1101 S Main St #212 · Milpitas, CA 95035

$507,604

2 bd · 2.0 ba · 1,015 sqft · Condo public records · 70 Days on market

Built 2007 $500/sqft · 31% below area Est $734k · 31% under $708/mo HOA · 18% of rent

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Schools +6.4/10.0
• Cash flow +6.0/30.0
• Rent growth +4.1/5.0
• Livability +4.1/5.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0
• DSCR +0.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Bright and welcoming 2-bedroom, 2-bath condo in the desirable Centria community of Milpitas. Unit 212 offers an open-concept layout with natural light, granite countertops, ample cabinetry, stainless steel appliances, and seamless flow between the kitchen, dining, and living spaces. The comfortable floor plan includes a spacious primary suite, a versatile second bedroom, updated flooring, and an easy indoor-outdoor feel created by expansive windows. Enjoy resort-style amenities including secure entry, fitness center, pool, spa, playground, and BBQ areas. HOA covers water and garbage. Ideally located near The Great Mall, parks, BART, and major commute routes, this is a rare opportunity for eligible buyers to enjoy comfort, convenience, and value in a well-connected Silicon Valley location. "This Below Market Rate (BMR) property is subject to City of Milpitas resale restrictions for 55 years. Applicants must be first-time homebuyers, income-eligible, and program-qualified. It is important to review the BMR program qualifications and guidelines at before beginning the process. Applicants are required to attend a BMR Home Buyer Orientation and must register a household profile.

Key facts

• Fitness center
• Secure entry
• Granite countertops

Tags

• OPEN-CONCEPT LAYOUT
• GRANITE COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• RESORT-STYLE AMENITIES
• SECURE ENTRY
• FITNESS CENTER

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $508k.

Deal economics

• At list price, monthly cash flow is $-1k ($-13k/yr) — negative.
• To cash-flow at today's rent, offer at most $316k (37.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $388k (23.5% below list).
• Recommended offer: $316k (37.8% below list) — sets the bar for cash-flow.
• Cap rate 4.0% vs local median 1.4% in Milpitas — 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 82/100 on livability (#38 in CA, #1,267 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: crime D, cost of living F.
• Milpitas Unified (urban): math 65% / reading 74% proficiency, ranked #44 of 517 in CA (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+6.3%/yr); 151 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 3,838 units permitted in Santa Clara County in 2024 (1,886 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• Santa Clara County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($477k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 13y 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 $323k; list at $508k implies a 57% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $122/mo.
• Climate carrying-cost: in FEMA flood zone AO (mandatory federal flood insurance); extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $315,713 (37.8% below list)

Questions for the listing agent

1. 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?
2. It's been on market 70 days. Have you received any prior offers? Is the seller open to a 38% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
11. 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.
12. 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.
13. 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: 0.77% ✗
• Cap rate: 4.01%
• Cash-on-cash: -8.14%
• DSCR: 0.64
• GRM: 10.9

CMA / ARV

• ARV (median comp): $733,662
• List price: $507,604
• Delta: -30.81%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.33% rent growth · sell at horizon

5-year hold

• IRR: -28.0%
• Equity multiple: 0.03×
• Total profit: $-137,534
• Equity at exit: $75,685

10-year hold

• IRR: -15.8%
• Equity multiple: -0.04×
• Total profit: $-147,901
• Equity at exit: $43,888

Cash invested: $142,129 (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 95035

• Rents YoY: 6.3%
• Active inventory: 151
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $3,884 high
• Mortgage (P&I): −$2,662
• Tax from tax record: −$451 /mo · $5,410/yr
• Insurance: −$212
• Flood insurance flood zone: −$122 /mo · $1,468/yr
• HOA: −$708
• Vacancy / Maint / Mgmt: −$816
• Net cashflow: $-1,086

Break-even live

Break-even rent $5,259

Max offer price $315,713

Occupancy floor —

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: $126,901
• Closing costs: $15,228
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1102 S Abel St Milpitas, CA	1.0–3.0	1.0–2.0	1070	$3,843	$3.59	2d	9	0.10mi
800 S Abel St #100 Milpitas, CA	3.0	2.0	1421	$4,349	$3.06	8d	1	0.41mi
312 Gates Dr Milpitas, CA	1.0–2.0	1.0–2.0	891	$4,530	$5.08	2d	14	0.44mi
167 Parc Place Dr Milpitas, CA	2.0	2.5	1038	$3,180	$3.06	24d	1	0.46mi
227 Parc Place Dr Milpitas, CA	3.0	3.0	1280	$4,500	$3.52	20d	1	0.49mi
227 Parc Place Dr Milpitas, CA	3.0	3.0	1280	$4,250	$3.32	8d	1	0.49mi
260 Parc Place Dr #1597 Milpitas, CA	2.0	2.5	1038	$3,830	$3.69	15d	1	0.49mi
600 S Abel St #302 Milpitas, CA	2.0	2.0	1309	$3,800	$2.90	44d	1	0.53mi
69 Ede Ln Milpitas, CA	3.0	3.0	1253	$4,128	$3.29	8d	1	0.55mi
1625 Delano St Unit 31A Milpitas, CA	3.0	2.5	1458	$4,295	$2.95	2d	1	0.57mi
650 E Capitol Ave Milpitas, CA	1.0–2.0	1.0–2.0	1003	$4,835	$4.82	2d	17	0.57mi
1753 Capulet Dr Milpitas, CA	2.0	2.0	1100	$4,000	$3.64	16d	1	0.62mi
1573 Capulet Dr Milpitas, CA	2.0	2.0	1100	$3,750	$3.41	22d	1	0.62mi
1799 Snell Pl Milpitas, CA	3.0	3.0	1450	$4,450	$3.07	17d	1	0.62mi
753 Montague Expy Milpitas, CA	2.0	2.0	957	$3,580	$3.74	2d	2	0.62mi
1821 S Milpitas Blvd Milpitas, CA	1.0–2.0	1.0–2.0	860	$4,238	$4.93	2d	5	0.69mi
676 Encore Way San Jose, CA	1.0	1.0	745	$2,699	$3.62	44d	1	1.34mi
1141 Rock Ave San Jose, CA	3.0	2.5	1376	$4,295	$3.12	2d	1	1.39mi
1895 N Capitol Ave San Jose, CA	2.0	1.0–2.0	658	$3,505	$5.33	2d	1	1.41mi
1405 Coyote Creek Way Milpitas, CA	3.0	3.0	1370	$4,700	$3.43	44d	1	1.43mi
1529 Coyote Creek Way Unit 1529 Milpitas, CA	3.0	2.5	1464	$4,500	$3.07	2d	1	1.46mi
600 Epic Way San Jose, CA	2.0	1.0–2.0	832	$4,847	$5.82	2d	28	1.47mi
425 Navaro Way #120 San Jose, CA	2.0	2.0	1088	$3,750	$3.45	44d	1	1.47mi
501 Murphy Ranch Rd Milpitas, CA	1.0–3.0	1.0–2.0	1133	$4,032	$3.56	2d	17	1.48mi
1162 Edsel Dr Milpitas, CA	2.0	1.0	748	$2,750	$3.68	44d	1	1.49mi

HOA detail condo

• Monthly dues: $708 · $8,496/yr
• Likely covers: watertrashpoolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-18
   days on market $507,604 Active 70 DOM
2. 2026-06-17
   days on market $507,604 Active 69 DOM
3. 2026-06-16
   days on market $507,604 Active 68 DOM
4. 2026-06-15
   days on market $507,604 Active 67 DOM
5. 2026-06-13
   days on market $507,604 Active 65 DOM
6. 2026-06-13
   days on market $507,604 Active 64 DOM
7. 2026-06-09
   days on market $507,604 Active 61 DOM
8. 2026-06-08
   days on market $507,604 Active 60 DOM
9. 2026-06-07
   days on market $507,604 Active 59 DOM
10. 2026-06-05
    days on market $507,604 Active 56 DOM
11. 2026-06-03
    days on market $507,604 Active 55 DOM
12. 2026-06-02
    days on market $507,604 Active 54 DOM
13. 2026-06-01
    days on market $507,604 Active 53 DOM
14. 2026-05-31
    days on market $507,604 Active 52 DOM
15. 2026-04-09
    listed $507,604 Active 1197-char remark

    Show marketing remark (1197 chars)

    Bright and welcoming 2-bedroom, 2-bath condo in the desirable Centria community of Milpitas. Unit 212 offers an open-concept layout with natural light, granite countertops, ample cabinetry, stainless steel appliances, and seamless flow between the kitchen, dining, and living spaces. The comfortable floor plan includes a spacious primary suite, a versatile second bedroom, updated flooring, and an easy indoor-outdoor feel created by expansive windows. Enjoy resort-style amenities including secure entry, fitness center, pool, spa, playground, and BBQ areas. HOA covers water and garbage. Ideally located near The Great Mall, parks, BART, and major commute routes, this is a rare opportunity for eligible buyers to enjoy comfort, convenience, and value in a well-connected Silicon Valley location. "This Below Market Rate (BMR) property is subject to City of Milpitas resale restrictions for 55 years. Applicants must be first-time homebuyers, income-eligible, and program-qualified. It is important to review the BMR program qualifications and guidelines at before beginning the process. Applicants are required to attend a BMR Home Buyer Orientation and must register a household profile.

16. 2026-04-09
    listed $507,604 Active 1197-char remark

    Show marketing remark (1197 chars)

    Bright and welcoming 2-bedroom, 2-bath condo in the desirable Centria community of Milpitas. Unit 212 offers an open-concept layout with natural light, granite countertops, ample cabinetry, stainless steel appliances, and seamless flow between the kitchen, dining, and living spaces. The comfortable floor plan includes a spacious primary suite, a versatile second bedroom, updated flooring, and an easy indoor-outdoor feel created by expansive windows. Enjoy resort-style amenities including secure entry, fitness center, pool, spa, playground, and BBQ areas. HOA covers water and garbage. Ideally located near The Great Mall, parks, BART, and major commute routes, this is a rare opportunity for eligible buyers to enjoy comfort, convenience, and value in a well-connected Silicon Valley location. "This Below Market Rate (BMR) property is subject to City of Milpitas resale restrictions for 55 years. Applicants must be first-time homebuyers, income-eligible, and program-qualified. It is important to review the BMR program qualifications and guidelines at before beginning the process. Applicants are required to attend a BMR Home Buyer Orientation and must register a household profile.

17. 2013-09-10
    soldstatus $322,530 Sold 396-char remark

    Show marketing remark (396 chars)

    Prime location close to work and everything else. Light and bright corner end unit in nice secure building. Commuters dream. VTA, 880, 680 close by. City of Milpitas Affordable housing unit (BMR). Must meet city income restrictions and guidelines. Must apply for affordable housing with City to qualify. Owner occupied only. Central A/C, inside washer/ Dryer to stay. Aprox. $75k under Mkt value.

18. 2013-09-10
    soldstatus $322,530 396-char remark

    Show marketing remark (396 chars)

    Prime location close to work and everything else. Light and bright corner end unit in nice secure building. Commuters dream. VTA, 880, 680 close by. City of Milpitas Affordable housing unit (BMR). Must meet city income restrictions and guidelines. Must apply for affordable housing with City to qualify. Owner occupied only. Central A/C, inside washer/ Dryer to stay. Aprox. $75k under Mkt value.

19. 2013-09-10
    soldstatus $323,000

    Show marketing remark (396 chars)

    Prime location close to work and everything else. Light and bright corner end unit in nice secure building. Commuters dream. VTA, 880, 680 close by. City of Milpitas Affordable housing unit (BMR). Must meet city income restrictions and guidelines. Must apply for affordable housing with City to qualify. Owner occupied only. Central A/C, inside washer/ Dryer to stay. Aprox. $75k under Mkt value.

20. 2013-06-03
    status Pending (Do Not Show) 396-char remark

    Show marketing remark (396 chars)

    Prime location close to work and everything else. Light and bright corner end unit in nice secure building. Commuters dream. VTA, 880, 680 close by. City of Milpitas Affordable housing unit (BMR). Must meet city income restrictions and guidelines. Must apply for affordable housing with City to qualify. Owner occupied only. Central A/C, inside washer/ Dryer to stay. Aprox. $75k under Mkt value.

21. 2013-04-24
    listed $324,530 Active 396-char remark

    Show marketing remark (396 chars)

    Prime location close to work and everything else. Light and bright corner end unit in nice secure building. Commuters dream. VTA, 880, 680 close by. City of Milpitas Affordable housing unit (BMR). Must meet city income restrictions and guidelines. Must apply for affordable housing with City to qualify. Owner occupied only. Central A/C, inside washer/ Dryer to stay. Aprox. $75k under Mkt value.

22. 2013-04-23
    listed $324,530 396-char remark

    Show marketing remark (396 chars)

    Prime location close to work and everything else. Light and bright corner end unit in nice secure building. Commuters dream. VTA, 880, 680 close by. City of Milpitas Affordable housing unit (BMR). Must meet city income restrictions and guidelines. Must apply for affordable housing with City to qualify. Owner occupied only. Central A/C, inside washer/ Dryer to stay. Aprox. $75k under Mkt value.

ⓘ 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: $5,410 · $451/mo
• Projected year-2 tax: $5,410 · $451/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 AO · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥92°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 14 unhealthy d/yr today · 16 by 30 yrs out

Taxation est. · year 1

• Rental income: $46,608
• − Mortgage interest: −$28,434
• − Property taxes: −$5,410
• − Insurance: −$4,006
• − Repairs & maintenance: −$3,729
• − Management: −$3,729
• − HOA: −$8,496
• − Depreciation: −$14,767
• Taxable loss: −$21,962
• Est. tax savings @ 24.0%: +$5,271
• After-tax cash flow: $-7,764/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: Milpitas Unified
• NCES district ID: 0624500
• Math proficiency: 65% ▲ 1.00%
• Reading proficiency: 74% ▲ 3.00%
• Median HH income: $101,295
• Composite: 63.83/100
• National rank: #591
• State rank: #44 of 517 in CA

Livability — Milpitas

• Score: 82/100
• State rank: #38
• US rank: #1267

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Milpitas, CA
• County: Santa Clara County · 1,806,974 people
• City population: 78,810
• Metro: San Jose-Sunnyvale-Santa Clara, CA
• Population (ZIP): 78,810
• Household income: $178,654
• Rent vs Own: 41.5% rent · 58.5% own
• Severe rent burden: 1670.0

Population outlook (Santa Clara County) Hauer SSP2

• Today (2025): 2,179,074 people
• By 2030: 2,301,297 · +5.6%
• By 2040: 2,528,195 · +16.0%
• By 2050: 2,712,135 · +24.5%
• By 2075: 2,998,701 · +37.6%
• By 2100: 2,931,429 · +34.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Asian (71%)
• Race & ethnicity: Asian 71% Hispanic / Latino 13% White 10% Two or more races 7% Black 2%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Russian 1%
• Foreign-born: 54% · China, Vietnam, Canada
• Languages at home: 31% English-only · Chinese 14% Other Indo-European 12% Vietnamese 11%

Political lean MEDSL · Santa Clara

• 2024 margin: Solid D (+40.0) · D 68.1% · R 28.1% · Other 3.8%
• 2008→2024 swing: -0.9pp no change · 2008: 40.9pp · 2024: 40.0pp
• All cycles: 2024: D+40.0 2020: D+47.4 2016: D+52.5 2012: D+42.1 2008: D+40.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1214.69%
• Current HPI: 350.2635
• Rent YoY: ▲ 6.33%
• Metro: San Jose-Sunnyvale-Santa Clara, 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

+56.4% since first listed

8 events — show timeline

• 2026-04-09 Listed $507,604 MLSListings
• 2026-04-09 Listed $507,604 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2013-09-10 Sold (Public Records) $323,000 Public Records
• 2013-09-10 Sold (MLS) $322,530 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2013-09-10 Sold (MLS) $322,530 MLSListings
• 2013-06-03 Pending — MLSListings
• 2013-04-24 Listed $324,530 MLSListings
• 2013-04-23 Listed $324,530 bridgeMLS, Bay East AOR, or Contra Costa AOR

Property tax history

+2.3%/yr

Latest (2025): $5,410 · +4.0% YoY. Source: county tax records.