942 23rd St · San Diego, CA 92102

$1,900,000

5 bd · 5.0 ba · 2,185 sqft · MultiFamily public records · 39 Days on market

Built 2021 Est $1318k · 44% over

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Why this score? — see what drove the F 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 +14.0/30.0
• DSCR +4.2/10.0
• Livability +3.8/5.0
• 1% rule +3.2/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

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

23rd St is a prime investment opportunity offering a turnkey asset with immediate cash flow. This multifamily property, comprises five legal and one nonconforming unit with a mix of four 1-bedroom/1-bathroom units, one studio, and one 1-bedroom/2-bathroom unit. The property hosts a fully modernized living experience for residents. Six total units. The most compelling aspect of this offering is its comprehensive 2021 renovation and proven performance as a furnished rental with strong in-place income. The property features modernized kitchens, smart locks, mini-split HVAC systems, and fully paid solar panels, along with an expansive outdoor entertaining area complete with a BBQ, outdoor kitch

Key facts

• Paid solar panels
• Smart locks
• Modern kitchens

Tags

• COMPREHENSIVE RENOVATION
• MODERN KITCHENS
• SMART LOCKS
• MINI-SPLIT HVAC SYSTEMS
• PAID SOLAR PANELS
• EXPANSIVE PATIO

Property features AI

Exterior

• Utilities: Cable available
• Home design: Residential income property; Com-Res income subtype
• Construction: Composition roof; Solar panels
• Exterior features: Deck; Wood fencing; Landscaped lot

Interior

• Flooring: Vinyl
• Heating & cooling: Wall/window air conditioning units; Has cooling
• Interior features: Vinyl flooring

What this means for you Summary

Snapshot

• This is a 5-bed/5.0-bath multifamily listed at $1.90M.

Deal economics

• At list price, monthly cash flow is $230 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.56M (17.7% below list).
• Recommended offer: $1.56M (17.7% below list) — sets the bar for 1% rule.
• Cap rate 6.4% 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.

Location & tenants

• 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.
• Zoned schools: Sherman Elementary (539 students, 86% FRL); Roosevelt International Middle (math 24% / reading 24%, grade F, #277 of 498 statewide, top 73%, 761 students, 59% FRL); San Diego High (2,105 students, 62% FRL) — zoned schools average 69% FRL vs 52% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.0%/yr); 90 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 11,759 units permitted in San Diego County in 2024 (7,244 in 5+ unit buildings).
• At $15,644/mo this rent would consume 243% of the median local household income ($77k/yr) (locally 2980% 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 $13k of loan paydown is wiped out by about $57k of value loss. Plan a longer hold.
• San Diego County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($1.84M) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 10y 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 $1.90M implies a 65% gain — meaningful room to come down on a strong offer.

Recommended offer $1,564,400 (17.7% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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?
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: 0.82% ✗
• Cap rate: 6.44%
• Cash-on-cash: 0.52%
• DSCR: 1.02
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $1,317,555
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2129 B St	0.17mi	4/4.0 (-1)	2,176 (-0%)	24mo	$1,512,500	$695	62
2544-46 C St	0.27mi	5/2.0	2,280 (+4%)	24mo	$1,375,000	$603	48
2775-77 K St	0.72mi	6/3.0 (+1)	2,089 (-4%)	19mo	$1,050,000	$503	30

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.0% rent growth · sell at horizon

5-year hold

• IRR: -17.6%
• Equity multiple: 0.39×
• Total profit: $-324,453
• Equity at exit: $283,296

10-year hold

• IRR: -13.7%
• Equity multiple: 0.27×
• Total profit: $-386,848
• Equity at exit: $164,277

Cash invested: $532,000 (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 92102

• Rents YoY: 1.0%
• Active inventory: 90
• Price-to-rent: 60.7×

Monthly cashflow live

• Estimated rent: $15,644 medium
• Mortgage (P&I): −$9,964
• Tax from tax record: −$1,373 /mo · $16,474/yr
• Insurance: −$792
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,285
• Net cashflow: $230

Break-even live

Break-even rent $15,352

Max offer price $1,900,000

Occupancy floor 94%

Sensitivity live

Price	-10% $1,306	-5% $768	+0% $230	+5% $-307	+10% $-845
Rent	-10% $-1,005	-5% $-388	+0% $230	+5% $848	+10% $1,466
Rate	-1.0pp $1,187	-0.5pp $714	base $230	+0.5pp $-262	+1.0pp $-763

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

Units	Beds	Baths	Est. rent
▸ 5× units	1	1	$13,035
1× unit	1	2	$2,607
Total (6 units)			$15,644

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: $475,000
• Closing costs: $57,000
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1208 24th St San Diego, CA	4.0	2.0	2400	$7,000	$2.92	26d	1	0.21mi
3209 L St San Diego, CA	4.0	3.0	1456	$3,995	$2.74	26d	2	1.18mi

Listing history 29 events

1. 2026-06-21
   days on market $1,900,000 Active 39 DOM
2. 2026-06-18
   days on market $1,900,000 Active 36 DOM
3. 2026-06-17
   pricedays on market $1,900,000 Active 35 DOM
4. 2026-06-16
   days on market $1,950,000 Active 34 DOM
5. 2026-06-15
   days on market $1,950,000 Active 33 DOM
6. 2026-06-13
   days on market $1,950,000 Active 31 DOM
7. 2026-06-09
   days on market $1,950,000 Active 27 DOM
8. 2026-06-08
   days on market $1,950,000 Active 26 DOM
9. 2026-06-07
   days on market $1,950,000 Active 25 DOM
10. 2026-06-04
    days on market $1,950,000 Active 22 DOM
11. 2026-06-03
    days on market $1,950,000 Active 21 DOM
12. 2026-06-02
    days on market $1,950,000 Active 20 DOM
13. 2026-06-01
    days on market $1,950,000 Active 19 DOM
14. 2026-05-31
    days on market $1,950,000 Active 18 DOM
15. 2026-05-04
    listed $1,995,000 Active
16. 2025-11-15
    historical
17. 2025-09-09
    price $2,400,000
18. 2025-08-22
    price $2,450,000
19. 2025-06-15
    listed $2,550,000 Active
20. 2025-02-10
    historical
21. 2024-09-06
    listed $2,995,950
22. 2024-09-06
    historical
23. 2024-07-10
    listed $3,179,950
24. 2024-07-10
    historical
25. 2024-02-22
    listed $3,499,950
26. 2018-01-30
    soldstatus $1,150,000
27. 2017-01-18
    historical
28. 2016-12-21
    listed $1,350,000 Active
29. 1998-10-19
    soldstatus $155,000

ⓘ 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: $16,474 · $1,373/mo
• Projected year-2 tax: $16,474 · $1,373/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 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥84°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $187,728
• − Mortgage interest: −$106,430
• − Property taxes: −$16,474
• − Insurance: −$9,500
• − Repairs & maintenance: −$15,018
• − Management: −$15,018
• − Depreciation: −$55,273
• Taxable loss: −$29,985
• Est. tax savings @ 24.0%: +$7,196
• After-tax cash flow: $9,961/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 Diego Unified
• NCES district ID: 0634320
• Math proficiency: 19% ▼ -29.00%
• Reading proficiency: 29% ▼ -28.00%
• Median HH income: $61,673
• Composite: 22.31/100
• National rank: #8135
• State rank: #393 of 517 in CA

Livability — San Diego

• Score: 75/100
• State rank: #123
• US rank: #4206

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Diego, CA
• County: San Diego County · 3,178,799 people
• City population: 1,397,612
• Metro: San Diego-Chula Vista-Carlsbad, CA
• Population (ZIP): 38,901
• Household income: $77,248
• Rent vs Own: 67.3% rent · 32.7% own
• Severe rent burden: 2980.0

Population outlook (San Diego County) Hauer SSP2

• Today (2025): 3,678,185 people
• By 2030: 3,856,546 · +4.8%
• By 2040: 4,171,407 · +13.4%
• By 2050: 4,421,607 · +20.2%
• By 2075: 4,831,599 · +31.4%
• By 2100: 4,832,502 · +31.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: Hispanic / Latino 56% White 26% Two or more races 17% Black 9% Asian 6% Native American 2%
• Hispanic origin (detail): Mexican 53%
• Common ancestry: Romanian 2% Lithuanian 1% Italian 1%
• Foreign-born: 25% · Canada, Vietnam, China
• Languages at home: 49% English-only · Spanish 45% Other Asian/Pacific 2% Vietnamese 2%

Political lean MEDSL · San Diego

• 2024 margin: D (+16.8) · D 56.9% · R 40.1% · Other 2.9%
• 2008→2024 swing: +6.6pp toward D · 2008: 10.2pp · 2024: 16.8pp
• All cycles: 2024: D+16.8 2020: D+22.8 2016: D+17.8 2012: D+5.1 2008: D+10.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -577.24%
• Current HPI: 402.4107
• Rent YoY: ▲ 1.00%
• Metro: San Diego-Chula Vista-Carlsbad, 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

+1187.1% since first listed

15 events — show timeline

• 2026-05-04 Listed $1,995,000 SDMLS
• 2025-11-15 Listing Removed — SDMLS
• 2025-09-09 Price Changed $2,400,000 SDMLS
• 2025-08-22 Price Changed $2,450,000 SDMLS
• 2025-06-15 Listed $2,550,000 SDMLS
• 2025-02-10 Listing Removed — SDMLS
• 2024-09-06 Listing Removed — SDMLS
• 2024-09-06 Listed $2,995,950 SDMLS
• 2024-07-10 Listing Removed — SDMLS
• 2024-07-10 Listed $3,179,950 SDMLS
• 2024-02-22 Listed $3,499,950 SDMLS
• 2018-01-30 Sold (Public Records) $1,150,000 Public Records
• 2017-01-18 Listing Removed — SDMLS
• 2016-12-21 Listed $1,350,000 SDMLS
• 1998-10-19 Sold (Public Records) $155,000 Public Records

Property tax history

+12.4%/yr

Latest (2025): $16,474 · +3.9% YoY. Source: county tax records.