2227 Warner Ave · Oakland, CA 94603

$549,000

4 bd · 2.0 ba · 1,824 sqft · MultiFamily public records · 15 Days on market

Built 1951 4,280 sqft lot Est $879k · 38% under

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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 +14.3/30.0
• DSCR +4.4/10.0
• 1% rule +3.7/10.0
• Livability +3.6/5.0
• Schools +3.0/10.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Good investment property and great rents.

Key facts

• Both units rented
• 4,280 sq ft lot
• Garage

Tags

• BOTH UNITS RENTED
• UTILITIES ARE SEPARATE
• EASY ACCESS TO INTERSTATE 580
• EASY ACCESS TO INTERSTATE 880
• PUBLIC TRANSPORTATION
• MINUTES FROM SHOPPING

Property features AI

Exterior

• Parking: Detached garage with 2 parking spaces
• Utilities: Public water; Public sewer; Individual electric meter; Individual gas meter
• Home design: Residential income property; Duplex; Built in 1951
• Construction: Wood shingles and wood siding
• Exterior features: Front yard; Yard space; Rectangular lot

Interior

• Flooring: Laminate
• Heating & cooling: Wall furnace heating; No air conditioning
• Interior features: Laminate flooring

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $549k.

Deal economics

• At list price, monthly cash flow is $102 ($1k/yr) — positive. Per door: $51/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 $475k (13.4% below list).
• Recommended offer: $475k (13.4% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 2.4% in Oakland — 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 71/100 on livability (#224 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: schools C-, crime F, cost of living F.
• Oakland Unified (urban): math 27% / reading 33% proficiency, ranked #1,007 of 1,400 in CA (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+1.6%/yr); 98 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,742 units permitted in Alameda County in 2024 (856 in 5+ unit buildings).
• At $4,752/mo this rent would consume 74% of the median local household income ($77k/yr) (locally 2061% 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.
• Alameda County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($541k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 13y 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 $258k; list at $549k implies a 113% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $475,200 (13.4% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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: 0.87% ✗
• Cap rate: 6.52%
• Cash-on-cash: 0.80%
• DSCR: 1.04
• GRM: 9.6

CMA / ARV

• ARV (on-the-fly): $879,168
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1288 100th Ave	0.68mi	4/2.0	1,628 (-11%)	10mo	$553,500	$340	42
2224 107th Ave	0.53mi	4/3.0	1,555 (-15%)	8mo	$750,000	$482	40

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 · 1.58% rent growth · sell at horizon

5-year hold

• IRR: -16.6%
• Equity multiple: 0.42×
• Total profit: $-89,184
• Equity at exit: $81,858

10-year hold

• IRR: -11.0%
• Equity multiple: 0.38×
• Total profit: $-96,066
• Equity at exit: $47,467

Cash invested: $153,720 (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 Oakland: 0 Strongly Tenant-Friendly · D+62

Rent Adjustment Program + Just Cause.

Methodology + full state rankings →

ZIP-level market 94603

• Rents YoY: 1.6%
• Active inventory: 98
• Price-to-rent: 19.3×

Monthly cashflow live

• Estimated rent: $4,752 high
• Mortgage (P&I): −$2,879
• Tax from tax record: −$544 /mo · $6,533/yr
• Insurance: −$229
• HOA: −$0
• Vacancy / Maint / Mgmt: −$998
• Net cashflow: $102

Break-even live

Break-even rent $4,623

Max offer price $549,000

Occupancy floor 93%

Sensitivity live

Price	-10% $413	-5% $257	+0% $102	+5% $-54	+10% $-209
Rent	-10% $-274	-5% $-86	+0% $102	+5% $290	+10% $477
Rate	-1.0pp $378	-0.5pp $242	base $102	+0.5pp $-40	+1.0pp $-185

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,752
Total (2 units)			$4,752

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: $137,250
• Closing costs: $16,470
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9887 MacArthur Blvd Unit E Oakland, CA	3.0	3.0	1296	$3,595	$2.77	44d	1	0.17mi
1724 96th Ave Oakland, CA	4.0	2.0	1743	$4,000	$2.29	0d	1	0.36mi
2456 Palmvilla Ct Oakland, CA	4.0	3.0	1373	$4,500	$3.28	0d	1	0.41mi
2702 99th Ave Oakland, CA	4.0	1.0	1750	$4,200	$2.40	44d	1	0.43mi
2456 88th Ave Oakland, CA	4.0	2.0	1250	$3,850	$3.08	44d	1	0.61mi
1211 98th Ave Unit 1211 Oakland, CA	4.0	2.0	1630	$3,300	$2.02	44d	1	0.77mi
97 Durant Ave San Leandro, CA	3.0	2.0	1488	$3,400	$2.28	5d	1	0.81mi
1715 82nd Ave Oakland, CA	3.0	2.0	1290	$3,000	$2.33	44d	1	1.05mi
3830 Twin Oaks Way Oakland, CA	4.0	3.5	1811	$4,500	$2.48	0d	1	1.11mi
1008 88th Ave Oakland, CA	3.0	1.0	1464	$3,400	$2.32	44d	1	1.13mi
8027 Ney Ave Unit 1 Oakland, CA	4.0	2.0	1300	$4,413	$3.39	0d	1	1.14mi
3210 82nd Ave Oakland, CA	3.0	2.0	1462	$4,300	$2.94	21d	1	1.15mi
4021 Fairway Ave Oakland, CA	3.0	2.0	1513	$3,995	$2.64	15d	1	1.20mi
805 Bancroft Ave San Leandro, CA	4.0	2.5	2072	$1,400	$0.68	44d	1	1.25mi
997 Karol Way San Leandro, CA	3.0	1.5	1250	$3,095	$2.48	44d	1	1.31mi
7625 Lockwood St Oakland, CA	5.0	3.0	2115	$1,199	$0.57	44d	1	1.37mi
4081 Oak Hill Rd Oakland, CA	3.0	3.0	2006	$4,095	$2.04	44d	1	1.37mi
3951 Malcolm Ave Oakland, CA	3.0	2.0	2399	$5,000	$2.08	0d	1	1.41mi

Listing history 11 events

1. 2026-06-21
   days on market $549,000 Active 15 DOM
2. 2026-06-18
   days on market $549,000 Active 12 DOM
3. 2026-06-17
   days on market $549,000 Active 11 DOM
4. 2026-06-16
   days on market $549,000 Active 10 DOM
5. 2026-06-15
   days on market $549,000 Active 9 DOM
6. 2026-06-13
   days on market $549,000 Active 7 DOM
7. 2026-06-13
   days on market $549,000 Active 6 DOM
8. 2026-06-09
   days on market $549,000 Active 3 DOM
9. 2026-06-08
   days on market $549,000 Active 2 DOM
10. 2026-06-07
    remarks 693-char remark
11. 2026-06-07
    listed $549,000 Active 1 DOM

ⓘ 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: $6,533 · $544/mo
• Projected year-2 tax: $6,533 · $544/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 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥84°F today · 15 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: $57,024
• − Mortgage interest: −$30,753
• − Property taxes: −$6,533
• − Insurance: −$2,745
• − Repairs & maintenance: −$4,562
• − Management: −$4,562
• − Depreciation: −$15,971
• Taxable loss: −$8,102
• Est. tax savings @ 24.0%: +$1,944
• After-tax cash flow: $3,167/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: Oakland Unified
• NCES district ID: 0628050
• Math proficiency: 27% ▬ 0.00%
• Reading proficiency: 33% ▬ 0.00%
• Median HH income: $55,194
• Composite: 29.52/100
• National rank: #11769
• State rank: #1007 of 1400 in CA

Livability — Oakland

• Score: 71/100
• State rank: #224
• US rank: #7245

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Oakland, CA
• County: Alameda County · 1,614,355 people
• City population: 385,993
• Metro: San Francisco-Oakland-Berkeley, CA
• Population (ZIP): 35,742
• Household income: $76,723
• Rent vs Own: 52.1% rent · 47.9% own
• Severe rent burden: 2061.0

Population outlook (Alameda County) Hauer SSP2

• Today (2025): 1,928,884 people
• By 2030: 2,069,146 · +7.3%
• By 2040: 2,338,405 · +21.2%
• By 2050: 2,586,608 · +34.1%
• By 2075: 3,061,911 · +58.7%
• By 2100: 3,234,133 · +67.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Hispanic (63%)
• Race & ethnicity: Hispanic / Latino 63% Black 25% Two or more races 11% Asian 5% White 4% Native American 1% Pacific Islander 1%
• Hispanic origin (detail): Mexican 51%
• Foreign-born: 37% · Canada, China, Vietnam
• Languages at home: 37% English-only · Spanish 56% Other Asian/Pacific 2% Chinese 1%

Political lean MEDSL · Alameda

• 2024 margin: Solid D (+53.6) · D 74.6% · R 21.0% · Other 4.4%
• 2008→2024 swing: -5.9pp toward R · 2008: 59.5pp · 2024: 53.6pp
• All cycles: 2024: D+53.6 2020: D+62.5 2016: D+64.4 2012: D+59.8 2008: D+59.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -665.46%
• Current HPI: 396.0247
• Rent YoY: ▲ 1.58%
• Metro: San Francisco-Oakland-Berkeley, 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

+205.0% since first listed

11 events — show timeline

• 2026-06-06 Listed $549,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2014-02-03 Sold (MLS) $258,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2014-01-30 Sold (Public Records) $258,000 Public Records
• 2014-01-02 Pending — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2013-12-02 Listed $279,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2008-08-23 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2005-11-07 Sold (Public Records) $650,000 Public Records
• 2002-09-19 Sold (Public Records) $324,000 Public Records
• 2001-06-06 Sold (Public Records) $212,500 Public Records
• 2000-08-04 Sold (Public Records) $80,000 Public Records
• 1988-11-15 Sold (Public Records) $180,000 Public Records

Property tax history

-1.0%/yr

Latest (2025): $6,533 · +4.3% YoY. Source: county tax records.