1962-1976 Edwards · Merced, CA 95340

$1,165,000

16 bd · 8.0 ba · 6,800 sqft · MultiFamily · 116 Days on market

Built 1979 0.37 ac lot ↓ 7% since listing

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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 +14.9/30.0
• ARV discount +7.5/15.0
• DSCR +4.6/10.0
• 1% rule +4.1/10.0
• Livability +3.7/5.0
• Rent growth +3.5/5.0
• Schools +2.8/10.0
• 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: 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

Exceptional investment opportunity in Merced, CA! This well-maintained 8-unit apartment building features (8) spacious 2-bedroom, 1-bathroom units, each approximately 850 square feet. The property offers a strong unit mix that appeals to long-term tenants, making it an ideal addition to any investor’s portfolio. Each unit provides functional floor plans with comfortable living spaces, sizable bedrooms, and practical layouts designed for everyday living. With consistent rental demand in the Merced area and proximity to shopping, schools, public transportation, and UC Merced, this property is well-positioned for stable occupancy and future growth. Whether you’re looking to expand

Key facts

• Proximity to schools
• Strong unit mix
• 0.37 acre lot

Tags

• 8 UNIT APARTMENT BUILDING
• STRONG UNIT MIX
• FUNCTIONAL FLOOR PLANS
• COMFORTABLE LIVING SPACES
• PROXIMITY TO SHOPPING
• PROXIMITY TO SCHOOLS

Property features AI

Finance

• Financial info: Total building area 6,800; Total of 8 units (6 leased); Gross scheduled income $9,363; Net operating income $8,731; Operating expense $632; Total expenses $16,379; Insurance expense $7,464; Gardener expense $1,680; Pest control expense $1,080; Trash expense $275; Water/sewer expense $280; Vacancy allowance 2450; Tenant pays gas and electricity
• HOA & community: Curbs and street lighting

Exterior

• Parking: Total 14 parking spaces; Eight carport spaces; Six uncovered spaces; Assigned and guest parking; Driveway with concrete and asphalt
• Utilities: 220V electric throughout; Public sewer; District/public water; Eight separate gas meters; Eight separate electric meters
• Home design: Attached property across two buildings; Two stories; Has a view; Entry level: 1
• Construction: Frame and stucco construction; Composition roof; Concrete slab foundation; Estimated year built
• Exterior features: Wood and wrought iron fencing; Landscaped grounds with backyard; No pool

Interior

• Kitchen: All units include a refrigerator and electric range; All units have disposals
• Bedrooms: Eight 2-bedroom units (unfurnished)
• Bathrooms: Each unit has one full bathroom
• Heating & cooling: Central cooling; Central furnace heating
• Interior features: Carbon monoxide detector(s); Smoke detector
• Laundry & utility: Laundry area in closet or shared area; Washer and dryer included

What this means for you Summary

Snapshot

• This is a 8 × 2-bed/1.0-bath units multifamily listed at $1.17M.

Deal economics

• At list price, monthly cash flow is $226 ($3k/yr) — positive. Per door: $28/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 $1.06M (8.7% below list).
• Recommended offer: $1.06M (9.0% below list) — sets the bar for market timing.
• Cap rate 6.7% vs local median 3.4% in Merced — 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 73/100 on livability (#153 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: employment D, crime F, cost of living F.
• Merced Union High (urban): math 20% / reading 46% proficiency, ranked #301 of 517 in CA (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Charles Wright Elementary (563 students, 80% FRL); Herbert Hoover Middle (614 students, 79% FRL); Golden Valley High (math 20% / reading 46%, grade F, #667 of 1,170 statewide, top 57%, 1,956 students, 81% FRL).
• Market conditions: Rents rising fast (+4.1%/yr); 140 active listings in the ZIP; 459 units permitted in Merced County in 2024 (0 in 5+ unit buildings).
• At $10,632/mo this rent would consume 179% of the median local household income ($71k/yr) (locally 1947% 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 $35k of value loss. Plan a longer hold.
• Merced County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 116 days — a 9% lower offer ($1.06M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $122/mo.
• Climate carrying-cost: in FEMA flood zone AO (mandatory federal flood insurance); severe wildfire risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,060,150 (9.0% below list)

Questions for the listing agent

1. It's been on market 116 days. Have you received any prior offers? Is the seller open to a 9% 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 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 0.91% ✗
• Cap rate: 6.65%
• Cash-on-cash: 1.28%
• DSCR: 1.06
• GRM: 9.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.07% rent growth · sell at horizon

5-year hold

• IRR: -13.7%
• Equity multiple: 0.50×
• Total profit: $-162,587
• Equity at exit: $173,705

10-year hold

• IRR: -3.2%
• Equity multiple: 0.77×
• Total profit: $-73,577
• Equity at exit: $100,728

Cash invested: $326,200 (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 95340

• Rents YoY: 4.1%
• Active inventory: 140
• Price-to-rent: 73.0×

Monthly cashflow live

• Estimated rent: $10,632 high
• Mortgage (P&I): −$6,109
• Tax est. 1.5%: −$1,456 /mo · $17,475/yr
• Insurance: −$485
• Flood insurance flood zone: −$122 /mo · $1,468/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,233
• Net cashflow: $226

Break-even live

Break-even rent $10,346

Max offer price $1,165,000

Occupancy floor 93%

Sensitivity live

Price	-10% $1,031	-5% $628	+0% $226	+5% $-177	+10% $-579
Rent	-10% $-614	-5% $-194	+0% $226	+5% $646	+10% $1,066
Rate	-1.0pp $813	-0.5pp $522	base $226	+0.5pp $-76	+1.0pp $-383

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

Units	Beds	Baths	Est. rent
▸ 8× units	2	1	$10,632
Total (8 units)			$10,632

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: $291,250
• Closing costs: $34,950
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $1,165,000 Active 116 DOM
2. 2026-06-18
   days on market $1,165,000 Active 113 DOM
3. 2026-06-17
   days on market $1,165,000 Active 112 DOM
4. 2026-06-16
   days on market $1,165,000 Active 111 DOM
5. 2026-06-15
   days on market $1,165,000 Active 110 DOM
6. 2026-06-14
   days on market $1,165,000 Active 108 DOM
7. 2026-06-13
   days on market $1,165,000 Active 107 DOM
8. 2026-06-10
   days on market $1,165,000 Active 105 DOM
9. 2026-06-09
   days on market $1,165,000 Active 104 DOM
10. 2026-06-08
    days on market $1,165,000 Active 103 DOM
11. 2026-06-07
    days on market $1,165,000 Active 102 DOM
12. 2026-06-03
    pricedays on market $1,165,000 Active 98 DOM
13. 2026-06-02
    days on market $1,210,000 Active 97 DOM
14. 2026-06-01
    days on market $1,210,000 Active 96 DOM
15. 2026-05-31
    days on market $1,210,000 Active 95 DOM
16. 2026-05-30
    days on market $1,210,000 Active 94 DOM
17. 2026-05-08
    price $1,210,000
18. 2026-04-01
    price $1,250,000
19. 2026-02-25
    listed $1,300,000 Active

ⓘ 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 5/10 Major FEMA zone AO · 44% chance over 30 yrs
• 🔥 Wildfire 8/10 Severe
• 🌡 Heat 7/10 Severe 7 d/yr ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 38 unhealthy d/yr today · 40 by 30 yrs out

Taxation est. · year 1

• Rental income: $127,584
• − Mortgage interest: −$65,258
• − Property taxes: −$17,475
• − Insurance: −$7,292
• − Repairs & maintenance: −$10,207
• − Management: −$10,207
• − Depreciation: −$33,891
• Taxable loss: −$16,746
• Est. tax savings @ 24.0%: +$4,019
• After-tax cash flow: $6,730/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: Merced Union High
• NCES district ID: 0624660
• Math proficiency: 20% ▲ 3.00%
• Reading proficiency: 46% ▼ -1.00%
• Median HH income: $44,977
• Composite: 28.11/100
• National rank: #6823
• State rank: #301 of 517 in CA

Livability — Merced

• Score: 73/100
• State rank: #153
• US rank: #5111

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Merced County · 205,386 people
• City population: 112,228
• Metro: Merced, CA
• Population (ZIP): 38,303
• Household income: $71,193
• Rent vs Own: 42.8% rent · 57.2% own
• Severe rent burden: 1947.0

Population outlook (Merced County) Hauer SSP2

• Today (2025): 285,501 people
• By 2030: 293,437 · +2.8%
• By 2040: 308,808 · +8.2%
• By 2050: 321,011 · +12.4%
• By 2075: 338,497 · +18.6%
• By 2100: 330,493 · +15.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: Hispanic / Latino 51% White 35% Two or more races 14% Asian 8% Black 3%
• Hispanic origin (detail): Mexican 48%
• Common ancestry: Russian 4% Italian 2% Slovak 2%
• Foreign-born: 15% · Canada, China
• Languages at home: 64% English-only · Spanish 28% Other Asian/Pacific 3% Other Indo-European 2%

Political lean MEDSL · Merced

• 2024 margin: Toss-up / Even · D 46.5% · R 50.9% · Other 2.6%
• 2008→2024 swing: -12.7pp toward R · 2008: 8.3pp · 2024: -4.4pp
• All cycles: 2024: R+4.4 2020: D+10.6 2016: D+7.9 2012: D+5.4 2008: D+8.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -458.64%
• Current HPI: 241.9343
• Rent YoY: ▲ 4.07%
• Metro: Merced, 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

-6.9% since first listed

3 events — show timeline

• 2026-05-08 Price Changed $1,210,000 CRMLS
• 2026-04-01 Price Changed $1,250,000 CRMLS
• 2026-02-25 Listed $1,300,000 CRMLS