2335-2337 Balboa St · San Francisco, CA 94121

$1,500,000

12 bd · 6.0 ba · 2,625 sqft · MultiFamily · 1 Days on market

Built 1948 Fair condition 1,611 sqft lot $571/sqft · 18% below area Est $1.835M · 18% under

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Why this score? — see what drove the D+ 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 +11.7/30.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• DSCR +3.5/10.0
• 1% rule +3.4/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Exceptional Triplex Investment in Prime Central Richmond, steps from Golden Gate Park. Well-maintained three-unit building in one of San Francisco's most desirable neighborhoods, offering stability, versatility & upside for investors and owner-occupants. Two spacious 2BD/1BA flats plus a newly permitted studio blend timeless charm with modern upgrades. Each flat features original hardwood floors, crown moldings, high ceilings & abundant natural light. Updated granite kitchens flow into dining & living rooms anchored by fireplaces. Quiet rear bedrooms overlook a shared garden patio.

Key facts

• Two spacious flats
• Triplex investment
• Crown moldings

Tags

• TRIPLEX INVESTMENT
• THREE-UNIT BUILDING
• TWO SPACIOUS FLATS
• NEWLY PERMITTED STUDIO
• ORIGINAL HARDWOOD FLOORS
• CROWN MOLDINGS

What this means for you Summary

Snapshot

• This is a 2×2bd/1ba + 1×1bd/1ba units multifamily listed at $1.50M. Condition is rated fair.
• This rent per unit runs 38% of the median local income ($133k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Deal economics

• At list price, monthly cash flow is $-430 ($-5k/yr) — negative. Per door: $-143/mo.
• To cash-flow at today's rent, offer at most $1.44M (4.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.26M (16.2% below list).
• Recommended offer: $1.26M (16.2% below list) — sets the bar for 1% rule.
• Cap rate 5.9% 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.
• 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.
• Market conditions: Rents rising fast (+13.0%/yr); 197 active listings in the ZIP; high-income renter base; 750 units permitted in San Francisco County in 2024 (688 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $10k of loan paydown is wiped out by about $45k of value loss. Plan a longer hold.
• San Francisco County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,257,700 (16.2% below list)

Questions for the listing agent

1. 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?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.84% ✗
• Cap rate: 5.95%
• Cash-on-cash: -1.23%
• DSCR: 0.95
• GRM: 9.9

CMA / ARV

• ARV (median comp): $1,835,150
• List price: $1,500,000
• Delta: -18.26%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2621 Clement St	0.43mi	12/4.0	2,960 (+13%)	58mo	$2,288,000	$773	31
254 8th Ave	1.10mi	10/2.0 (-2)	2,688 (+2%)	14mo	$1,410,000	$525	29
1318-1320 5th Ave	1.49mi	13/1.0 (+1)	2,827 (+8%)	33mo	$1,601,000	$566	12
333 Parnassus Ave	1.78mi	10/10.0 (-2)	2,273 (-13%)	15mo	$2,100,000	$924	10
139-143 Blake St	1.83mi	14/4.0 (+2)	2,890 (+10%)	45mo	$908,000	$314	10

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -12.9%
• Equity multiple: 0.51×
• Total profit: $-203,816
• Equity at exit: $223,655

10-year hold

• IRR: 2.5%
• Equity multiple: 1.22×
• Total profit: $90,516
• Equity at exit: $129,693

Cash invested: $420,000 (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 94121

• Rents YoY: 13.0%
• Active inventory: 197
• Price-to-rent: 29.4×

Monthly cashflow live

• Estimated rent: $12,577 high
• Mortgage (P&I): −$7,866
• Tax est. 1.5%: −$1,875 /mo · $22,500/yr
• Insurance: −$625
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,641
• Net cashflow: $-430

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$8,494
1× unit	1	1	$4,084
Total (3 units)			$12,577

Break-even live

Break-even rent $13,122

Max offer price $1,437,730

Occupancy floor 98%

Sensitivity live

Price	-10% $606	-5% $88	+0% $-430	+5% $-949	+10% $-1,467
Rent	-10% $-1,424	-5% $-927	+0% $-430	+5% $66	+10% $563
Rate	-1.0pp $325	-0.5pp $-49	base $-430	+0.5pp $-819	+1.0pp $-1,214

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: $375,000
• Closing costs: $45,000
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2525 Balboa St San Francisco, CA	1.0	1.0	—	$4,495	—	88d	1	0.11mi
2226 Cabrillo St San Francisco, CA	2.0	1.0	1100	$4,375	$3.98	139d	1	0.11mi
3421 Anza St Unit 5 San Francisco, CA	1.0	1.0	—	$3,295	—	146d	1	0.14mi
3421 Anza St Unit 5 San Francisco, CA	1.0	1.0	—	$3,195	—	135d	1	0.14mi
833 24th Ave #831 San Francisco, CA	3.0	1.5	1500	$6,295	$4.20	184d	1	0.15mi
640 28th Ave Unit 4 San Francisco, CA	1.0	1.0	—	$3,795	—	55d	1	0.20mi
566 21st Ave Apt 2 San Francisco, CA	1.0	1.0	700	$3,250	$4.64	88d	1	0.23mi
2710 Cabrillo St Apt 102 San Francisco, CA	1.0	1.0	—	$3,495	—	31d	1	0.24mi
558 21st Ave Unit 1 San Francisco, CA	2.0	1.0	—	$3,495	—	155d	1	0.24mi
2744 Balboa St Unit 2742 San Francisco, CA	1.0	1.0	—	$3,495	—	55d	1	0.25mi
522 25th Ave Apt 3 San Francisco, CA	2.0	1.0	800	$4,850	$6.06	63d	1	0.25mi
1924 Cabrillo St Unit 1 San Francisco, CA	1.0	1.0	—	$3,300	—	148d	1	0.26mi
1924 Cabrillo St Unit 3 San Francisco, CA	1.0	1.0	—	$3,500	—	148d	1	0.26mi
1924 Cabrillo St San Francisco, CA	1.0	1.0	—	$3,600	—	105d	1	0.26mi
1924 Cabrillo St San Francisco, CA	1.0	1.0	—	$3,500	—	155d	1	0.26mi
1924 Cabrillo St San Francisco, CA	1.0	1.0	—	$3,800	—	104d	1	0.26mi
1924 Cabrillo St Apt 2 San Francisco, CA	1.0	1.0	—	$3,600	—	104d	1	0.26mi
847 28th Ave San Francisco, CA	3.0	3.0	—	$8,995	—	151d	1	0.27mi
510 26th Ave Unit 303 San Francisco, CA	1.0	1.0	—	$2,895	—	131d	1	0.27mi
470 21st Ave Unit 1 San Francisco, CA	2.0	1.0	850	$5,200	$6.12	85d	1	0.29mi
552 20th Ave San Francisco, CA	3.0	1.5	1250	$5,000	$4.00	10d	1	0.30mi
550-552 20th Ave San Francisco, CA	3.0	1.5	1250	$5,000	$4.00	23d	1	0.30mi
462 21st Ave Unit 462 San Francisco, CA	3.0	2.0	1539	$6,250	$4.06	63d	1	0.31mi
5836 Geary Blvd Unit 5838 San Francisco, CA	2.0	1.0	—	$4,950	—	184d	1	0.33mi
565 29th Ave San Francisco, CA	2.0	1.0	1000	$6,350	$6.35	184d	1	0.34mi
463 25th Ave Unit C San Francisco, CA	3.0	2.0	1385	$6,500	$4.69	10d	1	0.34mi
434 24th Ave Unit 4 San Francisco, CA	2.0	1.0	779	$3,550	$4.56	184d	1	0.37mi
432 26th Ave San Francisco, CA	2.0	2.0	1521	$6,250	$4.11	31d	1	0.38mi
432 26th Ave San Francisco, CA	2.0	2.0	1521	$6,250	$4.11	10d	1	0.38mi
534 30th Ave San Francisco, CA	3.0	2.0	2442	$7,750	$3.17	138d	1	0.38mi
4302 Fulton St Unit 1 San Francisco, CA	2.0	1.0	885	$4,595	$5.19	7d	1	0.38mi
6438 Geary Blvd Unit 305 San Francisco, CA	1.0	1.0	—	$2,700	—	162d	1	0.38mi
359 21st Ave Unit 3 San Francisco, CA	2.0	1.0	821	$4,750	$5.79	55d	1	0.39mi
359 21st Ave Unit 4 San Francisco, CA	2.0	1.0	731	$4,495	$6.15	10d	1	0.39mi
494 29th Ave Unit 05 San Francisco, CA	1.0	1.0	—	$4,195	—	1d	1	0.39mi
494 29th Ave Apt 10 San Francisco, CA	1.0	1.0	—	$4,795	—	29d	1	0.39mi
5400 Fulton St Unit 201 San Francisco, CA	1.0	1.0	889	$3,750	$4.22	165d	1	0.40mi
725 18th Ave San Francisco, CA	2.0	1.5	1104	$4,300	$3.89	77d	1	0.40mi
450 28th Ave San Francisco, CA	3.0	3.0	2507	$7,500	$2.99	10d	1	0.40mi
305 23rd Ave Apt 4 San Francisco, CA	1.0	1.0	600	$4,050	$6.75	184d	1	0.41mi

Listing history 5 events

1. 2026-11-08
   statusdays on market $1,500,000 Active 1 DOM
2. 2026-11-07
   remarks 683-char remark
3. 2026-11-07
   pricestatusdays on marketlisting id $1,500,000 Coming Soon
4. 2026-05-31
   days on market $1,750,000 Active 211 DOM
5. 2025-11-01
   listed $1,750,000 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 ≥77°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 13 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $150,924
• − Mortgage interest: −$84,023
• − Property taxes: −$22,500
• − Insurance: −$7,500
• − Repairs & maintenance: −$12,074
• − Management: −$12,074
• − Depreciation: −$43,636
• Taxable loss: −$30,884
• Est. tax savings @ 24.0%: +$7,412
• After-tax cash flow: $2,248/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 · 5 photos

Fair 45/100 Moderate rehab Est. rehab $65,625–$118,125 screening

This triplex requires moderate repairs and maintenance, including painting the exterior siding and interior walls, and landscaping. The property has potential for increased value with these improvements.

Repairs flagged

• Moderate Exterior siding — Weathered appearance
• Moderate Interior walls/paint — Paint appears worn

Value-add opportunities

• Both Painting exterior siding — Enhances curb appeal and property value ↑
• Both Landscaping — Improves curb appeal and enhances property value ↑
• Both Painting interior walls — Enhances interior appearance and property value ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

Zoned Schools

Elementary Argonne Elementary Middle Presidio Middle High Washington (George) High

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

B Composite livability gradescore 76/100

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 · 1,030,936 people
• City population: 827,552
• Metro: San Francisco-Oakland-Berkeley, CA
• Population (ZIP): 41,995
• Household income: $133,358
• Rent vs Own: 56.1% rent · 43.9% own
• Severe rent burden: 7% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: Asian 42% White 41% Two or more races 10% Hispanic / Latino 8% Black 2%
• Hispanic origin (detail): Mexican 4%
• Languages at home: 59% English-only · Chinese 22% Russian/Polish/Slavic 4% Spanish 4%

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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: ▼ -1078.57%
• Current HPI: 266.5786
• Rent YoY: ▲ 13.03%
• Metro: San Francisco-Oakland-Berkeley, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

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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