2909 S Chester · Bakersfield, CA 93304

$2,300,000

36 bd · 27.0 ba · 3,598 sqft · MultiFamily public records · 173 Days on market

Built 1984 0.69 ac lot $639/sqft · 316% above area Est $2489k · 8% under

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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 +23.6/30.0
• ARV discount +10.9/15.0
• DSCR +7.6/10.0
• 1% rule +5.5/10.0
• Schools +3.4/10.0
• Livability +2.9/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 18 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 MLS

Calling all investors! Incredible rental opportunity to add to your portfolio. This 18-unit apartment complex is ideally located on a busy main street, offering excellent visibility and demand. All units feature 2 bedrooms and 1.5 bathrooms, with carports, assigned parking, and ample street parking. The property includes 8 newer A/C units and a newer roof. fantastic location, conveniently close to shopping centers, dining, and major freeways. Strong rental potential in a high-demand area, this is a rare opportunity you won't want to miss bring your offer today!

Key facts

• Newer roof
• High-demand area
• Newer a/c units

Tags

• 18-UNIT APARTMENT COMPLEX
• NEWER A/C UNITS
• NEWER ROOF
• HIGH-DEMAND AREA

What this means for you Summary

Snapshot

• This is a 18 × 2.0-bed/1.5-bath units multifamily listed at $2.30M.

Deal economics

• At list price, monthly cash flow is $4k ($52k/yr) — positive. Per door: $241/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($24k rent vs $2.30M).
• Recommended offer: $2.02M (12.0% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 3.6% in Bakersfield — 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 58/100 on livability (#716 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A+; Watch: health & safety D, schools D-, crime F.
• Kern High (urban): math 21% / reading 51% proficiency, ranked #860 of 1,400 in CA (top 61%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-1.7%/yr); 159 active listings in the ZIP; 3,244 units permitted in Kern County in 2024 (73 in 5+ unit buildings).
• At $24,254/mo this rent would consume 573% of the median local household income ($51k/yr) (locally 2587% 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 $16k of loan paydown is wiped out by about $69k of value loss. Plan a longer hold.
• Kern County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 173 days — a 12% lower offer ($2.02M) is reasonable based on typical stale-listing flexibility.
• 15 sale attempts since 35y ago 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.
• Current owner paid $1.15M; list at $2.30M implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $2,024,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 173 days. Have you received any prior offers? Is the seller open to a 12% 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 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?
7. 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?
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: 1.05% ✓
• Cap rate: 8.56%
• Cash-on-cash: 8.10%
• DSCR: 1.36
• GRM: 7.9

CMA / ARV

• ARV (median comp): $2,489,075
• List price: $2,300,000
• Delta: -7.60%
• Verdict: FAIR
• Comps: 4 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -7.2%
• Equity multiple: 0.74×
• Total profit: $-167,298
• Equity at exit: $342,937

10-year hold

• IRR: -1.7%
• Equity multiple: 0.90×
• Total profit: $-65,185
• Equity at exit: $198,862

Cash invested: $644,000 (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 93304

• Rents YoY: -1.7%
• Active inventory: 159
• Price-to-rent: 142.2×

Monthly cashflow live

• Estimated rent: $24,254 high
• Mortgage (P&I): −$12,061
• Tax from tax record: −$1,795 /mo · $21,543/yr
• Insurance: −$958
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,093
• Net cashflow: $4,346

Break-even live

Break-even rent $18,753

Max offer price $2,300,000

Occupancy floor 77%

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

Units	Beds	Baths	Est. rent
▸ 18× units	2.0	1.5	$24,246
Total (18 units)			$24,254

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: $575,000
• Closing costs: $69,000
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-18
   days on market $2,300,000 Active 173 DOM
2. 2026-06-17
   days on market $2,300,000 Active 172 DOM
3. 2026-06-16
   days on market $2,300,000 Active 171 DOM
4. 2026-06-15
   days on market $2,300,000 Active 170 DOM
5. 2026-06-14
   days on market $2,300,000 Active 168 DOM
6. 2026-06-10
   days on market $2,300,000 Active 165 DOM
7. 2026-06-09
   days on market $2,300,000 Active 164 DOM
8. 2026-06-08
   days on market $2,300,000 Active 163 DOM
9. 2026-06-07
   days on market $2,300,000 Active 162 DOM
10. 2026-06-05
    days on market $2,300,000 Active 159 DOM
11. 2026-06-03
    days on market $2,300,000 Active 158 DOM
12. 2026-06-03
    days on market $2,300,000 Active 157 DOM
13. 2026-06-01
    days on market $2,300,000 Active 156 DOM
14. 2026-05-31
    days on market $2,300,000 Active 155 DOM
15. 2026-03-07
    status Active 567-char remark

    Show marketing remark (566 chars)

    Calling all investors! Incredible rental opportunity to add to your portfolio. This 18-unit apartment complex is ideally located on a busy main street, offering excellent visibility and demand. All units feature 2 bedrooms and 1.5 bathrooms, with carports, assigned parking, and ample street parking. The property includes 8 newer A/C units and a newer roof. fantastic location, conveniently close to shopping centers, dining, and major freeways. Strong rental potential in a high-demand area, this is a rare opportunity you won't want to missbring your offer today!

16. 2026-03-07
    status Active 566-char remark

    Show marketing remark (566 chars)

    Calling all investors! Incredible rental opportunity to add to your portfolio. This 18-unit apartment complex is ideally located on a busy main street, offering excellent visibility and demand. All units feature 2 bedrooms and 1.5 bathrooms, with carports, assigned parking, and ample street parking. The property includes 8 newer A/C units and a newer roof. fantastic location, conveniently close to shopping centers, dining, and major freeways. Strong rental potential in a high-demand area, this is a rare opportunity you won't want to missbring your offer today!

17. 2026-03-04
    historical Pending Accepting Backups 567-char remark

    Show marketing remark (567 chars)

    Calling all investors! Incredible rental opportunity to add to your portfolio. This 18-unit apartment complex is ideally located on a busy main street, offering excellent visibility and demand. All units feature 2 bedrooms and 1.5 bathrooms, with carports, assigned parking, and ample street parking. The property includes 8 newer A/C units and a newer roof. fantastic location, conveniently close to shopping centers, dining, and major freeways. Strong rental potential in a high-demand area, this is a rare opportunity you won't want to miss bring your offer today!

18. 2026-03-03
    historical Active - Contingent 566-char remark

    Show marketing remark (566 chars)

    Calling all investors! Incredible rental opportunity to add to your portfolio. This 18-unit apartment complex is ideally located on a busy main street, offering excellent visibility and demand. All units feature 2 bedrooms and 1.5 bathrooms, with carports, assigned parking, and ample street parking. The property includes 8 newer A/C units and a newer roof. fantastic location, conveniently close to shopping centers, dining, and major freeways. Strong rental potential in a high-demand area, this is a rare opportunity you won't want to missbring your offer today!

19. 2026-02-17
    listed $2,300,000 Active 567-char remark

    Show marketing remark (567 chars)

    Calling all investors! Incredible rental opportunity to add to your portfolio. This 18-unit apartment complex is ideally located on a busy main street, offering excellent visibility and demand. All units feature 2 bedrooms and 1.5 bathrooms, with carports, assigned parking, and ample street parking. The property includes 8 newer A/C units and a newer roof. fantastic location, conveniently close to shopping centers, dining, and major freeways. Strong rental potential in a high-demand area, this is a rare opportunity you won't want to miss bring your offer today!

20. 2025-12-27
    listed $2,300,000 Active
21. 2025-12-24
    listed $2,300,000 Active 566-char remark

    Show marketing remark (566 chars)

    Calling all investors! Incredible rental opportunity to add to your portfolio. This 18-unit apartment complex is ideally located on a busy main street, offering excellent visibility and demand. All units feature 2 bedrooms and 1.5 bathrooms, with carports, assigned parking, and ample street parking. The property includes 8 newer A/C units and a newer roof. fantastic location, conveniently close to shopping centers, dining, and major freeways. Strong rental potential in a high-demand area, this is a rare opportunity you won't want to missbring your offer today!

22. 2024-03-28
    historical $950
23. 2024-03-27
    listed $950
24. 2024-01-23
    historical $925
25. 2023-12-26
    listed $925
26. 2016-08-18
    soldstatus $1,150,000 Closed
27. 2016-08-18
    soldstatus $1,150,000
28. 2016-08-17
    status Pending
29. 2016-08-12
    price $1,150,000
30. 2016-08-12
    soldstatus $1,150,000 Sold
31. 2016-08-12
    soldstatus $1,150,000
32. 2016-07-27
    status Backup Offers Accepted
33. 2016-07-26
    price $1,249,999
34. 2016-07-26
    historical
35. 2016-05-30
    status Active
36. 2016-05-18
    status Active
37. 2016-03-22
    status Backup Offers Accepted
38. 2016-03-22
    historical
39. 2016-03-18
    listed $1,249,999 Active
40. 2016-03-17
    listed $1,249,999
41. 2016-02-18
    listed $1,249,999 Active
42. 2004-02-12
    soldstatus $929,900
43. 2003-09-10
    historical
44. 2003-06-03
    listed $929,900
45. 2002-11-14
    soldstatus $638,000
46. 2002-11-14
    soldstatus $638,000
47. 2002-10-01
    price $642,600
48. 2002-10-01
    historical
49. 2002-05-02
    listed $638,000
50. 2000-02-08
    soldstatus $360,000

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

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $21,543 · $1,795/mo
• Projected year-2 tax: $21,543 · $1,795/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 8/10 Severe 7 d/yr ≥105°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 33 unhealthy d/yr today · 37 by 30 yrs out

Taxation est. · year 1

• Rental income: $291,048
• − Mortgage interest: −$128,836
• − Property taxes: −$21,543
• − Insurance: −$11,500
• − Repairs & maintenance: −$23,284
• − Management: −$23,284
• − Depreciation: −$66,909
• Taxable income: $15,693
• Est. tax owed @ 24.0%: −$3,766
• After-tax cash flow: $48,382/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.

Schools (NCES district)

• District: Kern High
• NCES district ID: 0619540
• Math proficiency: 21% ▬ 0.00%
• Reading proficiency: 51% ▲ 2.00%
• Median HH income: $49,686
• Composite: 33.68/100
• National rank: #10443
• State rank: #860 of 1400 in CA

Livability — Bakersfield

• Score: 58/100
• State rank: #716
• US rank: #21355

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bakersfield, CA
• County: Kern County · 710,371 people
• City population: 499,124
• Metro: Bakersfield, CA
• Population (ZIP): 51,037
• Household income: $50,790
• Rent vs Own: 53.9% rent · 46.1% own
• Severe rent burden: 2587.0

Population outlook (Kern County) Hauer SSP2

• Today (2025): 947,286 people
• By 2030: 978,984 · +3.3%
• By 2040: 1,045,018 · +10.3%
• By 2050: 1,105,232 · +16.7%
• By 2075: 1,229,538 · +29.8%
• By 2100: 1,238,059 · +30.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (71%)
• Race & ethnicity: Hispanic / Latino 71% Two or more races 18% White 14% Black 9% Asian 3% Native American 2%
• Hispanic origin (detail): Mexican 65%
• Foreign-born: 22% · Canada, China
• Languages at home: 48% English-only · Spanish 49% Other Asian/Pacific 1% Tagalog/Filipino 1%

Political lean MEDSL · Kern

• 2024 margin: Strong R (+21.1) · D 38.2% · R 59.3% · Other 2.5%
• 2008→2024 swing: -3.3pp toward R · 2008: -17.8pp · 2024: -21.1pp
• All cycles: 2024: R+21.1 2020: R+10.2 2016: R+15.0 2012: R+20.9 2008: R+17.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -314.78%
• Current HPI: 397.9557
• Rent YoY: ▼ -1.68%
• Metro: Bakersfield, 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

+411.1% since first listed

43 events — show timeline

• 2026-03-07 Relisted — FRESNOMLS
• 2026-03-07 Relisted — GEMLS
• 2026-03-04 Contingent — FRESNOMLS
• 2026-03-03 Contingent — GEMLS
• 2026-02-17 Listed $2,300,000 FRESNOMLS
• 2025-12-27 Listed $2,300,000 CRMLS
• 2025-12-24 Listed $2,300,000 GEMLS
• 2024-03-28 Rental Removed $950 APPFOLIO
• 2024-03-27 Listed for Rent $950 APPFOLIO
• 2024-01-23 Rental Removed $925 APPFOLIO
• 2023-12-26 Listed for Rent $925 APPFOLIO
• 2016-08-18 Sold (MLS) $1,150,000 SDMLS
• 2016-08-18 Sold (MLS) $1,150,000 CRMLS
• 2016-08-17 Pending — CRMLS
• 2016-08-12 Price Changed $1,150,000 GEMLS
• 2016-08-12 Sold (Public Records) $1,150,000 Public Records
• 2016-08-12 Sold (MLS) $1,150,000 GEMLS
• 2016-07-27 Pending — CRMLS
• 2016-07-26 Delisted — GEMLS
• 2016-07-26 Price Changed $1,249,999 GEMLS
• 2016-05-30 Relisted — CRMLS
• 2016-05-18 Relisted — GEMLS
• 2016-03-22 Pending — CRMLS
• 2016-03-22 Delisted — GEMLS
• 2016-03-18 Listed $1,249,999 CRMLS
• 2016-03-17 Listed $1,249,999 SDMLS
• 2016-02-18 Listed $1,249,999 GEMLS
• 2004-02-12 Sold (MLS) $929,900 GEMLS
• 2003-09-10 Delisted — GEMLS
• 2003-06-03 Listed $929,900 GEMLS
• 2002-11-14 Sold (Public Records) $638,000 Public Records
• 2002-11-14 Sold (MLS) $638,000 GEMLS
• 2002-10-01 Delisted — GEMLS
• 2002-10-01 Price Changed $642,600 GEMLS
• 2002-05-02 Listed $638,000 GEMLS
• 2000-02-08 Sold (Public Records) $360,000 Public Records
• 1997-07-10 Sold (Public Records) $185,000 Public Records
• 1992-06-19 Sold (Public Records) $530,000 Public Records
• 1992-06-19 Sold (MLS) $530,000 GEMLS
• 1992-02-01 Price Changed $539,950 GEMLS
• 1992-02-01 Delisted — GEMLS
• 1991-11-14 Listed $530,000 GEMLS
• 1989-09-27 Sold (Public Records) $450,000 Public Records

Property tax history

+5.6%/yr

Latest (2025): $21,543 · +1.5% YoY. Source: county tax records.