1029 Salem St · Chico, CA 95928

$550,000

4 bd · 4.0 ba · 2,277 sqft · MultiFamily public records · 365 Days on market

Built 1930 7,841 sqft lot $242/sqft · 36% above area Est $403k · 36% over

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Why this score? — see what drove the D 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 +17.2/30.0
• DSCR +5.4/10.0
• Schools +4.6/10.0
• 1% rule +3.8/10.0
• Livability +3.6/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• 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

Charming Quadruplex Investment Opportunity in Downtown Chico! This unique and character-filled property offers four 1-bedroom, 1-bathroom units—each with its own distinct charm. Two units are located on the lower level, and two more are upstairs, accessible via a wide staircase that leads to a welcoming porch area perfect for relaxing. Inside the units feature high ceilings, wood-paneled doors, wainscoting, freestanding tubs, and beautifully cased wood windows. The kitchens and living areas are surprisingly spacious, making these units highly desirable. Two of the units have been updated with efficient mini-split systems for modern comfort. Additional highlights include plenty of off-street parking, a detached structure at the back that provides storage space and a laundry setup for Unit #3. Situated near Downtown Chico, Chico State, Enloe Hospital, and Bidwell Park—this is an incredible investment opportunity with prime location appeal!

Key facts

• Freestanding tubs
• Cased wood windows
• High ceilings

Tags

• WELCOMING PORCH AREA
• HIGH CEILINGS
• FREESTANDING TUBS
• CASED WOOD WINDOWS
• EFFICIENT MINI-SPLIT SYSTEMS
• OFF-STREET PARKING

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/1-bath units multifamily listed at $550k.

Deal economics

• At list price, monthly cash flow is $273 ($3k/yr) — positive. Per door: $68/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 $487k (11.5% below list).
• Recommended offer: $484k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.2% vs local median 2.6% in Chico — 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 72/100 on livability (#195 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A-; Watch: employment C-, crime F, cost of living F.
• Chico Unified (urban): math 40% / reading 70% proficiency, ranked #117 of 517 in CA (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+3.4%/yr); 139 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; 946 units permitted in Butte County in 2024 (254 in 5+ unit buildings).
• At $4,866/mo this rent would consume 90% of the median local household income ($65k/yr) (locally 3612% 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 $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Butte County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 365 days — a 12% lower offer ($484k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y 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 $290k; list at $550k implies a 90% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $122/mo; built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AO (mandatory federal flood insurance); major wildfire risk; extreme-heat days projected 6→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $484,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 365 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. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 0.88% ✗
• Cap rate: 7.16%
• Cash-on-cash: 3.08%
• DSCR: 1.14
• GRM: 9.4

CMA / ARV

• ARV (median comp): $403,169
• List price: $550,000
• Delta: 36.42%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1006 Salem St	0.03mi	4/3.0	2,124 (-7%)	19mo	$400,000	$188	67
1080 Ivy St	0.30mi	4/3.0	2,103 (-8%)	3mo	$525,000	$250	67

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 · 3.43% rent growth · sell at horizon

5-year hold

• IRR: -12.5%
• Equity multiple: 0.55×
• Total profit: $-69,666
• Equity at exit: $82,007

10-year hold

• IRR: -2.8%
• Equity multiple: 0.81×
• Total profit: $-29,768
• Equity at exit: $47,554

Cash invested: $154,000 (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 95928

• Rents YoY: 3.4%
• Active inventory: 139
• Price-to-rent: 37.7×

Monthly cashflow live

• Estimated rent: $4,866 high
• Mortgage (P&I): −$2,884
• Tax from tax record: −$335 /mo · $4,021/yr
• Insurance: −$229
• Flood insurance flood zone: −$122 /mo · $1,468/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,022
• Net cashflow: $273

Break-even live

Break-even rent $4,520

Max offer price $550,000

Occupancy floor 89%

Sensitivity live

Price	-10% $585	-5% $429	+0% $273	+5% $118	+10% $-38
Rent	-10% $-111	-5% $81	+0% $273	+5% $466	+10% $658
Rate	-1.0pp $550	-0.5pp $413	base $273	+0.5pp $131	+1.0pp $-14

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$4,868
Total (4 units)			$4,866

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: $137,500
• Closing costs: $16,500
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
597 E 4th St Unit B Chico, CA	3.0	1.0	1800	$1,995	$1.11	44d	1	0.61mi
1131 W 6th St Chico, CA	5.0	2.0	1600	$2,900	$1.81	44d	1	0.65mi
805 Pomona Ave Chico, CA	5.0	3.0	1690	$3,100	$1.83	44d	1	0.81mi
812 Nord Ave Chico, CA	3.0–4.0	2.0	1525	$2,125	$1.39	13d	1	1.22mi
1119 Citrus Ave Chico, CA	4.0	2.0	2089	$2,500	$1.20	13d	1	1.24mi

Listing history 23 events

1. 2026-06-19
   days on market $550,000 Active 365 DOM
2. 2026-06-18
   days on market $550,000 Active 364 DOM
3. 2026-06-17
   days on market $550,000 Active 363 DOM
4. 2026-06-16
   days on market $550,000 Active 362 DOM
5. 2026-06-15
   days on market $550,000 Active 361 DOM
6. 2026-06-14
   days on market $550,000 Active 359 DOM
7. 2026-06-13
   days on market $550,000 Active 358 DOM
8. 2026-06-10
   days on market $550,000 Active 356 DOM
9. 2026-06-08
   days on market $550,000 Active 354 DOM
10. 2026-06-07
    days on market $550,000 Active 353 DOM
11. 2026-06-05
    days on market $550,000 Active 350 DOM
12. 2026-06-02
    days on market $550,000 Active 348 DOM
13. 2026-06-01
    days on market $550,000 Active 347 DOM
14. 2026-05-31
    days on market $550,000 Active 346 DOM
15. 2026-05-30
    days on market $550,000 Active 345 DOM
16. 2025-06-19
    listed $550,000 Active 963-char remark

    Show marketing remark (963 chars)

    Charming Quadruplex Investment Opportunity in Downtown Chico! This unique and character-filled property offers four 1-bedroom, 1-bathroom units—each with its own distinct charm. Two units are located on the lower level, and two more are upstairs, accessible via a wide staircase that leads to a welcoming porch area perfect for relaxing. Inside the units feature high ceilings, wood-paneled doors, wainscoting, freestanding tubs, and beautifully cased wood windows. The kitchens and living areas are surprisingly spacious, making these units highly desirable. Two of the units have been updated with efficient mini-split systems for modern comfort. Additional highlights include plenty of off-street parking, a detached structure at the back that provides storage space and a laundry setup for Unit #3. Situated near Downtown Chico, Chico State, Enloe Hospital, and Bidwell Park—this is an incredible investment opportunity with prime location appeal!

17. 2015-12-04
    soldstatus $290,000 Closed Sale 162-char remark

    Show marketing remark (162 chars)

    Four - One bedroom apartments at 1029 Salem St. Location, Location, Location units are in good overall condition and are always rented - rents could be higher.

18. 2015-12-04
    soldstatus $290,000

    Show marketing remark (162 chars)

    Four - One bedroom apartments at 1029 Salem St. Location, Location, Location units are in good overall condition and are always rented - rents could be higher.

19. 2015-12-04
    soldstatus $290,000

    Show marketing remark (162 chars)

    Four - One bedroom apartments at 1029 Salem St. Location, Location, Location units are in good overall condition and are always rented - rents could be higher.

20. 2015-10-27
    status Pending Sale 162-char remark

    Show marketing remark (162 chars)

    Four - One bedroom apartments at 1029 Salem St. Location, Location, Location units are in good overall condition and are always rented - rents could be higher.

21. 2015-10-26
    price $301,000 162-char remark

    Show marketing remark (162 chars)

    Four - One bedroom apartments at 1029 Salem St. Location, Location, Location units are in good overall condition and are always rented - rents could be higher.

22. 2015-10-16
    listed $289,000 Active 162-char remark

    Show marketing remark (162 chars)

    Four - One bedroom apartments at 1029 Salem St. Location, Location, Location units are in good overall condition and are always rented - rents could be higher.

23. 2015-10-16
    listed $301,000

    Show marketing remark (162 chars)

    Four - One bedroom apartments at 1029 Salem St. Location, Location, Location units are in good overall condition and are always rented - rents could be higher.

ⓘ 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: $4,021 · $335/mo
• Projected year-2 tax: $4,180 · $348/mo
• Expected delta: +$159/yr (+$13/mo · 4.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone AO · 77% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 8/10 Severe 6 d/yr ≥105°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 37 unhealthy d/yr today · 41 by 30 yrs out

Taxation est. · year 1

• Rental income: $58,392
• − Mortgage interest: −$30,809
• − Property taxes: −$4,021
• − Insurance: −$4,218
• − Repairs & maintenance: −$4,671
• − Management: −$4,671
• − Depreciation: −$16,000
• Taxable loss: −$5,997
• Est. tax savings @ 24.0%: +$1,439
• After-tax cash flow: $4,720/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: Chico Unified
• NCES district ID: 0608370
• Math proficiency: 40% ▼ -2.00%
• Reading proficiency: 70% ▲ 14.00%
• Median HH income: $46,223
• Composite: 46.45/100
• National rank: #2443
• State rank: #117 of 517 in CA

Livability — Chico

• Score: 72/100
• State rank: #195
• US rank: #6332

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chico, CA
• County: Butte County · 175,030 people
• City population: 117,007
• Metro: Chico, CA
• Population (ZIP): 37,409
• Household income: $64,949
• Rent vs Own: 57.6% rent · 42.4% own
• Severe rent burden: 3612.0

Population outlook (Butte County) Hauer SSP2

• Today (2025): 237,527 people
• By 2030: 243,804 · +2.6%
• By 2040: 253,899 · +6.9%
• By 2050: 262,561 · +10.5%
• By 2075: 283,709 · +19.4%
• By 2100: 282,689 · +19.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Hispanic / Latino 20% Two or more races 12% Asian 3% Black 2%
• Hispanic origin (detail): Mexican 18%
• Common ancestry: Slovak 3% Lithuanian 3% Italian 3%
• Foreign-born: 8% · Canada, China
• Languages at home: 83% English-only · Spanish 12% Other Indo-European 2% Other Asian/Pacific 1%

Political lean MEDSL · Butte

• 2024 margin: Toss-up / Even · D 46.8% · R 49.9% · Other 3.3%
• 2008→2024 swing: -5.5pp toward R · 2008: 2.4pp · 2024: -3.1pp
• All cycles: 2024: R+3.1 2020: D+1.7 2016: R+4.0 2012: R+3.9 2008: D+2.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -313.43%
• Current HPI: 251.1819
• Rent YoY: ▲ 3.43%
• Metro: Chico, 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

+82.7% since first listed

8 events — show timeline

• 2025-06-19 Listed $550,000 CRMLS
• 2015-12-04 Sold (Public Records) $290,000 Public Records
• 2015-12-04 Sold (MLS) $290,000 SDMLS
• 2015-12-04 Sold (MLS) $290,000 CRMLS
• 2015-10-27 Pending — CRMLS
• 2015-10-26 Price Changed $301,000 CRMLS
• 2015-10-16 Listed $289,000 CRMLS
• 2015-10-16 Listed $301,000 SDMLS

Property tax history

+7.7%/yr

Latest (2025): $4,021 · +6.9% YoY. Source: county tax records.