2901-2921 Columbia St · San Diego, CA 92103

$3,775,000

None bd · None ba · 7,800 sqft · MultiFamily · 59 Days on market

Good condition 0.29 ac lot Est $4454k · 15% under ↓ 5% 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).

• ARV discount +14.4/15.0
• Cash flow +14.1/30.0
• DSCR +4.3/10.0
• 1% rule +3.9/10.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• Rent growth +2.8/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 11 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Discover a compelling value-add investment opportunity -- 11-unit residential Investment. Property perfectly positioned in the heart of Middletown, one of Metro San Diego's most sought-after and consistently resilient neighborhoods. This is your chance to acquire a property in a sub-market that continues to attract strong renter demand and long-term appreciation potential. RM-2-5 zoned corner lot offers significant upside potential for investors looking to increase current rents and through unit upgrades or explore future development possibilities. The property is well-maintained and functionally sound, providing stable in-place income while an investor executes their value-add strategy. Ke

Key facts

• Unit upgrades
• Triple-pane windows
• Well-maintained

Tags

• CORNER LOT
• UNIT UPGRADES
• WELL-MAINTAINED
• OFF-STREET TENANT PARKING
• TRIPLE-PANE WINDOWS
• PITCH COMPOSITION ROOF

Property features AI

Finance

• HOA & community: No community features listed

Exterior

• Parking: Total of 11 parking spaces; Includes 1 carport
• Home design: Residential income property (Com-Res Income); Zoned RM-2-5
• Construction: Composition roof
• Exterior features: Landscaped lot

Interior

• Flooring: Tile; Vinyl
• Heating & cooling: Radiant heating; No cooling
• Interior features: Tile and vinyl flooring

What this means for you Summary

Snapshot

• This is a 11 × 2-bed/?-bath units multifamily listed at $3.77M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $562 ($7k/yr) — positive. Per door: $51/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 $3.37M (10.6% below list).
• Recommended offer: $3.37M (10.6% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 2.0% in San Diego — 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 75/100 on livability (#123 in CA, #4,206 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: health & safety C-, crime D+, cost of living F.
• San Diego Unified (urban): math 19% / reading 29% proficiency, ranked #393 of 517 in CA (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Grant K-8 (reading 24%, 721 students, 32% FRL); Roosevelt International Middle (math 24% / reading 24%, grade F, #277 of 498 statewide, top 73%, 761 students, 59% FRL); San Diego High (2,105 students, 62% FRL) — zoned schools at 51% FRL track the district average.
• Market conditions: Rents rising (+1.2%/yr); 221 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 11,759 units permitted in San Diego County in 2024 (7,244 in 5+ unit buildings).
• At $33,734/mo this rent would consume 394% of the median local household income ($103k/yr) (locally 2543% 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 $26k of loan paydown is wiped out by about $113k of value loss. Plan a longer hold.
• San Diego County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($3.66M) is reasonable based on typical stale-listing flexibility.

Recommended offer $3,373,400 (10.6% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 11% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is D 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: 0.89% ✗
• Cap rate: 6.47%
• Cash-on-cash: 0.64%
• DSCR: 1.03
• GRM: 9.3

CMA / ARV

• ARV (on-the-fly): $4,453,800
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
726 Torrance St	0.69mi	—/—	8,000 (+3%)	10mo	$2,650,000	$331	55
3020 6th Ave	0.74mi	3/2.0	7,298 (-6%)	3mo	$4,200,000	$576	52
2621-2629 1st Ave	0.51mi	—/—	6,870 (-12%)	6mo	$3,925,000	$571	51
2920 First Ave	0.46mi	5/5.0	8,876 (+14%)	14mo	$4,300,000	$484	44

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 · 1.24% rent growth · sell at horizon

5-year hold

• IRR: -17.3%
• Equity multiple: 0.40×
• Total profit: $-634,141
• Equity at exit: $562,865

10-year hold

• IRR: -12.9%
• Equity multiple: 0.30×
• Total profit: $-736,609
• Equity at exit: $326,393

Cash invested: $1,057,000 (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 92103

• Rents YoY: 1.2%
• Active inventory: 221
• Price-to-rent: 102.6×

Monthly cashflow live

• Estimated rent: $33,734 high
• Mortgage (P&I): −$19,797
• Tax est. 1.5%: −$4,719 /mo · $56,625/yr
• Insurance: −$1,573
• HOA: −$0
• Vacancy / Maint / Mgmt: −$7,084
• Net cashflow: $562

Break-even live

Break-even rent $33,023

Max offer price $3,775,000

Occupancy floor 93%

Sensitivity live

Price	-10% $3,171	-5% $1,866	+0% $562	+5% $-743	+10% $-2,047
Rent	-10% $-2,103	-5% $-771	+0% $562	+5% $1,894	+10% $3,227
Rate	-1.0pp $2,463	-0.5pp $1,522	base $562	+0.5pp $-417	+1.0pp $-1,412

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

Units	Beds	Baths	Est. rent
▸ 11× units	2	—	$33,737
Total (11 units)			$33,734

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: $943,750
• Closing costs: $113,250
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
750 W Fir St San Diego, CA	4.0	1.0–4.0	4775	$9,245	$1.94	3d	4	0.75mi

Listing history 16 events

1. 2026-06-21
   days on market $3,775,000 Active 59 DOM
2. 2026-06-18
   days on market $3,775,000 Active 56 DOM
3. 2026-06-17
   days on market $3,775,000 Active 55 DOM
4. 2026-06-16
   days on market $3,775,000 Active 54 DOM
5. 2026-06-15
   days on market $3,775,000 Active 53 DOM
6. 2026-06-13
   pricedays on market $3,775,000 Active 51 DOM
7. 2026-06-09
   days on market $3,950,000 Active 47 DOM
8. 2026-06-08
   days on market $3,950,000 Active 46 DOM
9. 2026-06-07
   days on market $3,950,000 Active 45 DOM
10. 2026-06-04
    days on market $3,950,000 Active 42 DOM
11. 2026-06-03
    days on market $3,950,000 Active 41 DOM
12. 2026-06-02
    days on market $3,950,000 Active 40 DOM
13. 2026-06-01
    days on market $3,950,000 Active 39 DOM
14. 2026-05-31
    days on market $3,950,000 Active 38 DOM
15. 2026-05-15
    price $3,950,000
16. 2026-04-22
    listed $4,150,000 Active

ⓘ 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 ≥87°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $404,808
• − Mortgage interest: −$211,459
• − Property taxes: −$56,625
• − Insurance: −$18,875
• − Repairs & maintenance: −$32,385
• − Management: −$32,385
• − Depreciation: −$109,818
• Taxable loss: −$56,738
• Est. tax savings @ 24.0%: +$13,617
• After-tax cash flow: $20,357/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.

Condition & rehab AI · 6 photos

Good 75/100 Cosmetic rehab

This 11-unit multi-family property in Middletown, San Diego, is in good condition with a well-maintained exterior and interior. It offers a solid investment opportunity with potential for value-add improvements.

Value-add opportunities

• Both Painting exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics.
• Both Landscaping improvements — Enhances curb appeal and can attract more renters.
• Rental HVAC system maintenance — Ensures comfort and reduces utility costs for tenants.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Enhances curb appeal and can attract more renters. ↑
• Rental HVAC system maintenance — Ensures comfort and reduces utility costs for tenants. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: San Diego Unified
• NCES district ID: 0634320
• Math proficiency: 19% ▼ -29.00%
• Reading proficiency: 29% ▼ -28.00%
• Median HH income: $61,673
• Composite: 22.31/100
• National rank: #8135
• State rank: #393 of 517 in CA

Livability — San Diego

• Score: 75/100
• State rank: #123
• US rank: #4206

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Diego, CA
• County: San Diego County · 3,178,799 people
• City population: 1,397,612
• Metro: San Diego-Chula Vista-Carlsbad, CA
• Population (ZIP): 34,836
• Household income: $102,626
• Rent vs Own: 64.8% rent · 35.2% own
• Severe rent burden: 2543.0

Population outlook (San Diego County) Hauer SSP2

• Today (2025): 3,678,185 people
• By 2030: 3,856,546 · +4.8%
• By 2040: 4,171,407 · +13.4%
• By 2050: 4,421,607 · +20.2%
• By 2075: 4,831,599 · +31.4%
• By 2100: 4,832,502 · +31.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 20% Two or more races 10% Asian 7% Black 2%
• Hispanic origin (detail): Mexican 15% Puerto Rican 1%
• Common ancestry: Romanian 5% Lithuanian 3% Slovak 2%
• Foreign-born: 15% · Canada, China
• Languages at home: 77% English-only · Spanish 12% Other Indo-European 2% Chinese 2%

Political lean MEDSL · San Diego

• 2024 margin: D (+16.8) · D 56.9% · R 40.1% · Other 2.9%
• 2008→2024 swing: +6.6pp toward D · 2008: 10.2pp · 2024: 16.8pp
• All cycles: 2024: D+16.8 2020: D+22.8 2016: D+17.8 2012: D+5.1 2008: D+10.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -723.82%
• Current HPI: 256.0844
• Rent YoY: ▲ 1.24%
• Metro: San Diego-Chula Vista-Carlsbad, 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

-4.8% since first listed

2 events — show timeline

• 2026-05-15 Price Changed $3,950,000 SDMLS
• 2026-04-22 Listed $4,150,000 SDMLS