2438-42 India St · San Diego, CA 92101

$2,100,000

35 bd · 21.0 ba · 4,000 sqft · MultiFamily · 37 Days on market

Good condition

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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 +19.4/30.0
• ARV discount +7.5/15.0
• DSCR +6.1/10.0
• 1% rule +5.2/10.0
• Appreciation +4.1/10.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• Rent growth +2.6/5.0
• Schools +2.2/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 7 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

Pleased to present 2438–42 India Street, a well-maintained 7-unit multifamily property located in the heart of San Diego’s highly coveted Little Italy neighborhood. Built in 1950, the property offers investors an exceptional opportunity to acquire a rare multifamily asset in one of San Diego’s most desirable and supply-constrained submarkets—an area defined by its walkability, cultural energy, and strong rental fundamentals. The property features a diverse unit mix consisting of two (2) two-bedroom/one-bath units (˜800 SF each), four (4) one-bedroom/one-bath units (˜500 SF each), and one (1) studio/one-bath unit (˜400 SF). This balanced mix attracts

Key facts

• Diverse unit mix
• Cultural energy
• Multifamily property

Tags

• MULTIFAMILY PROPERTY
• DIVERSE UNIT MIX
• STRONG RENTAL FUNDAMENTALS
• WALKABILITY
• CULTURAL ENERGY

Property features AI

Exterior

• Home design: Residential income property; Commercial-residential income subtype
• Construction: Approximately 4000 total building area

Interior

• Bathrooms: 3 full bathrooms
• Interior features: Three full bathrooms

What this means for you Summary

Snapshot

• This is a 2×2bd/1ba + 5×1bd/1ba units multifamily listed at $2.10M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $2k ($28k/yr) — positive. Per door: $336/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($21k rent vs $2.10M).
• Recommended offer: $2.04M (3.0% below list) — sets the bar for market timing.
• Cap rate 7.6% 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 flat; 515 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 $21,352/mo this rent would consume 280% of the median local household income ($92k/yr) (locally 5603% 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 (-1.8%/yr); year-one equity from $15k of loan paydown is wiped out by about $38k 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.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($2.04M) is reasonable based on typical stale-listing flexibility.

Recommended offer $2,037,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 1.02% ✓
• Cap rate: 7.64%
• Cash-on-cash: 4.81%
• DSCR: 1.21
• GRM: 8.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-1.82% appreciation · 0.35% rent growth · sell at horizon

5-year hold

• IRR: -5.9%
• Equity multiple: 0.76×
• Total profit: $-139,345
• Equity at exit: $425,955

10-year hold

• IRR: -1.1%
• Equity multiple: 0.92×
• Total profit: $-47,186
• Equity at exit: $381,428

Cash invested: $588,000 (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 92101

• Home prices YoY: -0.8%
• Rents YoY: 0.3%
• Active inventory: 515
• Price-to-rent: 51.0×

Monthly cashflow live

• Estimated rent: $21,352 high
• Mortgage (P&I): −$11,013
• Tax est. 1.5%: −$2,625 /mo · $31,500/yr
• Insurance: −$875
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,484
• Net cashflow: $2,355

Break-even live

Break-even rent $18,370

Max offer price $2,100,000

Occupancy floor 84%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$6,864
▸ 5× units	1	1	$14,490
Total (7 units)			$21,352

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: $525,000
• Closing costs: $63,000
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-18
   days on market $2,100,000 Active 37 DOM
2. 2026-06-17
   days on market $2,100,000 Active 36 DOM
3. 2026-06-16
   days on market $2,100,000 Active 35 DOM
4. 2026-06-15
   days on market $2,100,000 Active 34 DOM
5. 2026-06-13
   days on market $2,100,000 Active 32 DOM
6. 2026-06-09
   days on market $2,100,000 Active 28 DOM
7. 2026-06-08
   days on market $2,100,000 Active 27 DOM
8. 2026-06-07
   days on market $2,100,000 Active 26 DOM
9. 2026-06-04
   days on market $2,100,000 Active 23 DOM
10. 2026-06-03
    days on market $2,100,000 Active 22 DOM
11. 2026-06-02
    days on market $2,100,000 Active 21 DOM
12. 2026-06-01
    days on market $2,100,000 Active 20 DOM
13. 2026-05-31
    days on market $2,100,000 Active 19 DOM
14. 2026-05-12
    listed $2,100,000 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 ≥84°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $256,224
• − Mortgage interest: −$117,633
• − Property taxes: −$31,500
• − Insurance: −$10,500
• − Repairs & maintenance: −$20,498
• − Management: −$20,498
• − Depreciation: −$61,091
• Taxable loss: −$5,495
• Est. tax savings @ 24.0%: +$1,319
• After-tax cash flow: $29,584/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.

Condition & rehab AI · 7 photos

Good 75/100 Cosmetic rehab

This 7-unit multifamily property in Little Italy, San Diego, is in good condition with minimal repairs needed. Upgrades to the exterior and common areas can significantly enhance its value and attract more tenants.

Value-add opportunities

• Both Paint the exterior walls and trim — A fresh coat of paint can significantly enhance the curb appeal and resale value of the property.
• Both Upgrade the common areas with modern furniture — Updating the common areas with modern furniture can attract more tenants and increase the property's rental value.
• Both Install energy-efficient windows — Energy-efficient windows can reduce energy costs and improve the property's overall energy efficiency.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior walls and trim — A fresh coat of paint can significantly enhance the curb appeal and resale value of the property. ↑
• Both Upgrade the common areas with modern furniture — Updating the common areas with modern furniture can attract more tenants and increase the property's rental value. ↑
• Both Install energy-efficient windows — Energy-efficient windows can reduce energy costs and improve the property's overall energy efficiency. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 51,805
• Household income: $91,566
• Rent vs Own: 77.4% rent · 22.6% own
• Severe rent burden: 5603.0

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: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 54% Hispanic / Latino 24% Two or more races 12% Asian 10% Black 8%
• Hispanic origin (detail): Mexican 16%
• Common ancestry: Romanian 3% Lithuanian 2% Italian 2%
• Foreign-born: 19% · Canada, China, Vietnam
• Languages at home: 74% English-only · Spanish 15% Other Indo-European 3% Other Asian/Pacific 1%

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: ▼ -1.82%
• Current HPI: 224.0762
• Rent YoY: ▲ 0.35%
• 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

1 event — show timeline

• 2026-05-12 Listed $2,100,000 SDMLS