355 1st St Unit S207 · San Francisco, CA 94105

$364,812

2 bd · 2.0 ba · 963 sqft · Condo public records · 86 Days on market

Built 2004 Excellent condition $379/sqft · 60% below area $1242/mo HOA · 20% of rent

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Why this score? — see what drove the A- 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 +28.5/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +7.1/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Condition / age +4.8/5.0
• Livability +3.8/5.0

Listing remarks MLS

Enjoy city living at the Metropolitan on Rincon Hill. 2-bedroom Below Market Rate (BMR) housing opportunity available at 100% Area Median Income (AMI). Maximum income for 2 people = $124,700; 3 = $140,250; 4 = $155,850, etc. Must be 1st-time homebuyer & income eligible. Unit available thru the Mayor's Office of Housing and Community Development (MOHCD) & subject to resale controls, monitoring & other restrictions. Unit will be listed on DAHLIA, the SF Housing Portal (https://housing. sfgov. org) starting on the application date, 5/14/2026. Visit https://housing. sfgov.org for application & program info. Application, loan pre-approval, and homebuyer education verification due on 6/4/2026 at 5:00 PM. OPEN HOUSE 5/16/2026 (Saturday) 2:00 - 4:00 pm, 5/17/2026 (Sunday) 2:00 - 4:00 pm, 5/18/2026 (Monday) 5:00 - 7:00 pm. Equal Housing Opportunity. Building Amenities include Concierge, 24 hour Doorman, Business center, Clubroom/Party room, Conference room, Exercise room/Fitness center, Theater room, Fire pit, Indoor heated pool, Spa/Hot tub, Sauna, Outdoor kitchen/BBQ, Outdoor lounge, and Roof deck.

Key facts

• $1,242 HOA
• Garage
• Community pool

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $365k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $365k).
• Recommended offer: $343k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.2% vs local median 2.2% 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.
• Zoned schools: Lilienthal (Claire) Elementary (669 students, 19% FRL); Giannini (A.P.) Middle (1,192 students, 34% FRL); Lowell High (2,632 students, 37% FRL) — zoned schools average 30% FRL vs 49% district-wide (19 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+19.7%/yr); 162 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 29d on market — plan ~3-4 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 750 units permitted in San Francisco County in 2024 (688 in 5+ unit buildings).
• This rent runs 34% of the median local income ($225k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $18k of equity ($3k loan paydown + $16k 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.
• At projected returns (4.3% appreciation + 8.0% rent growth), your $102k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$45k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($343k) is reasonable based on typical stale-listing flexibility.

Recommended offer $342,923 (6.0% below list)

Questions for the listing agent

1. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.73% ✓
• Cap rate: 10.22%
• Cash-on-cash: 14.03%
• DSCR: 1.62
• GRM: 4.8

CMA / ARV

• ARV (median comp): $921,519
• List price: $364,812
• Delta: -60.41%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
280 Spear St Unit 10D	0.27mi	2/2.0	1,033 (+7%)	0mo	$1,388,000	$1,344	75
318 Main St Unit 8C	0.17mi	1/1.5 (-1)	883 (-8%)	0mo	$1,125,000	$1,274	71
1000 3rd St #807	0.80mi	1/1.5 (-1)	974 (+1%)	0mo	$1,450,000	$1,489	56
74 New Montgomery St #516	0.42mi	2/2.0	1,123 (+17%)	0mo	$1,100,000	$980	55
655 5th St #14	0.78mi	1/2.0 (-1)	995 (+3%)	0mo	$815,000	$819	54
300 3rd St #321	0.40mi	1/1.0 (-1)	859 (-11%)	0mo	$725,000	$844	54
219 Brannan St Unit 15A	0.34mi	1/1.5 (-1)	808 (-16%)	0mo	$1,160,000	$1,436	52
74 New Montgomery St #412	0.42mi	1/1.0 (-1)	832 (-14%)	0mo	$835,000	$1,004	48
1201 Sutter St #408	1.47mi	2/2.0	823 (-14%)	0mo	$1,250,000	$1,519	40
1160 Mission St #1708	1.18mi	2/2.0	1,201 (+25%)	0mo	$963,500	$802	40
165 Russ St	0.95mi	1/1.0 (-1)	867 (-10%)	0mo	$774,000	$893	39
881 Vallejo St Unit A	1.26mi	2/1.0	760 (-21%)	0mo	$590,000	$776	36

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 27.8%
• Equity multiple: 2.75×
• Total profit: $179,258
• Equity at exit: $190,718

10-year hold

• IRR: 30.5%
• Equity multiple: 6.54×
• Total profit: $565,430
• Equity at exit: $316,615

Cash invested: $102,147 (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 →

Active competition Active MLS

• For sale now: 3 active · 24 under contract
• Median asking: $999,900 ($908/sqft)
• Median days on market: 20 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +5.4% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 94105

• Home prices YoY: 2.4%
• Rents YoY: 19.7%
• Active inventory: 162
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $6,297 high
• Mortgage (P&I): −$1,913
• Tax from tax record: −$473 /mo · $5,671/yr
• Insurance: −$152
• HOA: −$1,242
• Vacancy / Maint / Mgmt: −$1,322
• Net cashflow: $1,195

Break-even live

Break-even rent $4,784

Max offer price $364,812

Occupancy floor 76%

Sensitivity live

Price	-10% $1,401	-5% $1,298	+0% $1,195	+5% $1,091	+10% $988
Rent	-10% $697	-5% $946	+0% $1,195	+5% $1,443	+10% $1,692
Rate	-1.0pp $1,378	-0.5pp $1,287	base $1,195	+0.5pp $1,100	+1.0pp $1,004

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: $91,203
• Closing costs: $10,944
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
340 Fremont St San Francisco, CA	3.0	1.0–3.0	1146	$7,226	$6.31	2d	9	0.01mi
355 1st St Unit S902 San Francisco, CA	2.0	2.0	995	$6,850	$6.88	18d	1	0.03mi
355 1st St Unit S302 San Francisco, CA	2.0	2.0	939	$5,800	$6.18	93d	1	0.03mi
333 1st St Unit N1101 San Francisco, CA	2.0	2.0	958	$6,895	$7.20	46d	1	0.04mi
333 1st St Unit N1607 San Francisco, CA	2.0	2.0	950	$6,950	$7.32	17d	1	0.04mi
399 Fremont St San Francisco, CA	2.0	1.0–2.0	892	$8,770	$9.83	2d	46	0.04mi
333 Fremont St San Francisco, CA	1.0–2.0	1.0–2.0	832	$8,324	$10.00	10d	7	0.05mi
401 Harrison St San Francisco, CA	1.0–2.0	1.0–2.0	1148	$10,000	$8.71	2d	1	0.07mi
425 1st St #1607 San Francisco, CA	1.0	1.0	819	$6,500	$7.94	2d	1	0.07mi
425 1st St #4404 San Francisco, CA	1.0	1.0	605	$5,950	$9.83	28d	1	0.07mi
388 Beale St San Francisco, CA	1.0–2.0	1.0–2.0	1047	$7,664	$7.32	2d	13	0.07mi
390 1st St San Francisco, CA	2.0	1.0–2.0	676	$8,161	$12.07	2d	12	0.08mi
50 Lansing St San Francisco, CA	2.0	2.0	1134	$9,162	$8.08	37d	2	0.09mi
50 Lansing St San Francisco, CA	2.0	2.0	1134	$7,200	$6.35	21d	2	0.09mi
333 Beale St Unit 5J San Francisco, CA	2.0	2.0	1119	$6,500	$5.81	2d	1	0.10mi
400 Beale St San Francisco, CA	1.0	1.0	812	$4,260	$5.25	93d	1	0.10mi
400 Beale St San Francisco, CA	2.0	1.0–2.0	1167	$6,425	$5.50	69d	2	0.10mi
400 Beale St San Francisco, CA	1.0	1.0	847	$2,310	$2.73	47d	1	0.11mi
500 Folsom St San Francisco, CA	1.0	1.0	689	$6,657	$9.65	2d	25	0.11mi
299 Fremont St San Francisco, CA	1.0	1.0	625	$5,650	$9.04	2d	9	0.11mi
333 Beale St San Francisco, CA	2.0	2.0	1109	$6,350	$5.72	34d	1	0.12mi
201 Harrison St Unit 3A San Francisco, CA	1.0	1.0	572	$1,900	$3.32	71d	1	0.14mi
39 Tehama St San Francisco, CA	1.0–2.0	1.0–2.0	1295	$20,620	$15.92	2d	6	0.18mi
333 Main St San Francisco, CA	1.0	1.0	835	$4,950	$5.93	93d	1	0.18mi
501 Delancey St #182 San Francisco, CA	1.0	1.0	640	$3,450	$5.39	8d	1	0.18mi
3 Bayside Village Pl San Francisco, CA	2.0	1.0–2.0	779	$7,349	$9.43	2d	45	0.19mi
301 Main St Unit 20C San Francisco, CA	1.0	1.0	758	$5,950	$7.85	73d	1	0.20mi
301 Main St Unit 3E San Francisco, CA	1.0	1.0	1053	$5,595	$5.31	2d	1	0.20mi
301 Main St Unit 4G San Francisco, CA	2.0	2.0	1100	$2,250	$2.05	32d	1	0.20mi
403 Main St Unit 316N San Francisco, CA	1.0	1.0	862	$5,600	$6.50	8d	1	0.20mi
403 Main St Unit 208N San Francisco, CA	1.0	1.0	539	$4,500	$8.35	32d	1	0.20mi
403 Main St Unit 206N San Francisco, CA	1.0	1.0	910	$5,200	$5.71	73d	1	0.20mi
38 Bryant St #806 San Francisco, CA	1.0	1.0	582	$3,995	$6.86	93d	1	0.23mi
280 Spear St San Francisco, CA	1.0–2.0	1.0	865	$6,950	$8.03	93d	2	0.25mi
246 2nd St San Francisco, CA	2.0	2.0	1100	$6,995	$6.36	2d	1	0.26mi
631 Folsom St San Francisco, CA	2.0	2.0	1054	$6,400	$6.07	73d	1	0.26mi
199 New Montgomery St #806 San Francisco, CA	1.0	1.0	787	$4,400	$5.59	34d	1	0.31mi
88 Howard St San Francisco, CA	2.0	2.0	960	$6,235	$6.49	2d	1	0.33mi
1 Hawthorne St Unit 8G San Francisco, CA	1.0	1.0	846	$4,200	$4.96	67d	1	0.33mi
219 Brannan St Unit 2B San Francisco, CA	2.0	2.0	1062	$6,000	$5.65	54d	1	0.33mi

HOA detail $1,242/mo · $14,904/yr condo

• Likely covers: poolgymdoorman
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-08-08
   days on market $364,812 Active 86 DOM
2. 2026-08-06
   days on market $364,812 Active 84 DOM
3. 2026-08-05
   days on market $364,812 Active 83 DOM
4. 2026-08-04
   days on market $364,812 Active 82 DOM
5. 2026-08-03
   days on market $364,812 Active 81 DOM
6. 2026-07-31
   days on market $364,812 Active 78 DOM
7. 2026-07-30
   days on market $364,812 Active 77 DOM
8. 2026-07-30
   days on market $364,812 Active 76 DOM
9. 2026-07-28
   days on market $364,812 Active 75 DOM
10. 2026-07-26
    days on market $364,812 Active 73 DOM
11. 2026-07-24
    days on market $364,812 Active 71 DOM
12. 2026-07-23
    days on market $364,812 Active 70 DOM
13. 2026-07-22
    days on market $364,812 Active 69 DOM
14. 2026-07-21
    days on market $364,812 Active 68 DOM
15. 2026-07-20
    days on market $364,812 Active 67 DOM
16. 2026-07-18
    days on market $364,812 Active 65 DOM
17. 2026-07-18
    days on market $364,812 Active 64 DOM
18. 2026-07-16
    days on market $364,812 Active 63 DOM
19. 2026-07-15
    days on market $364,812 Active 62 DOM
20. 2026-07-14
    days on market $364,812 Active 61 DOM
21. 2026-07-13
    days on market $364,812 Active 60 DOM
22. 2026-07-13
    days on market $364,812 Active 59 DOM
23. 2026-07-11
    days on market $364,812 Active 58 DOM
24. 2026-07-10
    days on market $364,812 Active 57 DOM
25. 2026-07-09
    days on market $364,812 Active 56 DOM
26. 2026-07-07
    days on market $364,812 Active 54 DOM
27. 2026-07-06
    days on market $364,812 Active 53 DOM
28. 2026-07-06
    days on market $364,812 Active 52 DOM
29. 2026-07-05
    days on market $364,812 Active 51 DOM
30. 2026-07-03
    days on market $364,812 Active 50 DOM
31. 2026-07-02
    days on market $364,812 Active 49 DOM
32. 2026-07-01
    days on market $364,812 Active 48 DOM
33. 2026-06-30
    days on market $364,812 Active 47 DOM
34. 2026-06-29
    days on market $364,812 Active 46 DOM
35. 2026-06-28
    days on market $364,812 Active 45 DOM
36. 2026-06-27
    days on market $364,812 Active 44 DOM
37. 2026-06-26
    days on market $364,812 Active 43 DOM
38. 2026-06-24
    days on market $364,812 Active 41 DOM
39. 2026-06-22
    days on market $364,812 Active 39 DOM
40. 2026-06-21
    days on market $364,812 Active 38 DOM
41. 2026-06-18
    days on market $364,812 Active 35 DOM
42. 2026-06-17
    days on market $364,812 Active 34 DOM
43. 2026-06-16
    days on market $364,812 Active 33 DOM
44. 2026-06-15
    days on market $364,812 Active 32 DOM
45. 2026-06-13
    days on market $364,812 Active 30 DOM
46. 2026-06-13
    days on market $364,812 Active 29 DOM
47. 2026-06-09
    days on market $364,812 Active 26 DOM
48. 2026-06-08
    days on market $364,812 Active 25 DOM
49. 2026-06-07
    days on market $364,812 Active 24 DOM
50. 2026-06-04
    days on market $364,812 Active 21 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: $5,671 · $473/mo
• Projected year-2 tax: $5,671 · $473/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 2/10 Low 7 d/yr ≥79°F today · 15 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: $75,559
• − Mortgage interest: −$20,435
• − Property taxes: −$5,671
• − Insurance: −$1,824
• − Repairs & maintenance: −$6,045
• − Management: −$6,045
• − HOA: −$14,904
• − Depreciation: −$10,613
• Taxable income: $10,023
• Est. tax owed @ 24.0%: −$2,405
• After-tax cash flow: $11,930/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.

Condition & rehab AI · 9 photos

Excellent 95/100 None rehab

This property is in excellent condition with no visible repairs needed. It offers a modern and well-maintained living environment, making it an attractive option for both resale and rental.

Components & finishes AI

Flooring tile

Value-add opportunities

• Both Landscaping improvements — Enhanced landscaping can improve the curb appeal and overall aesthetic of the property, attracting more potential buyers or renters. ↑
• Both Interior paint touch-ups — Fresh paint can refresh the interior and make it more appealing to potential buyers or renters. ↑

Zoned Schools

Elementary Webster (Daniel) Elementary Middle Francisco Middle High S.f. International High

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

B Composite livability gradescore 76/100

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 · 1,030,936 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: 8% of renters

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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%

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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%

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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

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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

• 2026-05-14 Listed $364,812 San Francisco MLS

Property tax history

+2.4%/yr

Latest (2025): $5,671 · +3.0% YoY. Source: county tax records.