 San Carlos, CA	1.0	1.0	858	$3,250	$3.79	6d	1	0.21mi
441 El Camino Real #2130 San Carlos, CA	1.0–2.0	1.0–2.0	840	$5,890	$7.01	23d	2	0.22mi
1032 Northwood Dr San Carlos, CA	2.0	1.0	820	$4,350	$5.30	0d	1	0.24mi
1608 5th Ave Unit 9 Belmont, CA	1.0	1.0	650	$2,350	$3.62	11d	1	0.35mi
1608 5th Ave Unit 2 Belmont, CA	2.0	2.0	750	$3,995	$5.33	0d	1	0.35mi
25 Devonshire Blvd Unit 01 San Carlos, CA	2.0	2.0	1100	$4,495	$4.09	0d	1	0.86mi
621 Wessex Way Unit 2 Belmont, CA	1.0	1.0	600	$2,500	$4.17	11d	1	1.03mi
815 Old County Rd Belmont, CA	1.0–2.0	1.0–2.0	807	$6,330	$7.84	0d	5	1.08mi
649 Old County Rd Belmont, CA	2.0–3.0	2.0	1025	$3,683	$3.59	0d	3	1.21mi
2336 Howard Ave San Carlos, CA	2.0	2.0	1000	$5,000	$5.00	4d	1	1.35mi
1133 Alameda de las Pulgas Belmont, CA	1.0	1.0	660	$3,225	$4.89	0d	1	1.47mi

HOA detail condo

• Monthly dues: $482 · $5,784/yr
• Likely covers: poolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-21
   days on market $675,000 Active 94 DOM
2. 2026-06-18
   days on market $675,000 Active 91 DOM
3. 2026-06-17
   days on market $675,000 Active 90 DOM
4. 2026-06-16
   days on market $675,000 Active 89 DOM
5. 2026-06-15
   days on market $675,000 Active 88 DOM
6. 2026-06-13
   days on market $675,000 Active 86 DOM
7. 2026-06-13
   days on market $675,000 Active 85 DOM
8. 2026-06-09
   days on market $675,000 Active 82 DOM
9. 2026-06-08
   days on market $675,000 Active 81 DOM
10. 2026-06-07
    days on market $675,000 Active 80 DOM
11. 2026-06-04
    days on market $675,000 Active 77 DOM
12. 2026-06-03
    days on market $675,000 Active 76 DOM
13. 2026-06-02
    days on market $675,000 Active 75 DOM
14. 2026-06-01
    days on market $675,000 Active 74 DOM
15. 2026-05-31
    days on market $675,000 Active 73 DOM
16. 2026-03-19
    listed $699,000 Active 920-char remark

    Show marketing remark (920 chars)

    Well-Maintained End-Unit Condo walking distance to Downtown San Carlos! This bright, clean, and well-kept first-floor corner unit offers a rare blend of comfort, privacy, and space. Completely updated the entire unit, freshly painted, and the kitchen features new countertops, cabinetry, and new flooring throughout. A shared laundry room is conveniently located just down the hallway, with access to the pool area. Laurel Oaks offers gated covered parking and this unit's assigned stall is stall three, directly under the unit with a locker at the back wall of the space. Residents also enjoy access to a secure building, a pool, and a reservable ground-floor recreation/social room with a full kitchen and bathroom, perfect for gatherings or meetings. Located just blocks from charming downtown San Carlos and only two blocks from Caltrain, this move-in-ready home is a true opportunity in a highly desirable location.

17. 2026-03-19
    listed $699,000 Active 920-char remark

    Show marketing remark (920 chars)

    Well-Maintained End-Unit Condo walking distance to Downtown San Carlos! This bright, clean, and well-kept first-floor corner unit offers a rare blend of comfort, privacy, and space. Completely updated the entire unit, freshly painted, and the kitchen features new countertops, cabinetry, and new flooring throughout. A shared laundry room is conveniently located just down the hallway, with access to the pool area. Laurel Oaks offers gated covered parking and this unit's assigned stall is stall three, directly under the unit with a locker at the back wall of the space. Residents also enjoy access to a secure building, a pool, and a reservable ground-floor recreation/social room with a full kitchen and bathroom, perfect for gatherings or meetings. Located just blocks from charming downtown San Carlos and only two blocks from Caltrain, this move-in-ready home is a true opportunity in a highly desirable location.

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 12 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $56,052
• − Mortgage interest: −$37,810
• − Property taxes: −$10,125
• − Insurance: −$3,375
• − Repairs & maintenance: −$4,484
• − Management: −$4,484
• − HOA: −$5,784
• − Depreciation: −$19,636
• Taxable loss: −$29,647
• Est. tax savings @ 24.0%: +$7,115
• After-tax cash flow: $-10,365/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: San Carlos Elementary
• NCES district ID: 0634290
• Math proficiency: 70% ▼ -5.00%
• Reading proficiency: 77% ▼ -2.00%
• Median HH income: $126,513
• Composite: 69.56/100
• National rank: #302
• State rank: #30 of 517 in CA

Livability — San Carlos

• Score: 82/100
• State rank: #30
• US rank: #1083

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Carlos, CA
• County: San Mateo County · 733,415 people
• City population: 30,447
• Metro: San Francisco-Oakland-Berkeley, CA
• Population (ZIP): 30,447
• Household income: $240,074
• Rent vs Own: 31.4% rent · 68.6% own
• Severe rent burden: 626.0

Population outlook (San Mateo County) Hauer SSP2

• Today (2025): 864,008 people
• By 2030: 910,523 · +5.4%
• By 2040: 997,285 · +15.4%
• By 2050: 1,071,189 · +24.0%
• By 2075: 1,197,206 · +38.6%
• By 2100: 1,192,523 · +38.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 57% Asian 22% Two or more races 13% Hispanic / Latino 11%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Scotch-Irish 2% Lithuanian 2% Romanian 2%
• Foreign-born: 25% · China, Canada, South Korea
• Languages at home: 73% English-only · Other Indo-European 7% Spanish 5% Chinese 5%

Political lean MEDSL · San Mateo

• 2024 margin: Solid D (+50.3) · D 73.5% · R 23.2% · Other 3.3%
• 2008→2024 swing: +1.6pp toward D · 2008: 48.7pp · 2024: 50.3pp
• All cycles: 2024: D+50.3 2020: D+57.7 2016: D+57.7 2012: D+44.8 2008: D+48.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.65%
• Current HPI: 377.7698
• Rent YoY: ▲ 5.86%
• Metro: San Francisco-Oakland-Berkeley, 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

2 events — show timeline

• 2026-03-19 Listed $699,000 MLSListings
• 2026-03-19 Listed $699,000 bridgeMLS, Bay East AOR, or Contra Costa AOR