3967-69 8th Ave · San Diego, CA 92103

$1,550,000

20 bd · 25.0 ba · 3,600 sqft · MultiFamily · 244 Days on market

4,440 sqft lot

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Why this score? — see what drove the B- 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 5 units. estimate disagrees with records

Listing remarks

Experience the convenience and charm of Hillcrest just a block from Whole Foods, Better Buzz, great shops and dining. Two buildings feature: 2 studios, 2 1 bedroom units and 1 two bed home. Opportunity to purchase adjoining parcels 444-690-03-00 and 444-690-04-00 for developers looking to expand and develop a larger complex (potentially up to 160 units). New construction and opportunity surround this fantastic 5 plex.

Key facts

• 4,440 sq ft lot
• 4 parking spots
• Listed 244 days

Property features AI

Finance

• HOA & community: No community features

Exterior

• Parking: Four parking spaces
• Home design: Quadruplex; Residential income property; Commercial-residential income subtype
• Construction: Composition roof
• Exterior features: Wood fencing; Composition roof

Interior

• Flooring: Wood
• Bathrooms: Five full bathrooms
• Heating & cooling: Cooling present (other)
• Interior features: Wood flooring; Has cooling (type: other)

What this means for you Summary

Snapshot

• This is a 5 × 4-bed/?-bath units multifamily listed at $1.55M.

Deal economics

• At list price, monthly cash flow is $8k ($91k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($23k rent vs $1.55M).
• Recommended offer: $1.36M (12.0% below list) — sets the bar for market timing.
• Cap rate 12.2% vs local median 2.0% in San Diego — 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 75/100 on livability (#123 in CA, #4,206 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: health & safety C-, crime D+, cost of living F.
• San Diego Unified (urban): math 19% / reading 29% proficiency, ranked #393 of 517 in CA (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+1.2%/yr); 216 active listings in the ZIP; solid renter incomes; 11,759 units permitted in San Diego County in 2024 (7,244 in 5+ unit buildings).
• At $23,183/mo this rent would consume 271% of the median local household income ($103k/yr) (locally 2543% 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 $11k of loan paydown is wiped out by about $46k of value loss. Plan a longer hold.
• San Diego County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 1.2% rent growth), your $434k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 244 days — a 12% lower offer ($1.36M) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 21y ago; this cycle's ask has dropped $115k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $1,364,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 244 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. Crime grade is D 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: 1.50% ✓
• Cap rate: 12.18%
• Cash-on-cash: 21.02%
• DSCR: 1.94
• GRM: 5.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.24% rent growth · sell at horizon

5-year hold

• IRR: 11.5%
• Equity multiple: 1.44×
• Total profit: $193,066
• Equity at exit: $231,110

10-year hold

• IRR: 19.0%
• Equity multiple: 2.46×
• Total profit: $633,253
• Equity at exit: $134,016

Cash invested: $434,000 (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 92103

• Rents YoY: 1.2%
• Active inventory: 216
• Price-to-rent: 27.9×

Monthly cashflow live

• Estimated rent: $23,183 high
• Mortgage (P&I): −$8,128
• Tax est. 1.5%: −$1,938 /mo · $23,250/yr
• Insurance: −$646
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,868
• Net cashflow: $7,603

Break-even live

Break-even rent $13,559

Max offer price $1,550,000

Occupancy floor 62%

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

Units	Beds	Baths	Est. rent
▸ 5× units	4	—	$23,185
Total (5 units)			$23,183

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: $387,500
• Closing costs: $46,500
• Reserves months: —
• Total cash needed: —

Listing history 39 events

1. 2026-06-18
   days on market $1,550,000 Active 244 DOM
2. 2026-06-17
   days on market $1,550,000 Active 243 DOM
3. 2026-06-16
   days on market $1,550,000 Active 242 DOM
4. 2026-06-15
   days on market $1,550,000 Active 241 DOM
5. 2026-06-13
   days on market $1,550,000 Active 239 DOM
6. 2026-06-09
   days on market $1,550,000 Active 235 DOM
7. 2026-06-08
   days on market $1,550,000 Active 234 DOM
8. 2026-06-07
   days on market $1,550,000 Active 233 DOM
9. 2026-06-04
   days on market $1,550,000 Active 230 DOM
10. 2026-06-03
    days on market $1,550,000 Active 229 DOM
11. 2026-06-01
    days on market $1,550,000 Active 227 DOM
12. 2026-05-31
    days on market $1,550,000 Active 226 DOM
13. 2026-05-21
    status Active
14. 2026-05-21
    historical
15. 2026-04-01
    price $1,550,000
16. 2026-03-10
    price $1,595,000
17. 2026-01-12
    status Active
18. 2026-01-12
    price $1,695,000
19. 2026-01-01
    historical
20. 2025-12-02
    price $1,595,000
21. 2025-11-06
    price $1,660,000
22. 2025-10-07
    listed $1,665,000 Active
23. 2025-05-05
    historical $2,300
24. 2025-05-01
    listed $2,300
25. 2024-12-02
    historical
26. 2024-07-30
    listed $2,300,000
27. 2023-12-03
    historical $2,600
28. 2023-11-16
    price $2,600
29. 2023-11-09
    listed $2,700
30. 2023-11-04
    historical $2,895
31. 2023-10-12
    price $2,895
32. 2023-09-20
    price $2,995
33. 2023-09-18
    listed $3,200
34. 2007-01-12
    historical
35. 2006-09-11
    listed $1,089,000
36. 2006-08-21
    historical
37. 2006-01-31
    listed $1,089,000
38. 2005-12-02
    historical
39. 2005-06-27
    listed $1,089,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥87°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $278,196
• − Mortgage interest: −$86,824
• − Property taxes: −$23,250
• − Insurance: −$7,750
• − Repairs & maintenance: −$22,256
• − Management: −$22,256
• − Depreciation: −$45,091
• Taxable income: $70,770
• Est. tax owed @ 24.0%: −$16,985
• After-tax cash flow: $74,250/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 Diego Unified
• NCES district ID: 0634320
• Math proficiency: 19% ▼ -29.00%
• Reading proficiency: 29% ▼ -28.00%
• Median HH income: $61,673
• Composite: 22.31/100
• National rank: #8135
• State rank: #393 of 517 in CA

Livability — San Diego

• Score: 75/100
• State rank: #123
• US rank: #4206

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Diego, CA
• County: San Diego County · 3,178,799 people
• City population: 1,397,612
• Metro: San Diego-Chula Vista-Carlsbad, CA
• Population (ZIP): 34,836
• Household income: $102,626
• Rent vs Own: 64.8% rent · 35.2% own
• Severe rent burden: 2543.0

Population outlook (San Diego County) Hauer SSP2

• Today (2025): 3,678,185 people
• By 2030: 3,856,546 · +4.8%
• By 2040: 4,171,407 · +13.4%
• By 2050: 4,421,607 · +20.2%
• By 2075: 4,831,599 · +31.4%
• By 2100: 4,832,502 · +31.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 20% Two or more races 10% Asian 7% Black 2%
• Hispanic origin (detail): Mexican 15% Puerto Rican 1%
• Common ancestry: Romanian 5% Lithuanian 3% Slovak 2%
• Foreign-born: 15% · Canada, China
• Languages at home: 77% English-only · Spanish 12% Other Indo-European 2% Chinese 2%

Political lean MEDSL · San Diego

• 2024 margin: D (+16.8) · D 56.9% · R 40.1% · Other 2.9%
• 2008→2024 swing: +6.6pp toward D · 2008: 10.2pp · 2024: 16.8pp
• All cycles: 2024: D+16.8 2020: D+22.8 2016: D+17.8 2012: D+5.1 2008: D+10.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -723.82%
• Current HPI: 256.0844
• Rent YoY: ▲ 1.24%
• Metro: San Diego-Chula Vista-Carlsbad, 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

+42.3% since first listed

27 events — show timeline

• 2026-05-21 Relisted — SDMLS
• 2026-05-21 Listing Removed — SDMLS
• 2026-04-01 Price Changed $1,550,000 SDMLS
• 2026-03-10 Price Changed $1,595,000 SDMLS
• 2026-01-12 Relisted — SDMLS
• 2026-01-12 Price Changed $1,695,000 SDMLS
• 2026-01-01 Listing Removed — SDMLS
• 2025-12-02 Price Changed $1,595,000 SDMLS
• 2025-11-06 Price Changed $1,660,000 SDMLS
• 2025-10-07 Listed $1,665,000 SDMLS
• 2025-05-05 Rental Removed $2,300 SHOWMOJO2
• 2025-05-01 Listed for Rent $2,300 SHOWMOJO2
• 2024-12-02 Listing Removed — SDMLS
• 2024-07-30 Listed $2,300,000 SDMLS
• 2023-12-03 Rental Removed $2,600 RENT.
• 2023-11-16 Price Changed $2,600 RENT.
• 2023-11-09 Listed for Rent $2,700 RENT.
• 2023-11-04 Rental Removed $2,895 RENT.
• 2023-10-12 Price Changed $2,895 RENT.
• 2023-09-20 Price Changed $2,995 RENT.
• 2023-09-18 Listed for Rent $3,200 RENT.
• 2007-01-12 Listing Removed — CRMLS
• 2006-09-11 Listed $1,089,000 CRMLS
• 2006-08-21 Listing Removed — CRMLS
• 2006-01-31 Listed $1,089,000 CRMLS
• 2005-12-02 Listing Removed — CRMLS
• 2005-06-27 Listed $1,089,000 CRMLS