204 E 2nd Ave · Escondido, CA 92025

$5,300,000

551 bd · 841.0 ba · 2,896 sqft · MultiFamily public records · 138 Days on market

Built 2025 9,354 sqft lot

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Why this score? — see what drove the B- 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• ARV discount +7.5/15.0
• Livability +3.5/5.0
• Schools +3.3/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 29 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

We are proud to introduce the Trentom Arms. This 29-unit multi-family property, built in 1925 and renovated in 2021, is located in the Escondido Downtown Specific Plan area, offering a unique blend of historic charm and modern comforts.    The property features 17 one-bedroom/one-bath units, 1 two-bedroom/one-bath unit, and 11 studios.   The building features a new roof, plumbing, and electrical systems, ensuring functionality and appeal. Units within the property are submetered for electricity. RUBs (Ratio Utility Billing System) have been implemented for electricity, gas, water, and sewer, promoting efficient utility management.    With a strong 100% occupancy rat

Key facts

• 9,354 sq ft lot
• Listed 138 days

What this means for you Summary

Snapshot

• This is a 29 × 19-bed/29.0-bath units multifamily listed at $5.30M.

Deal economics

• At list price, monthly cash flow is $26k ($312k/yr) — positive. Per door: $897/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($74k rent vs $5.30M).
• Recommended offer: $4.66M (12.0% below list) — sets the bar for market timing.
• Cap rate 12.2% vs local median 2.5% in Escondido — 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 70/100 on livability (#238 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment B; Watch: health & safety C-, schools D+, crime D+.
• Escondido Union High (suburban): math 19% / reading 56% proficiency, ranked #247 of 517 in CA (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+1.1%/yr); 136 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 $74,470/mo this rent would consume 1102% of the median local household income ($81k/yr) (locally 3295% 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 $37k of loan paydown is wiped out by about $159k 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.
• At projected returns (-3.0% appreciation + 1.1% rent growth), your $1.48M cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 138 days — a 12% lower offer ($4.66M) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y ago; this cycle's ask has dropped $500k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $2.07M; list at $5.30M implies a 156% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $4,664,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 138 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.41% ✓
• Cap rate: 12.18%
• Cash-on-cash: 21.04%
• DSCR: 1.94
• GRM: 5.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.07% rent growth · sell at horizon

5-year hold

• IRR: 11.4%
• Equity multiple: 1.44×
• Total profit: $655,489
• Equity at exit: $790,247

10-year hold

• IRR: 18.9%
• Equity multiple: 2.44×
• Total profit: $2,139,929
• Equity at exit: $458,247

Cash invested: $1,484,000 (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 92025

• Rents YoY: 1.1%
• Active inventory: 136
• Price-to-rent: 172.0×

Monthly cashflow live

• Estimated rent: $74,470 medium
• Mortgage (P&I): −$27,794
• Tax from tax record: −$2,806 /mo · $33,672/yr
• Insurance: −$2,208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$15,639
• Net cashflow: $26,023

Break-even live

Break-even rent $41,529

Max offer price $5,300,000

Occupancy floor 60%

Sensitivity live

Price	-10% $29,023	-5% $27,523	+0% $26,023	+5% $24,523	+10% $23,023
Rent	-10% $20,140	-5% $23,082	+0% $26,023	+5% $28,965	+10% $31,906
Rate	-1.0pp $28,692	-0.5pp $27,371	base $26,023	+0.5pp $24,650	+1.0pp $23,253

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

Units	Beds	Baths	Est. rent
▸ 29× units	19	29	$74,472
Total (29 units)			$74,470

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: $1,325,000
• Closing costs: $159,000
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-07
   price $5,300,000 Pending 138 DOM
2. 2026-05-21
   status Pending
3. 2026-05-21
   historical
4. 2025-12-22
   status Pending
5. 2025-11-11
   historical
6. 2025-10-03
   price $5,799,000
7. 2025-06-06
   listed $5,800,000 Active
8. 2025-05-08
   historical
9. 2025-02-10
   listed $6,300,000
10. 2024-09-28
    historical $1,125
11. 2024-08-28
    listed $1,125
12. 2024-04-06
    historical $1,150
13. 2024-03-27
    listed $1,150
14. 2024-02-03
    historical $1,400
15. 2024-01-30
    listed $1,400
16. 2003-11-26
    soldstatus $2,069,000
17. 2002-11-25
    soldstatus $1,220,000
18. 1999-08-27
    soldstatus $775,000
19. 1985-10-11
    soldstatus $735,000

ⓘ 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: $33,672 · $2,806/mo
• Projected year-2 tax: $40,280 · $3,357/mo
• Expected delta: +$6,608/yr (+$551/mo · 19.6%)

ⓘ 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 5/10 Major 7 d/yr ≥98°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $893,640
• − Mortgage interest: −$296,882
• − Property taxes: −$33,672
• − Insurance: −$26,500
• − Repairs & maintenance: −$71,491
• − Management: −$71,491
• − Depreciation: −$154,182
• Taxable income: $239,421
• Est. tax owed @ 24.0%: −$57,461
• After-tax cash flow: $254,817/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: Escondido Union High
• NCES district ID: 0612910
• Math proficiency: 19% ▼ -2.00%
• Reading proficiency: 56% ▼ -1.00%
• Median HH income: $55,731
• Composite: 32.82/100
• National rank: #5620
• State rank: #247 of 517 in CA

Livability — Escondido

• Score: 70/100
• State rank: #238
• US rank: #7829

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Escondido, CA
• County: San Diego County · 3,178,799 people
• City population: 177,903
• Metro: San Diego-Chula Vista-Carlsbad, CA
• Population (ZIP): 49,989
• Household income: $81,106
• Rent vs Own: 56.6% rent · 43.4% own
• Severe rent burden: 3295.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: Hispanic / Latino 53% White 33% Two or more races 27% Asian 5% Black 2% Native American 2%
• Hispanic origin (detail): Mexican 48%
• Common ancestry: Lithuanian 2% Romanian 2% Italian 1%
• Foreign-born: 29% · Canada, Vietnam, China
• Languages at home: 56% English-only · Spanish 38% Tagalog/Filipino 2% Vietnamese 1%

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: ▼ -603.83%
• Current HPI: 371.8986
• Rent YoY: ▲ 1.07%
• 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

+689.0% since first listed

18 events — show timeline

• 2026-05-21 Pending — SDMLS
• 2026-05-21 Listing Removed — SDMLS
• 2025-12-22 Pending — SDMLS
• 2025-11-11 Listing Removed — SDMLS
• 2025-10-03 Price Changed $5,799,000 SDMLS
• 2025-06-06 Listed $5,800,000 SDMLS
• 2025-05-08 Listing Removed — SDMLS
• 2025-02-10 Listed $6,300,000 SDMLS
• 2024-09-28 Rental Removed $1,125 RENT.
• 2024-08-28 Listed for Rent $1,125 RENT.
• 2024-04-06 Rental Removed $1,150 APPFOLIO
• 2024-03-27 Listed for Rent $1,150 APPFOLIO
• 2024-02-03 Rental Removed $1,400 APPFOLIO
• 2024-01-30 Listed for Rent $1,400 APPFOLIO
• 2003-11-26 Sold (Public Records) $2,069,000 Public Records
• 2002-11-25 Sold (Public Records) $1,220,000 Public Records
• 1999-08-27 Sold (Public Records) $775,000 Public Records
• 1985-10-11 Sold (Public Records) $735,000 Public Records

Property tax history

+1.7%/yr

Latest (2025): $33,672 · +2.1% YoY. Source: county tax records.