260 Brooklyn Basin Way #471

Oakland, CA 94606

$292,900F

1 bd · 1.0 ba · 550 sqft · Built 2023 · Condo · Active · 48 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,345/mo
• Mortgage (P&I): −$1,536
• Tax + insurance: −$488
• HOA: −$535
• Vac / Maint / Mgmt: −$493
• Net cashflow: $-706/mo
• Annual: $-8,475/yr
• Cap rate: 3.40%
• Cash-on-cash: -10.33%
• DSCR: 0.54
• 1% rule: 0.80%
• Cash to close: $82,012

Investor read

• This is a 1-bed/1.0-bath condo listed at $293k. Condition is rated good.
• At list price, monthly cash flow is $-706 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $191k (34.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $235k (19.9% below list).
• It's been on market 48 days — a 3% lower offer ($284k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $191k (34.9% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#224 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: 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.
• Zoned schools: Franklin Elementary (496 students, 94% FRL); Westlake Middle (314 students, 87% FRL); Oakland High (1,531 students, 88% FRL) — zoned schools average 89% FRL vs 68% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 23% of rent.
• Market conditions: Rents rising (+1.9%/yr); 194 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 77d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,742 units permitted in Alameda County in 2024 (856 in 5+ unit buildings).
• Alameda County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 3.4% vs local median 2.5% 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.
• This rent runs 39% of the median local income ($72k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• It's been on market 48 days. Have you received any prior offers? Is the seller open to a 35% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.