11 Wood St · San Francisco, CA 94118

$1,990,000

20 bd · 4.0 ba · 3,450 sqft · MultiFamily public records · 126 Days on market

Built 1926 3,014 sqft lot $577/sqft · 8% below area Est $2166k · 8% under

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Why this score? — see what drove the B 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 +22.8/30.0
• ARV discount +11.2/15.0
• Appreciation +9.0/10.0
• DSCR +7.3/10.0
• 1% rule +5.5/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Motivated Seller! This 5-unit property in the Laurel Heights neighborhood is a standout opportunity for investors seeking stable cash flow and long-term appreciation in one of San Francisco's most desirable areas. Recently repaired and painted exterior walls, updated and remodeled one of the units; while the other units have been updated since 2024, and repaired the foundation, the property is the gem of the city. With its prime location minutes from USF and UCSF campuses, the property taps into a perpetual rental demand from students, faculty, and healthcare professionals ensuring high occupancy rates that consistently outperform nearby neighborhoods like Outer Richmond and the Sunset District. Units here command premium rents due to unmatched walkability to Trader Joe's, Target, and the bustling dining/grocery corridors of Geary Boulevard and Clement Street, while proximity to MUNI transit (15 minutes to Downtown/Financial District) attracts tech professionals and commuters. Investors benefit from premium market rate rents and a location that drives rental premiums over comparable properties in less central areas. The neighborhood's top-rated schools (e. g. , Peabody Elementary, Roosevelt Middle Schools) and proximity to Golden Gate Park add family-friendly appeal, broadening your tenant pool. With value-add potential (modernize kitchens, bathrooms, or add in-unit laundry) and San Francisco's historically resilient market, this asset offers both immediate income and future equity growth.

Key facts

• Repaired foundation
• Top rated schools
• Prime location

Tags

• UPDATED REMODELED UNIT
• REPAIRED FOUNDATION
• PRIME LOCATION
• UNMATCHED WALKABILITY
• PROXIMITY TO MUNI TRANSIT
• TOP RATED SCHOOLS

What this means for you Summary

Snapshot

• This is a 5 × 2-bed/1-bath units multifamily listed at $1.99M.

Deal economics

• At list price, monthly cash flow is $3k ($41k/yr) — positive. Per door: $689/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($21k rent vs $1.99M).
• Recommended offer: $1.75M (12.0% below list) — sets the bar for market timing.
• Cap rate 8.4% 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.
• Market conditions: Rents rising fast (+17.1%/yr); 50 active listings in the ZIP; high-income renter base; 750 units permitted in San Francisco County in 2024 (688 in 5+ unit buildings).
• At $20,846/mo this rent would consume 153% of the median local household income ($164k/yr) (locally 1780% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $171k of equity ($14k loan paydown + $158k appreciation (7.9% local appreciation)).
• San Francisco County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (7.9% appreciation + 8.0% rent growth), your $557k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$274k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 126 days — a 12% lower offer ($1.75M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 14y ago; this cycle's ask has dropped $110k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $1.35M; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,751,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 126 days. Have you received any prior offers? Is the seller open to a 12% 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. Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
10. 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.
11. 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: 1.05% ✓
• Cap rate: 8.37%
• Cash-on-cash: 7.42%
• DSCR: 1.33
• GRM: 8.0

CMA / ARV

• ARV (median comp): $2,166,160
• List price: $1,990,000
• Delta: -8.13%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
675-677 Spruce St	0.23mi	20/4.0	3,510 (+2%)	19mo	$1,565,000	$446	70

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

Projected returns pro-forma

7.92% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 27.8%
• Equity multiple: 3.04×
• Total profit: $1,138,877
• Equity at exit: $1,500,768

10-year hold

• IRR: 26.8%
• Equity multiple: 7.13×
• Total profit: $3,418,313
• Equity at exit: $2,968,495

Cash invested: $557,200 (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 94118

• Home prices YoY: 3.3%
• Rents YoY: 17.1%
• Active inventory: 50
• Price-to-rent: 39.8×

Monthly cashflow live

• Estimated rent: $20,846 high
• Mortgage (P&I): −$10,436
• Tax from tax record: −$1,757 /mo · $21,084/yr
• Insurance: −$829
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,378
• Net cashflow: $3,446

Break-even live

Break-even rent $16,484

Max offer price $1,990,000

Occupancy floor 78%

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

Units	Beds	Baths	Est. rent
▸ 5× units	2	1	$20,845
Total (5 units)			$20,846

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: $497,500
• Closing costs: $59,700
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-13
   statusdays on market $1,990,000 Pending 126 DOM
2. 2026-06-09
   days on market $1,990,000 Active 125 DOM
3. 2026-06-08
   days on market $1,990,000 Active 124 DOM
4. 2026-06-07
   days on market $1,990,000 Active 123 DOM
5. 2026-06-04
   days on market $1,990,000 Active 120 DOM
6. 2026-06-03
   days on market $1,990,000 Active 119 DOM
7. 2026-06-02
   days on market $1,990,000 Active 118 DOM
8. 2026-06-01
   days on market $1,990,000 Active 117 DOM
9. 2026-05-31
   days on market $1,990,000 Active 116 DOM
10. 2026-05-21
    price $1,990,000 1514-char remark

    Show marketing remark (1514 chars)

    Motivated Seller! This 5-unit property in the Laurel Heights neighborhood is a standout opportunity for investors seeking stable cash flow and long-term appreciation in one of San Francisco's most desirable areas. Recently repaired and painted exterior walls, updated and remodeled one of the units; while the other units have been updated since 2024, and repaired the foundation, the property is the gem of the city. With its prime location minutes from USF and UCSF campuses, the property taps into a perpetual rental demand from students, faculty, and healthcare professionals ensuring high occupancy rates that consistently outperform nearby neighborhoods like Outer Richmond and the Sunset District. Units here command premium rents due to unmatched walkability to Trader Joe's, Target, and the bustling dining/grocery corridors of Geary Boulevard and Clement Street, while proximity to MUNI transit (15 minutes to Downtown/Financial District) attracts tech professionals and commuters. Investors benefit from premium market rate rents and a location that drives rental premiums over comparable properties in less central areas. The neighborhood's top-rated schools (e. g. , Peabody Elementary, Roosevelt Middle Schools) and proximity to Golden Gate Park add family-friendly appeal, broadening your tenant pool. With value-add potential (modernize kitchens, bathrooms, or add in-unit laundry) and San Francisco's historically resilient market, this asset offers both immediate income and future equity growth.

11. 2026-02-04
    listed $2,100,000 Active 1514-char remark

    Show marketing remark (1514 chars)

    Motivated Seller! This 5-unit property in the Laurel Heights neighborhood is a standout opportunity for investors seeking stable cash flow and long-term appreciation in one of San Francisco's most desirable areas. Recently repaired and painted exterior walls, updated and remodeled one of the units; while the other units have been updated since 2024, and repaired the foundation, the property is the gem of the city. With its prime location minutes from USF and UCSF campuses, the property taps into a perpetual rental demand from students, faculty, and healthcare professionals ensuring high occupancy rates that consistently outperform nearby neighborhoods like Outer Richmond and the Sunset District. Units here command premium rents due to unmatched walkability to Trader Joe's, Target, and the bustling dining/grocery corridors of Geary Boulevard and Clement Street, while proximity to MUNI transit (15 minutes to Downtown/Financial District) attracts tech professionals and commuters. Investors benefit from premium market rate rents and a location that drives rental premiums over comparable properties in less central areas. The neighborhood's top-rated schools (e. g. , Peabody Elementary, Roosevelt Middle Schools) and proximity to Golden Gate Park add family-friendly appeal, broadening your tenant pool. With value-add potential (modernize kitchens, bathrooms, or add in-unit laundry) and San Francisco's historically resilient market, this asset offers both immediate income and future equity growth.

12. 2025-08-05
    historical Contingent - Show
13. 2025-06-22
    price $1,799,000
14. 2025-05-16
    listed $1,899,000 Active
15. 2012-12-07
    soldstatus $1,350,000 Closed
16. 2012-12-07
    soldstatus $1,350,000
17. 2012-11-02
    status Contingent - Show
18. 2012-10-18
    listed $1,198,000 Active

ⓘ 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: $21,084 · $1,757/mo
• Projected year-2 tax: $21,084 · $1,757/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 2/10 Low 7 d/yr ≥78°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 15 unhealthy d/yr today · 15 by 30 yrs out

Taxation est. · year 1

• Rental income: $250,152
• − Mortgage interest: −$111,471
• − Property taxes: −$21,084
• − Insurance: −$9,950
• − Repairs & maintenance: −$20,012
• − Management: −$20,012
• − Depreciation: −$57,891
• Taxable income: $9,731
• Est. tax owed @ 24.0%: −$2,336
• After-tax cash flow: $39,021/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: 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

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 · 827,552 people
• City population: 827,552
• Metro: San Francisco-Oakland-Berkeley, CA
• Population (ZIP): 39,130
• Household income: $163,995
• Rent vs Own: 64.9% rent · 35.1% own
• Severe rent burden: 1780.0

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%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 49% Asian 32% Two or more races 10% Hispanic / Latino 10% Black 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 3% Italian 3% Scotch-Irish 2%
• Foreign-born: 25% · China, Canada, South Korea
• Languages at home: 65% English-only · Chinese 15% Spanish 6% Other Indo-European 3%

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: ▲ 7.92%
• Current HPI: 250.5205
• Rent YoY: ▲ 17.14%
• Metro: San Francisco-Oakland-Berkeley, 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

+66.1% since first listed

9 events — show timeline

• 2026-05-21 Price Changed $1,990,000 San Francisco MLS
• 2026-02-04 Listed $2,100,000 San Francisco MLS
• 2025-08-05 Contingent — San Francisco MLS
• 2025-06-22 Price Changed $1,799,000 San Francisco MLS
• 2025-05-16 Listed $1,899,000 San Francisco MLS
• 2012-12-07 Sold (Public Records) $1,350,000 Public Records
• 2012-12-07 Sold (MLS) $1,350,000 San Francisco MLS
• 2012-11-02 Pending — San Francisco MLS
• 2012-10-18 Listed $1,198,000 San Francisco MLS

Property tax history

+4.7%/yr

Latest (2025): $21,084 · +3.1% YoY. Source: county tax records.