411-13 28th St · San Diego, CA 92102

$695,000

6 bd · 4.0 ba · 1,340 sqft · MultiFamily · 9 Days on market

Built 1942 Good condition 4,771 sqft lot Est $1010k · 31% under ↓ 13% since listing

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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).

• ARV discount +15.0/15.0
• Cash flow +14.8/30.0
• DSCR +4.5/10.0
• 1% rule +4.1/10.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• Rent growth +2.8/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Trust Sale. Fixer Opportunity Near Downtown! These two separate units are a prime fixer or redevelopment opportunity located just minutes from downtown San Diego. Situated on a large lot, it offers endless potential for redevelopment, expansion, or income-producing upgrades. Whether you're an investor looking to add value or a developer ready for your next project, this property delivers. Nestled near Golden Hill Park and Balboa Golf Course, the property offers quick access to freeways, shopping, dining, and entertainment. Don't miss this rare chance to create value in a prime location.

Key facts

• Large lot
• 4,771 sq ft lot
• Built 1942

Tags

• LARGE LOT
• QUICK ACCESS TO FREEWAYS
• NEAR GOLDEN HILL PARK
• NEAR BALBOA GOLF COURSE

Property features AI

Finance

• Other: Zoned R-4; Located in San Diego subdivision; Approximately 1,340 finished square feet

Exterior

• Utilities: Sewer connected
• Home design: Single-story building; Multi-family residential income property (2–4 units)
• Construction: Stucco construction; Built with composition roof
• Exterior features: Full yard fencing; Composition roof

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heating
• Interior features: Natural gas heating; Full fencing

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $695k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $187 ($2k/yr) — positive. Per door: $94/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $632k (9.1% below list).
• Recommended offer: $632k (9.1% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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 (+1.0%/yr); 90 active listings in the ZIP; solid renter incomes; 11,759 units permitted in San Diego County in 2024 (7,244 in 5+ unit buildings).
• At $6,317/mo this rent would consume 98% of the median local household income ($77k/yr) (locally 2980% 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 $5k of loan paydown is wiped out by about $21k 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 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 2y 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: built in 1942 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $631,700 (9.1% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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?
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: 0.91% ✗
• Cap rate: 6.62%
• Cash-on-cash: 1.16%
• DSCR: 1.05
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $1,010,360
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2980 K St	0.20mi	5/3.0 (-1)	1,384 (+3%)	5mo	$720,000	$520	72
2486-2488 L St	0.43mi	6/2.0	1,482 (+11%)	10mo	$1,118,000	$754	46

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 · 1.0% rent growth · sell at horizon

5-year hold

• IRR: -16.7%
• Equity multiple: 0.42×
• Total profit: $-113,050
• Equity at exit: $103,627

10-year hold

• IRR: -12.6%
• Equity multiple: 0.32×
• Total profit: $-131,814
• Equity at exit: $60,091

Cash invested: $194,600 (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 92102

• Rents YoY: 1.0%
• Active inventory: 90
• Price-to-rent: 18.3×

Monthly cashflow live

• Estimated rent: $6,317 high
• Mortgage (P&I): −$3,645
• Tax est. 1.5%: −$869 /mo · $10,425/yr
• Insurance: −$290
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,327
• Net cashflow: $187

Break-even live

Break-even rent $6,080

Max offer price $695,000

Occupancy floor 92%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$6,316
Total (2 units)			$6,317

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: $173,750
• Closing costs: $20,850
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-18
   days on market $695,000 Active 9 DOM
2. 2026-06-17
   days on market $695,000 Active 8 DOM
3. 2026-06-16
   days on market $695,000 Active 7 DOM
4. 2026-06-15
   days on market $695,000 Active 6 DOM
5. 2026-06-13
   days on market $695,000 Active 4 DOM
6. 2026-06-10
   remarks 593-char remark
7. 2026-06-10
   listed $695,000 Active 1 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 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥86°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $75,804
• − Mortgage interest: −$38,931
• − Property taxes: −$10,425
• − Insurance: −$3,475
• − Repairs & maintenance: −$6,064
• − Management: −$6,064
• − Depreciation: −$20,218
• Taxable loss: −$9,374
• Est. tax savings @ 24.0%: +$2,250
• After-tax cash flow: $4,499/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 · 13 photos

Good 75/100 Cosmetic rehab

This multi-family property presents as move-in ready with good condition and potential for value enhancement through minor exterior updates and landscaping improvements.

Value-add opportunities

• Both Paint the exterior — Enhances curb appeal and resale value
• Both Landscaping improvements — Enhances curb appeal and rental value
• Both Replace windows — Improves energy efficiency and resale value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior — Enhances curb appeal and resale value ↑
• Both Landscaping improvements — Enhances curb appeal and rental value ↑
• Both Replace windows — Improves energy efficiency and resale 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 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): 38,901
• Household income: $77,248
• Rent vs Own: 67.3% rent · 32.7% own
• Severe rent burden: 2980.0

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: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: Hispanic / Latino 56% White 26% Two or more races 17% Black 9% Asian 6% Native American 2%
• Hispanic origin (detail): Mexican 53%
• Common ancestry: Romanian 2% Lithuanian 1% Italian 1%
• Foreign-born: 25% · Canada, Vietnam, China
• Languages at home: 49% English-only · Spanish 45% Other Asian/Pacific 2% Vietnamese 2%

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: ▼ -577.24%
• Current HPI: 402.4107
• Rent YoY: ▲ 1.00%
• 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

-13.1% since first listed

10 events — show timeline

• 2026-06-09 Listed $695,000 SDMLS
• 2025-09-30 Listing Removed — SDMLS
• 2025-07-10 Listed $695,000 SDMLS
• 2025-03-26 Listing Removed — SDMLS
• 2025-01-21 Listed $695,000 SDMLS
• 2025-01-18 Listed $695,000 SDMLS
• 2025-01-18 Listing Removed — SDMLS
• 2024-11-13 Listing Removed — SDMLS
• 2024-06-04 Price Changed $695,000 SDMLS
• 2024-04-18 Listed $800,000 SDMLS