4444 49th St · San Diego, CA 92115

$2,250,000

8 bd · 8.0 ba · 4,216 sqft · MultiFamily public records · 40 Days on market

Built 1962

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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 +24.5/30.0
• DSCR +7.9/10.0
• ARV discount +7.5/15.0
• 1% rule +6.1/10.0
• Livability +3.8/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• 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: 8 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

HUGE PRICE REDUCTION! $350,000!!! Incredible opportunity to own a fully remodeled 8-unit multifamily property just minutes from SDSU in the rapidly growing College Area of San Diego. Each 1-bed / 1-bath unit is newly upgraded and will be delivered fully furnished, offering a turnkey investment with strong existing income. Six units are currently producing high-demand mid-term rental income, with significant upside if converted to long-term tenants, achieving a projected 6.42% cap rate at the new price of $2,250,000. The property features modern interiors, on-site laundry, 10 parking spaces, and a Walk Score of 91, providing excellent accessibility to dining, retail, and transportation. With

Key facts

• Fully remodeled
• Newly upgraded
• 11 parking spaces

Tags

• FULLY REMODELED
• NEWLY UPGRADED
• FULLY FURNISHED
• ON-SITE LAUNDRY
• 11 PARKING SPACES
• EXCELLENT ACCESSIBILITY

What this means for you Summary

Snapshot

• This is a 8 × 4-bed/4.0-bath units multifamily listed at $2.25M.

Deal economics

• At list price, monthly cash flow is $5k ($56k/yr) — positive. Per door: $579/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($25k rent vs $2.25M).
• Recommended offer: $2.18M (3.0% below list) — sets the bar for market timing.
• Cap rate 8.8% 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.
• Market conditions: Rents rising (+3.7%/yr); 181 active listings in the ZIP; solid renter incomes; 11,759 units permitted in San Diego County in 2024 (7,244 in 5+ unit buildings).
• At $24,929/mo this rent would consume 378% of the median local household income ($79k/yr) (locally 4584% 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 $16k of loan paydown is wiped out by about $68k 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 40 days — a 3% lower offer ($2.18M) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 6y 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.

Recommended offer $2,182,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 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 1962 — 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 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?
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: 1.11% ✓
• Cap rate: 8.76%
• Cash-on-cash: 8.82%
• DSCR: 1.39
• GRM: 7.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.74% rent growth · sell at horizon

5-year hold

• IRR: -2.1%
• Equity multiple: 0.92×
• Total profit: $-50,811
• Equity at exit: $335,482

10-year hold

• IRR: 8.3%
• Equity multiple: 1.66×
• Total profit: $413,828
• Equity at exit: $194,539

Cash invested: $630,000 (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 92115

• Rents YoY: 3.7%
• Active inventory: 181
• Price-to-rent: 60.2×

Monthly cashflow live

• Estimated rent: $24,929 medium
• Mortgage (P&I): −$11,799
• Tax from tax record: −$2,325 /mo · $27,903/yr
• Insurance: −$938
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,235
• Net cashflow: $4,632

Break-even live

Break-even rent $19,066

Max offer price $2,250,000

Occupancy floor 76%

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

Units	Beds	Baths	Est. rent
▸ 8× units	4	4	$24,928
Total (8 units)			$24,929

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: $562,500
• Closing costs: $67,500
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-01-02
   soldstatus $2,200,000
2. 2025-11-18
   status Pending
3. 2025-11-04
   price $2,250,000
4. 2025-11-03
   price $2,500,000
5. 2025-10-19
   price $2,300,000
6. 2025-10-08
   listed $2,350,000 Active
7. 2025-09-18
   historical
8. 2025-06-18
   listed $2,699,000 Active
9. 2025-06-15
   historical
10. 2025-06-07
    listed $2,599,000
11. 2023-02-06
    historical
12. 2022-12-05
    listed $2,875,000
13. 2022-09-21
    soldstatus $2,135,000
14. 2022-08-29
    historical
15. 2022-08-29
    historical
16. 2022-07-06
    listed $2,300,000 Active
17. 2022-04-13
    listed $2,300,000
18. 2021-02-08
    soldstatus $1,685,000
19. 2021-02-08
    soldstatus $1,685,000
20. 2020-12-18
    listed $1,600,000

ⓘ 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: $27,903 · $2,325/mo
• Projected year-2 tax: $27,903 · $2,325/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥90°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $299,148
• − Mortgage interest: −$126,035
• − Property taxes: −$27,903
• − Insurance: −$11,250
• − Repairs & maintenance: −$23,932
• − Management: −$23,932
• − Depreciation: −$65,455
• Taxable income: $20,642
• Est. tax owed @ 24.0%: −$4,954
• After-tax cash flow: $50,629/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 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): 66,264
• Household income: $79,199
• Rent vs Own: 60.0% rent · 40.0% own
• Severe rent burden: 4584.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 40% Hispanic / Latino 30% Two or more races 15% Asian 13% Black 10%
• Hispanic origin (detail): Mexican 26% Puerto Rican 1%
• Common ancestry: Italian 2% Slovak 1% Romanian 1%
• Foreign-born: 19% · Canada, Vietnam, China
• Languages at home: 65% English-only · Spanish 21% Vietnamese 4% Other Asian/Pacific 3%

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: ▼ -973.18%
• Current HPI: 427.2256
• Rent YoY: ▲ 3.74%
• 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

+37.5% since first listed

20 events — show timeline

• 2026-01-02 Sold (Public Records) $2,200,000 Public Records
• 2025-11-18 Pending — SDMLS
• 2025-11-04 Price Changed $2,250,000 SDMLS
• 2025-11-03 Price Changed $2,500,000 SDMLS
• 2025-10-19 Price Changed $2,300,000 SDMLS
• 2025-10-08 Listed $2,350,000 SDMLS
• 2025-09-18 Listing Removed — SDMLS
• 2025-06-18 Listed $2,699,000 SDMLS
• 2025-06-15 Listing Removed — SDMLS
• 2025-06-07 Listed $2,599,000 SDMLS
• 2023-02-06 Listing Removed — SDMLS
• 2022-12-05 Listed $2,875,000 SDMLS
• 2022-09-21 Sold (Public Records) $2,135,000 Public Records
• 2022-08-29 Listing Removed — SDMLS
• 2022-08-29 Listing Removed — SDMLS
• 2022-07-06 Listed $2,300,000 SDMLS
• 2022-04-13 Listed $2,300,000 SDMLS
• 2021-02-08 Sold (Public Records) $1,685,000 Public Records
• 2021-02-08 Sold (MLS) $1,685,000 SDMLS
• 2020-12-18 Listed $1,600,000 SDMLS

Property tax history

+17.5%/yr

Latest (2025): $27,903 · +3.9% YoY. Source: county tax records.