500 19th Ave · San Mateo, CA 94402

$2,600,000

6 bd · 6.0 ba · 5,624 sqft · MultiFamily public records · 33 Days on market

Built 1958 7,728 sqft lot $3732/mo HOA · 73% of rent

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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 +21.1/30.0
• Appreciation +8.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• DSCR +6.7/10.0
• Schools +5.7/10.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0

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 MLS

Fiesta Gardens Six unit building in very good condition. Upper units have decks; lower units have patio yards. Great location for access to shops, parks, transportation and schools. Easy access to Hwy 101/92/280 to SF, SJ or Hayward HOA has pool, tennis clubhouse etc. Rents are low, excellent opportunity to upgrade and increase cash flow.

Key facts

• Hoa has pool
• 7,728 sq ft lot
• Parking

Tags

• UPPER UNITS HAVE DECKS
• LOWER UNITS HAVE PATIO YARDS
• LOCATION FOR ACCESS TO SHOPS
• LOCATION FOR ACCESS TO PARKS
• LOCATION FOR ACCESS TO SCHOOLS
• HOA HAS POOL

Property features AI

Finance

• Financial info: Annual rental income and gross income reported; Gross scheduled income and gross rent multiplier provided; Vacancy factor indicated; Tenant pays utilities for electric, gas and heating
• HOA & community: Has HOA; HOA amenities include barbecue area, clubhouse, community pool and organized activities; HOA fee listed

Exterior

• Parking: Carport parking; At least 1 marked parking space; Carport capacity listed as 6 (minimum)
• Utilities: Individual electric meters; Individual gas meters; Public water (irrigation connected); Public sewer (connected); Primary water meter
• Home design: Individual ownership; Zoned R3; Grade-level/level lot
• Construction: Masonry and wood construction; Composition roof; Concrete perimeter and slab foundation; One building
• Exterior features: Backyard; Balcony/Patio; Courtyard; Low-maintenance landscaping; Automatic sprinklers; Tennis court(s)

Interior

• Kitchen: Appliances vary by unit; Granite, tile and other countertops; Garbage disposal; Gas oven; Refrigerator(s); Gas hookups
• Bedrooms: Multiple 1-bedroom units (several unit types listed as 1 bedroom)
• Flooring: Carpet; Laminate; Tile
• Bathrooms: Multiple full bathrooms (each unit listed with 1 full bath)
• Heating & cooling: Gas heating; Wall furnace
• Interior features: Coin-operated laundry; Carpet, laminate and tile flooring
• Laundry & utility: Coin-operated laundry (on-site)

What this means for you Summary

Snapshot

• This is a 6 × 6-bed/6.0-bath units multifamily listed at $2.60M.

Deal economics

• At list price, monthly cash flow is $4k ($45k/yr) — positive. Per door: $621/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($30k rent vs $2.60M).
• Recommended offer: $2.52M (3.0% below list) — sets the bar for market timing.
• Cap rate 8.0% vs local median 1.2% in San Mateo — 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 79/100 on livability (#56 in CA, #2,095 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: cost of living F.
• San Mateo Union High (suburban): math 50% / reading 70% proficiency, ranked #178 of 1,400 in CA (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Hillsdale High (1,629 students, 19% FRL).
• Market conditions: Rents rising fast (+7.0%/yr); 48 active listings in the ZIP; high-income renter base; 1,019 units permitted in San Mateo County in 2024 (484 in 5+ unit buildings).

Forward outlook

• In year one you build about $202k of equity ($18k loan paydown + $184k appreciation (7.1% local appreciation)).
• San Mateo County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (7.1% appreciation + 7.0% rent growth), your $728k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$323k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($2.52M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago; this cycle's ask is 94514% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $475k; list at $2.60M implies a 447% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $2,522,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% 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. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 1.17% ✓
• Cap rate: 8.01%
• Cash-on-cash: 6.15%
• DSCR: 1.27
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

7.08% appreciation · 6.97% rent growth · sell at horizon

5-year hold

• IRR: 24.9%
• Equity multiple: 2.77×
• Total profit: $1,286,913
• Equity at exit: $1,815,504

10-year hold

• IRR: 24.6%
• Equity multiple: 6.32×
• Total profit: $3,871,825
• Equity at exit: $3,461,182

Cash invested: $728,000 (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 94402

• Home prices YoY: 2.0%
• Rents YoY: 7.0%
• Active inventory: 48
• Price-to-rent: 42.6×

Monthly cashflow live

• Estimated rent: $30,493 medium
• Mortgage (P&I): −$13,635
• Tax from tax record: −$1,911 /mo · $22,932/yr
• Insurance: −$1,083
• HOA: −$3,732
• Vacancy / Maint / Mgmt: −$6,404
• Net cashflow: $3,728

Break-even live

Break-even rent $25,773

Max offer price $2,600,000

Occupancy floor 83%

Sensitivity live

Price	-10% $5,200	-5% $4,464	+0% $3,728	+5% $2,993	+10% $2,257
Rent	-10% $1,320	-5% $2,524	+0% $3,728	+5% $4,933	+10% $6,137
Rate	-1.0pp $5,038	-0.5pp $4,390	base $3,728	+0.5pp $3,055	+1.0pp $2,369

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

Units	Beds	Baths	Est. rent
▸ 6× units	6	6	$30,492
Total (6 units)			$30,493

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: $650,000
• Closing costs: $78,000
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $3,732 · $44,784/yr
• Likely covers: pool

Listing history 25 events

1. 2026-06-21
   days on market $2,600,000 Active 33 DOM
2. 2026-06-18
   days on market $2,600,000 Active 30 DOM
3. 2026-06-17
   days on market $2,600,000 Active 29 DOM
4. 2026-06-16
   days on market $2,600,000 Active 28 DOM
5. 2026-06-15
   days on market $2,600,000 Active 27 DOM
6. 2026-06-13
   days on market $2,600,000 Active 25 DOM
7. 2026-06-13
   days on market $2,600,000 Active 24 DOM
8. 2026-06-10
   price $2,600,000 Active 21 DOM
9. 2026-06-09
   days on market $2,788,000 Active 21 DOM
10. 2026-06-08
    days on market $2,788,000 Active 20 DOM
11. 2026-06-07
    days on market $2,788,000 Active 19 DOM
12. 2026-06-04
    days on market $2,788,000 Active 16 DOM
13. 2026-06-03
    days on market $2,788,000 Active 15 DOM
14. 2026-06-02
    days on market $2,788,000 Active 14 DOM
15. 2026-06-01
    days on market $2,788,000 Active 13 DOM
16. 2026-05-31
    days on market $2,788,000 Active 12 DOM
17. 2026-05-21
    price $2,788,000 340-char remark

    Show marketing remark (340 chars)

    Fiesta Gardens Six unit building in very good condition. Upper units have decks; lower units have patio yards. Great location for access to shops, parks, transportation and schools. Easy access to Hwy 101/92/280 to SF, SJ or Hayward HOA has pool, tennis clubhouse etc. Rents are low, excellent opportunity to upgrade and increase cash flow.

18. 2026-05-21
    price $2,788,000 340-char remark

    Show marketing remark (340 chars)

    Fiesta Gardens Six unit building in very good condition. Upper units have decks; lower units have patio yards. Great location for access to shops, parks, transportation and schools. Easy access to Hwy 101/92/280 to SF, SJ or Hayward HOA has pool, tennis clubhouse etc. Rents are low, excellent opportunity to upgrade and increase cash flow.

19. 2026-05-19
    listed $2,748 Active 340-char remark

    Show marketing remark (340 chars)

    Fiesta Gardens Six unit building in very good condition. Upper units have decks; lower units have patio yards. Great location for access to shops, parks, transportation and schools. Easy access to Hwy 101/92/280 to SF, SJ or Hayward HOA has pool, tennis clubhouse etc. Rents are low, excellent opportunity to upgrade and increase cash flow.

20. 2026-05-19
    listed $2,748 Active 340-char remark

    Show marketing remark (340 chars)

    Fiesta Gardens Six unit building in very good condition. Upper units have decks; lower units have patio yards. Great location for access to shops, parks, transportation and schools. Easy access to Hwy 101/92/280 to SF, SJ or Hayward HOA has pool, tennis clubhouse etc. Rents are low, excellent opportunity to upgrade and increase cash flow.

21. 2024-03-14
    historical $2,400
22. 2023-12-15
    price $2,400
23. 2023-12-14
    listed $1,800
24. 1991-05-14
    soldstatus $475,000
25. 1991-05-14
    soldstatus $475,000

ⓘ 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: $22,932 · $1,911/mo
• Projected year-2 tax: $22,932 · $1,911/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 4/10 Moderate FEMA zone X · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥87°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 12 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $365,916
• − Mortgage interest: −$145,640
• − Property taxes: −$22,932
• − Insurance: −$13,000
• − Repairs & maintenance: −$29,273
• − Management: −$29,273
• − HOA: −$44,784
• − Depreciation: −$75,636
• Taxable income: $5,377
• Est. tax owed @ 24.0%: −$1,290
• After-tax cash flow: $43,451/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: San Mateo Union High
• NCES district ID: 0634980
• Math proficiency: 50% ▼ -2.00%
• Reading proficiency: 70% ▼ -1.00%
• Median HH income: $96,956
• Composite: 57.13/100
• National rank: #2338
• State rank: #178 of 1400 in CA

Livability — San Mateo

• Score: 79/100
• State rank: #56
• US rank: #2095

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: San Mateo, CA
• County: San Mateo County · 733,415 people
• City population: 104,046
• Metro: San Francisco-Oakland-Berkeley, CA
• Population (ZIP): 25,475
• Household income: $172,522
• Rent vs Own: 41.6% rent · 58.4% own
• Severe rent burden: 1017.0

Population outlook (San Mateo County) Hauer SSP2

• Today (2025): 864,008 people
• By 2030: 910,523 · +5.4%
• By 2040: 997,285 · +15.4%
• By 2050: 1,071,189 · +24.0%
• By 2075: 1,197,206 · +38.6%
• By 2100: 1,192,523 · +38.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: White 49% Asian 26% Hispanic / Latino 15% Two or more races 12% Black 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Lithuanian 3% Italian 3% Scotch-Irish 2%
• Foreign-born: 27% · Canada, China, Vietnam
• Languages at home: 68% English-only · Spanish 9% Chinese 8% Other Indo-European 5%

Political lean MEDSL · San Mateo

• 2024 margin: Solid D (+50.3) · D 73.5% · R 23.2% · Other 3.3%
• 2008→2024 swing: +1.6pp toward D · 2008: 48.7pp · 2024: 50.3pp
• All cycles: 2024: D+50.3 2020: D+57.7 2016: D+57.7 2012: D+44.8 2008: D+48.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 7.08%
• Current HPI: 366.9431
• Rent YoY: ▲ 6.97%
• Metro: San Francisco-Oakland-Berkeley, 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

+486.9% since first listed

9 events — show timeline

• 2026-05-21 Price Changed $2,788,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-05-21 Price Changed $2,788,000 MLSListings
• 2026-05-19 Listed $2,748 MLSListings
• 2026-05-19 Listed $2,748 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2024-03-14 Rental Removed $2,400 APPFOLIO
• 2023-12-15 Price Changed $2,400 APPFOLIO
• 2023-12-14 Listed for Rent $1,800 APPFOLIO
• 1991-05-14 Sold (Public Records) $475,000 Public Records
• 1991-05-14 Sold (Public Records) $475,000 Public Records

Property tax history

+5.2%/yr

Latest (2025): $22,932 · +2.7% YoY. Source: county tax records.