380 Dolores St #10

San Francisco, CA 94110

$300,000F

3 bd · 1.0 ba · 1,285 sqft · Built — · Condo · Active · 98 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,555/mo
• Mortgage (P&I): −$6,441
• Tax + insurance: −$2,047
• HOA: −$872
• Vac / Maint / Mgmt: −$1,376
• Net cashflow: $-4,182/mo
• Annual: $-50,181/yr
• Cap rate: 2.21%
• Cash-on-cash: -14.59%
• DSCR: 0.35
• 1% rule: 0.53%
• Cash to close: $343,899

Investor read

• This is a 3-bed/1.0-bath condo listed at $300k. Condition is rated good.
• At list price, monthly cash flow is $-4k ($-50k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $300k).
• It's been on market 98 days — a 9% lower offer ($273k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $273k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $37k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#90 in CA, #3,143 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• San Francisco Unified (urban): math 50% / reading 56% proficiency, ranked #322 of 1,400 in CA (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: property tax is 6.1% of price.
• Market conditions: Rents rising fast (+14.5%/yr); 161 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 750 units permitted in San Francisco County in 2024 (688 in 5+ unit buildings).
• San Francisco County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $449k (60%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At $6,555/mo this rent would consume 50% of the median local household income ($158k/yr) (locally 2732% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 98 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?