400 Beale St #505 · San Francisco, CA 94105

$425,000

1 bd · 1.0 ba · 828 sqft · Condo public records · 98 Days on market

Built 2002 $513/sqft · 46% below area Est $792k · 46% under $1277/mo HOA · 26% of rent

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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 +10.1/30.0
• Appreciation +7.1/10.0
• 1% rule +6.6/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• DSCR +2.9/10.0
• Condition / age +2.5/5.0

Listing remarks MLS

1 Bedroom with bonus room and deck First Come First Serve No Lottery Below Market Rate (BMR) housing opportunity available at 100% Area Median Income (AMI). Maximum income for 1 person = $109,100; 2 = $124,700; 3 = $140,250; 4 = $155,850; 5= $168,300, etc. Must be 1st-time homebuyer & income eligible. Unit available thru the Mayor's Office of Housing and Community Development (MOHCD) & subject to resale controls, monitoring & other restrictions. The unit will be available on a first come first served basis starting on 5/6/2026 at 8:00 AM PST. Please visit https://housing. sfgov.org/listings/a0W7y00000Gjq4TEAR to view the listing and for application & program info. Fair Housing Opportunity.

Key facts

• $1,277 HOA
• Parking
• Built 2002

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $425k.

Deal economics

• At list price, monthly cash flow is $-249 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $381k (10.3% below list).
• Meets the 1% rule at list price ($5k rent vs $425k).
• Recommended offer: $381k (10.3% below list) — sets the bar for cash-flow.
• Cap rate 5.6% 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 (+19.7%/yr); 119 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 6d 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).

Forward outlook

• In year one you build about $21k of equity ($3k loan paydown + $18k appreciation (4.3% local appreciation)).
• San Francisco County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 98 days — a 9% lower offer ($387k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y 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 $348k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 26% of rent.

Recommended offer $381,057 (10.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 98 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.16% ✓
• Cap rate: 5.59%
• Cash-on-cash: -2.51%
• DSCR: 0.89
• GRM: 7.2

CMA / ARV

• ARV (median comp): $792,220
• List price: $425,000
• Delta: -46.35%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

4.27% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 12.1%
• Equity multiple: 1.77×
• Total profit: $91,494
• Equity at exit: $222,184

10-year hold

• IRR: 16.4%
• Equity multiple: 4.06×
• Total profit: $363,576
• Equity at exit: $368,852

Cash invested: $119,000 (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 94105

• Home prices YoY: 2.4%
• Rents YoY: 19.7%
• Active inventory: 119
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $4,939 high
• Mortgage (P&I): −$2,229
• Tax from tax record: −$467 /mo · $5,609/yr
• Insurance: −$177
• HOA: −$1,277
• Vacancy / Maint / Mgmt: −$1,037
• Net cashflow: $-249

Break-even live

Break-even rent $5,253

Max offer price $381,057

Occupancy floor —

Sensitivity live

Price	-10% $-8	-5% $-128	+0% $-249	+5% $-369	+10% $-489
Rent	-10% $-639	-5% $-444	+0% $-249	+5% $-54	+10% $141
Rate	-1.0pp $-35	-0.5pp $-141	base $-249	+0.5pp $-359	+1.0pp $-471

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: $106,250
• Closing costs: $12,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
400 Beale St San Francisco, CA	2.0	1.0–2.0	1167	$6,425	$5.50	21d	2	0.01mi
400 Beale St San Francisco, CA	1.0	1.0	812	$4,260	$5.25	44d	1	0.01mi
201 Harrison St Unit 3A San Francisco, CA	1.0	1.0	572	$1,900	$3.32	23d	1	0.04mi
388 Beale St San Francisco, CA	1.0–2.0	1.0–2.0	1009	$5,725	$5.67	3d	8	0.07mi
399 Fremont St San Francisco, CA	2.0	1.0–2.5	1077	$7,300	$6.77	2d	43	0.08mi
340 Fremont St San Francisco, CA	3.0	1.0–3.0	1146	$5,697	$4.97	3d	5	0.10mi
403 Main St Unit 206N San Francisco, CA	1.0	1.0	910	$5,200	$5.71	25d	1	0.11mi
333 Fremont St San Francisco, CA	1.0–2.0	1.0–2.0	937	$4,588	$4.90	3d	6	0.11mi
38 Bryant St #806 San Francisco, CA	1.0	1.0	582	$3,995	$6.86	44d	1	0.12mi
3 Bayside Village Pl San Francisco, CA	1.0	1.0	599	$4,964	$8.28	2d	22	0.12mi
501 Delancey St #182 San Francisco, CA	1.0	1.0	640	$3,200	$5.00	16d	1	0.13mi
355 1st St Unit S302 San Francisco, CA	2.0	2.0	939	$5,800	$6.18	44d	1	0.14mi
333 Main St San Francisco, CA	1.0	1.0	835	$4,950	$5.93	44d	1	0.15mi
390 1st St San Francisco, CA	2.0	1.0–2.0	676	$5,814	$8.60	3d	11	0.16mi
301 Main St Unit 20C San Francisco, CA	1.0	1.0	758	$5,950	$7.85	25d	1	0.16mi
45 Lansing St San Francisco, CA	1.0	1.0	640	$5,260	$8.21	3d	4	0.17mi
500 Folsom St San Francisco, CA	1.0	1.0	676	$6,947	$10.28	3d	18	0.22mi
280 Spear St San Francisco, CA	1.0–2.0	1.0	865	$6,100	$7.05	44d	2	0.23mi
39 Tehama St San Francisco, CA	1.0–2.0	1.0–2.0	1291	$4,760	$3.69	3d	14	0.29mi
219 Brannan St Unit 2B San Francisco, CA	2.0	2.0	1062	$6,000	$5.65	6d	1	0.30mi
88 Howard St San Francisco, CA	1.0	1.0	588	$4,950	$8.41	6d	10	0.34mi
2 Townsend St San Francisco, CA	1.0–2.0	1.0–2.0	786	$4,800	$6.11	3d	7	0.34mi
631 Folsom St San Francisco, CA	2.0	2.0	1054	$6,400	$6.07	25d	1	0.36mi
88 Townsend St #311 San Francisco, CA	1.0	1.0	632	$4,450	$7.04	25d	1	0.42mi
1 St Francis Pl San Francisco, CA	3.0	1.0–2.0	923	$4,345	$4.71	3d	2	0.43mi
1 Hawthorne St Unit 8G San Francisco, CA	1.0	1.0	846	$4,200	$4.96	19d	1	0.44mi
1 Pine St San Francisco, CA	1.0	1.0	846	$3,900	$4.61	19d	1	0.53mi
555 Bryant St San Francisco, CA	2.0	1.0–2.0	687	$5,220	$7.60	3d	10	0.59mi
555 4th St #539 San Francisco, CA	1.0	1.0	752	$4,500	$5.98	44d	1	0.61mi
601 4th St #1523 San Francisco, CA	1.0	1.0	1085	$6,730	$6.20	3d	1	0.66mi
260 King St #717 San Francisco, CA	1.0	1.0	759	$4,850	$6.39	3d	1	0.66mi
821 Folsom St #401 San Francisco, CA	1.0	1.0	652	$3,650	$5.60	25d	1	0.69mi
255 King St San Francisco, CA	3.0	1.0–2.5	1228	$5,620	$4.58	3d	1	0.74mi
1023 3rd St San Francisco, CA	2.0	1.0–2.0	743	$7,675	$10.33	2d	13	0.78mi
460 Davis Ct San Francisco, CA	3.0	1.0–2.5	907	$6,040	$6.66	3d	17	0.78mi
400 Clementina St #1449 San Francisco, CA	1.0–2.0	1.0–2.0	775	$3,970	$5.12	3d	2	0.85mi
900 Folsom St San Francisco, CA	2.0	1.0–2.0	863	$5,020	$5.82	3d	24	0.86mi
540 Stockton St Apt 8 San Francisco, CA	2.0	1.0	725	$5,370	$7.41	3d	1	0.92mi
271 Clara St Unit 1A San Francisco, CA	2.0	1.5	1000	$5,499	$5.50	12d	1	0.93mi
272 Clara St #455 San Francisco, CA	1.0	2.0	1050	$5,580	$5.31	21d	1	0.94mi

HOA detail condo

• Monthly dues: $1,277 · $15,324/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-21
   days on market $425,000 Active 98 DOM
2. 2026-06-18
   days on market $425,000 Active 95 DOM
3. 2026-06-17
   days on market $425,000 Active 94 DOM
4. 2026-06-16
   days on market $425,000 Active 93 DOM
5. 2026-06-15
   days on market $425,000 Active 92 DOM
6. 2026-06-13
   days on market $425,000 Active 90 DOM
7. 2026-06-13
   days on market $425,000 Active 89 DOM
8. 2026-06-09
   days on market $425,000 Active 86 DOM
9. 2026-06-08
   days on market $425,000 Active 85 DOM
10. 2026-06-07
    days on market $425,000 Active 84 DOM
11. 2026-06-04
    days on market $425,000 Active 81 DOM
12. 2026-06-03
    days on market $425,000 Active 80 DOM
13. 2026-06-02
    days on market $425,000 Active 79 DOM
14. 2026-06-01
    days on market $425,000 Active 78 DOM
15. 2026-05-31
    days on market $425,000 Active 77 DOM
16. 2026-03-15
    listed $425,000 Active 723-char remark

    Show marketing remark (723 chars)

    1 Bedroom with bonus room and deck First Come First Serve No Lottery Below Market Rate (BMR) housing opportunity available at 100% Area Median Income (AMI). Maximum income for 1 person = $109,100; 2 = $124,700; 3 = $140,250; 4 = $155,850; 5= $168,300, etc. Must be 1st-time homebuyer & income eligible. Unit available thru the Mayor's Office of Housing and Community Development (MOHCD) & subject to resale controls, monitoring & other restrictions. The unit will be available on a first come first served basis starting on 5/6/2026 at 8:00 AM PST. Please visit https://housing. sfgov.org/listings/a0W7y00000Gjq4TEAR to view the listing and for application & program info. Fair Housing Opportunity.

17. 2017-08-04
    soldstatus $348,410 Closed 484-char remark

    Show marketing remark (484 chars)

    Restrictions Apply. 1 bedroom Below Market Rate (BMR) housing opportunity available at 100% Area Median Income (AMI). Maximum income for 1 person = $75,400; 2 = $86,150; 3= $96,950, etc. Must be 1st-time homebuyer & income eligible. Unit available thru the Mayor's Office of Housing and Community Development (MOHCD) & subject to resale controls, monitoring & other restrictions. Visit www. sfmohcd.org for application & program info. Fair Housing Opportunity.

18. 2017-08-03
    status Pending 484-char remark

    Show marketing remark (484 chars)

    Restrictions Apply. 1 bedroom Below Market Rate (BMR) housing opportunity available at 100% Area Median Income (AMI). Maximum income for 1 person = $75,400; 2 = $86,150; 3= $96,950, etc. Must be 1st-time homebuyer & income eligible. Unit available thru the Mayor's Office of Housing and Community Development (MOHCD) & subject to resale controls, monitoring & other restrictions. Visit www. sfmohcd.org for application & program info. Fair Housing Opportunity.

19. 2017-05-05
    historical 484-char remark

    Show marketing remark (484 chars)

    Restrictions Apply. 1 bedroom Below Market Rate (BMR) housing opportunity available at 100% Area Median Income (AMI). Maximum income for 1 person = $75,400; 2 = $86,150; 3= $96,950, etc. Must be 1st-time homebuyer & income eligible. Unit available thru the Mayor's Office of Housing and Community Development (MOHCD) & subject to resale controls, monitoring & other restrictions. Visit www. sfmohcd.org for application & program info. Fair Housing Opportunity.

20. 2017-03-21
    listed $348,410 Active 484-char remark

    Show marketing remark (484 chars)

    Restrictions Apply. 1 bedroom Below Market Rate (BMR) housing opportunity available at 100% Area Median Income (AMI). Maximum income for 1 person = $75,400; 2 = $86,150; 3= $96,950, etc. Must be 1st-time homebuyer & income eligible. Unit available thru the Mayor's Office of Housing and Community Development (MOHCD) & subject to resale controls, monitoring & other restrictions. Visit www. sfmohcd.org for application & program info. Fair Housing Opportunity.

ⓘ 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: $5,609 · $467/mo
• Projected year-2 tax: $5,609 · $467/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥81°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 15 unhealthy d/yr today · 15 by 30 yrs out

Taxation est. · year 1

• Rental income: $59,263
• − Mortgage interest: −$23,807
• − Property taxes: −$5,609
• − Insurance: −$2,125
• − Repairs & maintenance: −$4,741
• − Management: −$4,741
• − HOA: −$15,324
• − Depreciation: −$12,364
• Taxable loss: −$9,447
• Est. tax savings @ 24.0%: +$2,267
• After-tax cash flow: $-718/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): 13,861
• Household income: $225,000
• Rent vs Own: 65.2% rent · 34.8% own
• Severe rent burden: 798.0

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 0.61)
• Race & ethnicity: Asian 53% White 31% Hispanic / Latino 9% Two or more races 5% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 4% Scotch-Irish 2% Romanian 2%
• Foreign-born: 45% · China, Canada, South Korea
• Languages at home: 52% English-only · Chinese 22% Other Indo-European 6% Spanish 6%

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: ▲ 4.27%
• Current HPI: 179.3791
• Rent YoY: ▲ 19.74%
• 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

+22.0% since first listed

5 events — show timeline

• 2026-03-15 Listed $425,000 San Francisco MLS
• 2017-08-04 Sold (MLS) $348,410 San Francisco MLS
• 2017-08-03 Pending — San Francisco MLS
• 2017-05-05 Delisted — San Francisco MLS
• 2017-03-21 Listed $348,410 San Francisco MLS

Property tax history

+2.8%/yr

Latest (2025): $5,609 · +3.0% YoY. Source: county tax records.