208 N B St · Exeter, CA 93221

$675,000

8 bd · 4.0 ba · 3,360 sqft · MultiFamily public records · 41 Days on market

Built 1978 7,691 sqft lot Est $665k · at est. ↓ 25% since listing

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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 +13.9/30.0
• ARV discount +6.8/15.0
• DSCR +4.2/10.0
• Schools +3.4/10.0
• 1% rule +3.2/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• 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: 4 units. confirmed

Listing remarks

Investor Alert! Check out this clean & cash-flowing 4-Plex in a PRIME location in the city of Exeter! Whether you're looking to grow your portfolio or house-hack, this property is ready to deliver. Minimal upkeep, maximum potential. Opportunities like this don't last! DM for details or call me to schedule your private showing! #InvestmentProperty #MultiFamily #RealEstate #OpportunityKnocks #PassiveIncome

Key facts

• 4-plex
• Maximum potential
• Prime location

Tags

• 4-PLEX
• PRIME LOCATION
• MINIMAL UPKEEP
• MAXIMUM POTENTIAL

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $675k.

Deal economics

• At list price, monthly cash flow is $71 ($855/yr) — positive. Per door: $18/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 $551k (18.3% below list).
• Recommended offer: $551k (18.3% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 3.0% in Exeter — 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 55/100 on livability (#845 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A; Watch: crime C-, schools D, amenities F.
• Exeter Unified (suburban): math 30% / reading 44% proficiency, ranked #832 of 1,400 in CA (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 97 active listings in the ZIP; 1,447 units permitted in Tulare County in 2024 (307 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k of value loss. Plan a longer hold.
• Tulare County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($655k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; severe wildfire risk; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $551,300 (18.3% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
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 1978 — 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 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?
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: 0.82% ✗
• Cap rate: 6.42%
• Cash-on-cash: 0.45%
• DSCR: 1.02
• GRM: 10.2

CMA / ARV

• ARV (on-the-fly): $665,280
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
208 N B St	0.00mi	8/4.0	3,360 (0%)	1mo	$665,000	$198	99

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -15.6%
• Equity multiple: 0.44×
• Total profit: $-104,993
• Equity at exit: $100,645

10-year hold

• IRR: -7.2%
• Equity multiple: 0.54×
• Total profit: $-86,197
• Equity at exit: $58,362

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 93221

• Active inventory: 97
• Price-to-rent: 40.8×

Monthly cashflow live

• Estimated rent: $5,513 high
• Mortgage (P&I): −$3,540
• Tax from tax record: −$463 /mo · $5,556/yr
• Insurance: −$281
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,158
• Net cashflow: $71

Break-even live

Break-even rent $5,423

Max offer price $675,000

Occupancy floor 94%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$5,512
Total (4 units)			$5,513

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: —

Listing history 6 events

1. 2026-04-03
   status Pending
2. 2026-03-31
   price $675,000
3. 2026-02-21
   listed $685,000 Active
4. 2024-03-29
   historical $900
5. 2024-03-24
   listed $900
6. 2023-11-28
   soldstatus $900,000

ⓘ 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: $5,556 · $463/mo
• Projected year-2 tax: $5,556 · $463/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (shaded) · 41% chance over 30 yrs
• 🔥 Wildfire 8/10 Severe
• 🌡 Heat 8/10 Severe 7 d/yr ≥105°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 50 unhealthy d/yr today · 53 by 30 yrs out

Taxation est. · year 1

• Rental income: $66,156
• − Mortgage interest: −$37,810
• − Property taxes: −$5,556
• − Insurance: −$3,375
• − Repairs & maintenance: −$5,292
• − Management: −$5,292
• − Depreciation: −$19,636
• Taxable loss: −$10,807
• Est. tax savings @ 24.0%: +$2,594
• After-tax cash flow: $3,448/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: Exeter Unified
• NCES district ID: 0601423
• Math proficiency: 30% ▼ -2.00%
• Reading proficiency: 44% ▼ -1.00%
• Median HH income: $46,404
• Composite: 34.19/100
• National rank: #10261
• State rank: #832 of 1400 in CA

Livability — Exeter

• Score: 55/100
• State rank: #845
• US rank: #23297

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Exeter, CA
• Population (ZIP): 14,399

Population outlook (Tulare County) Hauer SSP2

• Today (2025): 484,681 people
• By 2030: 496,241 · +2.4%
• By 2040: 518,507 · +7.0%
• By 2050: 534,920 · +10.4%
• By 2075: 548,417 · +13.2%
• By 2100: 513,085 · +5.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Hispanic (53%)
• Race & ethnicity: Hispanic / Latino 53% White 42% Two or more races 16% Asian 2%
• Hispanic origin (detail): Mexican 50% Puerto Rican 1%
• Common ancestry: Slovak 1% Portuguese 1% Russian 1%
• Foreign-born: 11% · Canada
• Languages at home: 69% English-only · Spanish 28% Tagalog/Filipino 1% Other Indo-European 1%

Political lean MEDSL · Tulare

• 2024 margin: Strong R (+20.7) · D 38.5% · R 59.2% · Other 2.3%
• 2008→2024 swing: -5.4pp toward R · 2008: -15.3pp · 2024: -20.7pp
• All cycles: 2024: R+20.7 2020: R+7.8 2016: R+12.1 2012: R+17.8 2008: R+15.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -187.00%
• Current HPI: 345.1725
• Rent YoY: —
• Metro: —
• 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

-25.0% since first listed

6 events — show timeline

• 2026-04-03 Pending — TCMLS
• 2026-03-31 Price Changed $675,000 TCMLS
• 2026-02-21 Listed $685,000 TCMLS
• 2024-03-29 Rental Removed $900 APPFOLIO
• 2024-03-24 Listed for Rent $900 APPFOLIO
• 2023-11-28 Sold (Public Records) $900,000 Public Records

Property tax history

+11.0%/yr

Latest (2025): $5,556 · +159.1% YoY. Source: county tax records.