2036 N First · Fresno, CA 93703

$575,000

5 bd · 4.0 ba · 2,645 sqft · MultiFamily public records · 34 Days on market

Built 1957 8,398 sqft lot $217/sqft · 25% above area Est $461k · 25% over

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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).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• Rent growth +4.5/5.0
• Livability +3.1/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Long term tenants fill this Mayfair area 4 plex. Each unit has laundry hook ups. Gated carports for added safety. Buyers to cooperate in Seller's IRC 1031 exchange at no cost to buyer.

Key facts

• Gated carports
• 8,398 sq ft lot
• Built 1957

Tags

• GATED CARPORTS

Property features AI

Exterior

• Parking: Carport with one space per unit
• Utilities: Electric service: On; Public utilities
• Home design: Quadruplex
• Construction: Stucco construction; Composition roof; Concrete perimeter foundation
• Exterior features: One-story property; Urban lot setting with mature landscaping; Composition roof; Stucco exterior; Concrete perimeter foundation

Interior

• Kitchen: Kitchens include refrigerator and stove in each unit
• Bedrooms: 4 bathrooms (bedroom count not provided)
• Bathrooms: 4 bathrooms
• Heating & cooling: Floor or wall heating; Central heating and cooling; Evaporative cooling
• Interior features: Refrigerator included in all units; Stove included in all units; No fireplaces
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 4 × 5-bed/4.0-bath units multifamily listed at $575k.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $539/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $575k).
• Recommended offer: $558k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.8% vs local median 3.7% in Fresno — 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 62/100 on livability (#469 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+; Watch: amenities D+, employment D+, schools D.
• Fresno Unified (urban): math 18% / reading 47% proficiency, ranked #327 of 517 in CA (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+7.8%/yr); 69 active listings in the ZIP; 2,426 units permitted in Fresno County in 2024 (296 in 5+ unit buildings).
• At $7,454/mo this rent would consume 184% of the median local household income ($49k/yr) (locally 2076% 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 $4k of loan paydown is wiped out by about $17k of value loss. Plan a longer hold.
• Fresno County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 7.8% rent growth), your $161k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($558k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $325k; list at $575k implies a 77% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $557,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.30% ✓
• Cap rate: 10.79%
• Cash-on-cash: 16.07%
• DSCR: 1.71
• GRM: 6.4

CMA / ARV

• ARV (median comp): $460,912
• List price: $575,000
• Delta: 24.75%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3226 E Clinton Ave	0.21mi	5/4.0	2,700 (+2%)	16mo	$515,000	$191	74
3331 - 3337 E Clinton Ave	0.27mi	4/4.0 (-1)	2,496 (-6%)	1mo	$485,000	$194	72
2136 N 1st St	0.06mi	6/4.0 (+1)	2,966 (+12%)	4mo	$550,000	$185	69
2126 N First St	0.04mi	6/4.0 (+1)	2,966 (+12%)	8mo	$550,000	$185	66
2128 N First St	0.05mi	6/4.0 (+1)	2,966 (+12%)	8mo	$550,000	$185	66
3323 E Normal	0.23mi	5/4.0	2,469 (-7%)	17mo	$460,000	$186	64
3122 E Normal Ave	0.13mi	6/4.0 (+1)	3,010 (+14%)	14mo	$520,000	$173	54
3435 E Mckinley	0.39mi	6/4.0 (+1)	2,966 (+12%)	4mo	$549,000	$185	53
2840 N 1st St	0.51mi	6/4.0 (+1)	3,026 (+14%)	1mo	$555,000	$183	46
2904 N First St	0.52mi	6/4.0 (+1)	3,026 (+14%)	7mo	$584,000	$193	41
2842 N First St	0.50mi	6/4.0 (+1)	3,026 (+14%)	10mo	$549,000	$181	40
3004 N 1st St	0.59mi	6/4.0 (+1)	3,026 (+14%)	8mo	$540,000	$178	37

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 · 7.8% rent growth · sell at horizon

5-year hold

• IRR: 12.1%
• Equity multiple: 1.51×
• Total profit: $81,824
• Equity at exit: $85,734

10-year hold

• IRR: 24.5%
• Equity multiple: 3.60×
• Total profit: $418,949
• Equity at exit: $49,715

Cash invested: $161,000 (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 93703

• Rents YoY: 7.8%
• Active inventory: 69
• Price-to-rent: 25.7×

Monthly cashflow live

• Estimated rent: $7,454 medium
• Mortgage (P&I): −$3,015
• Tax from tax record: −$478 /mo · $5,737/yr
• Insurance: −$240
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,565
• Net cashflow: $2,156

Break-even live

Break-even rent $4,725

Max offer price $575,000

Occupancy floor 66%

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

Units	Beds	Baths	Est. rent
▸ 4× units	5	4	$7,456
Total (4 units)			$7,454

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: $143,750
• Closing costs: $17,250
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $575,000 Active 34 DOM
2. 2026-06-17
   days on market $575,000 Active 33 DOM
3. 2026-06-16
   days on market $575,000 Active 32 DOM
4. 2026-06-15
   days on market $575,000 Active 31 DOM
5. 2026-06-13
   days on market $575,000 Active 29 DOM
6. 2026-06-10
   days on market $575,000 Active 26 DOM
7. 2026-06-09
   days on market $575,000 Active 25 DOM
8. 2026-06-08
   days on market $575,000 Active 24 DOM
9. 2026-06-07
   days on market $575,000 Active 23 DOM
10. 2026-06-05
    days on market $575,000 Active 20 DOM
11. 2026-06-03
    days on market $575,000 Active 19 DOM
12. 2026-06-02
    days on market $575,000 Active 18 DOM
13. 2026-06-01
    days on market $575,000 Active 17 DOM
14. 2026-05-31
    days on market $575,000 Active 16 DOM
15. 2026-05-15
    listed $575,000 Active 184-char remark
16. 2018-12-28
    status Pending
17. 2018-12-28
    historical Cancelled
18. 2018-08-10
    listed $319,000 Active
19. 2004-07-16
    soldstatus $325,000

ⓘ 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: $5,737 · $478/mo
• Projected year-2 tax: $5,737 · $478/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 43% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 48 unhealthy d/yr today · 50 by 30 yrs out

Taxation est. · year 1

• Rental income: $89,448
• − Mortgage interest: −$32,209
• − Property taxes: −$5,737
• − Insurance: −$2,875
• − Repairs & maintenance: −$7,156
• − Management: −$7,156
• − Depreciation: −$16,727
• Taxable income: $17,588
• Est. tax owed @ 24.0%: −$4,221
• After-tax cash flow: $21,646/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: Fresno Unified
• NCES district ID: 0614550
• Math proficiency: 18% ▼ -12.00%
• Reading proficiency: 47% ▲ 9.00%
• Median HH income: $36,095
• Composite: 26.83/100
• National rank: #7111
• State rank: #327 of 517 in CA

Livability — Fresno

• Score: 62/100
• State rank: #469
• US rank: #15907

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fresno, CA
• County: Fresno County · 834,801 people
• City population: 593,114
• Metro: Fresno, CA
• Population (ZIP): 33,420
• Household income: $48,737
• Rent vs Own: 60.7% rent · 39.3% own
• Severe rent burden: 2076.0

Population outlook (Fresno County) Hauer SSP2

• Today (2025): 1,042,971 people
• By 2030: 1,072,198 · +2.8%
• By 2040: 1,122,408 · +7.6%
• By 2050: 1,157,251 · +11.0%
• By 2075: 1,182,575 · +13.4%
• By 2100: 1,105,899 · +6.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: Hispanic / Latino 63% Two or more races 26% Asian 14% White 12% Black 8% Native American 1%
• Hispanic origin (detail): Mexican 60%
• Foreign-born: 21% · Canada, Vietnam
• Languages at home: 47% English-only · Spanish 41% Other Asian/Pacific 9% Other Indo-European 1%

Political lean MEDSL · Fresno

• 2024 margin: Toss-up / Even · D 46.5% · R 50.9% · Other 2.6%
• 2008→2024 swing: -6.5pp toward R · 2008: 2.1pp · 2024: -4.4pp
• All cycles: 2024: R+4.4 2020: D+7.8 2016: D+3.9 2012: R+2.9 2008: D+2.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -274.09%
• Current HPI: 413.4753
• Rent YoY: ▲ 7.80%
• Metro: Fresno, 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

+76.9% since first listed

5 events — show timeline

• 2026-05-15 Listed $575,000 FRESNOMLS
• 2018-12-28 Pending — FRESNOMLS
• 2018-12-28 Delisted — FRESNOMLS
• 2018-08-10 Listed $319,000 FRESNOMLS
• 2004-07-16 Sold (Public Records) $325,000 Public Records

Property tax history

+8.8%/yr

Latest (2025): $5,737 · +9.3% YoY. Source: county tax records.