3312 38th St · Sacramento, CA 95817

$475,000

4 bd · 2.0 ba · 1,400 sqft · MultiFamily public records · 9 Days on market

Built 1928 6,098 sqft lot Est $560k · 15% under

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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 +15.4/30.0
• ARV discount +14.3/15.0
• DSCR +4.7/10.0
• Livability +3.6/5.0
• Schools +3.5/10.0
• 1% rule +3.0/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Perfect Duplex for owner-occupied - w/ a 4 Car Garage * * * Seller recently invested over 80k remodeling the back Apt and replacing all exterior siding * * * Both units feature 2 Bdrms, 1 Ba with inside laundry * * * Front apt has a long standing tenant and back apt has been completely remodeled and is ready for move in. Dual Pane windows throughout w/ brand new exterior siding and freshly painted * * New Roof in 2012 & new sewer line in 2023 * * * 2 separate 2-Car Garages in the back * * * Close proximity to Aggie Square, UCD Med Center, Shriner's hospital & the Rancho Mirage grocery store

Key facts

• Remodeled back apt
• New exterior siding
• Dual pane windows

Tags

• REMODELED BACK APT
• NEW EXTERIOR SIDING
• DUAL PANE WINDOWS
• NEW ROOF
• NEW SEWER LINE

Property features AI

Finance

• HOA & community: No homeowners association

Exterior

• Parking: Off-street parking; Attached garage with 4 garage spaces (total parking for 4)
• Utilities: City utilities; Public water; Public sewer; Natural gas connected; No irrigation
• Home design: Residential income property (duplex); Apartments/subtype: duplex; Built in 1928
• Construction: Composition roofing; Original construction 1928
• Exterior features: Composition roof; Regular-shaped lot

Interior

• Kitchen: Free standing gas range; Dishwasher
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms
• Flooring: Vinyl, linoleum and wood flooring; varies by unit
• Bathrooms: Unit 2: 1 full bathroom
• Heating & cooling: Wall furnace heating; Ceiling fans; Wall-mounted cooling units; varies by unit
• Interior features: Updated/remodeled units; condition varies by unit; Dual pane full windows; One-story building
• Laundry & utility: Laundry in each unit

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $475k.

Deal economics

• At list price, monthly cash flow is $186 ($2k/yr) — positive. Per door: $93/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $381k (19.7% below list).
• Recommended offer: $381k (19.7% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 3.0% in Sacramento — 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 (#218 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A; Watch: crime F, cost of living F.
• Sacramento City Unified (urban): math 32% / reading 43% proficiency, ranked #804 of 1,400 in CA (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Leonardo Da Vinci (797 students, 35% FRL); Hiram W. Johnson High (1,733 students, 77% FRL).
• Market conditions: Rents rising (+1.3%/yr); 70 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 6,825 units permitted in Sacramento County in 2024 (1,752 in 5+ unit buildings).
• At $3,814/mo this rent would consume 71% of the median local household income ($64k/yr) (locally 1529% 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 $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Sacramento County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $90k; list at $475k implies a 428% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $381,400 (19.7% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
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: 0.80% ✗
• Cap rate: 6.76%
• Cash-on-cash: 1.68%
• DSCR: 1.07
• GRM: 10.4

CMA / ARV

• ARV (on-the-fly): $560,000
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3265 9th Ave	0.34mi	4/2.0	1,409 (+1%)	9mo	$563,000	$400	76
3811 15th Ave	0.41mi	4/3.0	1,450 (+4%)	5mo	$565,000	$390	67
3509 38th St	0.15mi	3/3.0 (-1)	1,224 (-13%)	20mo	$570,000	$466	47
3556 43rd St	0.52mi	4/2.0	1,538 (+10%)	19mo	$507,500	$330	44
3900 - 3902 7th Ave	0.15mi	3/1.0 (-1)	1,208 (-14%)	21mo	$577,000	$478	43

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 · 1.27% rent growth · sell at horizon

5-year hold

• IRR: -15.4%
• Equity multiple: 0.46×
• Total profit: $-71,888
• Equity at exit: $70,824

10-year hold

• IRR: -9.8%
• Equity multiple: 0.44×
• Total profit: $-74,132
• Equity at exit: $41,069

Cash invested: $133,000 (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 95817

• Rents YoY: 1.3%
• Active inventory: 70
• Price-to-rent: 20.8×

Monthly cashflow live

• Estimated rent: $3,814 high
• Mortgage (P&I): −$2,491
• Tax from tax record: −$138 /mo · $1,661/yr
• Insurance: −$198
• HOA: −$0
• Vacancy / Maint / Mgmt: −$801
• Net cashflow: $186

Break-even live

Break-even rent $3,579

Max offer price $475,000

Occupancy floor 90%

Sensitivity live

Price	-10% $455	-5% $320	+0% $186	+5% $51	+10% $-83
Rent	-10% $-116	-5% $35	+0% $186	+5% $336	+10% $487
Rate	-1.0pp $425	-0.5pp $307	base $186	+0.5pp $63	+1.0pp $-63

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,814
Total (2 units)			$3,814

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: $118,750
• Closing costs: $14,250
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3407 37th St Sacramento, CA	4.0	1.0	1371	$1,845	$1.35	45d	1	0.10mi
3402 7th Ave Sacramento, CA	3.0	1.0	1139	$1,950	$1.71	4d	1	0.23mi
3210 40th St Unit 1/2 Sacramento, CA	3.0	1.0	1280	$1,990	$1.55	16d	1	0.28mi
3116 40th St Unit B Sacramento, CA	3.0	1.0	1029	$2,200	$2.14	45d	1	0.29mi
3900 3rd Ave Sacramento, CA	3.0	1.0	882	$2,565	$2.91	25d	1	0.38mi
3900 38th St Sacramento, CA	3.0	2.0	1119	$2,540	$2.27	25d	1	0.39mi
3400 44th St Sacramento, CA	3.0	2.5	1578	$2,495	$1.58	45d	1	0.57mi
4200 35th St Sacramento, CA	3.0	1.0	1100	$2,200	$2.00	18d	1	0.59mi
3153 2nd Ave Sacramento, CA	3.0	1.0	900	$2,195	$2.44	9d	1	0.71mi
3962 44th St Sacramento, CA	3.0	3.0	1081	$2,550	$2.36	9d	1	0.71mi
3962 44th St Sacramento, CA	3.0	3.0	1081	$2,495	$2.31	23d	1	0.71mi
4225 Y St Sacramento, CA	3.0	2.0	1780	$4,450	$2.50	45d	1	0.74mi
4624 11th Ave Sacramento, CA	4.0	2.0	1643	$3,200	$1.95	45d	1	0.77mi
3401 21st Ave Sacramento, CA	3.0	1.0	1100	$2,100	$1.91	9d	1	0.81mi
3480 22nd Ave Sacramento, CA	3.0	2.0	1549	$2,500	$1.61	19d	1	0.88mi
5017 10th Ave Sacramento, CA	3.0	2.0	1400	$2,600	$1.86	18d	1	1.01mi
3675 T St Sacramento, CA	1.0–3.0	1.0–2.0	1032	$4,040	$3.91	0d	9	1.03mi
4701 V St Sacramento, CA	3.0	2.0	1008	$2,395	$2.38	19d	1	1.07mi
4311 48th St Sacramento, CA	3.0	1.0	1313	$2,150	$1.64	45d	1	1.09mi
5221 9th Ave Sacramento, CA	3.0	1.5	1626	$3,000	$1.85	18d	1	1.15mi
3042 53rd St Sacramento, CA	3.0	2.0	1115	$2,225	$2.00	46d	1	1.18mi
4204 51st St Sacramento, CA	3.0	1.0	1050	$2,450	$2.33	4d	1	1.19mi
4204 51st St Unit A Sacramento, CA	3.0	1.0	1050	$2,450	$2.33	25d	1	1.19mi
2548 52nd St Sacramento, CA	3.0	2.0	1013	$3,150	$3.11	9d	1	1.23mi
4930 Bonniemae Way Sacramento, CA	3.0	2.0	1289	$2,500	$1.94	45d	1	1.24mi
2212 20th Ave Sacramento, CA	3.0	2.0	1150	$2,850	$2.48	45d	1	1.37mi
5301 20th Ave Sacramento, CA	3.0	1.0	1053	$2,650	$2.52	45d	1	1.43mi

Listing history 7 events

1. 2026-06-21
   days on market $475,000 Active 9 DOM
2. 2026-06-18
   days on market $475,000 Active 6 DOM
3. 2026-06-17
   days on market $475,000 Active 5 DOM
4. 2026-06-16
   days on market $475,000 Active 4 DOM
5. 2026-06-15
   days on market $475,000 Active 3 DOM
6. 2026-06-13
   remarks 640-char remark
7. 2026-06-13
   listed $475,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $1,661 · $138/mo
• Projected year-2 tax: $3,610 · $301/mo
• Expected delta: +$1,949/yr (+$162/mo · 117.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 25 unhealthy d/yr today · 26 by 30 yrs out

Taxation est. · year 1

• Rental income: $45,768
• − Mortgage interest: −$26,607
• − Property taxes: −$1,661
• − Insurance: −$2,375
• − Repairs & maintenance: −$3,661
• − Management: −$3,661
• − Depreciation: −$13,818
• Taxable loss: −$6,016
• Est. tax savings @ 24.0%: +$1,444
• After-tax cash flow: $3,673/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: Sacramento City Unified
• NCES district ID: 0633840
• Math proficiency: 32% ▬ 0.00%
• Reading proficiency: 43% ▲ 3.00%
• Median HH income: $49,280
• Composite: 34.86/100
• National rank: #10000
• State rank: #804 of 1400 in CA

Livability — Sacramento

• Score: 71/100
• State rank: #218
• US rank: #6957

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sacramento, CA
• County: Sacramento County · 1,539,646 people
• City population: 761,410
• Metro: Sacramento-Roseville-Folsom, CA
• Population (ZIP): 14,219
• Household income: $64,212
• Rent vs Own: 62.7% rent · 37.3% own
• Severe rent burden: 1529.0

Population outlook (Sacramento County) Hauer SSP2

• Today (2025): 1,660,763 people
• By 2030: 1,732,990 · +4.3%
• By 2040: 1,855,755 · +11.7%
• By 2050: 1,941,335 · +16.9%
• By 2075: 2,046,162 · +23.2%
• By 2100: 1,961,444 · +18.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.73)
• Race & ethnicity: White 43% Hispanic / Latino 24% Two or more races 13% Black 12% Asian 11% Native American 2% Pacific Islander 1%
• Hispanic origin (detail): Mexican 19% Dominican 1%
• Common ancestry: Italian 4% Slovak 2% Portuguese 2%
• Foreign-born: 11% · Canada, China, South Korea
• Languages at home: 80% English-only · Spanish 9% Other Asian/Pacific 3% Russian/Polish/Slavic 2%

Political lean MEDSL · Sacramento

• 2024 margin: D (+19.7) · D 58.1% · R 38.4% · Other 3.5%
• 2008→2024 swing: +0.7pp no change · 2008: 19.0pp · 2024: 19.7pp
• All cycles: 2024: D+19.7 2020: D+25.3 2016: D+23.7 2012: D+16.3 2008: D+19.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -402.45%
• Current HPI: 617.5913
• Rent YoY: ▲ 1.27%
• Metro: Sacramento-Roseville-Folsom, 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

+181.2% since first listed

7 events — show timeline

• 2012-06-29 Sold (Public Records) $90,000 Public Records
• 2004-09-17 Sold (Public Records) $276,000 Public Records
• 2003-11-12 Sold (Public Records) $140,000 Public Records
• 1986-10-31 Sold (Public Records) $40,000 Public Records
• 1984-11-28 Sold (Public Records) $35,000 Public Records
• 1982-10-08 Sold (Public Records) $33,000 Public Records
• 1978-11-14 Sold (Public Records) $32,000 Public Records

Property tax history

-4.3%/yr

Latest (2025): $1,661 · +1.3% YoY. Source: county tax records.