407 - 413 Rinconada Ct · Benicia, CA 94510

$905,000

20 bd · 12.0 ba · 2,333 sqft · MultiFamily · 60 Days on market

Built 1976 0.25 ac lot $388/sqft · 7% below area Est $976k · 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 +20.4/30.0
• ARV discount +10.8/15.0
• Schools +6.7/10.0
• DSCR +6.5/10.0
• 1% rule +5.0/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• 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 MLS

Welcome to this rare duplex, offering incredible flexibility for investors or multi-generational living. The spacious 3-bedroom, 2-bath unit features updated flooring and fresh paint, plus views to enjoy right from home. The attached 1-bedroom unit has been completely remodeled with new laminate flooring, carpet, a modern kitchen, and an upgraded bathroom perfect for extended family or rental income. Situated on a generous 10,000 sq. ft. lot at the end of a quiet cul-de-sac, this property provides both privacy and charm. The backyard is a tranquil retreat, surrounded by lush greenery and multiple fruit trees an ideal setting for morning coffee or weekend relaxation. Additional highlights include: Recently replaced water heater (2024) All appliances included Only the second owner since the home was built The original owner designed this property to bring family together, and now it's ready for its next chapter. This is more than a property it's an opportunity to create lasting value and memories.

Key facts

• Upgraded bathroom
• Fresh paint
• Remodeled unit

Tags

• UPDATED FLOORING
• FRESH PAINT
• REMODELED UNIT
• MODERN KITCHEN
• UPGRADED BATHROOM
• QUIET CUL-DE-SAC

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.5-bath units multifamily listed at $905k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $293/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 $901k (0.4% below list).
• Recommended offer: $878k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 2.6% in Benicia — 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 68/100 on livability (#269 in CA) — a middle-class / working-renter tenant base. Strengths: employment A+, crime A, housing A-; Watch: amenities F, cost of living F, health & safety F.
• Benicia Unified (suburban): math 75% / reading 75% proficiency, ranked #35 of 517 in CA (top 7%) — strong family-tenant draw, lease renewals of 3-5y typical; only 17% free/reduced lunch — higher-income household profile.
• Market conditions: Rents soft (-0.8%/yr); 118 active listings in the ZIP; high-income renter base; 1,472 units permitted in Solano County in 2024 (131 in 5+ unit buildings).
• At $9,011/mo this rent would consume 89% of the median local household income ($121k/yr) (locally 1270% 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 $6k of loan paydown is wiped out by about $27k of value loss. Plan a longer hold.
• Solano County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($878k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 2y 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 $877,850 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 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 1976 — 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. 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.
8. 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.
9. 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: 1.00% ✗
• Cap rate: 7.84%
• Cash-on-cash: 5.54%
• DSCR: 1.25
• GRM: 8.4

CMA / ARV

• ARV (median comp): $976,056
• List price: $905,000
• Delta: -7.28%
• Verdict: FAIR
• Comps: 12 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -11.0%
• Equity multiple: 0.61×
• Total profit: $-98,567
• Equity at exit: $134,938

10-year hold

• IRR: -6.5%
• Equity multiple: 0.64×
• Total profit: $-92,114
• Equity at exit: $78,248

Cash invested: $253,400 (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 94510

• Rents YoY: -0.8%
• Active inventory: 118
• Price-to-rent: 33.5×

Monthly cashflow live

• Estimated rent: $9,011 high
• Mortgage (P&I): −$4,746
• Tax from tax record: −$825 /mo · $9,904/yr
• Insurance: −$377
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,892
• Net cashflow: $1,170

Break-even live

Break-even rent $7,530

Max offer price $905,000

Occupancy floor 82%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1.5	$9,012
Total (4 units)			$9,011

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: $226,250
• Closing costs: $27,150
• Reserves months: —
• Total cash needed: —

Listing history 31 events

1. 2026-06-17
   days on market $905,000 Active 60 DOM
2. 2026-06-16
   days on market $905,000 Active 59 DOM
3. 2026-06-15
   days on market $905,000 Active 58 DOM
4. 2026-06-14
   days on market $905,000 Active 56 DOM
5. 2026-06-13
   days on market $905,000 Active 55 DOM
6. 2026-06-10
   days on market $905,000 Active 53 DOM
7. 2026-06-09
   days on market $905,000 Active 52 DOM
8. 2026-06-08
   days on market $905,000 Active 51 DOM
9. 2026-06-07
   pricedays on market $905,000 Active 50 DOM
10. 2026-06-01
    days on market $925,000 Active 47 DOM
11. 2026-05-31
    days on market $925,000 Active 46 DOM
12. 2026-05-30
    days on market $925,000 Active 45 DOM
13. 2026-04-15
    listed $925,000 Active 1011-char remark

    Show marketing remark (1011 chars)

    Welcome to this rare duplex, offering incredible flexibility for investors or multi-generational living. The spacious 3-bedroom, 2-bath unit features updated flooring and fresh paint, plus views to enjoy right from home. The attached 1-bedroom unit has been completely remodeled with new laminate flooring, carpet, a modern kitchen, and an upgraded bathroom perfect for extended family or rental income. Situated on a generous 10,000 sq. ft. lot at the end of a quiet cul-de-sac, this property provides both privacy and charm. The backyard is a tranquil retreat, surrounded by lush greenery and multiple fruit trees an ideal setting for morning coffee or weekend relaxation. Additional highlights include: Recently replaced water heater (2024) All appliances included Only the second owner since the home was built The original owner designed this property to bring family together, and now it's ready for its next chapter. This is more than a property it's an opportunity to create lasting value and memories.

14. 2025-10-11
    listed $935,000 Active
15. 2025-09-23
    listed $935,000 Active
16. 2025-01-04
    historical $3,560
17. 2024-11-13
    price $3,560
18. 2024-10-17
    listed $3,750
19. 2024-10-17
    historical $3,750
20. 2024-10-12
    listed $3,750
21. 2024-10-12
    historical $3,750
22. 2024-10-09
    listed $3,750
23. 2024-09-13
    historical $3,900
24. 2024-07-30
    listed $3,900
25. 2024-07-24
    soldstatus $855,000
26. 2024-07-24
    soldstatus $855,000 Closed
27. 2024-07-24
    soldstatus $855,000
28. 2024-06-26
    status Pending
29. 2024-05-17
    listed $869,000
30. 2024-05-17
    listed $869,000 Active
31. 2024-05-17
    listed $869,000 Active

ⓘ 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: $9,904 · $825/mo
• Projected year-2 tax: $9,904 · $825/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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥95°F today · 14 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: $108,132
• − Mortgage interest: −$50,694
• − Property taxes: −$9,904
• − Insurance: −$4,525
• − Repairs & maintenance: −$8,651
• − Management: −$8,651
• − Depreciation: −$26,327
• Taxable loss: −$619
• Est. tax savings @ 24.0%: +$149
• After-tax cash flow: $14,193/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: Benicia Unified
• NCES district ID: 0604620
• Math proficiency: 75% ▲ 21.00%
• Reading proficiency: 75% ▲ 17.00%
• Median HH income: $88,573
• Composite: 67.21/100
• National rank: #387
• State rank: #35 of 517 in CA

Livability — Benicia

• Score: 68/100
• State rank: #269
• US rank: #9131

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Benicia, CA
• County: Solano County · 433,239 people
• City population: 26,749
• Metro: Vallejo, CA
• Population (ZIP): 26,749
• Household income: $121,204
• Rent vs Own: 30.5% rent · 69.5% own
• Severe rent burden: 1270.0

Population outlook (Solano County) Hauer SSP2

• Today (2025): 478,685 people
• By 2030: 497,974 · +4.0%
• By 2040: 528,515 · +10.4%
• By 2050: 549,115 · +14.7%
• By 2075: 587,229 · +22.7%
• By 2100: 571,378 · +19.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 60% Hispanic / Latino 15% Two or more races 15% Asian 12% Black 3%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Lithuanian 3% Italian 2% Slovak 2%
• Foreign-born: 14% · Canada, China, Vietnam
• Languages at home: 82% English-only · Spanish 8% Tagalog/Filipino 3% Other Indo-European 3%

Political lean MEDSL · Solano

• 2024 margin: Strong D (+23.0) · D 60.0% · R 37.1% · Other 2.9%
• 2008→2024 swing: -5.6pp toward R · 2008: 28.6pp · 2024: 23.0pp
• All cycles: 2024: D+23.0 2020: D+30.3 2016: D+30.5 2012: D+28.1 2008: D+28.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -751.84%
• Current HPI: 265.4288
• Rent YoY: ▼ -0.82%
• Metro: Vallejo, 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

+6.4% since first listed

19 events — show timeline

• 2026-04-15 Listed $925,000 BAREIS
• 2025-10-11 Listed $935,000 BAREIS
• 2025-09-23 Listed $935,000 BAREIS
• 2025-01-04 Rental Removed $3,560 SHOWMOJO
• 2024-11-13 Price Changed $3,560 SHOWMOJO
• 2024-10-17 Listed for Rent $3,750 SHOWMOJO
• 2024-10-17 Rental Removed $3,750 RENTALBEAST
• 2024-10-12 Listed for Rent $3,750 RENTALBEAST
• 2024-10-12 Rental Removed $3,750 SHOWMOJO
• 2024-10-09 Listed for Rent $3,750 SHOWMOJO
• 2024-09-13 Rental Removed $3,900 RENT.
• 2024-07-30 Listed for Rent $3,900 RENT.
• 2024-07-24 Sold (Public Records) $855,000 Public Records
• 2024-07-24 Sold (MLS) $855,000 BAREIS
• 2024-07-24 Sold (MLS) $855,000 San Francisco MLS
• 2024-06-26 Pending — BAREIS
• 2024-05-17 Listed $869,000 BAREIS
• 2024-05-17 Listed $869,000 BAREIS
• 2024-05-17 Listed $869,000 San Francisco MLS

Property tax history

+12.2%/yr

Latest (2025): $9,904 · -21.1% YoY. Source: county tax records.