2131 Naomi Pl · Santa Rosa, CA 95403

$1,495,000

8 bd · 8.0 ba · 4,880 sqft · MultiFamily public records · 135 Days on market

Built 2002 7,113 sqft lot ↓ 12% since listing

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Why this score? — see what drove the B- 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 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

Located at the end of a private cul-de-sac in desirable West Santa Rosa, this well-maintained multi-unit property offers a compelling opportunity for investors seeking stable cash flow with upside. The property consists of six units across three separate buildings, including four spacious two-bedroom, two-bath units and two one-bedroom, one-bath units. Built in 2002 and in excellent condition, each unit features its own detached one-car garage and on-street parking. All units are currently rented below market, presenting a clear value-add opportunity through future rent growth while maintaining strong occupancy. Conveniently located near shopping, dining, and entertainment, with easy access

Key facts

• Six units
• Multi-unit property
• Private cul-de-sac

Tags

• PRIVATE CUL-DE-SAC
• MULTI-UNIT PROPERTY
• SIX UNITS
• THREE SEPARATE BUILDINGS
• DETACHED ONE-CAR GARAGE
• EASY ACCESS TO HIGHWAY 101

Property features AI

Finance

• HOA & community: No association

Exterior

• Parking: Garage parking and street parking available; 1 garage space
• Utilities: Public sewer
• Home design: Residential income property; Building contains five or more units; Original condition
• Exterior features: Court-front lot

Interior

• Bedrooms: Six total residential units: four 1-bedroom units and two 2-bedroom units; Unit types include apartments
• Bathrooms: 1 bathroom in each 1-bedroom unit; 2 full and 2 partial bathrooms listed for one 2-bedroom unit
• Heating & cooling: Central heating; Gas heating; No cooling
• Interior features: Laundry in each unit; No basement; Two levels
• Laundry & utility: Laundry located in each unit

What this means for you Summary

Snapshot

• This is a 6 × 6-bed/6.0-bath units multifamily listed at $1.50M.

Deal economics

• At list price, monthly cash flow is $8k ($95k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($22k rent vs $1.50M).
• Recommended offer: $1.32M (12.0% below list) — sets the bar for market timing.
• Cap rate 12.7% vs local median 2.5% in Santa Rosa — 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 (#112 in CA, #3,940 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: schools C-, cost of living F.
• Santa Rosa High (urban): math 31% / reading 47% proficiency, ranked #703 of 1,400 in CA (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 199 active listings in the ZIP; solid renter incomes; 1,039 units permitted in Sonoma County in 2024 (185 in 5+ unit buildings).
• At $21,688/mo this rent would consume 265% of the median local household income ($98k/yr) (locally 1770% 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 $45k of value loss. Plan a longer hold.
• Sonoma County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 0.1% rent growth), your $419k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 135 days — a 12% lower offer ($1.32M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $200k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $1,315,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 135 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. 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: 1.45% ✓
• Cap rate: 12.66%
• Cash-on-cash: 22.73%
• DSCR: 2.01
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.1% rent growth · sell at horizon

5-year hold

• IRR: 12.5%
• Equity multiple: 1.48×
• Total profit: $200,965
• Equity at exit: $222,909

10-year hold

• IRR: 19.2%
• Equity multiple: 2.40×
• Total profit: $585,743
• Equity at exit: $129,260

Cash invested: $418,600 (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 95403

• Rents YoY: 0.1%
• Active inventory: 199
• Price-to-rent: 34.5×

Monthly cashflow live

• Estimated rent: $21,688 medium
• Mortgage (P&I): −$7,840
• Tax from tax record: −$740 /mo · $8,884/yr
• Insurance: −$623
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,554
• Net cashflow: $7,930

Break-even live

Break-even rent $11,650

Max offer price $1,495,000

Occupancy floor 58%

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

Units	Beds	Baths	Est. rent
▸ 6× units	6	6	$21,690
Total (6 units)			$21,688

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: $373,750
• Closing costs: $44,850
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $1,495,000 Active 135 DOM
2. 2026-06-17
   days on market $1,495,000 Active 134 DOM
3. 2026-06-16
   days on market $1,495,000 Active 133 DOM
4. 2026-06-15
   days on market $1,495,000 Active 132 DOM
5. 2026-06-14
   days on market $1,495,000 Active 130 DOM
6. 2026-06-13
   days on market $1,495,000 Active 129 DOM
7. 2026-06-10
   days on market $1,495,000 Active 127 DOM
8. 2026-06-09
   days on market $1,495,000 Active 126 DOM
9. 2026-06-08
   days on market $1,495,000 Active 125 DOM
10. 2026-06-07
    days on market $1,495,000 Active 124 DOM
11. 2026-06-05
    days on market $1,495,000 Active 121 DOM
12. 2026-06-03
    days on market $1,495,000 Active 120 DOM
13. 2026-06-02
    days on market $1,495,000 Active 119 DOM
14. 2026-06-01
    days on market $1,495,000 Active 118 DOM
15. 2026-05-31
    days on market $1,495,000 Active 117 DOM
16. 2026-05-30
    days on market $1,495,000 Active 116 DOM
17. 2026-04-20
    price $1,495,000
18. 2026-03-11
    status Active
19. 2026-03-11
    price $1,595,000
20. 2026-02-27
    historical Contingent (Show)
21. 2026-02-03
    listed $1,695,000 Active

ⓘ 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: $8,884 · $740/mo
• Projected year-2 tax: $11,362 · $947/mo
• Expected delta: +$2,478/yr (+$206/mo · 27.9%)

ⓘ 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 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥92°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 21 unhealthy d/yr today · 21 by 30 yrs out

Taxation est. · year 1

• Rental income: $260,256
• − Mortgage interest: −$83,743
• − Property taxes: −$8,884
• − Insurance: −$7,475
• − Repairs & maintenance: −$20,820
• − Management: −$20,820
• − Depreciation: −$43,491
• Taxable income: $75,022
• Est. tax owed @ 24.0%: −$18,005
• After-tax cash flow: $77,159/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: Santa Rosa High
• NCES district ID: 0635830
• Math proficiency: 31% —
• Reading proficiency: 47% —
• Median HH income: $62,000
• Composite: 37.25/100
• National rank: #8972
• State rank: #703 of 1400 in CA

Livability — Santa Rosa

• Score: 75/100
• State rank: #112
• US rank: #3940

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Santa Rosa, CA
• County: Sonoma County · 449,805 people
• City population: 210,074
• Metro: Santa Rosa-Petaluma, CA
• Population (ZIP): 45,806
• Household income: $98,191
• Rent vs Own: 45.2% rent · 54.8% own
• Severe rent burden: 1770.0

Population outlook (Sonoma County) Hauer SSP2

• Today (2025): 539,935 people
• By 2030: 554,870 · +2.8%
• By 2040: 573,262 · +6.2%
• By 2050: 580,715 · +7.6%
• By 2075: 579,229 · +7.3%
• By 2100: 547,835 · +1.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 50% Hispanic / Latino 37% Two or more races 13% Asian 5% Native American 2% Black 2%
• Hispanic origin (detail): Mexican 31%
• Common ancestry: Italian 3% Slovak 2% Lithuanian 2%
• Foreign-born: 20% · Canada, Vietnam, South Korea
• Languages at home: 67% English-only · Spanish 26% Other Indo-European 1% Vietnamese 1%

Political lean MEDSL · Sonoma

• 2024 margin: Solid D (+46.2) · D 71.4% · R 25.2% · Other 3.3%
• 2008→2024 swing: -3.4pp toward R · 2008: 49.6pp · 2024: 46.2pp
• All cycles: 2024: D+46.2 2020: D+51.5 2016: D+47.9 2012: D+44.9 2008: D+49.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -679.94%
• Current HPI: 254.3106
• Rent YoY: ▲ 0.10%
• Metro: Santa Rosa-Petaluma, 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

-11.8% since first listed

5 events — show timeline

• 2026-04-20 Price Changed $1,495,000 BAREIS
• 2026-03-11 Relisted — BAREIS
• 2026-03-11 Price Changed $1,595,000 BAREIS
• 2026-02-27 Contingent — BAREIS
• 2026-02-03 Listed $1,695,000 BAREIS

Property tax history

+1.7%/yr

Latest (2025): $8,884 · +1.5% YoY. Source: county tax records.