1011 Laguna St · Santa Barbara, CA 93101

$2,500,000

8 bd · 8.0 ba · 3,722 sqft · MultiFamily · 191 Days on market

Built 1957 $672/sqft · 23% below area Est $3248k · 23% under ↓ 15% since listing

---

Why this score? — see what drove the C- 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 +15.5/30.0
• ARV discount +15.0/15.0
• DSCR +4.8/10.0
• Schools +4.6/10.0
• Livability +3.6/5.0
• Rent growth +3.5/5.0
• 1% rule +3.1/10.0
• 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: 8 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

Neighboring Property Available - 333 E Carrillo! Exceptional opportunity to acquire a well-maintained 8-unit multifamily property located in the heart of Downtown Santa Barbara. The property features an attractive unit mix of (8) 1 BD/1BA units, several of which have been recently updated to enhance livability and appeal. One unit will be delivered vacant at COE. Upstairs units feature vaulted ceilings that create a bright, spacious atmosphere, contributing to the property's overall charm and character. Tenants benefit from off-street parking—a rare convenience in this central location—along with close proximity to Santa Barbara's vibrant State Street corridor, parks, beaches, and major employers. New Roof (2023) ∙ Updated Plumbing ∙ All Windows Replaced ∙ On-site L

Key facts

• Off-street parking
• New roof
• All windows replaced

Tags

• 8 UNIT MULTIFAMILY PROPERTY
• RECENTLY UPDATED UNITS
• OFF-STREET PARKING
• NEW ROOF
• UPDATED PLUMBING
• ALL WINDOWS REPLACED

What this means for you Summary

Snapshot

• This is a 8 × 1-bed/1.0-bath units multifamily listed at $2.50M.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $128/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $2.03M (18.9% below list).
• Recommended offer: $2.03M (18.9% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 1.8% in Santa Barbara — 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 71/100 on livability (#219 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, health & safety A+; Watch: schools C-, crime F, cost of living F.
• Santa Barbara Unified (urban): math 45% / reading 54% proficiency, ranked #409 of 1,400 in CA (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+4.0%/yr); 52 active listings in the ZIP; solid renter incomes; 719 units permitted in Santa Barbara County in 2024 (217 in 5+ unit buildings).
• At $20,277/mo this rent would consume 270% of the median local household income ($90k/yr) (locally 3070% 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 $17k of loan paydown is wiped out by about $75k of value loss. Plan a longer hold.
• Santa Barbara 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 191 days — a 12% lower offer ($2.20M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $2,027,700 (18.9% below list)

Questions for the listing agent

1. It's been on market 191 days. Have you received any prior offers? Is the seller open to a 19% 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 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Crime grade is F 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?
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: 0.81% ✗
• Cap rate: 6.78%
• Cash-on-cash: 1.75%
• DSCR: 1.08
• GRM: 10.3

CMA / ARV

• ARV (median comp): $3,247,802
• List price: $2,500,000
• Delta: -23.02%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1418 Alta Vista Rd	0.51mi	7/5.0 (-1)	3,816 (+2%)	6mo	$3,300,000	$865	50

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 · 3.95% rent growth · sell at horizon

5-year hold

• IRR: -12.6%
• Equity multiple: 0.54×
• Total profit: $-321,550
• Equity at exit: $372,758

10-year hold

• IRR: -2.4%
• Equity multiple: 0.83×
• Total profit: $-118,787
• Equity at exit: $216,154

Cash invested: $700,000 (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 93101

• Rents YoY: 4.0%
• Active inventory: 52
• Price-to-rent: 82.2×

Monthly cashflow live

• Estimated rent: $20,277 medium
• Mortgage (P&I): −$13,110
• Tax from tax record: −$845 /mo · $10,139/yr
• Insurance: −$1,042
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,258
• Net cashflow: $1,022

Break-even live

Break-even rent $18,983

Max offer price $2,500,000

Occupancy floor 90%

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

Units	Beds	Baths	Est. rent
▸ 8× units	1	1	$20,280
Total (8 units)			$20,277

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: $625,000
• Closing costs: $75,000
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-20
   status Pending 794-char remark

   Show marketing remark (794 chars)

   Neighboring Property Available - 333 E Carrillo! Exceptional opportunity to acquire a well-maintained 8-unit multifamily property located in the heart of Downtown Santa Barbara. The property features an attractive unit mix of (8) 1 BD/1BA units, several of which have been recently updated to enhance livability and appeal. One unit will be delivered vacant at COE. Upstairs units feature vaulted ceilings that create a bright, spacious atmosphere, contributing to the property's overall charm and character. Tenants benefit from off-street parking—a rare convenience in this central location—along with close proximity to Santa Barbara's vibrant State Street corridor, parks, beaches, and major employers. New Roof (2023) ∙ Updated Plumbing ∙ All Windows Replaced ∙ On-site L

2. 2026-05-20
   price $2,500,000 794-char remark

   Show marketing remark (794 chars)

   Neighboring Property Available - 333 E Carrillo! Exceptional opportunity to acquire a well-maintained 8-unit multifamily property located in the heart of Downtown Santa Barbara. The property features an attractive unit mix of (8) 1 BD/1BA units, several of which have been recently updated to enhance livability and appeal. One unit will be delivered vacant at COE. Upstairs units feature vaulted ceilings that create a bright, spacious atmosphere, contributing to the property's overall charm and character. Tenants benefit from off-street parking—a rare convenience in this central location—along with close proximity to Santa Barbara's vibrant State Street corridor, parks, beaches, and major employers. New Roof (2023) ∙ Updated Plumbing ∙ All Windows Replaced ∙ On-site L

3. 2026-02-23
   price $2,825,000 794-char remark

   Show marketing remark (794 chars)

   Neighboring Property Available - 333 E Carrillo! Exceptional opportunity to acquire a well-maintained 8-unit multifamily property located in the heart of Downtown Santa Barbara. The property features an attractive unit mix of (8) 1 BD/1BA units, several of which have been recently updated to enhance livability and appeal. One unit will be delivered vacant at COE. Upstairs units feature vaulted ceilings that create a bright, spacious atmosphere, contributing to the property's overall charm and character. Tenants benefit from off-street parking—a rare convenience in this central location—along with close proximity to Santa Barbara's vibrant State Street corridor, parks, beaches, and major employers. New Roof (2023) ∙ Updated Plumbing ∙ All Windows Replaced ∙ On-site L

4. 2025-11-10
   listed $2,950,000 Active 794-char remark

   Show marketing remark (794 chars)

   Neighboring Property Available - 333 E Carrillo! Exceptional opportunity to acquire a well-maintained 8-unit multifamily property located in the heart of Downtown Santa Barbara. The property features an attractive unit mix of (8) 1 BD/1BA units, several of which have been recently updated to enhance livability and appeal. One unit will be delivered vacant at COE. Upstairs units feature vaulted ceilings that create a bright, spacious atmosphere, contributing to the property's overall charm and character. Tenants benefit from off-street parking—a rare convenience in this central location—along with close proximity to Santa Barbara's vibrant State Street corridor, parks, beaches, and major employers. New Roof (2023) ∙ Updated Plumbing ∙ All Windows Replaced ∙ On-site L

ⓘ 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: $10,139 · $845/mo
• Projected year-2 tax: $19,000 · $1,583/mo
• Expected delta: +$8,861/yr (+$738/mo · 87.4%)

ⓘ 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 (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥84°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 13 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $243,324
• − Mortgage interest: −$140,039
• − Property taxes: −$10,139
• − Insurance: −$12,500
• − Repairs & maintenance: −$19,466
• − Management: −$19,466
• − Depreciation: −$72,727
• Taxable loss: −$31,013
• Est. tax savings @ 24.0%: +$7,443
• After-tax cash flow: $19,707/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 Barbara Unified
• NCES district ID: 0601414
• Math proficiency: 45% ▲ 2.00%
• Reading proficiency: 54% ▬ 0.00%
• Median HH income: $67,369
• Composite: 46.05/100
• National rank: #5495
• State rank: #409 of 1400 in CA

Livability — Santa Barbara

• Score: 71/100
• State rank: #219
• US rank: #6964

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Santa Barbara, CA
• County: Santa Barbara County · 410,380 people
• City population: 119,998
• Metro: Santa Maria-Santa Barbara, CA
• Population (ZIP): 31,554
• Household income: $90,148
• Rent vs Own: 77.1% rent · 22.9% own
• Severe rent burden: 3070.0

Population outlook (Santa Barbara County) Hauer SSP2

• Today (2025): 484,679 people
• By 2030: 505,323 · +4.3%
• By 2040: 545,783 · +12.6%
• By 2050: 584,263 · +20.5%
• By 2075: 682,586 · +40.8%
• By 2100: 723,188 · +49.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Hispanic / Latino 48% White 43% Two or more races 23% Asian 3% Native American 2% Black 1%
• Hispanic origin (detail): Mexican 42%
• Common ancestry: Italian 2% Lithuanian 2% Iranian 1%
• Foreign-born: 26% · Canada, China
• Languages at home: 59% English-only · Spanish 36% German/W. Germanic 1% Other Indo-European 1%

Political lean MEDSL · Santa Barbara

• 2024 margin: Strong D (+26.7) · D 61.8% · R 35.1% · Other 3.1%
• 2008→2024 swing: +3.8pp toward D · 2008: 22.9pp · 2024: 26.7pp
• All cycles: 2024: D+26.7 2020: D+32.1 2016: D+28.2 2012: D+17.1 2008: D+22.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1014.03%
• Current HPI: 305.6871
• Rent YoY: ▲ 3.95%
• Metro: Santa Maria-Santa Barbara, 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

-15.3% since first listed

4 events — show timeline

• 2026-05-20 Pending — SBMLS
• 2026-05-20 Price Changed $2,500,000 SBMLS
• 2026-02-23 Price Changed $2,825,000 SBMLS
• 2025-11-10 Listed $2,950,000 SBMLS

Property tax history

+1.7%/yr

Latest (2025): $10,139 · +1.7% YoY. Source: county tax records.