844-48 Isthmus Ct · San Diego, CA 92109

$1,990,000

6 bd · 4.5 ba · — sqft · MultiFamily · 7 Days on market

Built 1956

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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 +14.5/30.0
• ARV discount +7.5/15.0
• DSCR +4.4/10.0
• 1% rule +4.0/10.0
• Livability +3.8/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

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

Rare gated compound steps from the Mission Beach Boardwalk. This three unit property offers a 2 bedroom 1.5 bath main residence with in unit laundry and 2 car garage, plus two private studios each with their own outdoor space. The compound is framed by a gated courtyard entry, elevated entertaining deck, and rear courtyard separating the main house from the studios. All units have alley access with assigned parking. All three units are month to month with rents, offering a new owner flexibility to owner occupy, or explore short term rental potential in one of San Diego's most sought after coastal neighborhoods. Minutes to Belmont Park, Mission Bay, and Pacific Beach. A one of a kind opportu

Key facts

• Private studios
• In unit laundry
• Outdoor space

Tags

• IN UNIT LAUNDRY
• PRIVATE STUDIOS
• OUTDOOR SPACE
• GATED COURTYARD ENTRY
• ELEVATED ENTERTAINING DECK
• REAR COURTYARD

Property features AI

Finance

• Other: Property subtype: 2–4 unit residential income

Exterior

• Utilities: Irrigation source: unknown
• Home design: Multi-family residential income property; Two stories
• Construction: Composition roof
• Exterior features: Gated fencing; Bay/harbor frontage

Interior

• Bathrooms: Three full bathrooms; One half bathroom
• Interior features: Located in Mission Beach (neighborhood)

What this means for you Summary

Snapshot

• This is a 3 × 2.0-bed/1.5-bath units multifamily listed at $1.99M.

Deal economics

• At list price, monthly cash flow is $-6 ($-77/yr) — negative. Per door: $-2/mo.
• To cash-flow at today's rent, offer at most $1.99M (0.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.79M (9.8% below list).
• Recommended offer: $1.79M (9.8% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 2.0% in San Diego — 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 75/100 on livability (#123 in CA, #4,206 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: health & safety C-, crime D+, cost of living F.
• San Diego Unified (urban): math 19% / reading 29% proficiency, ranked #393 of 517 in CA (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+2.5%/yr); 212 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 11,759 units permitted in San Diego County in 2024 (7,244 in 5+ unit buildings).
• At $17,940/mo this rent would consume 176% of the median local household income ($122k/yr) (locally 2981% 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 $14k of loan paydown is wiped out by about $60k of value loss. Plan a longer hold.
• San Diego County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 3y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,794,000 (9.8% 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. 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 1956 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. Crime grade is D 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.90% ✗
• Cap rate: 6.55%
• Cash-on-cash: 0.90%
• DSCR: 1.04
• GRM: 9.2

CMA / ARV

No comps found within radius.

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
813-15 Isthmus Ct	0.04mi	6/6.0	3,206	21mo	$2,080,000	$649	62
3455-57 Ocean Front Walk	0.33mi	5/3.0 (-1)	2,608	3mo	$4,650,000	$1,783	58
707 Ensenada Ct	0.44mi	7/5.0 (+1)	2,200	10mo	$3,200,000	$1,455	52

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

Projected returns pro-forma

-3.0% appreciation · 2.47% rent growth · sell at horizon

5-year hold

• IRR: -16.9%
• Equity multiple: 0.40×
• Total profit: $-331,856
• Equity at exit: $296,715

10-year hold

• IRR: -9.8%
• Equity multiple: 0.41×
• Total profit: $-325,970
• Equity at exit: $172,059

Cash invested: $557,200 (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 92109

• Rents YoY: 2.5%
• Active inventory: 212
• Price-to-rent: 27.7×

Monthly cashflow live

• Estimated rent: $17,940 high
• Mortgage (P&I): −$10,436
• Tax est. 1.5%: −$2,488 /mo · $29,850/yr
• Insurance: −$829
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,767
• Net cashflow: $-6

Break-even live

Break-even rent $17,948

Max offer price $1,989,076

Occupancy floor 95%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2.0	1.5	$17,940
Total (3 units)			$17,940

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: $497,500
• Closing costs: $59,700
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
952 Pacific Beach Dr San Diego, CA	5.0	4.5	3217	$14,500	$4.51	24d	1	1.30mi

Listing history 6 events

1. 2026-06-18
   days on market $1,990,000 Active 7 DOM
2. 2026-06-17
   days on market $1,990,000 Active 6 DOM
3. 2026-06-16
   days on market $1,990,000 Active 5 DOM
4. 2026-06-15
   days on market $1,990,000 Active 4 DOM
5. 2026-06-13
   remarks 699-char remark
6. 2026-06-13
   listed $1,990,000 Active 2 DOM

ⓘ 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 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥84°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $215,280
• − Mortgage interest: −$111,471
• − Property taxes: −$29,850
• − Insurance: −$15,068
• − Repairs & maintenance: −$17,222
• − Management: −$17,222
• − Depreciation: −$57,891
• Taxable loss: −$33,445
• Est. tax savings @ 24.0%: +$8,027
• After-tax cash flow: $7,950/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 Diego Unified
• NCES district ID: 0634320
• Math proficiency: 19% ▼ -29.00%
• Reading proficiency: 29% ▼ -28.00%
• Median HH income: $61,673
• Composite: 22.31/100
• National rank: #8135
• State rank: #393 of 517 in CA

Livability — San Diego

• Score: 75/100
• State rank: #123
• US rank: #4206

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Diego, CA
• County: San Diego County · 3,178,799 people
• City population: 1,397,612
• Metro: San Diego-Chula Vista-Carlsbad, CA
• Population (ZIP): 44,820
• Household income: $122,128
• Rent vs Own: 68.8% rent · 31.2% own
• Severe rent burden: 2981.0

Population outlook (San Diego County) Hauer SSP2

• Today (2025): 3,678,185 people
• By 2030: 3,856,546 · +4.8%
• By 2040: 4,171,407 · +13.4%
• By 2050: 4,421,607 · +20.2%
• By 2075: 4,831,599 · +31.4%
• By 2100: 4,832,502 · +31.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 12% Two or more races 11% Asian 4% Black 2%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Lithuanian 3% Italian 3% Romanian 2%
• Foreign-born: 11% · Canada, China, South Korea
• Languages at home: 84% English-only · Spanish 8% Other Indo-European 3% Russian/Polish/Slavic 1%

Political lean MEDSL · San Diego

• 2024 margin: D (+16.8) · D 56.9% · R 40.1% · Other 2.9%
• 2008→2024 swing: +6.6pp toward D · 2008: 10.2pp · 2024: 16.8pp
• All cycles: 2024: D+16.8 2020: D+22.8 2016: D+17.8 2012: D+5.1 2008: D+10.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -808.40%
• Current HPI: 390.6037
• Rent YoY: ▲ 2.47%
• Metro: San Diego-Chula Vista-Carlsbad, 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

+120506.1% since first listed

3 events — show timeline

• 2026-04-09 Listed $1,990,000 SDMLS
• 2023-12-23 Rental Removed $1,650 APPFOLIO
• 2023-12-15 Listed for Rent $1,650 APPFOLIO