2263 E Thomas · Fresno, CA 93701

$474,900

6 bd · 5.0 ba · 2,942 sqft · MultiFamily public records · 33 Days on market

Built 1948 0.45 ac lot $161/sqft · 23% below area Est $618k · 23% under

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Why this score? — see what drove the A- 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +7.6/10.0
• Livability +3.1/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Welcome to 2263 E Thomas Ave, a rare multi-unit investment property offering five well-positioned units. This income-producing asset is ideal for both seasoned investors and those looking to expand their portfolio. With consistent rental demand in the area, this property presents an excellent opportunity for immediate income generation and future rent growth. Whether you're seeking a turnkey asset or a value-add opportunity, 2263 E Thomas Ave delivers flexibility, location, and income potential in one compelling package.

Key facts

• 0.45 acre lot
• 3 parking spots
• Built 1948

What this means for you Summary

Snapshot

• This is a 6-bed/5.0-bath multifamily listed at $475k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $475k).
• Recommended offer: $461k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.9% vs local median 3.7% in Fresno — 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 62/100 on livability (#469 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+; Watch: amenities D+, employment D+, schools D.
• Fresno Unified (urban): math 18% / reading 47% proficiency, ranked #327 of 517 in CA (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 41 active listings in the ZIP; 2 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 2,426 units permitted in Fresno County in 2024 (296 in 5+ unit buildings).

Forward outlook

• In year one you build about $51k of equity ($3k loan paydown + $47k appreciation (10.0% local appreciation)).
• Fresno County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $133k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$82k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($461k) is reasonable based on typical stale-listing flexibility.
• 4 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 $150k; list at $475k implies a 217% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $460,653 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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?
6. 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.
7. 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.
8. 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: 1.26% ✓
• Cap rate: 10.93%
• Cash-on-cash: 16.55%
• DSCR: 1.74
• GRM: 6.6

CMA / ARV

• ARV (median comp): $618,261
• List price: $474,900
• Delta: -23.19%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
330 N Abby St	0.45mi	7/7.0 (+1)	3,220 (+9%)	6mo	$510,000	$158	45
2967 E Iowa Ave	0.75mi	6/3.0	2,550 (-13%)	10mo	$359,950	$141	26

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 36.5%
• Equity multiple: 3.82×
• Total profit: $375,290
• Equity at exit: $427,828

10-year hold

• IRR: 31.4%
• Equity multiple: 8.62×
• Total profit: $1,013,002
• Equity at exit: $922,626

Cash invested: $132,972 (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 93701

• Home prices YoY: 6.4%
• Active inventory: 41
• Price-to-rent: 33.2×

Monthly cashflow live

• Estimated rent: $5,967 high
• Mortgage (P&I): −$2,490
• Tax from tax record: −$192 /mo · $2,300/yr
• Insurance: −$198
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,253
• Net cashflow: $1,834

Break-even live

Break-even rent $3,646

Max offer price $474,900

Occupancy floor 64%

Sensitivity live

Price	-10% $2,103	-5% $1,968	+0% $1,834	+5% $1,700	+10% $1,565
Rent	-10% $1,363	-5% $1,598	+0% $1,834	+5% $2,070	+10% $2,305
Rate	-1.0pp $2,073	-0.5pp $1,955	base $1,834	+0.5pp $1,711	+1.0pp $1,586

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

Units	Beds	Baths	Est. rent
▸ 5× units	2	1	$5,965
Total (5 units)			$5,967

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: $118,725
• Closing costs: $14,247
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3024 E Illinois Ave Fresno, CA	5.0	2.0	2000	$2,500	$1.25	24d	1	0.79mi
1118 N Yosemite Ave Fresno, CA	6.0	3.0	2800	$2,950	$1.05	17d	1	1.00mi

Listing history 21 events

1. 2026-06-21
   days on market $474,900 Active 33 DOM
2. 2026-06-18
   days on market $474,900 Active 30 DOM
3. 2026-06-17
   days on market $474,900 Active 29 DOM
4. 2026-06-16
   days on market $474,900 Active 28 DOM
5. 2026-06-15
   days on market $474,900 Active 27 DOM
6. 2026-06-13
   days on market $474,900 Active 25 DOM
7. 2026-06-10
   days on market $474,900 Active 22 DOM
8. 2026-06-09
   days on market $474,900 Active 21 DOM
9. 2026-06-08
   days on market $474,900 Active 20 DOM
10. 2026-06-07
    days on market $474,900 Active 19 DOM
11. 2026-06-05
    days on market $474,900 Active 16 DOM
12. 2026-06-03
    days on market $474,900 Active 15 DOM
13. 2026-06-02
    days on market $474,900 Active 14 DOM
14. 2026-06-01
    days on market $474,900 Active 13 DOM
15. 2026-05-31
    days on market $474,900 Active 12 DOM
16. 2026-05-19
    listed $474,900 Active 526-char remark

    Show marketing remark (526 chars)

    Welcome to 2263 E Thomas Ave, a rare multi-unit investment property offering five well-positioned units. This income-producing asset is ideal for both seasoned investors and those looking to expand their portfolio. With consistent rental demand in the area, this property presents an excellent opportunity for immediate income generation and future rent growth. Whether you're seeking a turnkey asset or a value-add opportunity, 2263 E Thomas Ave delivers flexibility, location, and income potential in one compelling package.

17. 2026-05-01
    listed $474,900 Active 591-char remark

    Show marketing remark (591 chars)

    Exceptional 5-Unit Investment Opportunity - Strong Income Potential.Welcome to 2263 E Thomas Ave, a rare multi-unit investment property offering five well-positioned units.This income-producing asset is ideal for both seasoned investors and those looking to expand their portfolio.With consistent rental demand in the area, this property presents an excellent opportunity for immediate income generation and future rent growth.Whether you're seeking a turnkey asset or a value-add opportunity, 2263 E Thomas Ave delivers flexibility, location, and income potential in one compelling package.

18. 2026-05-01
    listed $474,900 Active

    Show marketing remark (591 chars)

    Exceptional 5-Unit Investment Opportunity - Strong Income Potential.Welcome to 2263 E Thomas Ave, a rare multi-unit investment property offering five well-positioned units.This income-producing asset is ideal for both seasoned investors and those looking to expand their portfolio.With consistent rental demand in the area, this property presents an excellent opportunity for immediate income generation and future rent growth.Whether you're seeking a turnkey asset or a value-add opportunity, 2263 E Thomas Ave delivers flexibility, location, and income potential in one compelling package.

19. 2026-05-01
    listed $474,900 Active

    Show marketing remark (591 chars)

    Exceptional 5-Unit Investment Opportunity - Strong Income Potential.Welcome to 2263 E Thomas Ave, a rare multi-unit investment property offering five well-positioned units.This income-producing asset is ideal for both seasoned investors and those looking to expand their portfolio.With consistent rental demand in the area, this property presents an excellent opportunity for immediate income generation and future rent growth.Whether you're seeking a turnkey asset or a value-add opportunity, 2263 E Thomas Ave delivers flexibility, location, and income potential in one compelling package.

20. 2018-03-29
    soldstatus $150,000
21. 1994-07-18
    soldstatus $87,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $2,300 · $192/mo
• Projected year-2 tax: $3,609 · $301/mo
• Expected delta: +$1,309/yr (+$109/mo · 56.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 48 unhealthy d/yr today · 50 by 30 yrs out

Taxation est. · year 1

• Rental income: $71,604
• − Mortgage interest: −$26,602
• − Property taxes: −$2,300
• − Insurance: −$2,374
• − Repairs & maintenance: −$5,728
• − Management: −$5,728
• − Depreciation: −$13,815
• Taxable income: $15,055
• Est. tax owed @ 24.0%: −$3,613
• After-tax cash flow: $18,394/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.

Schools (NCES district)

• District: Fresno Unified
• NCES district ID: 0614550
• Math proficiency: 18% ▼ -12.00%
• Reading proficiency: 47% ▲ 9.00%
• Median HH income: $36,095
• Composite: 26.83/100
• National rank: #7111
• State rank: #327 of 517 in CA

Livability — Fresno

• Score: 62/100
• State rank: #469
• US rank: #15907

Category grades

Amenities D+ Commute A+ Cost of living F Crime F Employment D+ Housing A+ Health & safety F User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fresno, CA
• County: Fresno County · 834,801 people
• City population: 593,114
• Metro: Fresno, CA
• Population (ZIP): 9,808
• Household income: $32,768
• Rent vs Own: 85.6% rent · 14.4% own
• Severe rent burden: 1072.0

Population outlook (Fresno County) Hauer SSP2

• Today (2025): 1,042,971 people
• By 2030: 1,072,198 · +2.8%
• By 2040: 1,122,408 · +7.6%
• By 2050: 1,157,251 · +11.0%
• By 2075: 1,182,575 · +13.4%
• By 2100: 1,105,899 · +6.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (77%)
• Race & ethnicity: Hispanic / Latino 77% Two or more races 23% White 10% Black 6% Asian 4% Native American 3%
• Hispanic origin (detail): Mexican 75%
• Common ancestry: Scotch-Irish 1% Italian 1%
• Foreign-born: 32% · Canada
• Languages at home: 33% English-only · Spanish 61% Other Asian/Pacific 3%

Political lean MEDSL · Fresno

• 2024 margin: Toss-up / Even · D 46.5% · R 50.9% · Other 2.6%
• 2008→2024 swing: -6.5pp toward R · 2008: 2.1pp · 2024: -4.4pp
• All cycles: 2024: R+4.4 2020: D+7.8 2016: D+3.9 2012: R+2.9 2008: D+2.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 27.24%
• Current HPI: 452.1844
• Rent YoY: —
• Metro: Fresno, 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

+442.7% since first listed

6 events — show timeline

• 2026-05-19 Listed $474,900 CRMLS
• 2026-05-01 Listed $474,900 TCMLS
• 2026-05-01 Listed $474,900 KCBOR
• 2026-05-01 Listed $474,900 FRESNOMLS
• 2018-03-29 Sold (Public Records) $150,000 Public Records
• 1994-07-18 Sold (Public Records) $87,500 Public Records

Property tax history

+3.6%/yr

Latest (2025): $2,300 · +3.8% YoY. Source: county tax records.