631 I St · Los Banos, CA 93635

$1,395,000

None bd · None ba · 5,230 sqft · MultiFamily · 183 Days on market

Built 1939 Good condition 7,500 sqft lot ↓ 4% since listing

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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 +26.4/30.0
• DSCR +9.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.1/10.0
• Rent growth +4.1/5.0
• Condition / age +4.0/5.0
• Livability +3.4/5.0
• Schools +0.9/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

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 MLS

The Pinza Group is pleased to present 631-633 I St in downtown Los Banos, a renovated multi-unit property with 11 units (7 1bd/1bth, 2 2bd/1bth, and 2 commercial). Updates include new kitchens, remodeled bathrooms, flooring, electrical systems, doors, and windows. The property also features HVAC repairs, security enhancements, and outdoor improvements like resurfaced asphalt and a secure backyard. Conveniently located near Highway 152, shops, and parks, it offers a comfortable living space with modern amenities in a quiet, small-town setting. Tenants currently cover their own gas and electric expenses, reducing operating costs for potential future owners. The only cost the owner needs to cover is water and trash removal. It has a vacant commercial unit that offers strong value-added opportunity and approved ADU plans for two additional units and room for rent to increase cash flow.

Key facts

• New kitchens
• Remodeled bathrooms
• Hvac repairs

Tags

• RENOVATED MULTI-UNIT PROPERTY
• NEW KITCHENS
• REMODELED BATHROOMS
• HVAC REPAIRS
• SECURITY ENHANCEMENTS
• OUTDOOR IMPROVEMENTS

What this means for you Summary

Snapshot

• This is a multifamily listed at $1.40M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $4k ($44k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($17k rent vs $1.40M).
• Recommended offer: $1.23M (12.0% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 3.4% in Los Banos — 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 68/100 on livability (#270 in CA) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, amenities B; Watch: schools D, commute F, cost of living F.
• Los Banos Unified (town): math 3% / reading 16% proficiency, ranked #503 of 517 in CA (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+6.5%/yr); 211 active listings in the ZIP; 459 units permitted in Merced County in 2024 (0 in 5+ unit buildings).
• At $16,816/mo this rent would consume 301% of the median local household income ($67k/yr) (locally 1595% 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 $10k of loan paydown is wiped out by about $42k of value loss. Plan a longer hold.
• Merced County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 6.5% rent growth), your $391k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 183 days — a 12% lower offer ($1.23M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,227,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 183 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1939 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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.
7. 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.
8. 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: 1.21% ✓
• Cap rate: 9.43%
• Cash-on-cash: 11.20%
• DSCR: 1.50
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.53% rent growth · sell at horizon

5-year hold

• IRR: 4.3%
• Equity multiple: 1.17×
• Total profit: $68,139
• Equity at exit: $207,999

10-year hold

• IRR: 16.9%
• Equity multiple: 2.62×
• Total profit: $632,118
• Equity at exit: $120,614

Cash invested: $390,600 (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 93635

• Rents YoY: 6.5%
• Active inventory: 211
• Price-to-rent: 77.3×

Monthly cashflow live

• Estimated rent: $16,816 medium
• Mortgage (P&I): −$7,316
• Tax est. 1.5%: −$1,744 /mo · $20,925/yr
• Insurance: −$581
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,531
• Net cashflow: $3,644

Break-even live

Break-even rent $12,203

Max offer price $1,395,000

Occupancy floor 73%

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

Units	Beds	Baths	Est. rent
▸ 7× units	1	1	$10,521
▸ 2× units	2	1	$3,502
▸ 2× units	0	0	$2,794
Total (11 units)			$16,816

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: $348,750
• Closing costs: $41,850
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-10
   days on market $1,395,000 Active 183 DOM
2. 2026-06-09
   days on market $1,395,000 Active 182 DOM
3. 2026-06-08
   days on market $1,395,000 Active 181 DOM
4. 2026-06-07
   days on market $1,395,000 Active 180 DOM
5. 2026-06-02
   days on market $1,395,000 Active 175 DOM
6. 2026-06-01
   days on market $1,395,000 Active 174 DOM
7. 2026-05-31
   days on market $1,395,000 Active 173 DOM
8. 2026-05-30
   days on marketlisting id $1,395,000 Active 172 DOM
9. 2026-04-16
   listed $1,395,000 Active
10. 2026-04-16
    listed $1,395,000 Active
11. 2026-04-08
    price $1,395,000 894-char remark

    Show marketing remark (894 chars)

    The Pinza Group is pleased to present 631-633 I St in downtown Los Banos, a renovated multi-unit property with 11 units (7 1bd/1bth, 2 2bd/1bth, and 2 commercial). Updates include new kitchens, remodeled bathrooms, flooring, electrical systems, doors, and windows. The property also features HVAC repairs, security enhancements, and outdoor improvements like resurfaced asphalt and a secure backyard. Conveniently located near Highway 152, shops, and parks, it offers a comfortable living space with modern amenities in a quiet, small-town setting. Tenants currently cover their own gas and electric expenses, reducing operating costs for potential future owners. The only cost the owner needs to cover is water and trash removal. It has a vacant commercial unit that offers strong value-added opportunity and approved ADU plans for two additional units and room for rent to increase cash flow.

12. 2025-12-09
    listed $1,450,000 Active 894-char remark

    Show marketing remark (894 chars)

    The Pinza Group is pleased to present 631-633 I St in downtown Los Banos, a renovated multi-unit property with 11 units (7 1bd/1bth, 2 2bd/1bth, and 2 commercial). Updates include new kitchens, remodeled bathrooms, flooring, electrical systems, doors, and windows. The property also features HVAC repairs, security enhancements, and outdoor improvements like resurfaced asphalt and a secure backyard. Conveniently located near Highway 152, shops, and parks, it offers a comfortable living space with modern amenities in a quiet, small-town setting. Tenants currently cover their own gas and electric expenses, reducing operating costs for potential future owners. The only cost the owner needs to cover is water and trash removal. It has a vacant commercial unit that offers strong value-added opportunity and approved ADU plans for two additional units and room for rent to increase cash flow.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $201,792
• − Mortgage interest: −$78,142
• − Property taxes: −$20,925
• − Insurance: −$6,975
• − Repairs & maintenance: −$16,143
• − Management: −$16,143
• − Depreciation: −$40,582
• Taxable income: $22,882
• Est. tax owed @ 24.0%: −$5,492
• After-tax cash flow: $38,238/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 · 2 photos

Good 80/100 Cosmetic rehab

A well-maintained multi-family property with cosmetic updates and potential for further value through landscaping and interior improvements.

Value-add opportunities

• Both Landscaping improvements — Enhanced curb appeal and increased property value.
• Both Interior updates — Modernizing the interior can attract more tenants and buyers.
• Both Security enhancements — Improved security can attract more tenants and buyers, reducing operating costs for future owners.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping improvements — Enhanced curb appeal and increased property value. ↑
• Both Interior updates — Modernizing the interior can attract more tenants and buyers. ↑
• Both Security enhancements — Improved security can attract more tenants and buyers, reducing operating costs for future owners. ↑

ⓘ 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: Los Banos Unified
• NCES district ID: 0622740
• Math proficiency: 3% ▼ -23.00%
• Reading proficiency: 16% ▼ -23.00%
• Median HH income: $48,783
• Composite: 9.04/100
• National rank: #9875
• State rank: #503 of 517 in CA

Livability — Los Banos

• Score: 68/100
• State rank: #270
• US rank: #9141

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Los Banos, CA
• County: Merced County · 205,386 people
• City population: 50,149
• Metro: Merced, CA
• Population (ZIP): 50,149
• Household income: $67,129
• Rent vs Own: 41.3% rent · 58.7% own
• Severe rent burden: 1595.0

Population outlook (Merced County) Hauer SSP2

• Today (2025): 285,501 people
• By 2030: 293,437 · +2.8%
• By 2040: 308,808 · +8.2%
• By 2050: 321,011 · +12.4%
• By 2075: 338,497 · +18.6%
• By 2100: 330,493 · +15.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (73%)
• Race & ethnicity: Hispanic / Latino 73% White 20% Two or more races 12% Native American 4% Asian 2% Black 2%
• Hispanic origin (detail): Mexican 68%
• Common ancestry: Russian 3% Slovak 1%
• Foreign-born: 28% · Canada, Vietnam
• Languages at home: 48% English-only · Spanish 49% Other Indo-European 2%

Political lean MEDSL · Merced

• 2024 margin: Toss-up / Even · D 46.5% · R 50.9% · Other 2.6%
• 2008→2024 swing: -12.7pp toward R · 2008: 8.3pp · 2024: -4.4pp
• All cycles: 2024: R+4.4 2020: D+10.6 2016: D+7.9 2012: D+5.4 2008: D+8.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -357.30%
• Current HPI: 217.6528
• Rent YoY: ▲ 6.53%
• Metro: Merced, 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

-3.8% since first listed

4 events — show timeline

• 2026-04-16 Listed $1,395,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-04-16 Listed $1,395,000 MLSListings
• 2026-04-08 Price Changed $1,395,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2025-12-09 Listed $1,450,000 bridgeMLS, Bay East AOR, or Contra Costa AOR