207 5th Ave #444

San Diego, CA 92101

$215,000D-

1 bd · 1.0 ba · 431 sqft · Built 2008 · Condo · Active · 51 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,691/mo
• Mortgage (P&I): −$1,127
• Tax + insurance: −$358
• HOA: −$897
• Vac / Maint / Mgmt: −$565
• Net cashflow: $-257/mo
• Annual: $-3,081/yr
• Cap rate: 4.86%
• Cash-on-cash: -5.12%
• DSCR: 0.77
• 1% rule: 1.25%
• Cash to close: $60,200

Investor read

• This is a 1-bed/1.0-bath condo listed at $215k. Condition is rated poor.
• At list price, monthly cash flow is $-257 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $178k (17.3% below list).
• Meets the 1% rule at list price ($3k rent vs $215k).
• It's been on market 51 days — a 3% lower offer ($209k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $178k (17.3% below list) — sets the bar for cash-flow.
• Local home prices are declining (-1.8%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#123 in CA, #4,206 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: health & safety C-, crime D+, cost of living F.
• San Diego Unified (urban): math 19% / reading 29% proficiency, ranked #393 of 517 in CA (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: HOA is 33% of rent.
• Market conditions: Rents flat; 520 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 11,759 units permitted in San Diego County in 2024 (7,244 in 5+ unit buildings).
• San Diego County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 5y 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.
• Cap rate 4.9% vs local median 2.0% in San Diego — 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.
• This rent runs 35% of the median local income ($92k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• It's been on market 51 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?

Repairs flagged (vision-AI assessment)

• Major: exterior paint — Listing photos show faded and peeling paint
• Major: exterior siding — Listing photos show worn and possibly damaged siding
• Major: interior walls — Listing photos show no interior details, but the exterior suggests a need for extensive renovation