691-693 28th Ave · San Francisco, CA 94121

$1,295,000

4 bd · 2.0 ba · 2,640 sqft · MultiFamily public records · 8 Days on market

Built 1924 2,064 sqft lot $491/sqft · 28% below area Est $1810k · 28% under

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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).

• ARV discount +15.0/15.0
• Cash flow +14.2/30.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• DSCR +4.3/10.0
• Livability +3.8/5.0
• 1% rule +3.0/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Rare vacant duplex opportunity in the desirable Central Richmond district, offering exceptional flexibility for owner-occupants, multigenerational living, or investment potential. Both flats are vacant and move-in ready, featuring very similar floor plans and spacious layouts filled with natural light. Each unit offer an east-facing living room with partial views of downtown SF from the top unit, a formal dining room ideal for entertaining, an updated kitchen with eat-in area, two comfortable bedrooms, and a full bath. Each unit has its in-unit washer & dryer. Original hardwood floors throughout the property have been newly refinished, complementing the fresh interior and exterior pai

Key facts

• Formal dining room
• In unit washer dryer
• Expansive garage

Tags

• EAST FACING LIVING ROOM
• PARTIAL VIEWS OF DOWNTOWN SF
• FORMAL DINING ROOM
• UPDATED KITCHEN
• IN UNIT WASHER DRYER
• EXPANSIVE GARAGE

Property features AI

Finance

• Financial info: Two-unit building with both units currently vacant
• HOA & community: No association fee

Exterior

• Parking: Tandem garage; 2 covered parking spaces (2 total)
• Security: Carbon monoxide detectors; Smoke detectors; Security gate
• Utilities: Gas on separate meter; Electricity on separate meter; Public water; Public sewer
• Home design: Residential income duplex; Marina-style architecture; Three or more levels; Built in 1924; Asphalt roof
• Construction: Built in 1924
• Exterior features: Landscaped lot

Interior

• Kitchen: Dishwasher; Free‑standing gas oven; Free‑standing gas range; Free‑standing refrigerator
• Bedrooms: 4 bedrooms total; Unit 1 (top floor) — 693; Unit 2 (mid floor) — 691
• Flooring: Tile; Wood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating
• Interior features: Central heating; Full basement; Dual-pane partial windows
• Laundry & utility: Washer and dryer in unit

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $1.29M.

Deal economics

• At list price, monthly cash flow is $214 ($3k/yr) — positive. Per door: $107/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 $1.04M (19.9% below list).
• Recommended offer: $1.04M (19.9% below list) — sets the bar for 1% rule.
• Cap rate 6.5% 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.

Location & tenants

• 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.
• Market conditions: Rents rising fast (+13.0%/yr); 74 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 750 units permitted in San Francisco County in 2024 (688 in 5+ unit buildings).
• At $10,379/mo this rent would consume 93% of the median local household income ($133k/yr) (locally 2072% 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 $9k of loan paydown is wiped out by about $39k of value loss. Plan a longer hold.
• San Francisco County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,037,900 (19.9% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.80% ✗
• Cap rate: 6.49%
• Cash-on-cash: 0.71%
• DSCR: 1.03
• GRM: 10.4

CMA / ARV

• ARV (median comp): $1,810,215
• List price: $1,295,000
• Delta: -28.46%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
691-693 28th Ave	0.00mi	4/2.0	2,640 (0%)	0mo	$1,800,000	$682	100
2440-2442 Balboa St	0.14mi	4/—	2,780 (+5%)	12mo	$1,555,000	$559	74
658-660 33rd Ave	0.26mi	4/1.0	2,550 (-3%)	13mo	$1,300,000	$510	67
531-533 23rd Ave	0.30mi	4/4.0	2,400 (-9%)	3mo	$1,950,000	$813	60
3009-3011 Balboa St	0.18mi	4/3.0	2,874 (+9%)	17mo	$1,662,960	$579	59
3331-3333A Cabrillo St	0.40mi	4/2.0	2,519 (-5%)	20mo	$1,900,000	$754	57
2433-2435 Cabrillo St	0.22mi	4/2.0	2,990 (+13%)	15mo	$1,652,000	$553	55
5828 California St	0.69mi	4/—	2,760 (+4%)	19mo	$1,415,000	$513	45
600-602 39th Ave	0.63mi	5/— (+1)	2,980 (+13%)	1mo	$2,122,000	$712	44
571 36th Ave	0.49mi	4/4.0	2,900 (+10%)	15mo	$1,450,000	$500	40
735-737 40th Ave	0.71mi	4/2.0	2,250 (-15%)	10mo	$1,610,000	$716	34
1721 Clement St	0.68mi	5/4.0 (+1)	3,010 (+14%)	2mo	$1,700,000	$565	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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -10.3%
• Equity multiple: 0.61×
• Total profit: $-141,796
• Equity at exit: $193,089

10-year hold

• IRR: 4.5%
• Equity multiple: 1.39×
• Total profit: $141,961
• Equity at exit: $111,968

Cash invested: $362,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City San Francisco: 0 Strongly Tenant-Friendly · D+57

SF Rent Ordinance + Eviction Protections; relocation $10k+; one of strictest in US.

Methodology + full state rankings →

ZIP-level market 94121

• Rents YoY: 13.0%
• Active inventory: 74
• Price-to-rent: 20.8×

Monthly cashflow live

• Estimated rent: $10,379 high
• Mortgage (P&I): −$6,791
• Tax from tax record: −$655 /mo · $7,855/yr
• Insurance: −$540
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,180
• Net cashflow: $214

Break-even live

Break-even rent $10,108

Max offer price $1,295,000

Occupancy floor 93%

Sensitivity live

Price	-10% $947	-5% $581	+0% $214	+5% $-152	+10% $-519
Rent	-10% $-606	-5% $-196	+0% $214	+5% $624	+10% $1,034
Rate	-1.0pp $866	-0.5pp $543	base $214	+0.5pp $-121	+1.0pp $-463

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$10,378
Total (2 units)			$10,379

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: $323,750
• Closing costs: $38,850
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
806 35th Ave San Francisco, CA	5.0	3.0	2296	$13,995	$6.10	3d	1	0.40mi
479 35th Ave San Francisco, CA	3.0	2.5	1750	$6,200	$3.54	13d	1	0.51mi
814 41st Ave San Francisco, CA	4.0	3.5	1900	$12,000	$6.32	2d	1	0.75mi
1251 40th Ave San Francisco, CA	4.0	3.0	2195	$14,000	$6.38	4d	1	1.09mi

Listing history 1 events

1. 2026-05-13
   listed $1,295,000 Active 1306-char remark

ⓘ 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: $7,855 · $655/mo
• Projected year-2 tax: $9,842 · $820/mo
• Expected delta: +$1,987/yr (+$166/mo · 25.3%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥77°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 13 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $124,548
• − Mortgage interest: −$72,540
• − Property taxes: −$7,855
• − Insurance: −$6,475
• − Repairs & maintenance: −$9,964
• − Management: −$9,964
• − Depreciation: −$37,673
• Taxable loss: −$19,923
• Est. tax savings @ 24.0%: +$4,782
• After-tax cash flow: $7,351/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 Francisco Unified
• NCES district ID: 0634410
• Math proficiency: 50% ▬ 0.00%
• Reading proficiency: 56% ▲ 1.00%
• Median HH income: $81,249
• Composite: 50.14/100
• National rank: #4088
• State rank: #322 of 1400 in CA

Livability — San Francisco

• Score: 76/100
• State rank: #90
• US rank: #3143

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Francisco, CA
• County: San Francisco County · 827,552 people
• City population: 827,552
• Metro: San Francisco-Oakland-Berkeley, CA
• Population (ZIP): 41,995
• Household income: $133,358
• Rent vs Own: 56.1% rent · 43.9% own
• Severe rent burden: 2072.0

Population outlook (San Francisco County) Hauer SSP2

• Today (2025): 1,030,936 people
• By 2030: 1,110,409 · +7.7%
• By 2040: 1,270,010 · +23.2%
• By 2050: 1,435,001 · +39.2%
• By 2075: 1,779,074 · +72.6%
• By 2100: 1,966,767 · +90.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: Asian 42% White 41% Two or more races 10% Hispanic / Latino 8% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Scotch-Irish 3% Lithuanian 2% Romanian 2%
• Foreign-born: 35% · China, Canada, Vietnam
• Languages at home: 59% English-only · Chinese 22% Russian/Polish/Slavic 4% Spanish 4%

Political lean MEDSL · San Francisco

• 2024 margin: Solid D (+64.8) · D 80.3% · R 15.5% · Other 4.1%
• 2008→2024 swing: -5.7pp toward R · 2008: 70.5pp · 2024: 64.8pp
• All cycles: 2024: D+64.8 2020: D+72.5 2016: D+76.1 2012: D+70.2 2008: D+70.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1078.57%
• Current HPI: 266.5786
• Rent YoY: ▲ 13.03%
• 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

+39.0% since first listed

3 events — show timeline

• 2026-06-11 Sold (MLS) $1,800,000 San Francisco MLS
• 2026-05-22 Pending — San Francisco MLS
• 2026-05-13 Listed $1,295,000 San Francisco MLS

Property tax history

+2.1%/yr

Latest (2025): $7,855 · +2.9% YoY. Source: county tax records.