635 E 15th St · Oakland, CA 94606

$1,150,000

10 bd · 9.0 ba · 5,875 sqft · MultiFamily public records · 44 Days on market

Built 1957 5,700 sqft lot $196/sqft · 19% below area Est $1422k · 19% under

---

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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.6/5.0
• Rent growth +3.0/5.0
• Schools +3.0/10.0
• 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: 9 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

Pleased to present 635 E 15th Street, a 9- unit multifamily property located in Oakland’s Clinton neighborhood. The 5,875 square foot building features a unit mix of eight (8) one- bedroom/one-bath units and one (1) two-bedroom/two-bath unit, o?ering strong in-place income with clear value-add potential. Two units will be delivered vacant, providing an immediate opportunity to achieve market rents, while existing rents remain below market, allowing for additional upside through natural turnover and improved management. The property also includes eight on-site garages, three of which are currently vacant, o?ering additional income potential. Investors may also explore the potential to convert garages into ADUs (buyer to verify with the city) to further enhance long-term returns.

Key facts

• Value-add potential
• Multifamily property
• 5,700 sq ft lot

Tags

• MULTIFAMILY PROPERTY
• VALUE-ADD POTENTIAL
• ADDITIONAL INCOME POTENTIAL
• CONVERT GARAGES INTO ADUS

What this means for you Summary

Snapshot

• This is a 8×1bd/1ba + 1×2bd/2ba units multifamily listed at $1.15M.

Deal economics

• At list price, monthly cash flow is $6k ($76k/yr) — positive. Per door: $701/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($18k rent vs $1.15M).
• Recommended offer: $1.12M (3.0% below list) — sets the bar for market timing.
• Cap rate 12.9% vs local median 2.4% in Oakland — 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 71/100 on livability (#224 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: schools C-, crime F, cost of living F.
• Oakland Unified (urban): math 27% / reading 33% proficiency, ranked #1,007 of 1,400 in CA (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+1.9%/yr); 127 active listings in the ZIP; 1,742 units permitted in Alameda County in 2024 (856 in 5+ unit buildings).
• At $17,842/mo this rent would consume 295% of the median local household income ($72k/yr) (locally 3757% 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 $34k of value loss. Plan a longer hold.
• Alameda County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 1.9% rent growth), your $322k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($1.12M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 27y 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; list at $1.15M implies a 230% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,115,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 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. 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?
7. 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.
8. 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.
9. 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: 1.55% ✓
• Cap rate: 12.88%
• Cash-on-cash: 23.53%
• DSCR: 2.05
• GRM: 5.4

CMA / ARV

• ARV (median comp): $1,421,925
• List price: $1,150,000
• Delta: -19.12%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.86% rent growth · sell at horizon

5-year hold

• IRR: 15.4%
• Equity multiple: 1.61×
• Total profit: $195,667
• Equity at exit: $171,469

10-year hold

• IRR: 23.2%
• Equity multiple: 2.89×
• Total profit: $607,660
• Equity at exit: $99,431

Cash invested: $322,000 (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 Oakland: 0 Strongly Tenant-Friendly · D+62

Rent Adjustment Program + Just Cause.

Methodology + full state rankings →

ZIP-level market 94606

• Rents YoY: 1.9%
• Active inventory: 127
• Price-to-rent: 48.8×

Monthly cashflow live

• Estimated rent: $17,842 high
• Mortgage (P&I): −$6,031
• Tax from tax record: −$1,272 /mo · $15,266/yr
• Insurance: −$479
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,747
• Net cashflow: $6,313

Break-even live

Break-even rent $9,851

Max offer price $1,150,000

Occupancy floor 60%

Sensitivity live

Price	-10% $6,964	-5% $6,639	+0% $6,313	+5% $5,988	+10% $5,662
Rent	-10% $4,904	-5% $5,608	+0% $6,313	+5% $7,018	+10% $7,723
Rate	-1.0pp $6,892	-0.5pp $6,606	base $6,313	+0.5pp $6,015	+1.0pp $5,712

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

Units	Beds	Baths	Est. rent
▸ 8× units	1	1	$15,720
1× unit	2	2	$2,123
Total (9 units)			$17,842

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: $287,500
• Closing costs: $34,500
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-06
   status Pending 794-char remark

   Show marketing remark (794 chars)

   Pleased to present 635 E 15th Street, a 9- unit multifamily property located in Oakland’s Clinton neighborhood. The 5,875 square foot building features a unit mix of eight (8) one- bedroom/one-bath units and one (1) two-bedroom/two-bath unit, o?ering strong in-place income with clear value-add potential. Two units will be delivered vacant, providing an immediate opportunity to achieve market rents, while existing rents remain below market, allowing for additional upside through natural turnover and improved management. The property also includes eight on-site garages, three of which are currently vacant, o?ering additional income potential. Investors may also explore the potential to convert garages into ADUs (buyer to verify with the city) to further enhance long-term returns.

2. 2026-03-23
   listed $1,150,000 Active 794-char remark

   Show marketing remark (794 chars)

   Pleased to present 635 E 15th Street, a 9- unit multifamily property located in Oakland’s Clinton neighborhood. The 5,875 square foot building features a unit mix of eight (8) one- bedroom/one-bath units and one (1) two-bedroom/two-bath unit, o?ering strong in-place income with clear value-add potential. Two units will be delivered vacant, providing an immediate opportunity to achieve market rents, while existing rents remain below market, allowing for additional upside through natural turnover and improved management. The property also includes eight on-site garages, three of which are currently vacant, o?ering additional income potential. Investors may also explore the potential to convert garages into ADUs (buyer to verify with the city) to further enhance long-term returns.

3. 1999-12-21
   listed $550,000
4. 1999-03-31
   soldstatus $348,000
5. 1988-04-15
   soldstatus $370,000

ⓘ 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: $15,266 · $1,272/mo
• Projected year-2 tax: $15,266 · $1,272/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 3/10 Moderate 7 d/yr ≥84°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 16 unhealthy d/yr today · 16 by 30 yrs out

Taxation est. · year 1

• Rental income: $214,104
• − Mortgage interest: −$64,418
• − Property taxes: −$15,266
• − Insurance: −$5,750
• − Repairs & maintenance: −$17,128
• − Management: −$17,128
• − Depreciation: −$33,455
• Taxable income: $60,959
• Est. tax owed @ 24.0%: −$14,630
• After-tax cash flow: $61,127/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: Oakland Unified
• NCES district ID: 0628050
• Math proficiency: 27% ▬ 0.00%
• Reading proficiency: 33% ▬ 0.00%
• Median HH income: $55,194
• Composite: 29.52/100
• National rank: #11769
• State rank: #1007 of 1400 in CA

Livability — Oakland

• Score: 71/100
• State rank: #224
• US rank: #7245

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: Oakland, CA
• County: Alameda County · 1,614,355 people
• City population: 385,993
• Metro: San Francisco-Oakland-Berkeley, CA
• Population (ZIP): 39,966
• Household income: $72,470
• Rent vs Own: 79.8% rent · 20.2% own
• Severe rent burden: 3757.0

Population outlook (Alameda County) Hauer SSP2

• Today (2025): 1,928,884 people
• By 2030: 2,069,146 · +7.3%
• By 2040: 2,338,405 · +21.2%
• By 2050: 2,586,608 · +34.1%
• By 2075: 3,061,911 · +58.7%
• By 2100: 3,234,133 · +67.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.77)
• Race & ethnicity: Asian 32% Hispanic / Latino 25% White 20% Black 16% Two or more races 10% Native American 2%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Italian 1% Romanian 1% Lithuanian 1%
• Foreign-born: 38% · Canada, Vietnam, China
• Languages at home: 47% English-only · Spanish 19% Chinese 14% Vietnamese 7%

Political lean MEDSL · Alameda

• 2024 margin: Solid D (+53.6) · D 74.6% · R 21.0% · Other 4.4%
• 2008→2024 swing: -5.9pp toward R · 2008: 59.5pp · 2024: 53.6pp
• All cycles: 2024: D+53.6 2020: D+62.5 2016: D+64.4 2012: D+59.8 2008: D+59.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -798.52%
• Current HPI: 334.5111
• Rent YoY: ▲ 1.86%
• 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

+210.8% since first listed

5 events — show timeline

• 2026-05-06 Pending — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-03-23 Listed $1,150,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 1999-12-21 Listed $550,000 San Francisco MLS
• 1999-03-31 Sold (Public Records) $348,000 Public Records
• 1988-04-15 Sold (Public Records) $370,000 Public Records

Property tax history

+3.7%/yr

Latest (2025): $15,266 · +5.6% YoY. Source: county tax records.