2438-42 India St · San Diego, CA 92101

$2,100,000

35 bd · 21.0 ba · 4,000 sqft · MultiFamily · 88 Days on market

Good condition $525/sqft · at area comps Est $2.179M · at est.

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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 +16.0/30.0
• ARV discount +9.1/15.0
• DSCR +4.9/10.0
• 1% rule +4.4/10.0
• Appreciation +4.1/10.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0

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).

Key facts

• Diverse unit mix
• Cultural energy
• Multifamily property

Tags

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

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.
• This rent per unit runs 37% of the median local income ($92k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $147/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.97M (6.3% below list).
• Recommended offer: $1.97M (6.3% below list) — sets the bar for 1% rule.
• Cap rate 6.9% 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.
• Zoned schools: Washington Elementary (257 students, 69% FRL); Roosevelt International Middle (math 24% / reading 24%, grade F, #277 of 498 statewide, top 73%, 761 students, 59% FRL); San Diego High (2,105 students, 62% FRL).
• Market conditions: 637 active listings in the ZIP; solid renter incomes; 11,759 units permitted in San Diego County in 2024 (7,244 in 5+ unit buildings).

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 88 days — a 6% lower offer ($1.97M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask is 125273% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Recommended offer $1,967,600 (6.3% below list)

Questions for the listing agent

1. It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 0.94% ✗
• Cap rate: 6.88%
• Cash-on-cash: 2.10%
• DSCR: 1.09
• GRM: 8.9

CMA / ARV

• ARV (median comp): $2,178,781
• List price: $2,100,000
• Delta: -3.62%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-1.82% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -7.0%
• Equity multiple: 0.71×
• Total profit: $-168,234
• Equity at exit: $425,955

10-year hold

• IRR: 0.7%
• Equity multiple: 1.06×
• Total profit: $34,804
• 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%
• Active inventory: 637
• Price-to-rent: 63.6×

Monthly cashflow live

• Estimated rent: $19,676 high
• Mortgage (P&I): −$11,013
• Tax est. 1.5%: −$2,625 /mo · $31,500/yr
• Insurance: −$875
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,132
• Net cashflow: $1,031

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$5,500
▸ 5× units	1	1	$14,175
Total (7 units)			$19,676

Break-even live

Break-even rent $18,370

Max offer price $2,100,000

Occupancy floor 90%

Sensitivity live

Price	-10% $2,483	-5% $1,757	+0% $1,031	+5% $306	+10% $-420
Rent	-10% $-523	-5% $254	+0% $1,031	+5% $1,809	+10% $2,586
Rate	-1.0pp $2,089	-0.5pp $1,566	base $1,031	+0.5pp $487	+1.0pp $-66

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
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2446 India St San Diego, CA	2.0	1.0	800	$2,750	$3.44	21d	1	0.04mi
2519 Columbia St Apt 3 San Diego, CA	2.0	1.0	911	$3,230	$3.55	13d	1	0.08mi
2442 Union St #1 San Diego, CA	2.0	2.0	1018	$2,995	$2.94	17d	1	0.14mi
2250 India St San Diego, CA	2.0	2.0	918	$3,595	$3.92	25d	2	0.14mi
2454 Union St San Diego, CA	2.0	1.0	800	$3,950	$4.94	64d	1	0.15mi
811 W Nutmeg St San Diego, CA	1.0–2.0	1.0–2.0	962	$2,750	$2.86	73d	3	0.17mi
2715 Columbia St Unit 102 San Diego, CA	1.0	1.0	541	$2,400	$4.44	52d	1	0.20mi
2717 Columbia St San Diego, CA	2.0	2.5	1082	$3,500	$3.23	57d	1	0.20mi
2155 Kettner Blvd San Diego, CA	2.0	1.0–2.0	942	$4,162	$4.42	9d	8	0.24mi
2120 Columbia St San Diego, CA	1.0	1.0	775	$2,995	$3.86	40d	1	0.25mi
2603 Dove St San Diego, CA	1.0	1.0	696	$2,645	$3.80	63d	1	0.25mi
2154 Union St San Diego, CA	1.0	1.0	350	$2,900	$8.29	73d	1	0.26mi
2253 Brant St San Diego, CA	2.0	1.0	900	$3,295	$3.66	73d	1	0.27mi
801 W Hawthorn St #304 San Diego, CA	2.0	2.5	1018	$3,050	$3.00	57d	1	0.28mi
2251 Brant St San Diego, CA	2.0	1.5	900	$4,995	$5.55	73d	1	0.28mi
2410 Albatross St #12 San Diego, CA	1.0	1.5	1044	$3,100	$2.97	46d	1	0.29mi
2064 Kettner Blvd #40 San Diego, CA	2.0	2.0	928	$3,450	$3.72	25d	1	0.29mi
2040 Columbia St San Diego, CA	1.0–2.0	1.0–2.0	657	$2,561	$3.90	7d	7	0.31mi
2137 Brant St Unit 2137 San Diego, CA	2.0	1.0	1200	$3,000	$2.50	29d	1	0.32mi
234 W Juniper St San Diego, CA	1.0	1.0	550	$2,470	$4.49	42d	3	0.32mi
2812 Reynard Way Apt C San Diego, CA	2.0	1.0	—	$2,750	—	48d	1	0.32mi
1965 Columbia St Unit 2 San Diego, CA	2.0	2.5	2080	$4,895	$2.35	73d	1	0.35mi
2850 Reynard Way #30 San Diego, CA	2.0	1.0	726	$2,750	$3.79	57d	1	0.36mi
1980 Kettner Blvd San Diego, CA	2.0	1.0–2.0	902	$3,790	$4.20	7d	7	0.36mi
915 W Grape St San Diego, CA	2.0	1.0–2.0	968	$4,049	$4.18	7d	7	0.37mi
2351 Front St Unit 1024455P San Diego, CA	2.0	3.0	1571	$10,938	$6.96	73d	1	0.37mi
1944 State St #6 San Diego, CA	2.0	2.0	931	$3,395	$3.65	48d	1	0.38mi
2433 Front St San Diego, CA	2.0	1.0	1500	$25,000	$16.67	73d	1	0.38mi
1970 Columbia St San Diego, CA	1.0–2.0	1.0–2.0	757	$2,495	$3.30	63d	2	0.38mi
1970 Columbia St San Diego, CA	1.0–2.0	1.0–2.0	833	$2,999	$3.60	11d	2	0.38mi
1929 Columbia St Unit 503 San Diego, CA	1.0	1.0	562	$2,400	$4.27	52d	1	0.38mi
2330 1st Ave #411 San Diego, CA	2.0	2.0	1102	$3,395	$3.08	42d	1	0.39mi
2055 Albatross St #8 San Diego, CA	2.0	1.0	800	$2,550	$3.19	73d	1	0.39mi
141 W Ivy St Unit 141 San Diego, CA	2.0	1.0	900	$2,650	$2.94	16d	1	0.40mi
141 W Ivy St Unit 147 San Diego, CA	2.0	1.0	900	$2,850	$3.17	29d	1	0.40mi
1907 Columbia St San Diego, CA	1.0–2.0	1.0–2.0	887	$2,545	$2.87	57d	4	0.40mi
1907 Columbia St San Diego, CA	1.0–2.0	1.0–2.0	875	$2,850	$3.26	16d	8	0.40mi
1907 Columbia St San Diego, CA	2.0	2.0	1100	$3,770	$3.43	21d	1	0.40mi
1907 Columbia St San Diego, CA	1.0	1.0	650	$2,975	$4.58	23d	1	0.40mi
1907 Columbia St San Diego, CA	2.0	1.0	1040	$3,570	$3.43	39d	1	0.40mi

Property features AI

Exterior

• Home design: Residential income propertyCommercial-residential income subtype
• Construction: Approximately 4000 total building area

Interior

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

Listing history 50 events

1. 2026-08-08
   days on market $2,100,000 Active 88 DOM
2. 2026-08-06
   days on market $2,100,000 Active 86 DOM
3. 2026-08-05
   days on market $2,100,000 Active 85 DOM
4. 2026-08-04
   days on market $2,100,000 Active 84 DOM
5. 2026-08-03
   days on market $2,100,000 Active 83 DOM
6. 2026-07-31
   days on market $2,100,000 Active 80 DOM
7. 2026-07-30
   days on market $2,100,000 Active 79 DOM
8. 2026-07-30
   days on market $2,100,000 Active 78 DOM
9. 2026-07-28
   days on market $2,100,000 Active 77 DOM
10. 2026-07-24
    days on market $2,100,000 Active 73 DOM
11. 2026-07-23
    days on market $2,100,000 Active 72 DOM
12. 2026-07-22
    days on market $2,100,000 Active 71 DOM
13. 2026-07-21
    days on market $2,100,000 Active 70 DOM
14. 2026-07-20
    days on market $2,100,000 Active 69 DOM
15. 2026-07-18
    days on market $2,100,000 Active 67 DOM
16. 2026-07-16
    days on market $2,100,000 Active 65 DOM
17. 2026-07-15
    days on market $2,100,000 Active 64 DOM
18. 2026-07-14
    days on market $2,100,000 Active 63 DOM
19. 2026-07-13
    days on market $2,100,000 Active 62 DOM
20. 2026-07-13
    days on market $2,100,000 Active 61 DOM
21. 2026-07-11
    days on market $2,100,000 Active 60 DOM
22. 2026-07-10
    days on market $2,100,000 Active 59 DOM
23. 2026-07-09
    days on market $2,100,000 Active 58 DOM
24. 2026-07-07
    days on market $2,100,000 Active 56 DOM
25. 2026-07-06
    days on market $2,100,000 Active 55 DOM
26. 2026-07-06
    days on market $2,100,000 Active 54 DOM
27. 2026-07-05
    days on market $2,100,000 Active 53 DOM
28. 2026-07-03
    days on market $2,100,000 Active 52 DOM
29. 2026-07-02
    days on market $2,100,000 Active 51 DOM
30. 2026-07-01
    days on market $2,100,000 Active 50 DOM
31. 2026-06-30
    days on market $2,100,000 Active 49 DOM
32. 2026-06-29
    days on market $2,100,000 Active 48 DOM
33. 2026-06-28
    days on market $2,100,000 Active 47 DOM
34. 2026-06-27
    days on market $2,100,000 Active 46 DOM
35. 2026-06-26
    days on market $2,100,000 Active 45 DOM
36. 2026-06-24
    days on market $2,100,000 Active 43 DOM
37. 2026-06-22
    days on market $2,100,000 Active 41 DOM
38. 2026-06-21
    days on market $2,100,000 Active 40 DOM
39. 2026-06-18
    days on market $2,100,000 Active 37 DOM
40. 2026-06-17
    days on market $2,100,000 Active 36 DOM
41. 2026-06-16
    days on market $2,100,000 Active 35 DOM
42. 2026-06-15
    days on market $2,100,000 Active 34 DOM
43. 2026-06-13
    days on market $2,100,000 Active 32 DOM
44. 2026-06-09
    days on market $2,100,000 Active 28 DOM
45. 2026-06-08
    days on market $2,100,000 Active 27 DOM
46. 2026-06-07
    days on market $2,100,000 Active 26 DOM
47. 2026-06-04
    days on market $2,100,000 Active 23 DOM
48. 2026-06-03
    days on market $2,100,000 Active 22 DOM
49. 2026-06-02
    days on market $2,100,000 Active 21 DOM
50. 2026-06-01
    days on market $2,100,000 Active 20 DOM

ⓘ 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: $236,112
• − Mortgage interest: −$117,633
• − Property taxes: −$31,500
• − Insurance: −$10,500
• − Repairs & maintenance: −$18,889
• − Management: −$18,889
• − Depreciation: −$61,091
• Taxable loss: −$22,389
• Est. tax savings @ 24.0%: +$5,373
• After-tax cash flow: $17,750/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 Est. rehab $20,000–$60,000 screening

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. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 24/100

Zoned Schools

Elementary Washington Elementary Middle Roosevelt International Middle F CA #277/498 Nat'l #10,474/14,009 High San Diego High

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

B Composite livability gradescore 75/100

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 · 3,678,185 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: 11% of renters

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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%

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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%

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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: —
• Metro: —
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

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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

Property features AI

Exterior

• Home design: Residential income propertyCommercial-residential income subtype
• Construction: Approximately 4000 total building area

Interior

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

Price history

-99.9% since first listed

2 events — show timeline

• 2026-06-23 Listed for Rent $1,675 SHOWMOJO
• 2026-05-12 Listed $2,100,000 SDMLS