834 Meadowsweet Dr

Corte Madera, CA 94925

$1,049,000A-

9 bd · 9.0 ba · 1,800 sqft · Built — · MultiFamily · Pending · 174 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $17,724/mo
• Mortgage (P&I): −$5,501
• Tax + insurance: −$1,654
• HOA: −$0
• Vac / Maint / Mgmt: −$3,722
• Net cashflow: $6,847/mo
• Annual: $82,162/yr
• Cap rate: 14.13%
• Cash-on-cash: 27.97%
• DSCR: 2.24
• 1% rule: 1.69%
• Cash to close: $293,720

Investor read

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $1.05M.
• At list price, monthly cash flow is $7k ($82k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($18k rent vs $1.05M).
• It's been on market 174 days — a 12% lower offer ($923k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $923k (12.0% below list) — sets the bar for market timing.
• In year one you build about $81k of equity ($7k loan paydown + $74k appreciation (7.0% local appreciation)).
• Location reads 83/100 on livability (#26 in CA, #984 nationally) — a professional / high-income tenant draw. Strengths: schools A+, commute A+, employment A+; Watch: cost of living F.
• Tamalpais Union High (suburban): math 62% / reading 78% proficiency, ranked #42 of 517 in CA (top 8%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 41 active listings in the ZIP; high-income renter base; 149 units permitted in Marin County in 2024 (5 in 5+ unit buildings).
• Marin County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (7.0% appreciation + 3.0% rent growth), your $294k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$130k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 14.1% vs local median 1.9% in Corte Madera — 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.
• At $17,724/mo this rent would consume 91% of the median local household income ($233k/yr) (locally 169% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 174 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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 A-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?
• 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.
• 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.