1905 E Pontiac Way · Fresno, CA 93726

$5,670,000

44 bd · 42.0 ba · 28,728 sqft · MultiFamily public records · 15 Days on market

Built 1978 1.17 ac lot

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Why this score? — see what drove the C- 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 +20.7/30.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• 1% rule +4.3/10.0
• Rent growth +3.2/5.0
• Livability +3.1/5.0
• Schools +2.7/10.0
• 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: 42 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

Very nice 42 units apartment complex offered at $35,000 per door. This property is located on 1.17 acre corner lot. Tile roof and stucco exterior. Covered parking, large open area w/ fenced pool & recreation room. Walking distance to Manchester Mall. With a very low inventory this property makes a great choice for savvy investor. Please write offers subject to walk through inspection and please do not walk the grounds. Tenants are not aware of sale!

Key facts

• Gated pool
• 42 unit community
• Lush landscaping

Tags

• 42 UNIT COMMUNITY
• GATED POOL
• ON SITE LAUNDRY FACILITIES
• LUSH LANDSCAPING

Property features AI

Finance

• HOA & community: On-site manager

Exterior

• Parking: Carport; Open parking available
• Utilities: Electric service on; Public utilities
• Home design: Multi-family property
• Construction: Stucco, wood siding, and brick exterior; Concrete perimeter foundation with wood subfloor
• Exterior features: Tile roof; Two levels; Urban lot setting; Community pool

Interior

• Kitchen: Multiple refrigerators; Multiple stoves
• Bathrooms: Multiple bathrooms
• Heating & cooling: Central heat and air conditioning
• Interior features: Refrigerators (more than one unit); Stoves (more than one unit); Washer/Dryer units (leased); Central heat and air conditioning; No fireplaces
• Laundry & utility: Washer and dryer units (leased); On-site utility room

What this means for you Summary

Snapshot

• This is a 40×1bd/1ba + 2×2bd/1ba units multifamily listed at $5.67M.

Deal economics

• At list price, monthly cash flow is $8k ($92k/yr) — positive. Per door: $183/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 $5.28M (6.9% below list).
• Recommended offer: $5.28M (6.9% below list) — sets the bar for 1% rule.
• Cap rate 7.9% vs local median 3.7% in Fresno — 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 62/100 on livability (#469 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+; Watch: amenities D+, employment D+, schools D.
• Fresno Unified (urban): math 18% / reading 47% proficiency, ranked #327 of 517 in CA (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.6%/yr); 83 active listings in the ZIP; 2,426 units permitted in Fresno County in 2024 (296 in 5+ unit buildings).
• At $52,813/mo this rent would consume 1136% of the median local household income ($56k/yr) (locally 3028% 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 $39k of loan paydown is wiped out by about $170k of value loss. Plan a longer hold.
• Fresno County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($5.58M) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 14y 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 $1.50M; list at $5.67M implies a 278% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $5,281,300 (6.9% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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: 0.93% ✗
• Cap rate: 7.92%
• Cash-on-cash: 5.80%
• DSCR: 1.26
• GRM: 8.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.64% rent growth · sell at horizon

5-year hold

• IRR: -7.7%
• Equity multiple: 0.72×
• Total profit: $-451,621
• Equity at exit: $845,415

10-year hold

• IRR: 1.3%
• Equity multiple: 1.09×
• Total profit: $148,632
• Equity at exit: $490,238

Cash invested: $1,587,600 (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 93726

• Rents YoY: 2.6%
• Active inventory: 83
• Price-to-rent: 376.9×

Monthly cashflow live

• Estimated rent: $52,813 high
• Mortgage (P&I): −$29,734
• Tax from tax record: −$1,954 /mo · $23,454/yr
• Insurance: −$2,362
• HOA: −$0
• Vacancy / Maint / Mgmt: −$11,091
• Net cashflow: $7,671

Break-even live

Break-even rent $43,103

Max offer price $5,670,000

Occupancy floor 80%

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

Units	Beds	Baths	Est. rent
▸ 40× units	1	1	$50,160
▸ 2× units	2	1	$2,662
Total (42 units)			$52,813

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: $1,417,500
• Closing costs: $170,100
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-18
   days on market $5,670,000 Active 15 DOM
2. 2026-06-17
   days on market $5,670,000 Active 14 DOM
3. 2026-06-16
   days on market $5,670,000 Active 13 DOM
4. 2026-06-15
   days on market $5,670,000 Active 12 DOM
5. 2026-06-13
   days on market $5,670,000 Active 10 DOM
6. 2026-06-10
   days on market $5,670,000 Active 7 DOM
7. 2026-06-09
   days on market $5,670,000 Active 6 DOM
8. 2026-06-08
   days on market $5,670,000 Active 5 DOM
9. 2026-06-07
   days on market $5,670,000 Active 4 DOM
10. 2026-06-05
    remarks 699-char remark
11. 2026-06-05
    listed $5,670,000 Active 1 DOM

ⓘ 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: $23,454 · $1,954/mo
• Projected year-2 tax: $43,092 · $3,591/mo
• Expected delta: +$19,638/yr (+$1,637/mo · 83.7%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (shaded) · 10% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 48 unhealthy d/yr today · 50 by 30 yrs out

Taxation est. · year 1

• Rental income: $633,756
• − Mortgage interest: −$317,608
• − Property taxes: −$23,454
• − Insurance: −$28,350
• − Repairs & maintenance: −$50,700
• − Management: −$50,700
• − Depreciation: −$164,945
• Taxable loss: −$2,002
• Est. tax savings @ 24.0%: +$481
• After-tax cash flow: $92,535/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: Fresno Unified
• NCES district ID: 0614550
• Math proficiency: 18% ▼ -12.00%
• Reading proficiency: 47% ▲ 9.00%
• Median HH income: $36,095
• Composite: 26.83/100
• National rank: #7111
• State rank: #327 of 517 in CA

Livability — Fresno

• Score: 62/100
• State rank: #469
• US rank: #15907

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fresno, CA
• County: Fresno County · 834,801 people
• City population: 593,114
• Metro: Fresno, CA
• Population (ZIP): 44,527
• Household income: $55,771
• Rent vs Own: 62.6% rent · 37.4% own
• Severe rent burden: 3028.0

Population outlook (Fresno County) Hauer SSP2

• Today (2025): 1,042,971 people
• By 2030: 1,072,198 · +2.8%
• By 2040: 1,122,408 · +7.6%
• By 2050: 1,157,251 · +11.0%
• By 2075: 1,182,575 · +13.4%
• By 2100: 1,105,899 · +6.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: Hispanic / Latino 58% Two or more races 24% White 22% Asian 8% Black 5% Native American 2%
• Hispanic origin (detail): Mexican 53%
• Common ancestry: Slovak 1% Iranian 1% Italian 1%
• Foreign-born: 16% · Canada, Philippines
• Languages at home: 58% English-only · Spanish 34% Other Asian/Pacific 5% Other Indo-European 2%

Political lean MEDSL · Fresno

• 2024 margin: Toss-up / Even · D 46.5% · R 50.9% · Other 2.6%
• 2008→2024 swing: -6.5pp toward R · 2008: 2.1pp · 2024: -4.4pp
• All cycles: 2024: R+4.4 2020: D+7.8 2016: D+3.9 2012: R+2.9 2008: D+2.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -343.33%
• Current HPI: 437.4299
• Rent YoY: ▲ 2.64%
• Metro: Fresno, 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

+980.0% since first listed

17 events — show timeline

• 2026-06-03 Listed $5,670,000 FRESNOMLS
• 2016-09-30 Sold (Public Records) $1,500,000 Public Records
• 2016-09-30 Sold (MLS) $1,500,000 FRESNOMLS
• 2016-06-15 Pending — FRESNOMLS
• 2015-12-29 Listed $1,500,000 FRESNOMLS
• 2015-12-29 Delisted — FRESNOMLS
• 2015-05-02 Price Changed $1,650,000 FRESNOMLS
• 2015-02-28 Listed $1,699,000 FRESNOMLS
• 2015-02-28 Delisted — FRESNOMLS
• 2014-08-04 Listed $1,700,000 FRESNOMLS
• 2013-03-01 Sold (Public Records) $1,425,000 Public Records
• 2013-03-01 Sold (MLS) $1,425,000 FRESNOMLS
• 2013-02-06 Price Changed $1,450,000 FRESNOMLS
• 2013-02-06 Delisted — FRESNOMLS
• 2012-10-10 Listed $1,425,000 FRESNOMLS
• 1994-07-11 Sold (Public Records) $930,000 Public Records
• 1979-08-30 Sold (Public Records) $525,000 Public Records

Property tax history

+2.2%/yr

Latest (2025): $23,454 · +3.8% YoY. Source: county tax records.