401 Chateau La Salle #401 · San Jose, CA 95111

$389,000

2 bd · 2.0 ba · 1,440 sqft · Manufactured · 121 Days on market

Built 1979 $270/sqft · 12% below area Est $444k · 12% 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 +18.3/30.0
• ARV discount +13.1/15.0
• DSCR +5.7/10.0
• Schools +5.5/10.0
• 1% rule +4.9/10.0
• Livability +3.9/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Well-kept 2 bed, 2 bath home with a bonus 3rd Room that can be used as a Sun Room, or making it likes a 3 bed, 2 bath. Features laminate flooring, spacious living areas, bright bedrooms, and a primary suite with a private bath. New AC, all appliances, washer/dryer, and shed included. Community amenities and nearby shopping and dining.

Key facts

• Laminate flooring
• Clubhouse
• Private bath

Tags

• LAMINATE FLOORING
• SPACIOUS LIVING AREAS
• WELL EQUIPPED KITCHEN
• PRIVATE BATH
• CLUBHOUSE
• POOL

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $389k.

Deal economics

• At list price, monthly cash flow is $356 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $385k (1.0% below list).
• Recommended offer: $342k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.4% vs local median 1.6% in San Jose — 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 78/100 on livability (#68 in CA, #2,559 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• East Side Union High (urban): math 53% / reading 70% proficiency, ranked #69 of 517 in CA (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Shirakawa (George Sr.) Elementary (633 students, 49% FRL); Bridges Academy (287 students, 72% FRL); Evergreen Valley High (math 76% / reading 83%, grade A-, #45 of 1,170 statewide, top 4%, 2,767 students, 13% FRL).
• Zoned-school proficiency averages 80% at this address vs 62% district-wide (+18 pts) — the actual schools serving this property are materially stronger than the East Side Union High average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+1.0%/yr); 66 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 3,838 units permitted in Santa Clara County in 2024 (1,886 in 5+ unit buildings).
• At $3,853/mo this rent would consume 46% of the median local household income ($101k/yr) (locally 1808% 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 $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Santa Clara County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 121 days — a 12% lower offer ($342k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 24y 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.
• Current owner paid $292k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $342,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 121 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.99% ✗
• Cap rate: 7.39%
• Cash-on-cash: 3.92%
• DSCR: 1.17
• GRM: 8.4

CMA / ARV

• ARV (median comp): $444,147
• List price: $389,000
• Delta: -12.42%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
401 Chateau La Salle #401	0.00mi	2/2.0	1,440 (0%)	1mo	$370,000	$257	99
472 Chateau La Salle Dr #472	0.15mi	2/2.0	1,440 (0%)	2mo	$445,000	$309	91
434 Chateau La Salle #434	0.08mi	3/2.0 (+1)	1,449 (+1%)	1mo	$538,000	$371	90
393 Chateau La Salle Dr #393	0.03mi	3/3.0 (+1)	1,488 (+3%)	2mo	$492,000	$331	83
403 Chateau La Salle #403	0.16mi	2/2.0	1,536 (+7%)	1mo	$400,000	$260	80
337 Mill Pond Dr #337	0.53mi	2/2.0	1,440 (0%)	1mo	$220,000	$153	74
485 Millpond Dr #485	0.72mi	2/2.0	1,440 (0%)	2mo	$339,000	$235	64
2784 Monterey Rd #1	0.37mi	3/2.0 (+1)	1,344 (-7%)	6mo	$280,000	$208	62
499 Millpond Dr #499	0.74mi	3/2.0 (+1)	1,440 (0%)	0mo	$380,000	$264	60
375 S Millpond Dr #375	0.67mi	2/2.0	1,512 (+5%)	4mo	$280,000	$185	57
242 Mountain Springs Dr #242	0.72mi	3/2.0 (+1)	1,488 (+3%)	3mo	$444,950	$299	54
486 Millpond Dr #486	0.72mi	3/2.0 (+1)	1,559 (+8%)	6mo	$350,000	$225	42

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 · 1.0% rent growth · sell at horizon

5-year hold

• IRR: -12.4%
• Equity multiple: 0.56×
• Total profit: $-47,932
• Equity at exit: $58,001

10-year hold

• IRR: -6.7%
• Equity multiple: 0.61×
• Total profit: $-42,308
• Equity at exit: $33,634

Cash invested: $108,920 (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 Jose: 0 Strongly Tenant-Friendly · D+24

Apartment Rent Ordinance covers pre-1979 multifamily.

Methodology + full state rankings →

ZIP-level market 95111

• Rents YoY: 1.0%
• Active inventory: 66
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $3,853 high
• Mortgage (P&I): −$2,040
• Tax est. 1.5%: −$486 /mo · $5,835/yr
• Insurance: −$162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$809
• Net cashflow: $356

Break-even live

Break-even rent $3,403

Max offer price $389,000

Occupancy floor 86%

Sensitivity live

Price	-10% $624	-5% $490	+0% $356	+5% $221	+10% $87
Rent	-10% $51	-5% $203	+0% $356	+5% $508	+10% $660
Rate	-1.0pp $551	-0.5pp $455	base $356	+0.5pp $255	+1.0pp $152

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: $97,250
• Closing costs: $11,670
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
45 Esfahan Dr San Jose, CA	3.0	2.5	1794	$4,395	$2.45	0d	1	0.24mi
2070 Mary Helen Ln San Jose, CA	3.0	4.0	1781	$4,495	$2.52	0d	1	0.41mi
2986 Lina St #7 San Jose, CA	3.0	3.0	1813	$5,500	$3.03	17d	1	0.44mi
2988 Grassina St #309 San Jose, CA	2.0	2.0	1048	$3,600	$3.44	3d	1	0.44mi
200 Lewis Rd San Jose, CA	1.0–3.0	1.0–2.0	867	$2,551	$2.94	0d	1	0.68mi
3157 Regency Ave #612 San Jose, CA	2.0	2.5	1282	$4,195	$3.27	3d	1	0.72mi
3158 Regency Ave San Jose, CA	2.0	2.5	1257	$3,695	$2.94	0d	1	0.73mi
262 Azevedo Cir #1603 San Jose, CA	3.0	3.0	1620	$3,720	$2.30	0d	1	0.74mi
334 Olive Hill Dr San Jose, CA	2.0	3.0	1368	$4,150	$3.03	0d	1	0.75mi
3129 Kenland Dr San Jose, CA	3.0	2.0	1094	$3,450	$3.15	0d	1	0.82mi
287 Kenbrook Cir San Jose, CA	2.0	2.0	1012	$2,795	$2.76	0d	1	0.89mi
318 Araglin Ct San Jose, CA	2.0	2.0	1168	$3,300	$2.83	4d	1	0.89mi
3601 Copperfield Dr San Jose, CA	1.0–3.0	1.0–3.0	1088	$3,750	$3.45	0d	24	1.07mi
1277 Babb Ct San Jose, CA	2.0	2.0	1123	$3,550	$3.16	0d	2	1.08mi
2212 Almaden Rd Unit B San Jose, CA	2.0	2.0	1200	$3,195	$2.66	5d	1	1.24mi
3200 Rubino Dr San Jose, CA	1.0–2.0	1.0–2.0	928	$3,725	$4.01	0d	1	1.28mi
167 Rancho Manor Ct San Jose, CA	2.0	3.0	950	$3,150	$3.32	0d	1	1.28mi
590 Almaden Walk Loop San Jose, CA	3.0	3.0	1425	$3,995	$2.80	45d	1	1.33mi
3024 Goodacre Pl San Jose, CA	3.0	2.5	1431	$2,200	$1.54	45d	1	1.35mi
4000 Ellmar Oaks Dr San Jose, CA	1.0–3.0	1.0–2.0	876	$3,816	$4.36	0d	31	1.40mi
818 Foxworthy Ave San Jose, CA	3.0	2.5	1589	$4,700	$2.96	21d	1	1.41mi
818 Foxworthy Ave San Jose, CA	3.0	2.5	1589	$4,700	$2.96	18d	1	1.41mi
553 Balance Dr San Jose, CA	3.0	2.0	1197	$3,600	$3.01	0d	1	1.43mi
3115 Tuscolana Way #1595 San Jose, CA	3.0	2.5	1580	$4,430	$2.80	17d	1	1.47mi

Listing history 25 events

1. 2026-06-03
   days on market $389,000 Active 121 DOM
2. 2026-06-02
   days on market $389,000 Active 120 DOM
3. 2026-06-01
   days on market $389,000 Active 119 DOM
4. 2026-05-31
   days on market $389,000 Active 118 DOM
5. 2026-04-01
   price $389,000 336-char remark

   Show marketing remark (336 chars)

   Well-kept 2 bed, 2 bath home with a bonus 3rd Room that can be used as a Sun Room, or making it likes a 3 bed, 2 bath. Features laminate flooring, spacious living areas, bright bedrooms, and a primary suite with a private bath. New AC, all appliances, washer/dryer, and shed included. Community amenities and nearby shopping and dining.

6. 2026-04-01
   price $389,000 336-char remark

   Show marketing remark (336 chars)

   Well-kept 2 bed, 2 bath home with a bonus 3rd Room that can be used as a Sun Room, or making it likes a 3 bed, 2 bath. Features laminate flooring, spacious living areas, bright bedrooms, and a primary suite with a private bath. New AC, all appliances, washer/dryer, and shed included. Community amenities and nearby shopping and dining.

7. 2026-02-02
   listed $399,999 Active 336-char remark

   Show marketing remark (336 chars)

   Well-kept 2 bed, 2 bath home with a bonus 3rd Room that can be used as a Sun Room, or making it likes a 3 bed, 2 bath. Features laminate flooring, spacious living areas, bright bedrooms, and a primary suite with a private bath. New AC, all appliances, washer/dryer, and shed included. Community amenities and nearby shopping and dining.

8. 2026-02-02
   listed $399,999 Active 336-char remark

   Show marketing remark (336 chars)

   Well-kept 2 bed, 2 bath home with a bonus 3rd Room that can be used as a Sun Room, or making it likes a 3 bed, 2 bath. Features laminate flooring, spacious living areas, bright bedrooms, and a primary suite with a private bath. New AC, all appliances, washer/dryer, and shed included. Community amenities and nearby shopping and dining.

9. 2025-06-22
   historical
10. 2025-05-01
    listed Active
11. 2021-09-03
    soldstatus $292,000 Sold
12. 2021-08-27
    historical Contingent
13. 2021-07-30
    status Pending (Do Not Show)
14. 2021-05-18
    historical Contingent
15. 2021-05-08
    listed $299,000 Active
16. 2019-03-18
    soldstatus $265,000 Sold
17. 2019-01-15
    status Pending (Do Not Show)
18. 2018-12-24
    price $269,900
19. 2018-10-29
    listed $289,900 Active
20. 2005-07-19
    historical
21. 2005-06-15
    soldstatus $78,000
22. 2005-04-04
    listed $89,500
23. 2002-03-21
    soldstatus $120,000
24. 2002-03-19
    historical
25. 2002-03-18
    listed $120,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone D · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥94°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 17 unhealthy d/yr today · 17 by 30 yrs out

Taxation est. · year 1

• Rental income: $46,236
• − Mortgage interest: −$21,790
• − Property taxes: −$5,835
• − Insurance: −$1,945
• − Repairs & maintenance: −$3,699
• − Management: −$3,699
• − Depreciation: −$11,316
• Taxable loss: −$2,048
• Est. tax savings @ 24.0%: +$492
• After-tax cash flow: $4,759/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: East Side Union High
• NCES district ID: 0611820
• Math proficiency: 53% ▲ 12.00%
• Reading proficiency: 70% ▲ 8.00%
• Median HH income: $80,293
• Composite: 55.15/100
• National rank: #1278
• State rank: #69 of 517 in CA

Livability — San Jose

• Score: 78/100
• State rank: #68
• US rank: #2559

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Jose, CA
• County: Santa Clara County · 1,806,974 people
• City population: 954,479
• Metro: San Jose-Sunnyvale-Santa Clara, CA
• Population (ZIP): 57,202
• Household income: $101,435
• Rent vs Own: 40.1% rent · 59.9% own
• Severe rent burden: 1808.0

Population outlook (Santa Clara County) Hauer SSP2

• Today (2025): 2,179,074 people
• By 2030: 2,301,297 · +5.6%
• By 2040: 2,528,195 · +16.0%
• By 2050: 2,712,135 · +24.5%
• By 2075: 2,998,701 · +37.6%
• By 2100: 2,931,429 · +34.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: Hispanic / Latino 51% Asian 36% Two or more races 22% White 7% Native American 2% Black 2%
• Hispanic origin (detail): Mexican 46%
• Foreign-born: 45% · Canada, Vietnam, China
• Languages at home: 27% English-only · Spanish 40% Vietnamese 24% Chinese 3%

Political lean MEDSL · Santa Clara

• 2024 margin: Solid D (+40.0) · D 68.1% · R 28.1% · Other 3.8%
• 2008→2024 swing: -0.9pp no change · 2008: 40.9pp · 2024: 40.0pp
• All cycles: 2024: D+40.0 2020: D+47.4 2016: D+52.5 2012: D+42.1 2008: D+40.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1144.74%
• Current HPI: 339.7949
• Rent YoY: ▲ 1.00%
• Metro: San Jose-Sunnyvale-Santa Clara, 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

+224.2% since first listed

21 events — show timeline

• 2026-04-01 Price Changed $389,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-04-01 Price Changed $389,000 MLSListings
• 2026-02-02 Listed $399,999 MLSListings
• 2026-02-02 Listed $399,999 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2025-06-22 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2025-05-01 Listed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2021-09-03 Sold (MLS) $292,000 MLSListings
• 2021-08-27 Contingent — MLSListings
• 2021-07-30 Pending — MLSListings
• 2021-05-18 Contingent — MLSListings
• 2021-05-08 Listed $299,000 MLSListings
• 2019-03-18 Sold (MLS) $265,000 MLSListings
• 2019-01-15 Pending — MLSListings
• 2018-12-24 Price Changed $269,900 MLSListings
• 2018-10-29 Listed $289,900 MLSListings
• 2005-07-19 Listing Removed — MLSListings
• 2005-06-15 Sold (MLS) $78,000 MLSListings
• 2005-04-04 Listed $89,500 MLSListings
• 2002-03-21 Sold (MLS) $120,000 MLSListings
• 2002-03-19 Listing Removed — MLSListings
• 2002-03-18 Listed $120,000 MLSListings