140 E Reed St #4 · San Jose, CA 95112

$374,337

2 bd · 1.0 ba · 1,100 sqft · Condo · 200 Days on market

Built 1910 Good condition $340/sqft · 43% below area Est $652k · 43% under $500/mo HOA · 16% of rent

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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).

• ARV discount +15.0/15.0
• Cash flow +7.0/30.0
• Schools +4.2/10.0
• Condition / age +4.0/5.0
• Livability +3.9/5.0
• 1% rule +3.6/10.0
• Rent growth +3.6/5.0
• DSCR +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Downtown San Jose Charm Meets Modern Living, Welcome to this spacious and stylish 2-bedroom, 1-bath condo nestled in the heart of downtown San Jose. While the building's exterior showcases the timeless character of its 1910 construction, the interior offers a completely renovated and modernized living space. Inside, you'll find 1,100 sq. ft. of comfort featuring: New mechanical systems and plumbing, Updated electrical panel and fixtures, New flooring throughout, Updated kitchen and bathroom upgrades, In-unit laundry, Central A/C and energy-efficient systems. Enjoy the added perks of private storage, a shared patio area, and bike storage, all in a walkable urban location. This condo is a perfect blend of historic charm and modern functionality. Buyers must meet Habitat for Humanity Low Income Requirements and are exclusively for first-time homebuyers.

Key facts

• Shared patio area
• Private storage
• In unit laundry

Tags

• MODERNIZED LIVING SPACE
• NEW MECHANICAL SYSTEMS
• UPDATED ELECTRICAL PANEL
• IN UNIT LAUNDRY
• PRIVATE STORAGE
• SHARED PATIO AREA

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $374k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-554 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $294k (21.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $321k (14.4% below list).
• Recommended offer: $294k (21.4% below list) — sets the bar for cash-flow.
• Cap rate 4.5% 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.
• San Jose Unified (urban): math 39% / reading 52% proficiency, ranked #149 of 517 in CA (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Gardner Elementary (math 12% / reading 22%, grade F, #1,340 of 1,571 statewide, top 88%, 389 students, 68% FRL); Herbert Hoover Middle (math 20% / reading 38%, grade F, #224 of 498 statewide, top 46%, 971 students, 61% FRL); Abraham Lincoln High (math 31% / reading 54%, grade F, #466 of 1,170 statewide, top 40%, 1,693 students, 54% FRL) — zoned schools average 61% FRL vs 38% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 30% at this address vs 46% district-wide (-16 pts) — the specific schools serving this property underperform the San Jose Unified average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+4.2%/yr); 104 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,838 units permitted in Santa Clara County in 2024 (1,886 in 5+ unit buildings).
• This rent runs 43% of the median local income ($89k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k 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 200 days — a 12% lower offer ($329k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $294,121 (21.4% below list)

Questions for the listing agent

1. 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?
2. It's been on market 200 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
3. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.86% ✗
• Cap rate: 4.52%
• Cash-on-cash: -6.35%
• DSCR: 0.72
• GRM: 9.7

CMA / ARV

• ARV (median comp): $651,658
• List price: $374,337
• Delta: -42.56%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.25% rent growth · sell at horizon

5-year hold

• IRR: -25.4%
• Equity multiple: 0.13×
• Total profit: $-91,528
• Equity at exit: $55,815

10-year hold

• IRR: -17.3%
• Equity multiple: -0.02×
• Total profit: $-106,537
• Equity at exit: $32,366

Cash invested: $104,814 (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 95112

• Rents YoY: 4.2%
• Active inventory: 104
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $3,206 high
• Mortgage (P&I): −$1,963
• Tax est. 1.5%: −$468 /mo · $5,615/yr
• Insurance: −$156
• HOA: −$500
• Vacancy / Maint / Mgmt: −$673
• Net cashflow: $-554

Break-even live

Break-even rent $3,908

Max offer price $294,121

Occupancy floor —

Sensitivity live

Price	-10% $-296	-5% $-425	+0% $-554	+5% $-684	+10% $-813
Rent	-10% $-808	-5% $-681	+0% $-554	+5% $-428	+10% $-301
Rate	-1.0pp $-366	-0.5pp $-459	base $-554	+0.5pp $-651	+1.0pp $-750

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: $93,584
• Closing costs: $11,230
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
160 E Reed St Unit 4 San Jose, CA	1.0	1.5	1200	$2,925	$2.44	5d	1	0.06mi
460 S 4th St Unit 15 San Jose, CA	2.0	2.0	980	$2,895	$2.95	5d	1	0.20mi
2 Pierce Ave San Jose, CA	1.0	1.0	705	$3,304	$4.68	0d	5	0.20mi
439 S 4th St San Jose, CA	1.0	1.0	700	$1,995	$2.85	4d	1	0.22mi
477 S Market St San Jose, CA	1.0–2.0	1.0–2.0	801	$3,997	$4.99	0d	3	0.29mi
138 Balbach St San Jose, CA	1.0–2.0	1.0–2.0	1139	$4,965	$4.36	0d	5	0.35mi
360 S Market St San Jose, CA	1.0–2.0	1.0–2.0	1153	$4,857	$4.21	0d	9	0.35mi
724 S 8th St Unit 724-01 San Jose, CA	2.0	1.0	790	$2,200	$2.78	45d	1	0.36mi
201 S 4th St San Jose, CA	2.0	1.0–2.0	750	$3,967	$5.29	0d	8	0.42mi
429 S 9th St San Jose, CA	2.0	1.5	848	$2,795	$3.30	5d	1	0.42mi
702 Vine St Apt 6 San Jose, CA	1.0	1.0	780	$2,500	$3.21	19d	1	0.45mi
88 E San Fernando St #1710 San Jose, CA	1.0	1.0	889	$3,200	$3.60	18d	1	0.60mi
88 E San Fernando St #1705 San Jose, CA	2.0	2.0	1100	$3,600	$3.27	45d	1	0.60mi
101 E San Fernando St San Jose, CA	2.0	1.0–2.0	818	$3,607	$4.41	0d	10	0.62mi
399 S 12th St Unit 5 San Jose, CA	3.0	2.0	1200	$3,595	$3.00	14d	1	0.62mi
516 Martha St #111 San Jose, CA	2.0	2.0	952	$2,995	$3.15	45d	1	0.66mi
952 S 11th St San Jose, CA	1.0–2.0	1.0–2.0	1068	$3,200	$3.00	25d	1	0.66mi
952 S 11th St San Jose, CA	2.0	2.0	1240	$3,000	$2.42	22d	1	0.66mi
56 S Second St San Jose, CA	1.0	1.0	780	$2,695	$3.46	0d	1	0.68mi
951 S 12th St #220 San Jose, CA	2.0	2.0	1231	$3,600	$2.92	25d	1	0.68mi
170 S 10th St Unit 170 San Jose, CA	1.0	1.0	834	$1,795	$2.15	5d	1	0.70mi
25 S Third St San Jose, CA	2.0	2.0	1195	$3,250	$2.72	25d	1	0.71mi
246 S 12th St Unit Adu San Jose, CA	2.0	2.0	1309	$3,745	$2.86	45d	1	0.73mi
1072 S 11th St #2 San Jose, CA	2.0	1.0	780	$3,400	$4.36	5d	1	0.75mi
31 S 8th St #33 San Jose, CA	3.0	1.0	1200	$2,900	$2.42	45d	1	0.76mi
S. Winchester BLVD San Jose, CA	1.0	1.0	730	$3,610	$4.95	45d	1	0.78mi
1 S Market St San Jose, CA	1.0–3.0	1.0–2.0	934	$4,214	$4.51	0d	15	0.79mi
181 E Santa Clara St San Jose, CA	2.0	1.0–2.5	1052	$8,522	$8.10	0d	23	0.80mi
219 E Saint John St Apt 1 San Jose, CA	2.0	1.0	850	$2,600	$3.06	45d	1	0.90mi
411 Park Ave #113 San Jose, CA	1.0	1.0	815	$2,890	$3.55	23d	1	0.90mi
95 N 8th St Unit 4 San Jose, CA	1.0	1.0	750	$2,495	$3.33	45d	1	0.91mi
95 N 8th St Unit 2 San Jose, CA	1.0	1.0	750	$2,495	$3.33	0d	1	0.91mi
465 W San Carlos St San Jose, CA	1.0–2.0	1.0–2.5	926	$4,205	$4.54	0d	7	0.91mi
360 E Saint John St San Jose, CA	2.0	1.0	900	$2,990	$3.32	45d	1	0.93mi
475 W San Carlos St #766 San Jose, CA	1.0	1.0	764	$3,600	$4.71	0d	1	0.93mi
432 Lakehouse Ave San Jose, CA	1.0	1.0	700	$2,195	$3.14	45d	1	0.95mi
1426 Ford Ave San Jose, CA	2.0	1.0	900	$2,800	$3.11	16d	1	0.95mi
55 N 11th St San Jose, CA	3.0	2.0	1100	$3,995	$3.63	18d	1	0.96mi
77 N Almaden Ave San Jose, CA	1.0–2.0	1.0–2.0	1047	$4,490	$4.29	0d	8	0.99mi
97 E Saint James St #58 San Jose, CA	2.0	2.0	1077	$3,145	$2.92	16d	1	1.01mi

HOA detail condo

• Monthly dues: $500 · $6,000/yr
• Likely covers: electric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-21
   days on market $374,337 Active 200 DOM
2. 2026-06-18
   days on market $374,337 Active 197 DOM
3. 2026-06-17
   days on market $374,337 Active 196 DOM
4. 2026-06-16
   days on market $374,337 Active 195 DOM
5. 2026-06-15
   days on market $374,337 Active 194 DOM
6. 2026-06-13
   days on market $374,337 Active 192 DOM
7. 2026-06-13
   days on market $374,337 Active 191 DOM
8. 2026-06-09
   days on market $374,337 Active 188 DOM
9. 2026-06-08
   days on market $374,337 Active 187 DOM
10. 2026-06-07
    days on market $374,337 Active 186 DOM
11. 2026-06-05
    days on market $374,337 Active 183 DOM
12. 2026-06-03
    days on market $374,337 Active 182 DOM
13. 2026-06-02
    days on market $374,337 Active 181 DOM
14. 2026-06-01
    days on market $374,337 Active 180 DOM
15. 2026-05-31
    days on market $374,337 Active 179 DOM
16. 2025-12-04
    listed $374,337 Active 862-char remark

    Show marketing remark (862 chars)

    Downtown San Jose Charm Meets Modern Living, Welcome to this spacious and stylish 2-bedroom, 1-bath condo nestled in the heart of downtown San Jose. While the building's exterior showcases the timeless character of its 1910 construction, the interior offers a completely renovated and modernized living space. Inside, you'll find 1,100 sq. ft. of comfort featuring: New mechanical systems and plumbing, Updated electrical panel and fixtures, New flooring throughout, Updated kitchen and bathroom upgrades, In-unit laundry, Central A/C and energy-efficient systems. Enjoy the added perks of private storage, a shared patio area, and bike storage, all in a walkable urban location. This condo is a perfect blend of historic charm and modern functionality. Buyers must meet Habitat for Humanity Low Income Requirements and are exclusively for first-time homebuyers.

17. 2025-12-04
    listed $374,337 Active 862-char remark

    Show marketing remark (862 chars)

    Downtown San Jose Charm Meets Modern Living, Welcome to this spacious and stylish 2-bedroom, 1-bath condo nestled in the heart of downtown San Jose. While the building's exterior showcases the timeless character of its 1910 construction, the interior offers a completely renovated and modernized living space. Inside, you'll find 1,100 sq. ft. of comfort featuring: New mechanical systems and plumbing, Updated electrical panel and fixtures, New flooring throughout, Updated kitchen and bathroom upgrades, In-unit laundry, Central A/C and energy-efficient systems. Enjoy the added perks of private storage, a shared patio area, and bike storage, all in a walkable urban location. This condo is a perfect blend of historic charm and modern functionality. Buyers must meet Habitat for Humanity Low Income Requirements and are exclusively for first-time homebuyers.

ⓘ 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 ≥93°F today · 14 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: $38,470
• − Mortgage interest: −$20,969
• − Property taxes: −$5,615
• − Insurance: −$1,872
• − Repairs & maintenance: −$3,078
• − Management: −$3,078
• − HOA: −$6,000
• − Depreciation: −$10,890
• Taxable loss: −$13,030
• Est. tax savings @ 24.0%: +$3,127
• After-tax cash flow: $-3,525/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.

Condition & rehab AI · 9 photos

Good 80/100 Cosmetic rehab

This fully renovated 2-bedroom, 1-bath condo in downtown San Jose offers modern amenities and fresh updates, making it move-in ready and highly marketable.

Value-add opportunities

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics.
• Both Landscaping and curb appeal improvements — Improves overall property presentation and value.
• Both Add smart home features — Enhances convenience and marketability for both buyers and renters.
• Both Install energy-efficient lighting — Reduces energy costs and appeals to eco-conscious buyers and renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics. ↑
• Both Landscaping and curb appeal improvements — Improves overall property presentation and value. ↑
• Both Add smart home features — Enhances convenience and marketability for both buyers and renters. ↑
• Both Install energy-efficient lighting — Reduces energy costs and appeals to eco-conscious buyers and renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: San Jose Unified
• NCES district ID: 0634590
• Math proficiency: 39% ▼ -4.00%
• Reading proficiency: 52% ▼ -3.00%
• Median HH income: $84,567
• Composite: 42.31/100
• National rank: #3259
• State rank: #149 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): 57,373
• Household income: $89,103
• Rent vs Own: 73.6% rent · 26.4% own
• Severe rent burden: 4364.0

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: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: Hispanic / Latino 41% Asian 27% White 22% Two or more races 18% Black 5% Native American 2%
• Hispanic origin (detail): Mexican 33%
• Common ancestry: Slovak 1% Lithuanian 1% Scotch-Irish 1%
• Foreign-born: 34% · Canada, Vietnam, China
• Languages at home: 48% English-only · Spanish 29% Vietnamese 9% Chinese 6%

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: ▼ -1025.61%
• Current HPI: 297.1788
• Rent YoY: ▲ 4.25%
• 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

+0.0% since first listed

2 events — show timeline

• 2025-12-04 Listed $374,337 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2025-12-04 Listed $374,337 MLSListings