1688 Pine St Unit W201 · San Francisco, CA 94109

$402,999

2 bd · 2.0 ba · 930 sqft · Condo · 26 Days on market

Built 2016 Good condition $889/mo HOA · 18% of rent

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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).

• Cash flow +15.3/30.0
• ARV discount +7.5/15.0
• Appreciation +7.5/10.0
• 1% rule +7.0/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• DSCR +4.7/10.0
• Condition / age +4.2/5.0
• Livability +3.8/5.0

Listing remarks

2 bedroom 2 Bth with private patio at the Rockwell. Temporary waivers apply to this unit: must not exceed 120% of the area median income, buyer does not need to be a 1st time home buyer, can have income from assets excluded from total household income, can complete the Homebuyer education after applying, can make a down payment more than 50% of the sales price, buyers may purchase a unit with up to one additional bedroom beyond their household size. 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; 5 = $168,300 etc. Must be 1st-time homebuyer & income eligible. Unit available thru

Key facts

• $889 HOA
• Parking
• Built 2016

Property features AI

Finance

• HOA & community: Monthly HOA fee; HOA amenities include barbecue, gym, and roof deck; HOA covers common areas, door person, building and grounds maintenance, trash, and water; Community has 260 units; Pets allowed with limits on number and size

Exterior

• Parking: On-site parking (side-by-side, size limited) - 1 space
• Security: Fire alarm; Smoke detector(s)
• Utilities: Public water; Public sewer
• Home design: Contemporary condominium; Entry level: ground floor; Built in 2016
• Construction: Built in 2016; Contemporary construction
• Exterior features: Uncovered patio

Interior

• Kitchen: Dishwasher; Free-standing gas range
• Bedrooms: 2 bedrooms
• Flooring: Simulated wood flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating
• Interior features: Central heating; Fire alarm; Smoke detectors
• Laundry & utility: Washer/dryer hookups

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $403k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $148 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $403k).
• Recommended offer: $397k (1.5% below list) — sets the bar for market timing.
• Cap rate 6.7% 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 (+15.6%/yr); 163 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 750 units permitted in San Francisco County in 2024 (688 in 5+ unit buildings).
• At $4,838/mo this rent would consume 55% of the median local household income ($106k/yr) (locally 5272% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $23k of equity ($3k loan paydown + $20k appreciation (5.0% 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 (5.0% appreciation + 8.0% rent growth), your $113k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($397k) is reasonable based on typical stale-listing flexibility.

Recommended offer $396,954 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.20% ✓
• Cap rate: 6.73%
• Cash-on-cash: 1.58%
• DSCR: 1.07
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.02% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 17.4%
• Equity multiple: 2.14×
• Total profit: $129,004
• Equity at exit: $228,896

10-year hold

• IRR: 20.3%
• Equity multiple: 4.94×
• Total profit: $444,200
• Equity at exit: $395,476

Cash invested: $112,840 (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 94109

• Home prices YoY: 2.9%
• Rents YoY: 15.6%
• Active inventory: 163
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $4,838 high
• Mortgage (P&I): −$2,113
• Tax est. 1.5%: −$504 /mo · $6,045/yr
• Insurance: −$168
• HOA: −$889
• Vacancy / Maint / Mgmt: −$1,016
• Net cashflow: $148

Break-even live

Break-even rent $4,651

Max offer price $402,999

Occupancy floor 92%

Sensitivity live

Price	-10% $427	-5% $287	+0% $148	+5% $9	+10% $-130
Rent	-10% $-234	-5% $-43	+0% $148	+5% $339	+10% $530
Rate	-1.0pp $351	-0.5pp $251	base $148	+0.5pp $44	+1.0pp $-62

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: $100,750
• Closing costs: $12,090
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1285 Sutter St San Francisco, CA	2.0	2.0	1122	$6,868	$6.12	4d	3	0.12mi
81 Frank Norris St San Francisco, CA	1.0	1.0	620	$1,700	$2.74	14d	1	0.16mi
1701-1717 Bush St Unit 16 San Francisco, CA	2.0	1.0	750	$4,000	$5.33	44d	1	0.16mi
1 Daniel Burnham Ct #106 San Francisco, CA	1.0	1.0	800	$4,200	$5.25	3d	1	0.16mi
1 Daniel Burnham Ct San Francisco, CA	1.0	1.0	700	$4,075	$5.82	44d	2	0.16mi
1511 Gough St Unit 306 San Francisco, CA	1.0	1.0	595	$3,895	$6.55	3d	1	0.17mi
1201 Sutter St #208 San Francisco, CA	1.0	1.0	531	$2,150	$4.05	44d	1	0.18mi
1735 Van Ness Ave San Francisco, CA	2.0	1.0	1064	$12,225	$11.49	8d	2	0.19mi
1755 Van Ness Ave San Francisco, CA	1.0	1.0	947	$5,195	$5.49	14d	1	0.20mi
1755 Van Ness Ave San Francisco, CA	1.0	1.0	884	$5,095	$5.76	4d	1	0.20mi
2055 Sacramento St San Francisco, CA	1.0	1.0	612	$4,495	$7.34	2d	1	0.24mi
248 Myrtle St San Francisco, CA	2.0	1.0	975	$4,500	$4.62	19d	1	0.26mi
1080 Sutter St San Francisco, CA	2.0	1.0	750	$4,150	$5.53	44d	1	0.27mi
2080 Gough St San Francisco, CA	2.0	2.0	1000	$7,495	$7.50	25d	1	0.29mi
860 Geary St San Francisco, CA	1.0	1.0	577	$2,495	$4.32	44d	2	0.34mi
1100 Gough St San Francisco, CA	2.0	1.0	785	$4,500	$5.73	19d	1	0.35mi
1860 Jackson St San Francisco, CA	1.0	1.0	1000	$5,495	$5.50	4d	1	0.37mi
2200 Sacramento St #1207 San Francisco, CA	2.0	2.0	1000	$10,000	$10.00	22d	1	0.37mi
1557 Washington St San Francisco, CA	1.0	1.0	600	$3,795	$6.33	25d	1	0.38mi
965 Sutter St San Francisco, CA	2.0	1.0–2.0	618	$3,770	$6.10	3d	1	0.38mi
851 Van Ness Ave #306 San Francisco, CA	2.0	2.0	909	$4,700	$5.17	13d	1	0.39mi
950 Franklin St San Francisco, CA	1.0	1.0	573	$4,045	$7.06	4d	1	0.39mi
750 Ofarrell St San Francisco, CA	2.0	1.0–2.0	725	$2,895	$3.99	8d	1	0.39mi
830 Eddy St San Francisco, CA	1.0	1.0	775	$4,700	$6.06	6d	3	0.42mi
812 Eddy St San Francisco, CA	1.0	1.0	580	$3,495	$6.03	25d	1	0.42mi
2190 Washington St San Francisco, CA	1.0	1.0	950	$12,000	$12.63	3d	1	0.42mi
725 Leavenworth St Unit 5 San Francisco, CA	2.0	2.0	742	$4,600	$6.20	15d	1	0.43mi
1450 Washington St Unit 1450-07 San Francisco, CA	2.0	1.0	818	$6,500	$7.95	11d	1	0.47mi
1024 Bush St San Francisco, CA	3.0	2.5	900	$4,750	$5.28	44d	1	0.48mi
1690 Broadway San Francisco, CA	1.0–2.0	1.0	761	$6,995	$9.19	8d	2	0.48mi
845 Sutter St San Francisco, CA	1.0	1.0	700	$2,895	$4.14	15d	1	0.48mi
1889 Broadway Unit 107 San Francisco, CA	1.0	1.0	529	$3,600	$6.81	44d	1	0.49mi
737 Post St San Francisco, CA	2.0	1.0–2.0	515	$4,955	$9.61	3d	11	0.50mi
676 Geary St San Francisco, CA	1.0–2.0	1.0	616	$4,340	$7.04	2d	2	0.50mi
1221 Jones St San Francisco, CA	1.0	1.0	650	$7,000	$10.77	13d	1	0.52mi
601 Van Ness Ave San Francisco, CA	1.0	1.0	653	$3,795	$5.81	11d	2	0.55mi
750 Golden Gate Ave San Francisco, CA	3.0	1.0–2.5	681	$2,280	$3.35	44d	1	0.55mi
1750 Vallejo St Unit 402 San Francisco, CA	1.0	1.0	1000	$7,950	$7.95	17d	1	0.56mi
1401 Jones St San Francisco, CA	1.0	1.0	550	$5,500	$10.00	8d	1	0.57mi
1310 Jones St San Francisco, CA	2.0	2.0	1367	$10,250	$7.50	4d	4	0.57mi

HOA detail condo

• Monthly dues: $889 · $10,668/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-21
   days on market $402,999 Active 26 DOM
2. 2026-06-18
   days on market $402,999 Active 23 DOM
3. 2026-06-17
   days on market $402,999 Active 22 DOM
4. 2026-06-16
   days on market $402,999 Active 21 DOM
5. 2026-06-15
   days on market $402,999 Active 20 DOM
6. 2026-06-13
   days on market $402,999 Active 18 DOM
7. 2026-06-13
   days on market $402,999 Active 17 DOM
8. 2026-06-09
   days on market $402,999 Active 14 DOM
9. 2026-06-08
   days on market $402,999 Active 13 DOM
10. 2026-06-07
    days on market $402,999 Active 12 DOM
11. 2026-06-04
    days on market $402,999 Active 9 DOM
12. 2026-06-03
    days on market $402,999 Active 8 DOM
13. 2026-06-02
    days on market $402,999 Active 7 DOM
14. 2026-06-01
    days on market $402,999 Active 6 DOM
15. 2026-05-31
    days on market $402,999 Active 5 DOM
16. 2026-05-26
    listed $402,999 Active

ⓘ 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 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: $58,059
• − Mortgage interest: −$22,574
• − Property taxes: −$6,045
• − Insurance: −$2,015
• − Repairs & maintenance: −$4,645
• − Management: −$4,645
• − HOA: −$10,668
• − Depreciation: −$11,724
• Taxable loss: −$4,256
• Est. tax savings @ 24.0%: +$1,021
• After-tax cash flow: $2,800/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 · 27 photos

Good 85/100 None rehab

This property is in excellent condition with modern amenities and a private patio, making it a great investment for both resale and rental.

Value-add opportunities

• Both Private patio with plants — Enhances both resale and rental value by providing a private outdoor space
• Both Modern kitchen appliances — Modernizes the kitchen and enhances both resale and rental value
• Both Modern bathroom fixtures — Modernizes the bathroom and enhances both resale and rental value

Renovation cost estimate screening

Value-add ROI direction

• Both Private patio with plants — Enhances both resale and rental value by providing a private outdoor space ↑
• Both Modern kitchen appliances — Modernizes the kitchen and enhances both resale and rental value ↑
• Both Modern bathroom fixtures — Modernizes the bathroom and enhances both resale and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 54,553
• Household income: $106,018
• Rent vs Own: 83.2% rent · 16.8% own
• Severe rent burden: 5272.0

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 0.66)
• Race & ethnicity: White 50% Asian 27% Hispanic / Latino 13% Two or more races 10% Black 4%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Lithuanian 3% Italian 3% Romanian 2%
• Foreign-born: 31% · China, Canada, Vietnam
• Languages at home: 64% English-only · Chinese 10% Spanish 7% Other Asian/Pacific 4%

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: ▲ 5.02%
• Current HPI: 175.8886
• Rent YoY: ▲ 15.60%
• 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

• 2026-05-26 Listed $402,999 San Francisco MLS