537 W University · Fresno, CA 93705

$349,900

4 bd · 2.0 ba · 2,266 sqft · MultiFamily public records · 46 Days on market

Built 1955 8,400 sqft lot $154/sqft · 7% below area Est $376k · 7% under

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Why this score? — see what drove the C- 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 +20.6/30.0
• ARV discount +10.6/15.0
• DSCR +6.5/10.0
• 1% rule +4.9/10.0
• Rent growth +3.8/5.0
• Livability +3.1/5.0
• Schools +2.7/10.0
• 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 MLS

Turnkey Duplex Investment Opportunity - Great Fresno Location. Welcome to 537 W University Ave, Fresno - a compelling income-producing property ideal for both seasoned investors and those looking to enter the multi-family market. With consistent occupancy and room for rental upside, this asset provides immediate cash flow. the property includes ample parking and low-maintenance grounds, helping to keep operating costs manageable. Don't miss your chance to capitalize on this high-demand rental location with strong growth potential.

Key facts

• 8,400 sq ft lot
• 2 garage spots
• Built 1955

Property features AI

Finance

• Other: Lot described as 0-1 unit/acre
• Financial info: Total building area 2,266; Unit rents listed: one unit at $959 (furnished), one unit at $1,386 (furnished)
• HOA & community: Urban community

Exterior

• Parking: Two total parking spaces; Each unit has an attached garage (1 garage space per unit)
• Utilities: Public sewer; District/public water
• Home design: Single-story property; No shared/common walls; Property contains 2 units within one building
• Construction: Building constructed according to assessor records; One building on the lot
• Exterior features: No pool

Interior

• Bedrooms: Two bedrooms in each unit
• Interior features: One-level entry with a door entrance; No on-site laundry
• Laundry & utility: No laundry facilities

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $467 ($6k/yr) — positive. Per door: $233/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 $345k (1.3% below list).
• Recommended offer: $339k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 3.7% in Fresno — 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 62/100 on livability (#469 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+; Watch: amenities D+, employment D+, schools D.
• Fresno Unified (urban): math 18% / reading 47% proficiency, ranked #327 of 517 in CA (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.2%/yr); 96 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,426 units permitted in Fresno County in 2024 (296 in 5+ unit buildings).
• At $3,452/mo this rent would consume 73% of the median local household income ($57k/yr) (locally 2217% 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 $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Fresno County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($339k) is reasonable based on typical stale-listing flexibility.
• 6 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.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $339,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% 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 1955 — 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. 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. 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: 0.99% ✗
• Cap rate: 7.89%
• Cash-on-cash: 5.72%
• DSCR: 1.25
• GRM: 8.4

CMA / ARV

• ARV (median comp): $376,000
• List price: $349,900
• Delta: -6.94%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
535 W Peralta Way	0.06mi	5/3.0 (+1)	2,208 (-3%)	11mo	$475,000	$215	75
2009 N Ferger Ave	0.62mi	4/2.0	2,227 (-2%)	3mo	$407,000	$183	66
1135 N Arthur Ave	0.68mi	4/2.0	2,240 (-1%)	18mo	$340,000	$152	51
2336 N Fruit	0.34mi	4/3.0	2,600 (+15%)	8mo	$439,000	$169	49

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 · 5.19% rent growth · sell at horizon

5-year hold

• IRR: -5.2%
• Equity multiple: 0.80×
• Total profit: $-19,241
• Equity at exit: $52,171

10-year hold

• IRR: 6.8%
• Equity multiple: 1.56×
• Total profit: $54,701
• Equity at exit: $30,253

Cash invested: $97,972 (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 93705

• Rents YoY: 5.2%
• Active inventory: 96
• Price-to-rent: 16.9×

Monthly cashflow live

• Estimated rent: $3,452 high
• Mortgage (P&I): −$1,835
• Tax from tax record: −$280 /mo · $3,355/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$725
• Net cashflow: $467

Break-even live

Break-even rent $2,861

Max offer price $349,900

Occupancy floor 81%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,452
Total (2 units)			$3,452

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: $87,475
• Closing costs: $10,497
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
145 E University Ave Fresno, CA	4.0	3.0	2460	$2,800	$1.14	10d	1	0.51mi
642 E McKinley Ave Fresno, CA	3.0	2.0	2018	$2,500	$1.24	43d	1	0.87mi
1105 N College Ave Fresno, CA	3.0	2.0	1962	$2,225	$1.13	43d	1	1.37mi
575 N Yosemite Ave Fresno, CA	3.0	1.0	1900	$2,200	$1.16	43d	1	1.41mi

Listing history 22 events

1. 2026-06-18
   days on market $349,900 Active 46 DOM
2. 2026-06-17
   days on market $349,900 Active 45 DOM
3. 2026-06-16
   days on market $349,900 Active 44 DOM
4. 2026-06-15
   days on market $349,900 Active 43 DOM
5. 2026-06-13
   days on market $349,900 Active 41 DOM
6. 2026-06-10
   days on market $349,900 Active 38 DOM
7. 2026-06-09
   days on market $349,900 Active 37 DOM
8. 2026-06-08
   days on market $349,900 Active 36 DOM
9. 2026-06-07
   days on market $349,900 Active 35 DOM
10. 2026-06-05
    days on market $349,900 Active 32 DOM
11. 2026-06-03
    days on market $349,900 Active 31 DOM
12. 2026-06-02
    days on market $349,900 Active 30 DOM
13. 2026-06-01
    days on market $349,900 Active 29 DOM
14. 2026-05-31
    days on market $349,900 Active 28 DOM
15. 2026-05-03
    listed $349,900 Active 540-char remark
16. 2026-05-01
    listed $349,900 Active

    Show marketing remark (536 chars)

    Turnkey Duplex Investment Opportunity - Great Fresno Location. Welcome to 537 W University Ave, Fresno - a compelling income-producing property ideal for both seasoned investors and those looking to enter the multi-family market. With consistent occupancy and room for rental upside, this asset provides immediate cash flow. the property includes ample parking and low-maintenance grounds, helping to keep operating costs manageable. Don't miss your chance to capitalize on this high-demand rental location with strong growth potential.

17. 2026-05-01
    listed $349,900 Active

    Show marketing remark (536 chars)

    Turnkey Duplex Investment Opportunity - Great Fresno Location. Welcome to 537 W University Ave, Fresno - a compelling income-producing property ideal for both seasoned investors and those looking to enter the multi-family market. With consistent occupancy and room for rental upside, this asset provides immediate cash flow. the property includes ample parking and low-maintenance grounds, helping to keep operating costs manageable. Don't miss your chance to capitalize on this high-demand rental location with strong growth potential.

18. 2026-05-01
    listed $349,900 Active

    Show marketing remark (536 chars)

    Turnkey Duplex Investment Opportunity - Great Fresno Location. Welcome to 537 W University Ave, Fresno - a compelling income-producing property ideal for both seasoned investors and those looking to enter the multi-family market. With consistent occupancy and room for rental upside, this asset provides immediate cash flow. the property includes ample parking and low-maintenance grounds, helping to keep operating costs manageable. Don't miss your chance to capitalize on this high-demand rental location with strong growth potential.

19. 2026-05-01
    listed $349,900 Active

    Show marketing remark (536 chars)

    Turnkey Duplex Investment Opportunity - Great Fresno Location. Welcome to 537 W University Ave, Fresno - a compelling income-producing property ideal for both seasoned investors and those looking to enter the multi-family market. With consistent occupancy and room for rental upside, this asset provides immediate cash flow. the property includes ample parking and low-maintenance grounds, helping to keep operating costs manageable. Don't miss your chance to capitalize on this high-demand rental location with strong growth potential.

20. 2026-05-01
    listed $349,900 Active

    Show marketing remark (536 chars)

    Turnkey Duplex Investment Opportunity - Great Fresno Location. Welcome to 537 W University Ave, Fresno - a compelling income-producing property ideal for both seasoned investors and those looking to enter the multi-family market. With consistent occupancy and room for rental upside, this asset provides immediate cash flow. the property includes ample parking and low-maintenance grounds, helping to keep operating costs manageable. Don't miss your chance to capitalize on this high-demand rental location with strong growth potential.

21. 2018-06-14
    soldstatus $6,447,500
22. 1992-06-26
    soldstatus $80,000

ⓘ 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: $3,355 · $280/mo
• Projected year-2 tax: $3,355 · $280/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 4/10 Moderate FEMA zone X (shaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 48 unhealthy d/yr today · 50 by 30 yrs out

Taxation est. · year 1

• Rental income: $41,424
• − Mortgage interest: −$19,600
• − Property taxes: −$3,355
• − Insurance: −$1,750
• − Repairs & maintenance: −$3,314
• − Management: −$3,314
• − Depreciation: −$10,179
• Taxable loss: −$87
• Est. tax savings @ 24.0%: +$21
• After-tax cash flow: $5,622/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: Fresno Unified
• NCES district ID: 0614550
• Math proficiency: 18% ▼ -12.00%
• Reading proficiency: 47% ▲ 9.00%
• Median HH income: $36,095
• Composite: 26.83/100
• National rank: #7111
• State rank: #327 of 517 in CA

Livability — Fresno

• Score: 62/100
• State rank: #469
• US rank: #15907

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fresno, CA
• County: Fresno County · 834,801 people
• City population: 593,114
• Metro: Fresno, CA
• Population (ZIP): 38,888
• Household income: $57,003
• Rent vs Own: 52.6% rent · 47.4% own
• Severe rent burden: 2217.0

Population outlook (Fresno County) Hauer SSP2

• Today (2025): 1,042,971 people
• By 2030: 1,072,198 · +2.8%
• By 2040: 1,122,408 · +7.6%
• By 2050: 1,157,251 · +11.0%
• By 2075: 1,182,575 · +13.4%
• By 2100: 1,105,899 · +6.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: Hispanic / Latino 62% Two or more races 34% White 22% Black 6% Asian 6% Native American 2%
• Hispanic origin (detail): Mexican 60%
• Common ancestry: Lithuanian 1% Iranian 1% Russian 1%
• Foreign-born: 13% · Canada, China
• Languages at home: 61% English-only · Spanish 34% Other Asian/Pacific 2% Other Indo-European 1%

Political lean MEDSL · Fresno

• 2024 margin: Toss-up / Even · D 46.5% · R 50.9% · Other 2.6%
• 2008→2024 swing: -6.5pp toward R · 2008: 2.1pp · 2024: -4.4pp
• All cycles: 2024: R+4.4 2020: D+7.8 2016: D+3.9 2012: R+2.9 2008: D+2.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -331.23%
• Current HPI: 399.0061
• Rent YoY: ▲ 5.19%
• Metro: Fresno, 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

+337.4% since first listed

8 events — show timeline

• 2026-05-03 Listed $349,900 CRMLS
• 2026-05-01 Listed $349,900 CRMLS
• 2026-05-01 Listed $349,900 TCMLS
• 2026-05-01 Listed $349,900 FRESNOMLS
• 2026-05-01 Listed $349,900 KCBOR
• 2026-05-01 Listed $349,900 FRESNOMLS
• 2018-06-14 Sold (Public Records) $6,447,500 Public Records
• 1992-06-26 Sold (Public Records) $80,000 Public Records

Property tax history

+8.4%/yr

Latest (2025): $3,355 · +3.9% YoY. Source: county tax records.