2 Mint Plz #207

San Francisco, CA 94103

$414,940D+

1 bd · 1.0 ba · 671 sqft · Built 1926 · Condo · Active · 407 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,428/mo
• Mortgage (P&I): −$2,176
• Tax + insurance: −$692
• HOA: −$946
• Vac / Maint / Mgmt: −$720
• Net cashflow: $-1,105/mo
• Annual: $-13,263/yr
• Cap rate: 3.10%
• Cash-on-cash: -11.42%
• DSCR: 0.49
• 1% rule: 0.83%
• Cash to close: $116,183

Investor read

• This is a 1-bed/1.0-bath condo listed at $415k. Condition is rated good.
• At list price, monthly cash flow is $-1k ($-13k/yr) — negative.
• To cash-flow at today's rent, offer at most $255k (38.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $343k (17.4% below list).
• It's been on market 407 days — a 12% lower offer ($365k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $255k (38.5% below list) — sets the bar for cash-flow.
• In year one you build about $23k of equity ($3k loan paydown + $21k appreciation (5.0% local appreciation)).
• 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.
• Watch-outs: HOA is 28% of rent; built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+15.5%/yr); 170 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 43d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 55% 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).
• San Francisco County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 3.1% 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.
• This rent runs 35% of the median local income ($116k/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 407 days. Have you received any prior offers? Is the seller open to a 39% concession, seller financing, or rate buy-down credit?
• Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?