5337-5347 Meade Ave · San Diego, CA 92115

$1,750,000

48 bd · 48.0 ba · — sqft · MultiFamily · 142 Days on market

Built 1955 ↓ 8% since listing

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Excellent investment opportunity near San Diego State University. This fully remodeled 6-unit property features six spacious 2-bedroom, 2-bath units, each equipped with in-unit washer and dryer. 1 bath and 1 bedroom of each unit were done without permits. Licensed contractor did the work. The property was completely renovated in 2023 and is fully occupied, with a mix of stable tenants and month-to-month leases offering flexibility for an owner-investor or value-add strategy. Situated on a corner lot at the end of a quiet alley, the property offers privacy and minimal through traffic. Large, versatile basement provides additional storage or potential use. Prime college-area location with str

Key facts

• Fully remodeled
• Corner lot
• Built 1955

Tags

• FULLY REMODELED
• IN-UNIT WASHER AND DRYER
• CORNER LOT
• LARGE VERSATILE BASEMENT
• PRIME COLLEGE-AREA LOCATION

Property features AI

Exterior

• Home design: Multi-family residential income property; Single-story
• Construction: Res Income 2-4 Units
• Exterior features: Partial fencing

Interior

• Bathrooms: 8 full bathrooms
• Interior features: Unbranded virtual tour available

What this means for you Summary

Snapshot

• This is a 6 × 8-bed/?-bath units multifamily listed at $1.75M.

Deal economics

• At list price, monthly cash flow is $26k ($306k/yr) — positive. Per door: $4k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($48k rent vs $1.75M).
• Recommended offer: $1.54M (12.0% below list) — sets the bar for market timing.
• Cap rate 23.8% vs local median 2.0% in San Diego — 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 75/100 on livability (#123 in CA, #4,206 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: health & safety C-, crime D+, cost of living F.
• San Diego Unified (urban): math 19% / reading 29% proficiency, ranked #393 of 517 in CA (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+3.7%/yr); 181 active listings in the ZIP; solid renter incomes; 11,759 units permitted in San Diego County in 2024 (7,244 in 5+ unit buildings).
• At $47,632/mo this rent would consume 722% of the median local household income ($79k/yr) (locally 4584% 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 $12k of loan paydown is wiped out by about $52k of value loss. Plan a longer hold.
• 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 + 3.7% rent growth), your $490k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 142 days — a 12% lower offer ($1.54M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $145k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,540,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 142 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 1955 — 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. 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?
8. Crime grade is D 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. 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.
10. 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.
11. 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: 2.72% ✓
• Cap rate: 23.80%
• Cash-on-cash: 62.54%
• DSCR: 3.78
• GRM: 3.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.74% rent growth · sell at horizon

5-year hold

• IRR: 62.3%
• Equity multiple: 3.81×
• Total profit: $1,379,233
• Equity at exit: $260,931

10-year hold

• IRR: 67.1%
• Equity multiple: 8.03×
• Total profit: $3,446,956
• Equity at exit: $151,308

Cash invested: $490,000 (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 92115

• Rents YoY: 3.7%
• Active inventory: 181
• Price-to-rent: 18.4×

Monthly cashflow live

• Estimated rent: $47,632 medium
• Mortgage (P&I): −$9,177
• Tax est. 1.5%: −$2,188 /mo · $26,250/yr
• Insurance: −$729
• HOA: −$0
• Vacancy / Maint / Mgmt: −$10,003
• Net cashflow: $25,535

Break-even live

Break-even rent $15,309

Max offer price $1,750,000

Occupancy floor 41%

Sensitivity live

Price	-10% $26,745	-5% $26,140	+0% $25,535	+5% $24,931	+10% $24,326
Rent	-10% $21,772	-5% $23,654	+0% $25,535	+5% $27,417	+10% $29,298
Rate	-1.0pp $26,417	-0.5pp $25,981	base $25,535	+0.5pp $25,082	+1.0pp $24,621

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

Units	Beds	Baths	Est. rent
▸ 6× units	8	—	$47,634
Total (6 units)			$47,632

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: $437,500
• Closing costs: $52,500
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-04
   days on market $1,750,000 Active 142 DOM
2. 2026-06-03
   days on market $1,750,000 Active 141 DOM
3. 2026-06-01
   days on market $1,750,000 Active 139 DOM
4. 2026-05-31
   days on market $1,750,000 Active 138 DOM
5. 2026-02-28
   status Active
6. 2026-02-27
   historical
7. 2026-02-24
   price $1,750,000
8. 2026-01-05
   listed $1,895,000 Active

ⓘ 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 X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥90°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $571,584
• − Mortgage interest: −$98,027
• − Property taxes: −$26,250
• − Insurance: −$8,750
• − Repairs & maintenance: −$45,727
• − Management: −$45,727
• − Depreciation: −$50,909
• Taxable income: $296,194
• Est. tax owed @ 24.0%: −$71,087
• After-tax cash flow: $235,338/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: San Diego Unified
• NCES district ID: 0634320
• Math proficiency: 19% ▼ -29.00%
• Reading proficiency: 29% ▼ -28.00%
• Median HH income: $61,673
• Composite: 22.31/100
• National rank: #8135
• State rank: #393 of 517 in CA

Livability — San Diego

• Score: 75/100
• State rank: #123
• US rank: #4206

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Diego, CA
• County: San Diego County · 3,178,799 people
• City population: 1,397,612
• Metro: San Diego-Chula Vista-Carlsbad, CA
• Population (ZIP): 66,264
• Household income: $79,199
• Rent vs Own: 60.0% rent · 40.0% own
• Severe rent burden: 4584.0

Population outlook (San Diego County) Hauer SSP2

• Today (2025): 3,678,185 people
• By 2030: 3,856,546 · +4.8%
• By 2040: 4,171,407 · +13.4%
• By 2050: 4,421,607 · +20.2%
• By 2075: 4,831,599 · +31.4%
• By 2100: 4,832,502 · +31.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 40% Hispanic / Latino 30% Two or more races 15% Asian 13% Black 10%
• Hispanic origin (detail): Mexican 26% Puerto Rican 1%
• Common ancestry: Italian 2% Slovak 1% Romanian 1%
• Foreign-born: 19% · Canada, Vietnam, China
• Languages at home: 65% English-only · Spanish 21% Vietnamese 4% Other Asian/Pacific 3%

Political lean MEDSL · San Diego

• 2024 margin: D (+16.8) · D 56.9% · R 40.1% · Other 2.9%
• 2008→2024 swing: +6.6pp toward D · 2008: 10.2pp · 2024: 16.8pp
• All cycles: 2024: D+16.8 2020: D+22.8 2016: D+17.8 2012: D+5.1 2008: D+10.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -973.18%
• Current HPI: 427.2256
• Rent YoY: ▲ 3.74%
• Metro: San Diego-Chula Vista-Carlsbad, 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

-7.7% since first listed

4 events — show timeline

• 2026-02-28 Relisted — SDMLS
• 2026-02-27 Listing Removed — SDMLS
• 2026-02-24 Price Changed $1,750,000 SDMLS
• 2026-01-05 Listed $1,895,000 SDMLS