30-34 1st St

Richmond, CA 94801

$659,000D

6 bd · 3.0 ba · 2,010 sqft · Built 1962 · MultiFamily · Active · 65 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,158/mo
• Mortgage (P&I): −$3,456
• Tax + insurance: −$1,098
• HOA: −$0
• Vac / Maint / Mgmt: −$1,293
• Net cashflow: $311/mo
• Annual: $3,727/yr
• Cap rate: 6.86%
• Cash-on-cash: 2.02%
• DSCR: 1.09
• 1% rule: 0.93%
• Cash to close: $184,520

Investor read

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $659k. Condition is rated good.
• At list price, monthly cash flow is $311 ($4k/yr) — positive. Per door: $104/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 $616k (6.6% below list).
• It's been on market 65 days — a 6% lower offer ($619k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $616k (6.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#497 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A, health & safety B+; Watch: schools F, crime F, amenities F.
• West Contra Costa Unified (suburban): math 24% / reading 35% proficiency, ranked #993 of 1,400 in CA (top 71%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+4.0%/yr); 101 active listings in the ZIP; solid renter incomes; 2,169 units permitted in Contra Costa County in 2024 (896 in 5+ unit buildings).
• Contra Costa County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 6.9% vs local median 2.7% in Richmond — 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 $6,158/mo this rent would consume 90% of the median local household income ($82k/yr) (locally 1277% 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 65 days. Have you received any prior offers? Is the seller open to a 7% 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?
• Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?