3300-3302 San Luis St

San Buenaventura (Ventura), CA 93003

$925,000D

6 bd · 4.0 ba · 1,703 sqft · Built 1957 · MultiFamily · Active · 282 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,581/mo
• Mortgage (P&I): −$4,851
• Tax + insurance: −$547
• HOA: −$0
• Vac / Maint / Mgmt: −$1,382
• Net cashflow: $-199/mo
• Annual: $-2,391/yr
• Cap rate: 6.03%
• Cash-on-cash: -0.92%
• DSCR: 0.96
• 1% rule: 0.71%
• Cash to close: $259,000

Investor read

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $925k.
• At list price, monthly cash flow is $-199 ($-2k/yr) — negative. Per door: $-100/mo.
• To cash-flow at today's rent, offer at most $890k (3.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $658k (28.9% below list).
• It's been on market 282 days — a 12% lower offer ($814k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $658k (28.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $28k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Ventura Unified (urban): math 33% / reading 48% proficiency, ranked #218 of 517 in CA (top 42%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Loma Vista Elementary (math 57% / reading 62%, grade B-, #232 of 1,571 statewide, top 16%, 392 students, 34% FRL); Cabrillo Middle (math 37% / reading 55%, grade D+, #122 of 498 statewide, top 25%, 801 students, 40% FRL); Ventura High (math 27% / reading 62%, grade F, #434 of 1,170 statewide, top 39%, 2,095 students, 56% FRL) — zoned schools at 43% FRL track the district average.
• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.9%/yr); 91 active listings in the ZIP; solid renter incomes; 1,759 units permitted in Ventura County in 2024 (1,196 in 5+ unit buildings).
• Ventura County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.0% vs local median 2.4% in San Buenaventura (Ventura) — 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.
• At $6,581/mo this rent would consume 76% of the median local household income ($104k/yr) (locally 2414% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 282 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?