603 Madison St · Oakland, CA 94607

$1,050,000

4 bd · 2.0 ba · 2,460 sqft · MultiFamily public records · 91 Days on market

Built 1910 2,500 sqft lot $427/sqft · 10% above area Est $956k · 10% over

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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 +24.4/30.0
• DSCR +7.9/10.0
• 1% rule +5.6/10.0
• Livability +3.6/5.0
• Rent growth +3.3/5.0
• ARV discount +3.1/15.0
• Schools +3.0/10.0
• 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: 4 units. confirmed

Listing remarks MLS

Welcome to this well-maintained four-unit income property located near the heart of Oaklands vibrant Chinatown and downtown amenities. Each of the four units features 2 bedrooms and 1 bathroom, all fully permitted with a practical layout that appeals to long-term tenants or investors. Three units will be delivered vacant and one unit is currently occupied, offering flexibility for owner-users, short-term rental strategy, or immediate lease-up at market rent. The building is in good, functional condition and includes a shared washer/dryer for all residents, plus one garage space per unit, providing rare convenience and added value Centrally located near shops, dining, public transportation, major freeways, and a quick trip to BART. Buyers to do a 1031 exchange at no cost to the buyers.

Key facts

• Shared washer dryer
• Quick trip to bart
• Near major freeways

Tags

• FOUR UNIT INCOME PROPERTY
• SHARED WASHER DRYER
• CENTRALLY LOCATED NEAR SHOPS
• NEAR PUBLIC TRANSPORTATION
• NEAR MAJOR FREEWAYS
• QUICK TRIP TO BART

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $1.05M.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $534/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $1.05M).
• Recommended offer: $956k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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 (+3.2%/yr); 133 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,742 units permitted in Alameda County in 2024 (856 in 5+ unit buildings).
• At $11,096/mo this rent would consume 140% of the median local household income ($95k/yr) (locally 2002% 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 $7k of loan paydown is wiped out by about $32k 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 91 days — a 9% lower offer ($956k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask is 19% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $170k; list at $1.05M implies a 518% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $955,500 (9.0% below list)

Questions for the listing agent

1. It's been on market 91 days. Have you received any prior offers? Is the seller open to a 9% 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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.06% ✓
• Cap rate: 8.73%
• Cash-on-cash: 8.72%
• DSCR: 1.39
• GRM: 7.9

CMA / ARV

• ARV (median comp): $955,989
• List price: $1,050,000
• Delta: 9.83%
• Verdict: FAIR
• Comps: 16 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.24% rent growth · sell at horizon

5-year hold

• IRR: -2.8%
• Equity multiple: 0.89×
• Total profit: $-31,594
• Equity at exit: $156,558

10-year hold

• IRR: 7.1%
• Equity multiple: 1.54×
• Total profit: $157,907
• Equity at exit: $90,785

Cash invested: $294,000 (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 94607

• Rents YoY: 3.2%
• Active inventory: 133
• Price-to-rent: 31.5×

Monthly cashflow live

• Estimated rent: $11,096 high
• Mortgage (P&I): −$5,506
• Tax from tax record: −$685 /mo · $8,225/yr
• Insurance: −$438
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,330
• Net cashflow: $2,137

Break-even live

Break-even rent $8,391

Max offer price $1,050,000

Occupancy floor 76%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$11,096
Total (4 units)			$11,096

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: $262,500
• Closing costs: $31,500
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1200 Lakeshore Ave Oakland, CA	1.0–3.0	1.5–2.5	1332	$10,245	$7.69	1d	14	0.56mi
1389 Jefferson St Oakland, CA	3.0	1.0–3.0	1166	$4,370	$3.75	2d	14	0.75mi
1015 Martin Luther King Junior Way Unit B2 Oakland, CA	4.0	2.0	1800	$1,000	$0.56	43d	1	0.76mi
1015 Martin Luther King Junior Way Oakland, CA	4.0	2.0	1800	$1,300	$0.72	43d	1	0.76mi
500 William St Oakland, CA	3.0	1.0–2.0	1108	$4,654	$4.20	2d	16	0.93mi
2730 Bette St Alameda, CA	4.0	4.0	3226	$6,450	$2.00	4d	1	1.06mi
1202 Adeline St Oakland, CA	4.0	3.0	1800	$3,795	$2.11	19d	1	1.32mi
1518 Clement Ave Alameda, CA	3.0	1.0–3.0	1108	$5,961	$5.38	1d	21	1.35mi
7 Sanderling Ct Alameda, CA	3.0	2.5	1590	$4,700	$2.96	18d	1	1.37mi
1216 10th St Oakland, CA	3.0	2.0	1750	$3,399	$1.94	43d	1	1.37mi
826 Lincoln Ave Unit A Alameda, CA	4.0	3.5	2100	$5,950	$2.83	3d	1	1.47mi

Listing history 24 events

1. 2026-06-18
   days on market $1,050,000 Active 91 DOM
2. 2026-06-17
   days on market $1,050,000 Active 90 DOM
3. 2026-06-16
   days on market $1,050,000 Active 89 DOM
4. 2026-06-15
   days on market $1,050,000 Active 88 DOM
5. 2026-06-13
   days on market $1,050,000 Active 86 DOM
6. 2026-06-13
   days on market $1,050,000 Active 85 DOM
7. 2026-06-09
   days on market $1,050,000 Active 82 DOM
8. 2026-06-08
   days on market $1,050,000 Active 81 DOM
9. 2026-06-07
   days on market $1,050,000 Active 80 DOM
10. 2026-06-04
    days on market $1,050,000 Active 77 DOM
11. 2026-06-03
    days on market $1,050,000 Active 76 DOM
12. 2026-06-02
    days on market $1,050,000 Active 75 DOM
13. 2026-06-01
    days on market $1,050,000 Active 74 DOM
14. 2026-05-31
    days on market $1,050,000 Active 73 DOM
15. 2026-05-06
    price $1,050,000 795-char remark

    Show marketing remark (795 chars)

    Welcome to this well-maintained four-unit income property located near the heart of Oaklands vibrant Chinatown and downtown amenities. Each of the four units features 2 bedrooms and 1 bathroom, all fully permitted with a practical layout that appeals to long-term tenants or investors. Three units will be delivered vacant and one unit is currently occupied, offering flexibility for owner-users, short-term rental strategy, or immediate lease-up at market rent. The building is in good, functional condition and includes a shared washer/dryer for all residents, plus one garage space per unit, providing rare convenience and added value Centrally located near shops, dining, public transportation, major freeways, and a quick trip to BART. Buyers to do a 1031 exchange at no cost to the buyers.

16. 2026-05-06
    price $1,050,000 795-char remark

    Show marketing remark (795 chars)

    Welcome to this well-maintained four-unit income property located near the heart of Oaklands vibrant Chinatown and downtown amenities. Each of the four units features 2 bedrooms and 1 bathroom, all fully permitted with a practical layout that appeals to long-term tenants or investors. Three units will be delivered vacant and one unit is currently occupied, offering flexibility for owner-users, short-term rental strategy, or immediate lease-up at market rent. The building is in good, functional condition and includes a shared washer/dryer for all residents, plus one garage space per unit, providing rare convenience and added value Centrally located near shops, dining, public transportation, major freeways, and a quick trip to BART. Buyers to do a 1031 exchange at no cost to the buyers.

17. 2026-03-19
    listed $879,000 Active 795-char remark

    Show marketing remark (795 chars)

    Welcome to this well-maintained four-unit income property located near the heart of Oaklands vibrant Chinatown and downtown amenities. Each of the four units features 2 bedrooms and 1 bathroom, all fully permitted with a practical layout that appeals to long-term tenants or investors. Three units will be delivered vacant and one unit is currently occupied, offering flexibility for owner-users, short-term rental strategy, or immediate lease-up at market rent. The building is in good, functional condition and includes a shared washer/dryer for all residents, plus one garage space per unit, providing rare convenience and added value Centrally located near shops, dining, public transportation, major freeways, and a quick trip to BART. Buyers to do a 1031 exchange at no cost to the buyers.

18. 2026-03-19
    listed $879,000 Active 795-char remark

    Show marketing remark (795 chars)

    Welcome to this well-maintained four-unit income property located near the heart of Oaklands vibrant Chinatown and downtown amenities. Each of the four units features 2 bedrooms and 1 bathroom, all fully permitted with a practical layout that appeals to long-term tenants or investors. Three units will be delivered vacant and one unit is currently occupied, offering flexibility for owner-users, short-term rental strategy, or immediate lease-up at market rent. The building is in good, functional condition and includes a shared washer/dryer for all residents, plus one garage space per unit, providing rare convenience and added value Centrally located near shops, dining, public transportation, major freeways, and a quick trip to BART. Buyers to do a 1031 exchange at no cost to the buyers.

19. 2026-01-29
    historical
20. 2025-12-03
    status Active
21. 2025-11-28
    status Pending
22. 2025-11-19
    listed Active
23. 2022-05-12
    price $2,400
24. 1997-04-29
    soldstatus $170,000

ⓘ 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: $8,225 · $685/mo
• Projected year-2 tax: $8,225 · $685/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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥82°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 16 unhealthy d/yr today · 16 by 30 yrs out

Taxation est. · year 1

• Rental income: $133,152
• − Mortgage interest: −$58,816
• − Property taxes: −$8,225
• − Insurance: −$5,250
• − Repairs & maintenance: −$10,652
• − Management: −$10,652
• − Depreciation: −$30,545
• Taxable income: $9,011
• Est. tax owed @ 24.0%: −$2,163
• After-tax cash flow: $23,477/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): 28,804
• Household income: $94,863
• Rent vs Own: 69.9% rent · 30.1% own
• Severe rent burden: 2002.0

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: Highly diverse neighborhood (Simpson 0.78)
• Race & ethnicity: Black 29% White 25% Asian 25% Hispanic / Latino 13% Two or more races 10%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Lithuanian 1% Romanian 1% Portuguese 1%
• Foreign-born: 28% · China, Canada, Vietnam
• Languages at home: 65% English-only · Chinese 16% Spanish 8% Arabic 2%

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: ▼ -170.49%
• Current HPI: 263.5885
• Rent YoY: ▲ 3.24%
• 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

+517.6% since first listed

10 events — show timeline

• 2026-05-06 Price Changed $1,050,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-05-06 Price Changed $1,050,000 MLSListings
• 2026-03-19 Listed $879,000 MLSListings
• 2026-03-19 Listed $879,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-01-29 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2025-12-03 Relisted — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2025-11-28 Pending — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2025-11-19 Listed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2022-05-12 Price Changed $2,400 RENT.
• 1997-04-29 Sold (Public Records) $170,000 Public Records

Property tax history

+4.7%/yr

Latest (2025): $8,225 · +5.2% YoY. Source: county tax records.