546-548 41st Ave · San Francisco, CA 94121

$1,348,000

4 bd · 2.0 ba · 2,850 sqft · MultiFamily public records · 14 Days on market

Built 1927 3,001 sqft lot $473/sqft · 18% below area Est $1648k · 18% 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).

• ARV discount +15.0/15.0
• Cash flow +7.8/30.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• DSCR +1.9/10.0
• 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

Rare vacant-at-close Outer Richmond duplex just blocks from Ocean Beach and Golden Gate Park. 546-548 41st Ave is a classic 1927 two-unit building featuring two full-floor 2BR/1BA flats, extensive period detail, an expansive garage/basement level, and a deep shared garden. Spanning approximately 2,850 sq. ft. on a 3,000 sq. ft. lot per tax records, the property offers compelling flexibility for owner-users, investors, multi-generational living, or long-term legacy ownership in one of San Francisco's most desirable coastal neighborhoods. Both residences showcase hardwood floors, decorative fireplaces, built-ins, French doors, formal dining rooms, original wood trim, and large bay windows tha

Key facts

• Deep shared garden
• 3,001 sq ft lot
• Garage

Tags

• OUTER RICHMOND DUPLEX
• BLOCKS FROM OCEAN BEACH
• BLOCKS FROM GOLDEN GATE PARK
• CLASSIC 1927 BUILDING
• EXPANSIVE GARAGE BASEMENT
• DEEP SHARED GARDEN

Property features AI

Finance

• Financial info: Two total units (both currently vacant and leasable); One guest space
• HOA & community: No association fee

Exterior

• Parking: Attached parking with inside entrance; 2 parking spaces (total); 3 tandem parking spaces noted
• Utilities: Separate gas meters; Separate electric meters; Public water; Public sewer
• Home design: Residential income property — duplex; Two-level building (lower and upper flats); Art Deco style
• Construction: Built in 1927; Wood construction; Composition roof; Concrete perimeter foundation
• Exterior features: Bay windows; Regular-shaped lot

Interior

• Kitchen: Dishwasher; Free-standing gas oven; Free-standing gas range; Free-standing refrigerator
• Bedrooms: 4 bedrooms (across two units: lower flat and upper flat)
• Flooring: Wood flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Radiant heating; No cooling
• Interior features: Formal entry; Common area laundry
• Laundry & utility: Washer and dryer (unit-provided, common area laundry listed)

What this means for you Summary

Snapshot

• This is a 2 × 2.0-bed/1.0-bath units multifamily listed at $1.35M.

Deal economics

• At list price, monthly cash flow is $-2k ($-18k/yr) — negative. Per door: $-750/mo.
• To cash-flow at today's rent, offer at most $1.13M (16.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $989k (26.6% below list).
• Recommended offer: $989k (26.6% below list) — sets the bar for 1% rule.
• Cap rate 5.0% vs local median 2.1% in San Francisco — 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 76/100 on livability (#90 in CA, #3,143 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• San Francisco Unified (urban): math 50% / reading 56% proficiency, ranked #322 of 1,400 in CA (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Lilienthal (Claire) Elementary (669 students, 19% FRL); Giannini (A.P.) Middle (1,192 students, 34% FRL); Lowell High (2,632 students, 37% FRL) — zoned schools average 30% FRL vs 49% district-wide (19 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+13.0%/yr); 76 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 750 units permitted in San Francisco County in 2024 (688 in 5+ unit buildings).
• At $9,893/mo this rent would consume 89% of the median local household income ($133k/yr) (locally 2072% 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 $9k of loan paydown is wiped out by about $40k of value loss. Plan a longer hold.
• San Francisco County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $989,300 (26.6% 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. 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. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-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?
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. 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?
9. 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.
10. 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.
11. 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: 0.73% ✗
• Cap rate: 4.96%
• Cash-on-cash: -4.77%
• DSCR: 0.79
• GRM: 11.4

CMA / ARV

• ARV (median comp): $1,648,035
• List price: $1,348,000
• Delta: -18.21%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
546-548 41st Ave	0.00mi	4/2.0	2,850 (0%)	0mo	$2,100,000	$737	100
600-602 39th Ave	0.14mi	5/— (+1)	2,980 (+5%)	1mo	$2,122,000	$712	80
630 40th Ave	0.12mi	5/2.0 (+1)	3,100 (+9%)	6mo	$1,650,000	$532	69
509 44th Ave	0.21mi	4/2.0	2,600 (-9%)	8mo	$1,400,000	$538	69
582-584 42nd Ave	0.08mi	5/3.0 (+1)	2,521 (-12%)	2mo	$1,575,000	$625	66
571 36th Ave	0.27mi	4/4.0	2,900 (+2%)	15mo	$1,450,000	$500	64
714-716 35th Ave	0.41mi	4/—	3,050 (+7%)	8mo	$1,800,000	$590	62
435 44th Ave	0.25mi	5/4.0 (+1)	3,120 (+10%)	2mo	$1,735,000	$556	58
3009-3011 Balboa St	0.60mi	4/3.0	2,874 (+1%)	17mo	$1,662,960	$579	53
883-885 45th Ave	0.50mi	5/3.0 (+1)	2,600 (-9%)	7mo	$1,195,000	$460	47
658-660 33rd Ave	0.50mi	4/1.0	2,550 (-10%)	13mo	$1,300,000	$510	44
3331-3333A Cabrillo St	0.50mi	4/2.0	2,519 (-12%)	20mo	$1,900,000	$754	41

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -19.0%
• Equity multiple: 0.31×
• Total profit: $-261,554
• Equity at exit: $200,991

10-year hold

• IRR: -3.7%
• Equity multiple: 0.70×
• Total profit: $-112,231
• Equity at exit: $116,550

Cash invested: $377,440 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City San Francisco: 0 Strongly Tenant-Friendly · D+57

SF Rent Ordinance + Eviction Protections; relocation $10k+; one of strictest in US.

Methodology + full state rankings →

ZIP-level market 94121

• Rents YoY: 13.0%
• Active inventory: 76
• Price-to-rent: 22.7×

Monthly cashflow live

• Estimated rent: $9,893 high
• Mortgage (P&I): −$7,069
• Tax est. 1.5%: −$1,685 /mo · $20,220/yr
• Insurance: −$562
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,078
• Net cashflow: $-1,500

Break-even live

Break-even rent $11,792

Max offer price $1,130,911

Occupancy floor —

Sensitivity live

Price	-10% $-569	-5% $-1,034	+0% $-1,500	+5% $-1,966	+10% $-2,432
Rent	-10% $-2,282	-5% $-1,891	+0% $-1,500	+5% $-1,109	+10% $-719
Rate	-1.0pp $-821	-0.5pp $-1,157	base $-1,500	+0.5pp $-1,850	+1.0pp $-2,205

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

Units	Beds	Baths	Est. rent
▸ 2× units	2.0	1	$9,892
Total (2 units)			$9,893

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: $337,000
• Closing costs: $40,440
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
806 35th Ave San Francisco, CA	5.0	3.0	2296	$13,995	$6.10	4d	1	0.49mi
1251 40th Ave San Francisco, CA	4.0	3.0	2195	$14,000	$6.38	5d	1	1.01mi

Listing history 1 events

1. 2026-05-14
   listed $1,348,000 Active 1519-char remark

ⓘ 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 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥77°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 13 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $118,716
• − Mortgage interest: −$75,509
• − Property taxes: −$20,220
• − Insurance: −$6,740
• − Repairs & maintenance: −$9,497
• − Management: −$9,497
• − Depreciation: −$39,215
• Taxable loss: −$41,962
• Est. tax savings @ 24.0%: +$10,071
• After-tax cash flow: $-7,932/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 Francisco Unified
• NCES district ID: 0634410
• Math proficiency: 50% ▬ 0.00%
• Reading proficiency: 56% ▲ 1.00%
• Median HH income: $81,249
• Composite: 50.14/100
• National rank: #4088
• State rank: #322 of 1400 in CA

Livability — San Francisco

• Score: 76/100
• State rank: #90
• US rank: #3143

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Francisco, CA
• County: San Francisco County · 827,552 people
• City population: 827,552
• Metro: San Francisco-Oakland-Berkeley, CA
• Population (ZIP): 41,995
• Household income: $133,358
• Rent vs Own: 56.1% rent · 43.9% own
• Severe rent burden: 2072.0

Population outlook (San Francisco County) Hauer SSP2

• Today (2025): 1,030,936 people
• By 2030: 1,110,409 · +7.7%
• By 2040: 1,270,010 · +23.2%
• By 2050: 1,435,001 · +39.2%
• By 2075: 1,779,074 · +72.6%
• By 2100: 1,966,767 · +90.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: Asian 42% White 41% Two or more races 10% Hispanic / Latino 8% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Scotch-Irish 3% Lithuanian 2% Romanian 2%
• Foreign-born: 35% · China, Canada, Vietnam
• Languages at home: 59% English-only · Chinese 22% Russian/Polish/Slavic 4% Spanish 4%

Political lean MEDSL · San Francisco

• 2024 margin: Solid D (+64.8) · D 80.3% · R 15.5% · Other 4.1%
• 2008→2024 swing: -5.7pp toward R · 2008: 70.5pp · 2024: 64.8pp
• All cycles: 2024: D+64.8 2020: D+72.5 2016: D+76.1 2012: D+70.2 2008: D+70.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1078.57%
• Current HPI: 266.5786
• Rent YoY: ▲ 13.03%
• 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

3 events — show timeline

• 2026-05-29 Pending — San Francisco MLS
• 2026-05-28 Contingent — San Francisco MLS
• 2026-05-14 Listed $1,348,000 San Francisco MLS

Property tax history

+2.1%/yr

Latest (2025): $1,527 · +2.9% YoY. Source: county tax records.