905 Ashbury St · San Francisco, CA 94117

$2,300,000

16 bd · 4.0 ba · 3,597 sqft · MultiFamily public records · 64 Days on market

Built 1906 2,652 sqft lot $639/sqft · 34% above area Est $2116k · 9% over

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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 +16.9/30.0
• Appreciation +9.6/10.0
• DSCR +5.3/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• 1% rule +4.0/10.0
• Livability +3.8/5.0
• ARV discount +3.6/15.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

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 MLS

Located on a tree-lined street in one of the city's most desirable neighborhoods, just a short walk to vibrant Cole Street, this is a rare investment opportunity with both immediate income and strong upside. The property offers classic San Francisco charm with original details, views, and flexibility to move in or upgrade units over time. 5 legal units that could also be used as a 4-unit building with an extra studio present a unique opportunity for both investors and owner-users. Three units (1, 2, and 5) are vacant and easy to show. Unit 1: vacant studio Unit 2: vacant spacious two-level 4BR/2BA with direct yard access and in-unit laundry Unit 5: vacant top-floor 1BR with sweeping views. Units 3 & 4: currently rented near market, providing stable in-place income. Financials: 7.01% cap rate (owner-user scenario) / 11.51 GRM. Completed $120,000 soft-story seismic retrofit. Buyer to investigate the size, permit history and do their own due diligence.

Key facts

• 2,652 sq ft lot
• Built 1906
• Listed 63 days

What this means for you Summary

Snapshot

• This is a 4 × 4-bed/?-bath units multifamily listed at $2.30M.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive. Per door: $379/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 $2.07M (9.9% below list).
• Recommended offer: $2.07M (9.9% below list) — sets the bar for 1% rule.
• Cap rate 7.1% 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.
• Market conditions: Rents rising fast (+18.2%/yr); 74 active listings in the ZIP; high-income renter base; 750 units permitted in San Francisco County in 2024 (688 in 5+ unit buildings).
• At $20,729/mo this rent would consume 149% of the median local household income ($167k/yr) (locally 1811% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $229k of equity ($16k loan paydown + $213k appreciation (9.3% local appreciation)).
• San Francisco County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (9.3% appreciation + 8.0% rent growth), your $644k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$368k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($2.16M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 22y ago; this cycle's ask has dropped $275k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $1.26M; list at $2.30M implies a 83% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $2,072,900 (9.9% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 10% 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 1906 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
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: 0.90% ✗
• Cap rate: 7.08%
• Cash-on-cash: 2.83%
• DSCR: 1.13
• GRM: 9.2

CMA / ARV

• ARV (median comp): $2,115,618
• List price: $2,300,000
• Delta: 8.72%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

9.27% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 26.7%
• Equity multiple: 3.09×
• Total profit: $1,344,758
• Equity at exit: $1,951,092

10-year hold

• IRR: 25.0%
• Equity multiple: 7.41×
• Total profit: $4,129,480
• Equity at exit: $4,085,235

Cash invested: $644,000 (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 94117

• Home prices YoY: 4.2%
• Rents YoY: 18.2%
• Active inventory: 74
• Price-to-rent: 37.0×

Monthly cashflow live

• Estimated rent: $20,729 medium
• Mortgage (P&I): −$12,061
• Tax from tax record: −$1,840 /mo · $22,079/yr
• Insurance: −$958
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,353
• Net cashflow: $1,516

Break-even live

Break-even rent $18,810

Max offer price $2,300,000

Occupancy floor 88%

Sensitivity live

Price	-10% $2,818	-5% $2,167	+0% $1,516	+5% $865	+10% $214
Rent	-10% $-121	-5% $697	+0% $1,516	+5% $2,335	+10% $3,154
Rate	-1.0pp $2,674	-0.5pp $2,101	base $1,516	+0.5pp $920	+1.0pp $314

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

Units	Beds	Baths	Est. rent
▸ 4× units	4	—	$20,728
Total (4 units)			$20,729

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: $575,000
• Closing costs: $69,000
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-01
   days on market $2,300,000 Active 64 DOM
2. 2026-05-31
   days on market $2,300,000 Active 63 DOM
3. 2026-05-01
   price $2,300,000 975-char remark

   Show marketing remark (975 chars)

   Located on a tree-lined street in one of the city's most desirable neighborhoods, just a short walk to vibrant Cole Street, this is a rare investment opportunity with both immediate income and strong upside. The property offers classic San Francisco charm with original details, views, and flexibility to move in or upgrade units over time. 5 legal units that could also be used as a 4-unit building with an extra studio present a unique opportunity for both investors and owner-users. Three units (1, 2, and 5) are vacant and easy to show. Unit 1: vacant studio Unit 2: vacant spacious two-level 4BR/2BA with direct yard access and in-unit laundry Unit 5: vacant top-floor 1BR with sweeping views. Units 3 & 4: currently rented near market, providing stable in-place income. Financials: 7.01% cap rate (owner-user scenario) / 11.51 GRM. Completed $120,000 soft-story seismic retrofit. Buyer to investigate the size, permit history and do their own due diligence.

4. 2026-04-23
   price $2,550,000 975-char remark

   Show marketing remark (975 chars)

   Located on a tree-lined street in one of the city's most desirable neighborhoods, just a short walk to vibrant Cole Street, this is a rare investment opportunity with both immediate income and strong upside. The property offers classic San Francisco charm with original details, views, and flexibility to move in or upgrade units over time. 5 legal units that could also be used as a 4-unit building with an extra studio present a unique opportunity for both investors and owner-users. Three units (1, 2, and 5) are vacant and easy to show. Unit 1: vacant studio Unit 2: vacant spacious two-level 4BR/2BA with direct yard access and in-unit laundry Unit 5: vacant top-floor 1BR with sweeping views. Units 3 & 4: currently rented near market, providing stable in-place income. Financials: 7.01% cap rate (owner-user scenario) / 11.51 GRM. Completed $120,000 soft-story seismic retrofit. Buyer to investigate the size, permit history and do their own due diligence.

5. 2026-04-13
   historical
6. 2026-03-29
   listed $2,575,000 Active 975-char remark

   Show marketing remark (975 chars)

   Located on a tree-lined street in one of the city's most desirable neighborhoods, just a short walk to vibrant Cole Street, this is a rare investment opportunity with both immediate income and strong upside. The property offers classic San Francisco charm with original details, views, and flexibility to move in or upgrade units over time. 5 legal units that could also be used as a 4-unit building with an extra studio present a unique opportunity for both investors and owner-users. Three units (1, 2, and 5) are vacant and easy to show. Unit 1: vacant studio Unit 2: vacant spacious two-level 4BR/2BA with direct yard access and in-unit laundry Unit 5: vacant top-floor 1BR with sweeping views. Units 3 & 4: currently rented near market, providing stable in-place income. Financials: 7.01% cap rate (owner-user scenario) / 11.51 GRM. Completed $120,000 soft-story seismic retrofit. Buyer to investigate the size, permit history and do their own due diligence.

7. 2026-03-17
   listed $2,575,000 Active
8. 2004-09-16
   soldstatus $1,260,000
9. 2004-09-16
   soldstatus $1,260,000
10. 2004-06-19
    historical
11. 2004-05-06
    listed $1,199,000
12. 2004-04-16
    listed $1,199,000

ⓘ 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: $22,079 · $1,840/mo
• Projected year-2 tax: $22,079 · $1,840/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 2/10 Low 7 d/yr ≥76°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 15 unhealthy d/yr today · 15 by 30 yrs out

Taxation est. · year 1

• Rental income: $248,748
• − Mortgage interest: −$128,836
• − Property taxes: −$22,079
• − Insurance: −$11,500
• − Repairs & maintenance: −$19,900
• − Management: −$19,900
• − Depreciation: −$66,909
• Taxable loss: −$20,376
• Est. tax savings @ 24.0%: +$4,890
• After-tax cash flow: $23,084/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): 36,198
• Household income: $167,066
• Rent vs Own: 71.2% rent · 28.8% own
• Severe rent burden: 1811.0

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 0.55)
• Race & ethnicity: White 65% Asian 14% Two or more races 10% Hispanic / Latino 9% Black 4%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 5% Lithuanian 5% Romanian 3%
• Foreign-born: 18% · Canada, China, Vietnam
• Languages at home: 80% English-only · Spanish 5% Chinese 4% French/Haitian/Cajun 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: ▲ 9.27%
• Current HPI: 228.7304
• Rent YoY: ▲ 18.24%
• 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

+91.8% since first listed

10 events — show timeline

• 2026-05-01 Price Changed $2,300,000 San Francisco MLS
• 2026-04-23 Price Changed $2,550,000 San Francisco MLS
• 2026-04-13 Listing Removed — CRMLS
• 2026-03-29 Listed $2,575,000 San Francisco MLS
• 2026-03-17 Listed $2,575,000 CRMLS
• 2004-09-16 Sold (Public Records) $1,260,000 Public Records
• 2004-09-16 Sold (MLS) $1,260,000 San Francisco MLS
• 2004-06-19 Delisted — San Francisco MLS
• 2004-05-06 Listed $1,199,000 San Francisco MLS
• 2004-04-16 Listed $1,199,000 San Francisco MLS

Property tax history

+1.9%/yr

Latest (2025): $22,079 · +3.0% YoY. Source: county tax records.