230 Main St

Vista, CA 92084

$11,250D

None bd · None ba · — sqft · Built — · MultiFamily · Pending

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,821/mo
• Mortgage (P&I): −$59
• Tax + insurance: −$19
• HOA: −$0
• Vac / Maint / Mgmt: −$592
• Net cashflow: $2,151/mo
• Annual: $25,814/yr
• Cap rate: 235.75%
• Cash-on-cash: 819.48%
• DSCR: 37.46
• 1% rule: 25.08%
• Cash to close: $3,150

Investor read

• This is a multifamily listed at $11k.
• At list price, monthly cash flow is $2k ($26k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $11k).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $78 of loan paydown is wiped out by about $338 of value loss. Plan a longer hold.
• Location reads 60/100 on livability (#584 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A-; Watch: schools F, amenities F, cost of living F.
• Vista Unified (suburban): math 32% / reading 59% proficiency, ranked #175 of 517 in CA (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+1.6%/yr); 131 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 11,759 units permitted in San Diego County in 2024 (7,244 in 5+ unit buildings).
• San Diego County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 1.6% rent growth), your $3k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 235.7% vs local median 2.4% in Vista — 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.
• This rent runs 34% of the median local income ($99k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• 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.
• 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.
• 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.