1418 15th · Oakland, CA 94606

$625,000

None bd · None ba · 2,184 sqft · MultiFamily public records · 112 Days on market

Built 1891 2,198 sqft lot $286/sqft · at area comps Est $629k · at est.

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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 +14.5/30.0
• ARV discount +7.8/15.0
• DSCR +4.4/10.0
• 1% rule +3.7/10.0
• 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 (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Excellent opportunity in Oakland's 94606 district. A rare find, prime 2 unit property vacant ready to unlock its full potential. This Victorian-era duplex offers two spacious units 3bd 1bth each located near I-880/I-580. This is idea for a serious investor or someone who's interested in living in one unit and rent the other. This is a must see 2 unit property come take a look inside. The Price is right for a quick sale.

Key facts

• Near i-880 i-580
• 2 unit property
• Victorian era duplex

Tags

• 2 UNIT PROPERTY
• VICTORIAN ERA DUPLEX
• SPACIOUS UNITS
• NEAR I-880 I-580

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1-bath units multifamily listed at $625k.

Deal economics

• At list price, monthly cash flow is $134 ($2k/yr) — positive. Per door: $67/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $545k (12.8% below list).
• Recommended offer: $545k (12.8% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 46% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,742 units permitted in Alameda County in 2024 (856 in 5+ unit buildings).
• At $5,450/mo this rent would consume 90% 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 $4k of loan paydown is wiped out by about $19k 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.

Negotiation context

• It's been on market 112 days — a 9% lower offer ($569k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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 $88k; list at $625k implies a 610% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1891 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $545,000 (12.8% below list)

Questions for the listing agent

1. It's been on market 112 days. Have you received any prior offers? Is the seller open to a 13% 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 1891 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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. 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?
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: 0.87% ✗
• Cap rate: 6.55%
• Cash-on-cash: 0.92%
• DSCR: 1.04
• GRM: 9.6

CMA / ARV

• ARV (median comp): $628,544
• List price: $625,000
• Delta: -0.56%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2232 11th Ave	0.58mi	5/2.0	2,189 (+0%)	6mo	$680,000	$311	68
1148 E 15th St	0.21mi	—/3.0	2,435 (+12%)	6mo	$670,000	$275	66
1812 15th Ave	0.24mi	4/3.0	2,336 (+7%)	22mo	$799,000	$342	59
2020 17th Ave	0.39mi	6/3.0	2,000 (-8%)	11mo	$800,000	$400	58
1639 22nd Ave	0.50mi	6/2.0	2,179 (-0%)	23mo	$820,000	$376	57
1229 13th Ave	0.17mi	2/2.0	2,425 (+11%)	23mo	$520,000	$214	55
2032 E 22nd St	0.62mi	6/3.0	1,980 (-9%)	18mo	$500,000	$253	40
1927 E 25th St	0.73mi	6/4.0	2,015 (-8%)	21mo	$900,000	$447	35
2228 7th Ave	0.74mi	6/4.0	2,500 (+14%)	16mo	$1,065,000	$426	28

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 · 1.86% rent growth · sell at horizon

5-year hold

• IRR: -16.1%
• Equity multiple: 0.43×
• Total profit: $-98,932
• Equity at exit: $93,190

10-year hold

• IRR: -9.8%
• Equity multiple: 0.43×
• Total profit: $-99,981
• Equity at exit: $54,039

Cash invested: $175,000 (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: 19.1×

Monthly cashflow live

• Estimated rent: $5,450 high
• Mortgage (P&I): −$3,278
• Tax from tax record: −$634 /mo · $7,602/yr
• Insurance: −$260
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,144
• Net cashflow: $134

Break-even live

Break-even rent $5,280

Max offer price $625,000

Occupancy floor 93%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$5,450
Total (2 units)			$5,450

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: $156,250
• Closing costs: $18,750
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1224 International Blvd Oakland, CA	1.0	1.0	2590	$3,500	$1.35	43d	1	0.17mi
1820 International Blvd Unit 1 Oakland, CA	2.0	1.5	1900	$1,710	$0.90	43d	1	0.23mi
1914 6th Ave Unit 2 Oakland, CA	2.0	1.0	1500	$2,500	$1.67	43d	1	0.67mi
324 International Blvd Unit 324 Oakland, CA	3.0	1.5	1400	$3,500	$2.50	24d	1	0.78mi
1200 Lakeshore Ave Oakland, CA	1.0–3.0	1.5–2.5	1332	$7,370	$5.53	1d	14	0.98mi
1518 Clement Ave Alameda, CA	3.0	1.0–3.0	1108	$4,863	$4.39	1d	21	1.14mi
2361 E 29th St Oakland, CA	2.0	1.0	1127	$2,195	$1.95	43d	2	1.16mi
2889 Ford St Oakland, CA	1.0	1.0	1450	$2,795	$1.93	12d	1	1.26mi
2875 Glascock St #105 Oakland, CA	2.0	2.0	1463	$3,500	$2.39	43d	1	1.28mi
527 Merritt Ave Oakland, CA	3.0	2.0	1530	$4,800	$3.14	1d	1	1.28mi
311 Oak St Oakland, CA	1.0–2.0	1.0–2.0	1228	$4,000	$3.26	12d	2	1.31mi
311 Oak St Oakland, CA	1.0–2.0	1.5–2.0	1379	$4,000	$2.90	43d	2	1.31mi
311 Oak St #516 Oakland, CA	2.0	2.0	1598	$4,000	$2.50	24d	1	1.31mi

Listing history 7 events

1. 2026-02-06
   listed $625,000 Active 429-char remark

   Show marketing remark (429 chars)

   Excellent opportunity in Oakland's 94606 district. A rare find, prime 2 unit property vacant ready to unlock its full potential. This Victorian-era duplex offers two spacious units 3bd 1bth each located near I-880/I-580. This is idea for a serious investor or someone who's interested in living in one unit and rent the other. This is a must see 2 unit property come take a look inside. The Price is right for a quick sale.

2. 2024-10-13
   historical
3. 2024-09-21
   status Active
4. 2024-09-15
   status Pending
5. 2024-08-02
   price
6. 2024-07-18
   listed Active
7. 1988-11-02
   soldstatus $88,000

ⓘ 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: $7,602 · $634/mo
• Projected year-2 tax: $7,602 · $634/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 8/10 Severe 14 unhealthy d/yr today · 14 by 30 yrs out

Taxation est. · year 1

• Rental income: $65,400
• − Mortgage interest: −$35,010
• − Property taxes: −$7,602
• − Insurance: −$3,125
• − Repairs & maintenance: −$5,232
• − Management: −$5,232
• − Depreciation: −$18,182
• Taxable loss: −$8,983
• Est. tax savings @ 24.0%: +$2,156
• After-tax cash flow: $3,764/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

+610.2% since first listed

7 events — show timeline

• 2026-02-06 Listed $625,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2024-10-13 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2024-09-21 Relisted — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2024-09-15 Pending — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2024-08-02 Price Changed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2024-07-18 Listed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 1988-11-02 Sold (Public Records) $88,000 Public Records

Property tax history

+6.5%/yr

Latest (2025): $7,602 · +2.8% YoY. Source: county tax records.