205 Pacific Ave #213

Rodeo, CA 94572

$899,000C+

12 bd · 20.0 ba · 6,352 sqft · Built 1947 · MultiFamily · Pending · 91 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $13,085/mo
• Mortgage (P&I): −$4,714
• Tax + insurance: −$1,498
• HOA: −$0
• Vac / Maint / Mgmt: −$2,748
• Net cashflow: $4,124/mo
• Annual: $49,492/yr
• Cap rate: 11.80%
• Cash-on-cash: 19.66%
• DSCR: 1.87
• 1% rule: 1.46%
• Cash to close: $251,720

Investor read

• This is a 4 × 3-bed/5.0-bath units multifamily listed at $899k. Condition is rated average.
• At list price, monthly cash flow is $4k ($49k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $899k).
• It's been on market 91 days — a 9% lower offer ($818k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $818k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $27k of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#542 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, housing B+; Watch: crime C-, amenities F, cost of living F.
• John Swett Unified (suburban): math 26% / reading 38% proficiency, ranked #899 of 1,400 in CA (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Rodeo Hills Elementary (571 students, 78% FRL); Carquinez Middle (254 students, 80% FRL); John Swett High (380 students, 62% FRL) — zoned schools average 73% FRL vs 55% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 15 active listings in the ZIP; 2,169 units permitted in Contra Costa County in 2024 (896 in 5+ unit buildings).
• Contra Costa County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $252k cash investment doubles in ~7 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 91 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen cabinets — Cabinets show signs of wear but are still functional.
• Minor: Bathroom fixtures — Fixtures show signs of wear but are still functional.
• Moderate: Exterior paint — Paint appears weathered and may need repainting.
• Moderate: HVAC units — Units may need maintenance or replacement.