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

$364,812

2 bd · 2.0 ba · 963 sqft · Condo public records · 38 Days on market

Built 2004 $379/sqft · 62% below area $1242/mo HOA · 21% of rent

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Why this score? — see what drove the B+ 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 +26.3/30.0
• 1% rule +10.0/10.0
• DSCR +8.9/10.0
• ARV discount +7.5/15.0
• Appreciation +7.1/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0

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.

Deal economics

• At list price, monthly cash flow is $946 ($11k/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: $354k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.4% 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); 119 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).
• This rent runs 32% 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 38 days — a 3% lower offer ($354k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 21% of rent.

Recommended offer $353,867 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.64% ✓
• Cap rate: 9.40%
• Cash-on-cash: 11.11%
• DSCR: 1.49
• GRM: 5.1

CMA / ARV

• ARV (median comp): $951,492
• List price: $364,812
• Delta: -61.66%
• 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: 25.0%
• Equity multiple: 2.58×
• Total profit: $161,723
• Equity at exit: $190,718

10-year hold

• IRR: 28.0%
• Equity multiple: 6.11×
• Total profit: $522,130
• 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 →

ZIP-level market 94105

• Home prices YoY: 2.4%
• Rents YoY: 19.7%
• Active inventory: 119
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $5,981 high
• Mortgage (P&I): −$1,913
• Tax from tax record: −$473 /mo · $5,671/yr
• Insurance: −$152
• HOA: −$1,242
• Vacancy / Maint / Mgmt: −$1,256
• Net cashflow: $946

Break-even live

Break-even rent $4,784

Max offer price $364,812

Occupancy floor 79%

Sensitivity live

Price	-10% $1,152	-5% $1,049	+0% $946	+5% $842	+10% $739
Rent	-10% $473	-5% $709	+0% $946	+5% $1,182	+10% $1,418
Rate	-1.0pp $1,129	-0.5pp $1,038	base $946	+0.5pp $851	+1.0pp $755

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
• 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	$7,028	$6.13	3d	5	0.01mi
355 1st St Unit S302 San Francisco, CA	2.0	2.0	939	$5,800	$6.18	44d	1	0.03mi
399 Fremont St San Francisco, CA	2.0	1.0–2.5	1077	$10,288	$9.55	2d	43	0.04mi
333 Fremont St San Francisco, CA	1.0–2.0	1.0–2.0	937	$7,098	$7.58	3d	6	0.05mi
388 Beale St San Francisco, CA	1.0–2.0	1.0–2.0	1009	$7,337	$7.27	3d	8	0.07mi
390 1st St San Francisco, CA	2.0	1.0–2.0	676	$7,546	$11.16	3d	11	0.08mi
45 Lansing St San Francisco, CA	1.0	1.0	640	$5,260	$8.21	3d	4	0.09mi
400 Beale St San Francisco, CA	1.0	1.0	812	$4,260	$5.25	44d	1	0.10mi
400 Beale St San Francisco, CA	2.0	1.0–2.0	1167	$6,425	$5.50	21d	2	0.10mi
500 Folsom St San Francisco, CA	1.0	1.0	676	$6,947	$10.28	3d	18	0.11mi
201 Harrison St Unit 3A San Francisco, CA	1.0	1.0	572	$1,900	$3.32	23d	1	0.14mi
39 Tehama St San Francisco, CA	1.0–2.0	1.0–2.0	1291	$20,493	$15.87	3d	14	0.18mi
333 Main St San Francisco, CA	1.0	1.0	835	$4,950	$5.93	44d	1	0.18mi
501 Delancey St #182 San Francisco, CA	1.0	1.0	640	$3,200	$5.00	16d	1	0.18mi
3 Bayside Village Pl San Francisco, CA	1.0	1.0	599	$4,964	$8.28	2d	22	0.19mi
301 Main St Unit 20C San Francisco, CA	1.0	1.0	758	$5,950	$7.85	25d	1	0.20mi
403 Main St Unit 206N San Francisco, CA	1.0	1.0	910	$5,200	$5.71	25d	1	0.20mi
38 Bryant St #806 San Francisco, CA	1.0	1.0	582	$3,995	$6.86	44d	1	0.23mi
280 Spear St San Francisco, CA	1.0–2.0	1.0	865	$6,950	$8.03	44d	2	0.25mi
631 Folsom St San Francisco, CA	2.0	2.0	1054	$6,400	$6.07	25d	1	0.26mi
88 Howard St San Francisco, CA	1.0	1.0	588	$4,950	$8.41	6d	10	0.33mi
1 Hawthorne St Unit 8G San Francisco, CA	1.0	1.0	846	$4,200	$4.96	19d	1	0.33mi
219 Brannan St Unit 2B San Francisco, CA	2.0	2.0	1062	$6,000	$5.65	6d	1	0.33mi
1 St Francis Pl San Francisco, CA	3.0	1.0–2.0	923	$4,365	$4.73	3d	2	0.35mi
2 Townsend St San Francisco, CA	1.0–2.0	1.0–2.0	786	$6,925	$8.81	3d	7	0.38mi
88 Townsend St #311 San Francisco, CA	1.0	1.0	632	$4,450	$7.04	25d	1	0.45mi
1 Pine St San Francisco, CA	1.0	1.0	846	$3,900	$4.61	19d	1	0.46mi
555 Bryant St San Francisco, CA	2.0	1.0–2.0	687	$6,339	$9.23	3d	10	0.53mi
555 4th St #539 San Francisco, CA	1.0	1.0	752	$4,500	$5.98	44d	1	0.56mi
821 Folsom St #401 San Francisco, CA	1.0	1.0	652	$3,650	$5.60	25d	1	0.60mi
601 4th St #1523 San Francisco, CA	1.0	1.0	1085	$6,730	$6.20	3d	1	0.62mi
260 King St #717 San Francisco, CA	1.0	1.0	759	$4,850	$6.39	3d	1	0.64mi
255 King St San Francisco, CA	3.0	1.0–2.5	1228	$6,890	$5.61	3d	1	0.73mi
460 Davis Ct San Francisco, CA	3.0	1.0–2.5	907	$8,136	$8.97	3d	17	0.73mi
400 Clementina St #1449 San Francisco, CA	1.0–2.0	1.0–2.0	775	$5,210	$6.72	2d	2	0.76mi
900 Folsom St San Francisco, CA	2.0	1.0–2.0	863	$6,186	$7.17	3d	24	0.77mi
1023 3rd St San Francisco, CA	2.0	1.0–2.0	743	$10,000	$13.46	2d	13	0.80mi
540 Stockton St Apt 8 San Francisco, CA	2.0	1.0	725	$5,370	$7.41	3d	1	0.82mi
2 Mint Plz San Francisco, CA	2.0	1.0	800	$4,500	$5.62	44d	1	0.84mi
434 Minna St San Francisco, CA	2.0	1.0–2.0	719	$6,581	$9.15	2d	15	0.85mi

HOA detail condo

• Monthly dues: $1,242 · $14,904/yr
• Likely covers: poolgymdoorman
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-21
   days on market $364,812 Active 38 DOM
2. 2026-06-18
   days on market $364,812 Active 35 DOM
3. 2026-06-17
   days on market $364,812 Active 34 DOM
4. 2026-06-16
   days on market $364,812 Active 33 DOM
5. 2026-06-15
   days on market $364,812 Active 32 DOM
6. 2026-06-13
   days on market $364,812 Active 30 DOM
7. 2026-06-13
   days on market $364,812 Active 29 DOM
8. 2026-06-09
   days on market $364,812 Active 26 DOM
9. 2026-06-08
   days on market $364,812 Active 25 DOM
10. 2026-06-07
    days on market $364,812 Active 24 DOM
11. 2026-06-04
    days on market $364,812 Active 21 DOM
12. 2026-06-03
    days on market $364,812 Active 20 DOM
13. 2026-06-02
    days on market $364,812 Active 19 DOM
14. 2026-06-01
    days on market $364,812 Active 18 DOM
15. 2026-05-31
    days on market $364,812 Active 17 DOM
16. 2026-05-14
    listed $364,812 Active 1132-char remark

    Show marketing remark (1132 chars)

    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.

ⓘ 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: $71,775
• − Mortgage interest: −$20,435
• − Property taxes: −$5,671
• − Insurance: −$1,824
• − Repairs & maintenance: −$5,742
• − Management: −$5,742
• − HOA: −$14,904
• − Depreciation: −$10,613
• Taxable income: $6,845
• Est. tax owed @ 24.0%: −$1,643
• After-tax cash flow: $9,704/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

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.