246 2nd St #801 · San Francisco, CA 94105

$599,000

1 bd · 1.0 ba · 668 sqft · Condo public records · 34 Days on market

Built 2000 $897/sqft · 16% below area Est $717k · 16% under $641/mo HOA · 14% of rent

---

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).

• ARV discount +14.9/15.0
• Cash flow +7.8/30.0
• Appreciation +7.1/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• 1% rule +2.8/10.0
• Condition / age +2.5/5.0
• DSCR +1.9/10.0

Listing remarks

Beautifully appointed 1-bedroom, 1-bath condo featuring an open floor plan with abundant natural sunlight throughout. Located on the 8th floor, this inviting home offers gorgeous hardwood flooring, a spacious bedroom, and a generously sized bathroom. The kitchen offers abundant counter space for making gourmet meals. Enjoy the convenience of in-unit laundry, additional storage space, and a private deck perfect for morning coffee, an evening glass of wine, or simply relaxing outdoors. An additional dedicated storage unit is included. The condo is perched at back side of the tower offering a peaceful and tranquil setting, while flaunting a fabulous view of the city. The lobby and common areas

Key facts

• Hardwood flooring
• Private deck
• Open floor plan

Tags

• OPEN FLOOR PLAN
• ABUNDANT NATURAL SUNLIGHT
• HARDWOOD FLOORING
• ABUNDANT COUNTER SPACE
• IN-UNIT LAUNDRY
• PRIVATE DECK

Property features AI

Finance

• HOA & community: Part of a community with 94 units; HOA fee of $641 per month; HOA covers cable TV, common areas, structural insurance, management, sewer, trash, and water

Exterior

• Parking: Property attached
• Security: Carbon monoxide detector(s); Smoke detector(s)
• Utilities: Cable available; Internet available; Public water; Public sewer
• Home design: Condominium (residential); Modern/High Tech style; One level; Entry at ground level; Built in 2000
• Construction: Built in 2000
• Exterior features: Uncovered deck; Public maintained asphalt road

Interior

• Kitchen: Dishwasher; Disposal; Free‑standing electric range; Range hood; Microwave; Self‑cleaning oven
• Bedrooms: 1 bedroom
• Flooring: Tile flooring; Wood flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; No air conditioning
• Interior features: Updated/remodeled interior; Central heating; No cooling; Double pane windows; Carbon monoxide and smoke detectors
• Laundry & utility: Washer; Dryer; Stacked washer/dryer; Laundry area inside/in kitchen

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $599k.

Deal economics

• At list price, monthly cash flow is $-665 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $481k (19.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $469k (21.8% below list).
• Recommended offer: $469k (21.8% below list) — sets the bar for 1% rule.
• Cap rate 5.0% vs local median 2.1% in San Francisco — 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 76/100 on livability (#90 in CA, #3,143 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• San Francisco Unified (urban): math 50% / reading 56% proficiency, ranked #322 of 1,400 in CA (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+19.7%/yr); 120 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 750 units permitted in San Francisco County in 2024 (688 in 5+ unit buildings).

Forward outlook

• In year one you build about $30k of equity ($4k loan paydown + $26k appreciation (4.3% local appreciation)).
• San Francisco County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$48k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($581k) is reasonable based on typical stale-listing flexibility.

Recommended offer $468,543 (21.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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. 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: 0.78% ✗
• Cap rate: 4.96%
• Cash-on-cash: -4.76%
• DSCR: 0.79
• GRM: 10.7

CMA / ARV

• ARV (median comp): $717,363
• List price: $599,000
• Delta: -16.50%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

4.27% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 9.1%
• Equity multiple: 1.57×
• Total profit: $95,935
• Equity at exit: $313,148

10-year hold

• IRR: 13.1%
• Equity multiple: 3.38×
• Total profit: $399,295
• Equity at exit: $519,864

Cash invested: $167,720 (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 San Francisco: 0 Strongly Tenant-Friendly · D+57

SF Rent Ordinance + Eviction Protections; relocation $10k+; one of strictest in US.

Methodology + full state rankings →

ZIP-level market 94105

• Home prices YoY: 2.4%
• Rents YoY: 19.7%
• Active inventory: 120
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $4,685 high
• Mortgage (P&I): −$3,141
• Tax from tax record: −$335 /mo · $4,021/yr
• Insurance: −$250
• HOA: −$641
• Vacancy / Maint / Mgmt: −$984
• Net cashflow: $-665

Break-even live

Break-even rent $5,528

Max offer price $481,457

Occupancy floor —

Sensitivity live

Price	-10% $-326	-5% $-496	+0% $-665	+5% $-835	+10% $-1,004
Rent	-10% $-1,036	-5% $-850	+0% $-665	+5% $-480	+10% $-295
Rate	-1.0pp $-364	-0.5pp $-513	base $-665	+0.5pp $-821	+1.0pp $-979

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: $149,750
• Closing costs: $17,970
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
39 Tehama St San Francisco, CA	1.0–2.0	1.0–2.0	1291	$4,760	$3.69	2d	14	0.10mi
500 Folsom St San Francisco, CA	1.0	1.0	676	$6,947	$10.28	3d	18	0.15mi
45 Lansing St San Francisco, CA	1.0	1.0	640	$5,260	$8.21	2d	4	0.18mi
1 St Francis Pl San Francisco, CA	3.0	1.0–2.0	923	$4,345	$4.71	3d	2	0.18mi
390 1st St San Francisco, CA	2.0	1.0–2.0	676	$5,814	$8.60	3d	11	0.19mi
340 Fremont St San Francisco, CA	3.0	1.0–3.0	1146	$5,697	$4.97	2d	5	0.24mi
333 Fremont St San Francisco, CA	1.0–2.0	1.0–2.0	937	$4,588	$4.90	3d	6	0.26mi
399 Fremont St San Francisco, CA	2.0	1.0–2.5	1077	$7,300	$6.77	2d	43	0.27mi
501 Delancey St #182 San Francisco, CA	1.0	1.0	640	$3,200	$5.00	15d	1	0.35mi
201 Harrison St Unit 3A San Francisco, CA	1.0	1.0	572	$1,900	$3.32	22d	1	0.37mi
3 Bayside Village Pl San Francisco, CA	1.0	1.0	599	$4,964	$8.28	2d	22	0.37mi
821 Folsom St #401 San Francisco, CA	1.0	1.0	652	$3,650	$5.60	25d	1	0.40mi
555 Bryant St San Francisco, CA	2.0	1.0–2.0	687	$5,220	$7.60	2d	10	0.42mi
829 Folsom St #408 San Francisco, CA	—	1.0	495	$2,860	$5.78	15d	1	0.42mi
38 Bryant St #806 San Francisco, CA	1.0	1.0	582	$3,995	$6.86	44d	1	0.46mi
88 Howard St San Francisco, CA	1.0	1.0	588	$4,950	$8.41	6d	10	0.46mi
2 Townsend St San Francisco, CA	1.0–2.0	1.0–2.0	786	$4,800	$6.11	3d	7	0.49mi
88 Townsend St #311 San Francisco, CA	1.0	1.0	632	$4,450	$7.04	25d	1	0.51mi
400 Clementina St #1449 San Francisco, CA	1.0–2.0	1.0–2.0	775	$3,970	$5.12	2d	2	0.55mi
900 Folsom St San Francisco, CA	2.0	1.0–2.0	863	$5,020	$5.82	2d	24	0.56mi
434 Minna St San Francisco, CA	2.0	1.0–2.0	719	$5,246	$7.29	2d	15	0.62mi
540 Stockton St Apt 8 San Francisco, CA	2.0	1.0	725	$5,370	$7.41	3d	1	0.65mi
535 Stockton St San Francisco, CA	—	1.0	394	$2,295	$5.82	44d	1	0.67mi
255 King St San Francisco, CA	3.0	1.0–2.5	1228	$5,620	$4.58	3d	1	0.69mi
960 Market St San Francisco, CA	1.0	1.0	613	$4,295	$7.01	22d	1	0.71mi
655 Stockton St San Francisco, CA	—	1.0	354	$3,720	$10.51	2d	2	0.72mi
737 Bush St San Francisco, CA	1.0	1.0	750	$2,595	$3.46	15d	1	0.73mi
707 Stockton St San Francisco, CA	—	1.0	400	$2,775	$6.94	4d	1	0.74mi
845 California St San Francisco, CA	1.0	1.0	476	$4,995	$10.49	8d	3	0.74mi
460 Davis Ct San Francisco, CA	3.0	1.0–2.5	907	$6,040	$6.66	2d	17	0.75mi
84 Harriet St Unit A San Francisco, CA	1.0	1.0	718	$3,295	$4.59	21d	1	0.75mi
673 Brannan St San Francisco, CA	1.0–5.0	1.0–2.0	1302	$3,912	$3.00	2d	2	0.77mi
776 Bush St San Francisco, CA	—	1.0	400	$1,900	$4.75	44d	1	0.77mi
570 Jessie St San Francisco, CA	—	1.0	430	$2,495	$5.80	3d	1	0.81mi
1023 3rd St San Francisco, CA	2.0	1.0–2.0	743	$7,675	$10.33	2d	13	0.81mi
555 Taylor St San Francisco, CA	—	1.0	477	$2,200	$4.61	44d	1	0.83mi
1028 Market St San Francisco, CA	2.0	1.0	526	$4,090	$7.77	2d	6	0.83mi
300 Berry St #907 San Francisco, CA	1.0	1.0	732	$5,000	$6.83	8d	1	0.83mi
929 Pine St San Francisco, CA	—	1.0	400	$2,150	$5.38	8d	1	0.83mi
701 Taylor St San Francisco, CA	—	1.0	423	$2,875	$6.80	3d	1	0.86mi

HOA detail condo

• Monthly dues: $641 · $7,692/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-18
   days on market $599,000 Active 34 DOM
2. 2026-06-17
   days on market $599,000 Active 33 DOM
3. 2026-06-16
   days on market $599,000 Active 32 DOM
4. 2026-06-15
   days on market $599,000 Active 31 DOM
5. 2026-06-13
   days on market $599,000 Active 29 DOM
6. 2026-06-13
   days on market $599,000 Active 28 DOM
7. 2026-06-09
   days on market $599,000 Active 25 DOM
8. 2026-06-08
   days on market $599,000 Active 24 DOM
9. 2026-06-07
   days on market $599,000 Active 23 DOM
10. 2026-06-04
    days on market $599,000 Active 20 DOM
11. 2026-06-03
    days on market $599,000 Active 19 DOM
12. 2026-06-02
    days on market $599,000 Active 18 DOM
13. 2026-06-02
    price $599,000 Active 17 DOM
14. 2026-06-01
    days on market $549,000 Active 17 DOM
15. 2026-05-31
    days on market $549,000 Active 16 DOM
16. 2026-05-15
    listed $549,000 Active 1244-char remark

ⓘ 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: $4,021 · $335/mo
• Projected year-2 tax: $4,552 · $379/mo
• Expected delta: +$532/yr (+$44/mo · 13.2%)

ⓘ 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 2/10 Low 7 d/yr ≥79°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 15 unhealthy d/yr today · 15 by 30 yrs out

Taxation est. · year 1

• Rental income: $56,225
• − Mortgage interest: −$33,553
• − Property taxes: −$4,021
• − Insurance: −$2,995
• − Repairs & maintenance: −$4,498
• − Management: −$4,498
• − HOA: −$7,692
• − Depreciation: −$17,425
• Taxable loss: −$18,457
• Est. tax savings @ 24.0%: +$4,430
• After-tax cash flow: $-3,555/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: San Francisco Unified
• NCES district ID: 0634410
• Math proficiency: 50% ▬ 0.00%
• Reading proficiency: 56% ▲ 1.00%
• Median HH income: $81,249
• Composite: 50.14/100
• National rank: #4088
• State rank: #322 of 1400 in CA

Livability — San Francisco

• Score: 76/100
• State rank: #90
• US rank: #3143

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: San Francisco, CA
• County: San Francisco County · 827,552 people
• City population: 827,552
• Metro: San Francisco-Oakland-Berkeley, CA
• Population (ZIP): 13,861
• Household income: $225,000
• Rent vs Own: 65.2% rent · 34.8% own
• Severe rent burden: 798.0

Population outlook (San Francisco County) Hauer SSP2

• Today (2025): 1,030,936 people
• By 2030: 1,110,409 · +7.7%
• By 2040: 1,270,010 · +23.2%
• By 2050: 1,435,001 · +39.2%
• By 2075: 1,779,074 · +72.6%
• By 2100: 1,966,767 · +90.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: Asian 53% White 31% Hispanic / Latino 9% Two or more races 5% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 4% Scotch-Irish 2% Romanian 2%
• Foreign-born: 45% · China, Canada, South Korea
• Languages at home: 52% English-only · Chinese 22% Other Indo-European 6% Spanish 6%

Political lean MEDSL · San Francisco

• 2024 margin: Solid D (+64.8) · D 80.3% · R 15.5% · Other 4.1%
• 2008→2024 swing: -5.7pp toward R · 2008: 70.5pp · 2024: 64.8pp
• All cycles: 2024: D+64.8 2020: D+72.5 2016: D+76.1 2012: D+70.2 2008: D+70.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.27%
• Current HPI: 179.3791
• Rent YoY: ▲ 19.74%
• 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

+9.1% since first listed

2 events — show timeline

• 2026-06-01 Price Changed $599,000 San Francisco MLS
• 2026-05-15 Listed $549,000 San Francisco MLS

Property tax history

+2.4%/yr

Latest (2025): $4,021 · +3.0% YoY. Source: county tax records.