355 Grandview Ave

Black Point-Green Point, CA 94945

$385,900C-

3 bd · 1.0 ba · 1,915 sqft · Built 1935 · SingleFamily · Active · 115 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,569/mo
• Mortgage (P&I): −$2,024
• Tax + insurance: −$1,072
• HOA: −$0
• Vac / Maint / Mgmt: −$960
• Net cashflow: $514/mo
• Annual: $6,162/yr
• Cap rate: 7.89%
• Cash-on-cash: 5.70%
• DSCR: 1.25
• 1% rule: 1.18%
• Cash to close: $108,052

Investor read

• This is a 3-bed/1.0-bath single-family listed at $386k.
• At list price, monthly cash flow is $514 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $386k).
• It's been on market 115 days — a 9% lower offer ($351k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $351k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Novato Unified (suburban): math 38% / reading 50% proficiency, ranked #160 of 517 in CA (top 31%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 2.8% of price; built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 60 active listings in the ZIP; solid renter incomes; 149 units permitted in Marin County in 2024 (5 in 5+ unit buildings).
• Marin County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts; this cycle's ask has dropped $64k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At $4,569/mo this rent would consume 51% of the median local household income ($108k/yr) (locally 357% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 115 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.
• 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.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.