1833 Clinton Ave

Alameda, CA 94501

$2,000,000F

12 bd · 5.0 ba · 5,518 sqft · Built 1890 · Condo · Active · 46 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,691/mo
• Mortgage (P&I): −$10,488
• Tax + insurance: −$1,584
• HOA: −$0
• Vac / Maint / Mgmt: −$985
• Net cashflow: $-8,367/mo
• Annual: $-100,398/yr
• Cap rate: 1.27%
• Cash-on-cash: -17.93%
• DSCR: 0.20
• 1% rule: 0.23%
• Cash to close: $560,000

Investor read

• This is a 12-bed/5.0-bath condo listed at $2.00M.
• At list price, monthly cash flow is $-8k ($-100k/yr) — negative.
• To cash-flow at today's rent, offer at most $522k (73.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $469k (76.5% below list).
• It's been on market 46 days — a 3% lower offer ($1.94M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $469k (76.5% below list) — sets the bar for 1% rule.
• 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.
• Location reads 68/100 on livability (#281 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, health & safety B+; Watch: crime F, amenities F, cost of living F.
• Alameda Unified (suburban): math 59% / reading 70% proficiency, ranked #149 of 1,400 in CA (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.5%/yr); 177 active listings in the ZIP; high-income renter base; 1,742 units permitted in Alameda County in 2024 (856 in 5+ unit buildings).
• Alameda County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $1.50M (43%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 1.3% vs local median 1.7% in Alameda — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• This rent runs 44% of the median local income ($128k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• It's been on market 46 days. Have you received any prior offers? Is the seller open to a 77% concession, seller financing, or rate buy-down credit?
• Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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?