10 Kennedy Pl #201

San Francisco, CA 94124

$300,000D

1 bd · 1.0 ba · 657 sqft · Built 2018 · Condo · Active · 145 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,157/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$1,098
• HOA: −$620
• Vac / Maint / Mgmt: −$663
• Net cashflow: $-798/mo
• Annual: $-9,576/yr
• Cap rate: 3.10%
• Cash-on-cash: -11.40%
• DSCR: 0.49
• 1% rule: 1.05%
• Cash to close: $84,000

Investor read

• This is a 1-bed/1.0-bath condo listed at $300k. Condition is rated good.
• At list price, monthly cash flow is $-798 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $234k (22.1% below list).
• Meets the 1% rule at list price ($3k rent vs $300k).
• It's been on market 145 days — a 12% lower offer ($264k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $234k (22.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#90 in CA, #3,143 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• San Francisco Unified (urban): math 50% / reading 56% proficiency, ranked #322 of 1,400 in CA (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Lilienthal (Claire) Elementary (669 students, 19% FRL); Giannini (A.P.) Middle (1,192 students, 34% FRL); Lowell High (2,632 students, 37% FRL) — zoned schools average 30% FRL vs 49% district-wide (19 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: property tax is 3.9% of price.
• Market conditions: 95 active listings in the ZIP; solid renter incomes; 750 units permitted in San Francisco County in 2024 (688 in 5+ unit buildings).
• San Francisco County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $199k (40%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 3.1% vs local median 2.1% in San Francisco — 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.
• At $3,157/mo this rent would consume 47% of the median local household income ($81k/yr) (locally 1605% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 145 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?