615 Hillsborough St · Oakland, CA 94606

$998,000

8 bd · 4.0 ba · 3,706 sqft · MultiFamily public records · 4 Days on market

Built 1940 4,262 sqft lot Est $1286k · 22% 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 +20.3/30.0
• ARV discount +15.0/15.0
• DSCR +6.4/10.0
• 1% rule +4.7/10.0
• Livability +3.6/5.0
• Rent growth +3.0/5.0
• Schools +3.0/10.0
• 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: 4 units. confirmed

Listing remarks

Located just two blocks from Lake Merritt in Cleveland Heights, this fourplex offers four identical units, each with 2 bedrooms, 1 bath, and formal living and dining rooms. With a Walk Score of 91, the property enjoys convenient access to Lakeshore Avenue and Grand Lake's restaurants, neighborhood cafes, and shops, making it a desirable location for tenants. Major improvements have been completed in recent years, including dual-pane windows throughout (2024), a new roof (2024), and a new back fence (2025). Property is also SB721 compliant.

Key facts

• New side staircase
• New back fence
• New roof

Tags

• FORMAL LIVING AND DINING ROOMS
• NEW DUAL-PANE WINDOWS
• NEW ROOF
• NEW BACK FENCE
• NEW SIDE STAIRCASE

Property features AI

Finance

• Financial info: 4-unit income property

Exterior

• Parking: Attached garage facing front; 4 parking spaces total
• Utilities: Public water; Public sewer; Natural gas available
• Home design: Residential income property (quadruplex); Built in 1940
• Construction: Stucco construction
• Exterior features: Back yard; Yard space; Garden

Interior

• Kitchen: No kitchen appliance details provided
• Bedrooms: 4-unit property (individual bedroom counts not provided)
• Flooring: Partial carpeting; Carpet; Vinyl; Wood
• Bathrooms: Each unit has 1 bathroom (4 total)
• Heating & cooling: Natural gas heating; No air conditioning
• Interior features: Storage areas; Double pane windows; Fireplace
• Laundry & utility: Basement with unfinished storage space

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $998k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $318/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 $964k (3.4% below list).
• Recommended offer: $964k (3.4% below list) — sets the bar for 1% rule.
• Cap rate 7.8% vs local median 2.4% in Oakland — 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 71/100 on livability (#224 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: schools C-, crime F, cost of living F.
• Oakland Unified (urban): math 27% / reading 33% proficiency, ranked #1,007 of 1,400 in CA (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+1.9%/yr); 127 active listings in the ZIP; 1,742 units permitted in Alameda County in 2024 (856 in 5+ unit buildings).
• At $9,636/mo this rent would consume 160% of the median local household income ($72k/yr) (locally 3757% 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 $7k of loan paydown is wiped out by about $30k of value loss. Plan a longer hold.
• Alameda County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $111k; list at $998k implies a 799% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $963,600 (3.4% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.97% ✗
• Cap rate: 7.82%
• Cash-on-cash: 5.47%
• DSCR: 1.24
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $1,285,982
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1911 5th Ave	0.38mi	8/4.0	3,984 (+8%)	0mo	$1,020,000	$256	69
905 E 24th St	0.56mi	8/4.0	3,211 (-13%)	0mo	$1,115,000	$347	52
127 E 16th St	0.55mi	8/4.5	3,516 (-5%)	17mo	$1,175,000	$334	50
31 Excelsior Ct	0.28mi	8/6.0	4,186 (+13%)	15mo	$1,710,000	$409	45
145 E 15th St	0.60mi	7/3.0 (-1)	3,403 (-8%)	10mo	$1,015,000	$298	41
2909 Park Blvd	0.55mi	8/4.0	4,234 (+14%)	18mo	$1,500,000	$354	36

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 · 1.86% rent growth · sell at horizon

5-year hold

• IRR: -9.1%
• Equity multiple: 0.67×
• Total profit: $-91,712
• Equity at exit: $148,805

10-year hold

• IRR: -1.1%
• Equity multiple: 0.93×
• Total profit: $-20,022
• Equity at exit: $86,289

Cash invested: $279,440 (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 Oakland: 0 Strongly Tenant-Friendly · D+62

Rent Adjustment Program + Just Cause.

Methodology + full state rankings →

ZIP-level market 94606

• Rents YoY: 1.9%
• Active inventory: 127
• Price-to-rent: 34.5×

Monthly cashflow live

• Estimated rent: $9,636 high
• Mortgage (P&I): −$5,234
• Tax from tax record: −$689 /mo · $8,269/yr
• Insurance: −$416
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,024
• Net cashflow: $1,274

Break-even live

Break-even rent $8,024

Max offer price $998,000

Occupancy floor 82%

Sensitivity live

Price	-10% $1,839	-5% $1,556	+0% $1,274	+5% $991	+10% $709
Rent	-10% $513	-5% $893	+0% $1,274	+5% $1,654	+10% $2,035
Rate	-1.0pp $1,776	-0.5pp $1,528	base $1,274	+0.5pp $1,015	+1.0pp $752

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$9,636
Total (4 units)			$9,636

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: $249,500
• Closing costs: $29,940
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-08
   days on market $998,000 Active 4 DOM
2. 2026-06-07
   remarks 545-char remark
3. 2026-06-07
   listed $998,000 Active 3 DOM

ⓘ 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: $8,269 · $689/mo
• Projected year-2 tax: $8,269 · $689/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 3/10 Moderate 7 d/yr ≥84°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 14 unhealthy d/yr today · 14 by 30 yrs out

Taxation est. · year 1

• Rental income: $115,632
• − Mortgage interest: −$55,904
• − Property taxes: −$8,269
• − Insurance: −$4,990
• − Repairs & maintenance: −$9,251
• − Management: −$9,251
• − Depreciation: −$29,033
• Taxable loss: −$1,065
• Est. tax savings @ 24.0%: +$256
• After-tax cash flow: $15,542/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: Oakland Unified
• NCES district ID: 0628050
• Math proficiency: 27% ▬ 0.00%
• Reading proficiency: 33% ▬ 0.00%
• Median HH income: $55,194
• Composite: 29.52/100
• National rank: #11769
• State rank: #1007 of 1400 in CA

Livability — Oakland

• Score: 71/100
• State rank: #224
• US rank: #7245

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: Oakland, CA
• County: Alameda County · 1,614,355 people
• City population: 385,993
• Metro: San Francisco-Oakland-Berkeley, CA
• Population (ZIP): 39,966
• Household income: $72,470
• Rent vs Own: 79.8% rent · 20.2% own
• Severe rent burden: 3757.0

Population outlook (Alameda County) Hauer SSP2

• Today (2025): 1,928,884 people
• By 2030: 2,069,146 · +7.3%
• By 2040: 2,338,405 · +21.2%
• By 2050: 2,586,608 · +34.1%
• By 2075: 3,061,911 · +58.7%
• By 2100: 3,234,133 · +67.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.77)
• Race & ethnicity: Asian 32% Hispanic / Latino 25% White 20% Black 16% Two or more races 10% Native American 2%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Italian 1% Romanian 1% Lithuanian 1%
• Foreign-born: 38% · Canada, Vietnam, China
• Languages at home: 47% English-only · Spanish 19% Chinese 14% Vietnamese 7%

Political lean MEDSL · Alameda

• 2024 margin: Solid D (+53.6) · D 74.6% · R 21.0% · Other 4.4%
• 2008→2024 swing: -5.9pp toward R · 2008: 59.5pp · 2024: 53.6pp
• All cycles: 2024: D+53.6 2020: D+62.5 2016: D+64.4 2012: D+59.8 2008: D+59.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -798.52%
• Current HPI: 334.5111
• Rent YoY: ▲ 1.86%
• 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

+799.1% since first listed

2 events — show timeline

• 2026-06-04 Listed $998,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 1978-05-01 Sold (Public Records) $111,000 Public Records

Property tax history

+3.2%/yr

Latest (2025): $8,269 · +5.0% YoY. Source: county tax records.