1900 N Eldorado · Stockton, CA 95204

$381,000

4 bd · 3.0 ba · 2,008 sqft · MultiFamily public records · 124 Days on market

Built 1921 5,375 sqft lot $190/sqft · 26% below area Est $359k · 6% over

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Why this score? — see what drove the D 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 +18.8/30.0
• DSCR +5.9/10.0
• ARV discount +4.7/15.0
• 1% rule +3.9/10.0
• Rent growth +3.1/5.0
• Schools +2.9/10.0
• Livability +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Reduced Price . . Seller says submit offers for consideration . . Large Craftsman style has Lots of potential . . Great Homeowner or investment property . . Zoning Residential Duplex 3 bedroom 2 bath main house approx sqft 1400 and 1 bedroom 1 bath apartment approx sqft 600 . . property has 2 meters . . Garage and attached carport . . Standard lot size 5000'+ good sized rear yard . . Close to UOP and Miracle Mile . .

Key facts

• Close to uop
• Miracle mile
• 5,375 sq ft lot

Tags

• CLOSE TO UOP
• MIRACLE MILE

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath multifamily listed at $381k.

Deal economics

• At list price, monthly cash flow is $386 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $339k (11.0% below list).
• Recommended offer: $335k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 3.6% in Stockton — 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 57/100 on livability (#734 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A+, health & safety A, amenities A-; Watch: employment C-, crime F, commute F.
• Stockton Unified (urban): math 23% / reading 46% proficiency, ranked #295 of 517 in CA (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Cleveland Elementary (652 students, 78% FRL); Stagg Senior High (math 12% / reading 32%, grade F, #950 of 1,170 statewide, top 82%, 1,773 students, 71% FRL) — zoned schools at 75% FRL track the district average.
• Zoned-school proficiency averages 22% at this address vs 34% district-wide (-12 pts) — the specific schools serving this property underperform the Stockton Unified average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+2.4%/yr); 140 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 3,779 units permitted in San Joaquin County in 2024 (0 in 5+ unit buildings).
• At $3,389/mo this rent would consume 54% of the median local household income ($76k/yr) (locally 1434% 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 $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• San Joaquin County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 124 days — a 12% lower offer ($335k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $75k; list at $381k implies a 408% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $335,280 (12.0% below list)

Questions for the listing agent

1. It's been on market 124 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1921 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.89% ✗
• Cap rate: 7.51%
• Cash-on-cash: 4.34%
• DSCR: 1.19
• GRM: 9.4

CMA / ARV

• ARV (median comp): $358,695
• List price: $381,000
• Delta: 6.22%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
107 - 109 E Cleveland St	0.13mi	4/2.0	1,813 (-10%)	14mo	$443,900	$245	62
1038 N Commerce St	0.55mi	4/3.0	2,202 (+10%)	13mo	$450,000	$204	47

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 · 2.37% rent growth · sell at horizon

5-year hold

• IRR: -10.2%
• Equity multiple: 0.63×
• Total profit: $-39,472
• Equity at exit: $56,808

10-year hold

• IRR: -1.7%
• Equity multiple: 0.89×
• Total profit: $-12,042
• Equity at exit: $32,942

Cash invested: $106,680 (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 95204

• Rents YoY: 2.4%
• Active inventory: 140
• Price-to-rent: 16.5×

Monthly cashflow live

• Estimated rent: $3,389 high
• Mortgage (P&I): −$1,998
• Tax from tax record: −$135 /mo · $1,619/yr
• Insurance: −$159
• HOA: −$0
• Vacancy / Maint / Mgmt: −$712
• Net cashflow: $386

Break-even live

Break-even rent $2,901

Max offer price $381,000

Occupancy floor 84%

Sensitivity live

Price	-10% $601	-5% $493	+0% $386	+5% $278	+10% $170
Rent	-10% $118	-5% $252	+0% $386	+5% $519	+10% $653
Rate	-1.0pp $577	-0.5pp $483	base $386	+0.5pp $287	+1.0pp $186

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

Units	Beds	Baths	Est. rent
1× unit	3	2	$1,926
1× unit	1	1	$1,463
Total (2 units)			$3,389

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: $95,250
• Closing costs: $11,430
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
322 Lexington Ave Stockton, CA	3.0	1.0	1508	$2,400	$1.59	45d	1	0.33mi
212 W Euclid Ave Stockton, CA	3.0	2.5	1833	$2,900	$1.58	45d	1	0.79mi
3630 Bonnie Ln Stockton, CA	5.0	2.0	1961	$700	$0.36	25d	1	0.93mi
3520 San Mateo Ave Stockton, CA	3.0	1.0	1446	$2,200	$1.52	25d	1	1.11mi
1164 W Mendocino Ave Stockton, CA	4.0	2.0	1577	$740	$0.47	45d	1	1.11mi
1220 W Mendocino Ave Stockton, CA	4.0	2.0	1587	$700	$0.44	45d	1	1.14mi
1214 N Pershing Ave Stockton, CA	5.0	3.0	2650	$3,450	$1.30	45d	1	1.15mi
1552 Middlefield Ave Stockton, CA	4.0	2.0	1542	$2,400	$1.56	21d	1	1.24mi
1106 W Churchill St Stockton, CA	5.0	3.0	1628	$720	$0.44	4d	1	1.43mi

Listing history 16 events

1. 2026-06-21
   days on market $381,000 Active 124 DOM
2. 2026-06-18
   days on market $381,000 Active 121 DOM
3. 2026-06-17
   days on market $381,000 Active 120 DOM
4. 2026-06-16
   days on market $381,000 Active 119 DOM
5. 2026-06-15
   days on market $381,000 Active 118 DOM
6. 2026-06-14
   days on market $381,000 Active 116 DOM
7. 2026-06-10
   days on market $381,000 Active 113 DOM
8. 2026-06-09
   days on market $381,000 Active 112 DOM
9. 2026-06-08
   days on market $381,000 Active 111 DOM
10. 2026-06-07
    days on market $381,000 Active 110 DOM
11. 2026-06-05
    days on market $381,000 Active 107 DOM
12. 2026-06-03
    days on market $381,000 Active 106 DOM
13. 2026-06-03
    days on market $381,000 Active 105 DOM
14. 2026-06-01
    days on market $381,000 Active 104 DOM
15. 2026-05-31
    days on market $381,000 Active 103 DOM
16. 1998-08-20
    soldstatus $75,000

ⓘ 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: $1,619 · $135/mo
• Projected year-2 tax: $2,896 · $241/mo
• Expected delta: +$1,276/yr (+$106/mo · 78.8%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X · 23% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥103°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 30 unhealthy d/yr today · 30 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,668
• − Mortgage interest: −$21,342
• − Property taxes: −$1,619
• − Insurance: −$1,905
• − Repairs & maintenance: −$3,253
• − Management: −$3,253
• − Depreciation: −$11,084
• Taxable loss: −$1,789
• Est. tax savings @ 24.0%: +$429
• After-tax cash flow: $5,057/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: Stockton Unified
• NCES district ID: 0638010
• Math proficiency: 23% ▲ 2.00%
• Reading proficiency: 46% ▲ 16.00%
• Median HH income: $37,563
• Composite: 28.65/100
• National rank: #6701
• State rank: #295 of 517 in CA

Livability — Stockton

• Score: 57/100
• State rank: #734
• US rank: #21638

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Stockton, CA
• County: San Joaquin County · 729,570 people
• City population: 332,006
• Metro: Stockton, CA
• Population (ZIP): 31,035
• Household income: $75,548
• Rent vs Own: 40.6% rent · 59.4% own
• Severe rent burden: 1434.0

Population outlook (San Joaquin County) Hauer SSP2

• Today (2025): 796,965 people
• By 2030: 828,849 · +4.0%
• By 2040: 885,611 · +11.1%
• By 2050: 929,798 · +16.7%
• By 2075: 994,578 · +24.8%
• By 2100: 971,291 · +21.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: Hispanic / Latino 48% White 31% Two or more races 18% Asian 9% Black 7% Native American 2%
• Hispanic origin (detail): Mexican 42%
• Common ancestry: Slovak 2% Russian 1% Italian 1%
• Foreign-born: 18% · Canada, Vietnam, China
• Languages at home: 67% English-only · Spanish 27% Other Asian/Pacific 3% Tagalog/Filipino 2%

Political lean MEDSL · San Joaquin

• 2024 margin: Toss-up / Even · D 48.0% · R 48.9% · Other 3.0%
• 2008→2024 swing: -11.6pp toward R · 2008: 10.7pp · 2024: -0.9pp
• All cycles: 2024: R+0.9 2020: D+13.9 2016: D+12.9 2012: D+8.9 2008: D+10.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -386.16%
• Current HPI: 333.3367
• Rent YoY: ▲ 2.37%
• Metro: Stockton, 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

1 event — show timeline

• 1998-08-20 Sold (Public Records) $75,000 Public Records

Property tax history

+1.8%/yr

Latest (2025): $1,619 · +1.6% YoY. Source: county tax records.