3974-78 Kansas St · San Diego, CA 92104

$1,699,000

20 bd · 16.0 ba · — sqft · MultiFamily · 97 Days on market

Built 1930 Poor condition 6,999 sqft lot

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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).

• Cash flow +19.6/30.0
• ARV discount +7.5/15.0
• DSCR +6.2/10.0
• 1% rule +5.2/10.0
• Livability +3.8/5.0
• Rent growth +2.8/5.0
• Schools +2.2/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

An incredible opportunity awaits in the heart of North Park. Set on a 7,000 sq ft lot, 3974 Kansas St offers a rare chance to reimagine or redevelop in one of San Diego’s most sought-after neighborhoods. The property currently features 3 units with a front residence and additional units in the rear, providing flexibility for a range of future possibilities (buyer to verify zoning and use). It’s an ideal canvas for a builder, investor, or visionary looking to bring a fresh concept to life—whether that’s a modern multi-unit design, creative infill development, or long-term residential investment. North Park continues to thrive as one of San Diego’s most walkable, culturally rich communities—home to an ever-evolving mix of eclectic eateries, craft coffee shops, art galleries, and independent boutiques. Just blocks from 30th Street’s restaurant scene, University Avenue’s energy, and the open green spaces of Balboa Park’s Morley Field, the location offers unmatched lifestyle appeal. With quick access to downtown, Hillcrest, South Park, and major freeways, this offering blends urban convenience with neighborhood charm.

Key facts

• 6,999 sq ft lot
• Built 1930
• Listed 96 days

Property features AI

Finance

• Other: Listing broker: Landmark Multifamily and Development; Listing agent: Daniel Sipher
• HOA & community: Building name: North Park

Exterior

• Home design: Multi-family residential income property; 2–4 unit configuration; Single-story building
• Construction: Located at 3974-78 Kansas St, San Diego, CA
• Exterior features: Located in North Park neighborhood; Zoning: RM-3-9

Interior

• Bathrooms: 4 full bathrooms
• Interior features: Unbranded virtual tour available

What this means for you Summary

Snapshot

• This is a 4 × 5-bed/?-bath units multifamily listed at $1.70M. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $486/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($17k rent vs $1.70M).
• Recommended offer: $1.55M (9.0% below list) — sets the bar for market timing.
• Cap rate 7.7% 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 (+1.4%/yr); 172 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 $17,325/mo this rent would consume 221% of the median local household income ($94k/yr) (locally 3114% 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 $12k of loan paydown is wiped out by about $51k 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

• It's been on market 97 days — a 9% lower offer ($1.55M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.
• Current owner paid $1.20M; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,546,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
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 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 1.02% ✓
• Cap rate: 7.67%
• Cash-on-cash: 4.91%
• DSCR: 1.22
• GRM: 8.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.38% rent growth · sell at horizon

5-year hold

• IRR: -10.5%
• Equity multiple: 0.62×
• Total profit: $-178,942
• Equity at exit: $253,326

10-year hold

• IRR: -3.6%
• Equity multiple: 0.78×
• Total profit: $-105,605
• Equity at exit: $146,898

Cash invested: $475,720 (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 92104

• Rents YoY: 1.4%
• Active inventory: 172
• Price-to-rent: 32.7×

Monthly cashflow live

• Estimated rent: $17,325 medium
• Mortgage (P&I): −$8,910
• Tax est. 1.5%: −$2,124 /mo · $25,485/yr
• Insurance: −$708
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,638
• Net cashflow: $1,945

Break-even live

Break-even rent $14,863

Max offer price $1,699,000

Occupancy floor 84%

Sensitivity live

Price	-10% $3,119	-5% $2,532	+0% $1,945	+5% $1,358	+10% $771
Rent	-10% $577	-5% $1,261	+0% $1,945	+5% $2,630	+10% $3,314
Rate	-1.0pp $2,801	-0.5pp $2,377	base $1,945	+0.5pp $1,505	+1.0pp $1,057

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

Units	Beds	Baths	Est. rent
▸ 4× units	5	—	$17,324
Total (4 units)			$17,325

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: $424,750
• Closing costs: $50,970
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $1,699,000 Active 97 DOM
2. 2026-06-18
   days on market $1,699,000 Active 94 DOM
3. 2026-06-17
   days on market $1,699,000 Active 93 DOM
4. 2026-06-16
   days on market $1,699,000 Active 92 DOM
5. 2026-06-15
   days on market $1,699,000 Active 91 DOM
6. 2026-06-13
   days on market $1,699,000 Active 89 DOM
7. 2026-06-09
   days on market $1,699,000 Active 85 DOM
8. 2026-06-08
   days on market $1,699,000 Active 84 DOM
9. 2026-06-07
   days on market $1,699,000 Active 83 DOM
10. 2026-06-04
    days on market $1,699,000 Active 80 DOM
11. 2026-06-03
    days on market $1,699,000 Active 79 DOM
12. 2026-06-02
    days on market $1,699,000 Active 78 DOM
13. 2026-06-01
    days on market $1,699,000 Active 77 DOM
14. 2026-05-31
    days on market $1,699,000 Active 76 DOM
15. 2026-03-17
    listed $1,699,000 Active
16. 2026-02-05
    listed $1,200,000 Active 1184-char remark

    Show marketing remark (1184 chars)

    An incredible opportunity awaits in the heart of North Park. Set on a 7,000 sq ft lot, 3974 Kansas St offers a rare chance to reimagine or redevelop in one of San Diego’s most sought-after neighborhoods. The property currently features 3 units with a front residence and additional units in the rear, providing flexibility for a range of future possibilities (buyer to verify zoning and use). It’s an ideal canvas for a builder, investor, or visionary looking to bring a fresh concept to life—whether that’s a modern multi-unit design, creative infill development, or long-term residential investment. North Park continues to thrive as one of San Diego’s most walkable, culturally rich communities—home to an ever-evolving mix of eclectic eateries, craft coffee shops, art galleries, and independent boutiques. Just blocks from 30th Street’s restaurant scene, University Avenue’s energy, and the open green spaces of Balboa Park’s Morley Field, the location offers unmatched lifestyle appeal. With quick access to downtown, Hillcrest, South Park, and major freeways, this offering blends urban convenience with neighborhood charm.

17. 2026-02-05
    soldstatus $1,200,000 Closed 1184-char remark

    Show marketing remark (1184 chars)

    An incredible opportunity awaits in the heart of North Park. Set on a 7,000 sq ft lot, 3974 Kansas St offers a rare chance to reimagine or redevelop in one of San Diego’s most sought-after neighborhoods. The property currently features 3 units with a front residence and additional units in the rear, providing flexibility for a range of future possibilities (buyer to verify zoning and use). It’s an ideal canvas for a builder, investor, or visionary looking to bring a fresh concept to life—whether that’s a modern multi-unit design, creative infill development, or long-term residential investment. North Park continues to thrive as one of San Diego’s most walkable, culturally rich communities—home to an ever-evolving mix of eclectic eateries, craft coffee shops, art galleries, and independent boutiques. Just blocks from 30th Street’s restaurant scene, University Avenue’s energy, and the open green spaces of Balboa Park’s Morley Field, the location offers unmatched lifestyle appeal. With quick access to downtown, Hillcrest, South Park, and major freeways, this offering blends urban convenience with neighborhood charm.

ⓘ 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 4/10 Moderate 7 d/yr ≥89°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: $207,900
• − Mortgage interest: −$95,170
• − Property taxes: −$25,485
• − Insurance: −$8,495
• − Repairs & maintenance: −$16,632
• − Management: −$16,632
• − Depreciation: −$49,425
• Taxable loss: −$3,940
• Est. tax savings @ 24.0%: +$946
• After-tax cash flow: $24,290/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

Poor 20/100 Extensive rehab

This property requires extensive repairs and maintenance to bring it up to market standards. Significant structural and aesthetic improvements are needed to increase its resale and rental value.

Repairs flagged

• Major roof — Severe damage and weathering
• Major exterior walls — Significant structural damage
• Major flooring — Worn and uneven
• Major interior walls/paint — Paint peeling and walls damaged
• Major HVAC/mechanicals — No visible signs of recent maintenance

Value-add opportunities

• Both Roof replacement — Essential for safety and value
• Both Exterior repairs and painting — Improves curb appeal and value
• Both Flooring replacement — Enhances usability and value
• Both Interior repairs and painting — Enhances usability and value
• Both HVAC system replacement — Improves comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Severe damage and weathering	Major	$15,000–50,000
exterior walls · Significant structural damage	Major	$15,000–50,000
flooring · Worn and uneven	Major	$15,000–50,000
interior walls/paint · Paint peeling and walls damaged	Major	$15,000–50,000
HVAC/mechanicals · No visible signs of recent maintenance	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both Roof replacement — Essential for safety and value ↑
• Both Exterior repairs and painting — Improves curb appeal and value ↑
• Both Flooring replacement — Enhances usability and value ↑
• Both Interior repairs and painting — Enhances usability and value ↑
• Both HVAC system replacement — Improves comfort and energy efficiency ↑

ⓘ 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): 47,410
• Household income: $94,014
• Rent vs Own: 71.2% rent · 28.8% own
• Severe rent burden: 3114.0

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 0.64)
• Race & ethnicity: White 50% Hispanic / Latino 31% Two or more races 18% Black 7% Asian 6%
• Hispanic origin (detail): Mexican 24% Puerto Rican 1%
• Common ancestry: Lithuanian 2% Italian 2% Slovak 2%
• Foreign-born: 16% · Canada, Vietnam, Jamaica
• Languages at home: 70% English-only · Spanish 22% Russian/Polish/Slavic 1% Tagalog/Filipino 1%

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: ▼ -970.97%
• Current HPI: 397.3028
• Rent YoY: ▲ 1.38%
• 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

+41.6% since first listed

3 events — show timeline

• 2026-03-17 Listed $1,699,000 SDMLS
• 2026-02-05 Listed $1,200,000 SDMLS
• 2026-02-05 Sold (MLS) $1,200,000 SDMLS