811 W 2nd · Chico, CA 95926

$1,225,000

25 bd · 13.0 ba · 8,880 sqft · MultiFamily public records · 173 Days on market

Built 1984 0.51 ac lot $138/sqft · 30% below area Est $1797k · 32% under

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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 +26.4/30.0
• ARV discount +15.0/15.0
• DSCR +9.0/10.0
• 1% rule +6.7/10.0
• Schools +4.6/10.0
• Livability +3.6/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

811 West 2nd Avenue is an eight-unit apartment complex ideally located in the heart of Chico, just two blocks from Chico State University, the Safeway Shopping Center, and nearby restaurants. This prime location makes the property highly attractive to students, faculty, and commuters to campus, while still being only a few miles from downtown Chico. The complex consists of six two-story four-bedroom, two-bath units along with two studio units, providing a desirable unit mix and strong rental demand. The property offers off-street parking and is centrally located, allowing easy access to shopping, dining, public transportation, and major corridors throughout Chico. Several units have received recent updates, offering additional upside potential for future improvements and rent growth. This property presents a solid investment opportunity in a consistently strong rental market near the university.

Key facts

• Strong rental demand
• Recent updates
• Off street parking

Tags

• EIGHT UNIT APARTMENT COMPLEX
• OFF STREET PARKING
• RECENT UPDATES
• STRONG RENTAL DEMAND
• SOLID INVESTMENT OPPORTUNITY

What this means for you Summary

Snapshot

• This is a 6×4bd/2ba + 2×?bd/1ba units multifamily listed at $1.23M.

Deal economics

• At list price, monthly cash flow is $3k ($38k/yr) — positive. Per door: $400/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $1.23M).
• Recommended offer: $1.08M (12.0% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 2.6% in Chico — 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 72/100 on livability (#195 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A-; Watch: employment C-, crime F, cost of living F.
• Chico Unified (urban): math 40% / reading 70% proficiency, ranked #117 of 517 in CA (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+4.0%/yr); 90 active listings in the ZIP; 946 units permitted in Butte County in 2024 (254 in 5+ unit buildings).
• At $14,276/mo this rent would consume 277% of the median local household income ($62k/yr) (locally 3912% 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 $8k of loan paydown is wiped out by about $37k of value loss. Plan a longer hold.
• Butte County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 4.0% rent growth), your $343k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 173 days — a 12% lower offer ($1.08M) is reasonable based on typical stale-listing flexibility.
• 13 sale attempts since 10y ago; this cycle's ask has dropped $150k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $1.02M; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 6→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,078,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 173 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 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: 1.17% ✓
• Cap rate: 9.43%
• Cash-on-cash: 11.19%
• DSCR: 1.50
• GRM: 7.2

CMA / ARV

• ARV (median comp): $1,796,619
• List price: $1,225,000
• Delta: -31.82%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
929 W 4th Ave	0.16mi	24/12.0 (-1)	9,576 (+8%)	12mo	$900,000	$94	60

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 · 3.98% rent growth · sell at horizon

5-year hold

• IRR: 1.5%
• Equity multiple: 1.06×
• Total profit: $19,352
• Equity at exit: $182,651

10-year hold

• IRR: 12.0%
• Equity multiple: 1.99×
• Total profit: $338,513
• Equity at exit: $105,916

Cash invested: $343,000 (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 95926

• Rents YoY: 4.0%
• Active inventory: 90
• Price-to-rent: 54.0×

Monthly cashflow live

• Estimated rent: $14,276 high
• Mortgage (P&I): −$6,424
• Tax from tax record: −$1,146 /mo · $13,751/yr
• Insurance: −$510
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,998
• Net cashflow: $3,198

Break-even live

Break-even rent $10,228

Max offer price $1,225,000

Occupancy floor 73%

Sensitivity live

Price	-10% $3,891	-5% $3,544	+0% $3,198	+5% $2,851	+10% $2,504
Rent	-10% $2,070	-5% $2,634	+0% $3,198	+5% $3,762	+10% $4,325
Rate	-1.0pp $3,815	-0.5pp $3,509	base $3,198	+0.5pp $2,880	+1.0pp $2,557

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

Units	Beds	Baths	Est. rent
▸ 6× units	4	2	$11,334
▸ 2× units	0	1	$2,942
Total (8 units)			$14,276

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: $306,250
• Closing costs: $36,750
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-19
   days on market $1,225,000 Active 173 DOM
2. 2026-06-18
   days on market $1,225,000 Active 172 DOM
3. 2026-06-17
   days on market $1,225,000 Active 171 DOM
4. 2026-06-16
   price $1,225,000 Active 170 DOM
5. 2026-06-16
   days on market $1,250,000 Active 170 DOM
6. 2026-06-15
   days on market $1,250,000 Active 169 DOM
7. 2026-06-14
   days on market $1,250,000 Active 167 DOM
8. 2026-06-13
   days on market $1,250,000 Active 166 DOM
9. 2026-06-10
   days on market $1,250,000 Active 164 DOM
10. 2026-06-08
    days on market $1,250,000 Active 162 DOM
11. 2026-06-07
    days on market $1,250,000 Active 161 DOM
12. 2026-06-05
    days on market $1,250,000 Active 158 DOM
13. 2026-06-02
    days on market $1,250,000 Active 156 DOM
14. 2026-06-01
    days on market $1,250,000 Active 155 DOM
15. 2026-05-31
    days on market $1,250,000 Active 154 DOM
16. 2026-05-30
    days on market $1,250,000 Active 153 DOM
17. 2026-05-07
    status Active 908-char remark

    Show marketing remark (908 chars)

    811 West 2nd Avenue is an eight-unit apartment complex ideally located in the heart of Chico, just two blocks from Chico State University, the Safeway Shopping Center, and nearby restaurants. This prime location makes the property highly attractive to students, faculty, and commuters to campus, while still being only a few miles from downtown Chico. The complex consists of six two-story four-bedroom, two-bath units along with two studio units, providing a desirable unit mix and strong rental demand. The property offers off-street parking and is centrally located, allowing easy access to shopping, dining, public transportation, and major corridors throughout Chico. Several units have received recent updates, offering additional upside potential for future improvements and rent growth. This property presents a solid investment opportunity in a consistently strong rental market near the university.

18. 2026-05-07
    price $1,250,000 908-char remark

    Show marketing remark (908 chars)

    811 West 2nd Avenue is an eight-unit apartment complex ideally located in the heart of Chico, just two blocks from Chico State University, the Safeway Shopping Center, and nearby restaurants. This prime location makes the property highly attractive to students, faculty, and commuters to campus, while still being only a few miles from downtown Chico. The complex consists of six two-story four-bedroom, two-bath units along with two studio units, providing a desirable unit mix and strong rental demand. The property offers off-street parking and is centrally located, allowing easy access to shopping, dining, public transportation, and major corridors throughout Chico. Several units have received recent updates, offering additional upside potential for future improvements and rent growth. This property presents a solid investment opportunity in a consistently strong rental market near the university.

19. 2026-04-27
    status Pending Sale 908-char remark

    Show marketing remark (908 chars)

    811 West 2nd Avenue is an eight-unit apartment complex ideally located in the heart of Chico, just two blocks from Chico State University, the Safeway Shopping Center, and nearby restaurants. This prime location makes the property highly attractive to students, faculty, and commuters to campus, while still being only a few miles from downtown Chico. The complex consists of six two-story four-bedroom, two-bath units along with two studio units, providing a desirable unit mix and strong rental demand. The property offers off-street parking and is centrally located, allowing easy access to shopping, dining, public transportation, and major corridors throughout Chico. Several units have received recent updates, offering additional upside potential for future improvements and rent growth. This property presents a solid investment opportunity in a consistently strong rental market near the university.

20. 2026-04-02
    price $1,299,000 908-char remark

    Show marketing remark (908 chars)

    811 West 2nd Avenue is an eight-unit apartment complex ideally located in the heart of Chico, just two blocks from Chico State University, the Safeway Shopping Center, and nearby restaurants. This prime location makes the property highly attractive to students, faculty, and commuters to campus, while still being only a few miles from downtown Chico. The complex consists of six two-story four-bedroom, two-bath units along with two studio units, providing a desirable unit mix and strong rental demand. The property offers off-street parking and is centrally located, allowing easy access to shopping, dining, public transportation, and major corridors throughout Chico. Several units have received recent updates, offering additional upside potential for future improvements and rent growth. This property presents a solid investment opportunity in a consistently strong rental market near the university.

21. 2026-02-26
    price $1,325,000 908-char remark

    Show marketing remark (908 chars)

    811 West 2nd Avenue is an eight-unit apartment complex ideally located in the heart of Chico, just two blocks from Chico State University, the Safeway Shopping Center, and nearby restaurants. This prime location makes the property highly attractive to students, faculty, and commuters to campus, while still being only a few miles from downtown Chico. The complex consists of six two-story four-bedroom, two-bath units along with two studio units, providing a desirable unit mix and strong rental demand. The property offers off-street parking and is centrally located, allowing easy access to shopping, dining, public transportation, and major corridors throughout Chico. Several units have received recent updates, offering additional upside potential for future improvements and rent growth. This property presents a solid investment opportunity in a consistently strong rental market near the university.

22. 2025-12-18
    listed $1,375,000 Active 908-char remark

    Show marketing remark (908 chars)

    811 West 2nd Avenue is an eight-unit apartment complex ideally located in the heart of Chico, just two blocks from Chico State University, the Safeway Shopping Center, and nearby restaurants. This prime location makes the property highly attractive to students, faculty, and commuters to campus, while still being only a few miles from downtown Chico. The complex consists of six two-story four-bedroom, two-bath units along with two studio units, providing a desirable unit mix and strong rental demand. The property offers off-street parking and is centrally located, allowing easy access to shopping, dining, public transportation, and major corridors throughout Chico. Several units have received recent updates, offering additional upside potential for future improvements and rent growth. This property presents a solid investment opportunity in a consistently strong rental market near the university.

23. 2025-02-07
    historical $1,800
24. 2025-01-14
    listed $1,800
25. 2024-09-27
    historical $1,650
26. 2024-07-30
    listed $1,650
27. 2024-04-10
    historical $1,850
28. 2024-03-19
    price $1,850
29. 2024-03-14
    historical $2,100
30. 2024-03-14
    listed $2,100
31. 2024-02-04
    price $2,100
32. 2024-01-22
    historical
33. 2023-11-06
    listed $1,800
34. 2023-11-06
    listed $1,699,000 Active
35. 2021-02-05
    historical
36. 2020-10-16
    price $1,500,000
37. 2020-08-13
    listed $1,550,000 Active
38. 2019-05-21
    historical
39. 2019-05-21
    historical
40. 2019-04-24
    price $1,775,000
41. 2019-03-29
    listed $1,775,000
42. 2019-03-29
    listed $1,850,000 Active
43. 2017-02-13
    soldstatus $1,025,000 Closed Sale
44. 2017-02-13
    soldstatus $1,025,000
45. 2017-01-04
    status Pending Sale
46. 2016-12-21
    price $1,050,000
47. 2016-12-08
    status Active
48. 2016-11-15
    status Pending Sale
49. 2016-11-08
    listed $1,150,000 Active
50. 2016-11-08
    listed $1,050,000

ⓘ 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: $13,751 · $1,146/mo
• Projected year-2 tax: $13,751 · $1,146/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 5/10 Major
• 🌡 Heat 8/10 Severe 6 d/yr ≥105°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 33 unhealthy d/yr today · 39 by 30 yrs out

Taxation est. · year 1

• Rental income: $171,312
• − Mortgage interest: −$68,619
• − Property taxes: −$13,751
• − Insurance: −$6,125
• − Repairs & maintenance: −$13,705
• − Management: −$13,705
• − Depreciation: −$35,636
• Taxable income: $19,771
• Est. tax owed @ 24.0%: −$4,745
• After-tax cash flow: $33,627/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: Chico Unified
• NCES district ID: 0608370
• Math proficiency: 40% ▼ -2.00%
• Reading proficiency: 70% ▲ 14.00%
• Median HH income: $46,223
• Composite: 46.45/100
• National rank: #2443
• State rank: #117 of 517 in CA

Livability — Chico

• Score: 72/100
• State rank: #195
• US rank: #6332

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chico, CA
• County: Butte County · 175,030 people
• City population: 117,007
• Metro: Chico, CA
• Population (ZIP): 40,567
• Household income: $61,920
• Rent vs Own: 59.5% rent · 40.5% own
• Severe rent burden: 3912.0

Population outlook (Butte County) Hauer SSP2

• Today (2025): 237,527 people
• By 2030: 243,804 · +2.6%
• By 2040: 253,899 · +6.9%
• By 2050: 262,561 · +10.5%
• By 2075: 283,709 · +19.4%
• By 2100: 282,689 · +19.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 20% Two or more races 13% Asian 6% Black 3%
• Hispanic origin (detail): Mexican 16% Puerto Rican 1%
• Common ancestry: Italian 4% Portuguese 3% Lithuanian 2%
• Foreign-born: 7% · Canada, China
• Languages at home: 83% English-only · Spanish 10% Other Asian/Pacific 2% Chinese 1%

Political lean MEDSL · Butte

• 2024 margin: Toss-up / Even · D 46.8% · R 49.9% · Other 3.3%
• 2008→2024 swing: -5.5pp toward R · 2008: 2.4pp · 2024: -3.1pp
• All cycles: 2024: R+3.1 2020: D+1.7 2016: R+4.0 2012: R+3.9 2008: D+2.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -453.39%
• Current HPI: 256.0261
• Rent YoY: ▲ 3.98%
• Metro: Chico, 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

+150.0% since first listed

35 events — show timeline

• 2026-05-07 Relisted — CRMLS
• 2026-05-07 Price Changed $1,250,000 CRMLS
• 2026-04-27 Pending — CRMLS
• 2026-04-02 Price Changed $1,299,000 CRMLS
• 2026-02-26 Price Changed $1,325,000 CRMLS
• 2025-12-18 Listed $1,375,000 CRMLS
• 2025-02-07 Rental Removed $1,800 APPFOLIO
• 2025-01-14 Listed for Rent $1,800 APPFOLIO
• 2024-09-27 Rental Removed $1,650 RENT.
• 2024-07-30 Listed for Rent $1,650 RENT.
• 2024-04-10 Rental Removed $1,850 APPFOLIO
• 2024-03-19 Price Changed $1,850 APPFOLIO
• 2024-03-14 Rental Removed $2,100 APPFOLIO
• 2024-03-14 Listed for Rent $2,100 APPFOLIO
• 2024-02-04 Price Changed $2,100 APPFOLIO
• 2024-01-22 Listing Removed — CRMLS
• 2023-11-06 Listed for Rent $1,800 APPFOLIO
• 2023-11-06 Listed $1,699,000 CRMLS
• 2021-02-05 Listing Removed — CRMLS
• 2020-10-16 Price Changed $1,500,000 CRMLS
• 2020-08-13 Listed $1,550,000 CRMLS
• 2019-05-21 Listing Removed — CRMLS
• 2019-05-21 Listing Removed — SDMLS
• 2019-04-24 Price Changed $1,775,000 CRMLS
• 2019-03-29 Listed $1,850,000 CRMLS
• 2019-03-29 Listed $1,775,000 SDMLS
• 2017-02-13 Sold (MLS) $1,025,000 SDMLS
• 2017-02-13 Sold (MLS) $1,025,000 CRMLS
• 2017-01-04 Pending — CRMLS
• 2016-12-21 Price Changed $1,050,000 CRMLS
• 2016-12-08 Relisted — CRMLS
• 2016-11-15 Pending — CRMLS
• 2016-11-08 Listed $1,150,000 CRMLS
• 2016-11-08 Listed $1,050,000 SDMLS
• 1991-07-12 Sold (Public Records) $500,000 Public Records

Property tax history

+7.1%/yr

Latest (2025): $13,751 · +6.4% YoY. Source: county tax records.