146 W Alamo St · Calipatria, CA 92233

$895,000

15 bd · 8.0 ba · 6,400 sqft · MultiFamily · 97 Days on market

Built 1985 Fair condition 0.34 ac 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 +10.5/30.0
• Appreciation +9.1/10.0
• ARV discount +7.5/15.0
• 1% rule +3.1/10.0
• DSCR +3.0/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.4/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 5 units. estimate disagrees with records

Listing remarks MLS

Good investment. Longterm tenants. Each unit has own storage shed. 2 units have been completely remodeled. The other 6 units are in good shape. 4 units have new AC. The other 4 AC in good condition. There is 1 large storage shed in back of property. There is a large grass covered courtyard in center of the 2 buildings.

Key facts

• Completely remodeled
• New ac
• Large storage shed

Tags

• COMPLETELY REMODELED
• NEW AC
• LARGE STORAGE SHED
• GRASS COVERED COURTYARD

What this means for you Summary

Snapshot

• This is a 5 × 3-bed/?-bath units multifamily listed at $895k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-458 ($-5k/yr) — negative. Per door: $-92/mo.
• To cash-flow at today's rent, offer at most $829k (7.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $725k (19.0% below list).
• Recommended offer: $725k (19.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 56/100 on livability (#789 in CA) — a working-class tenant base; expect higher turnover. Strengths: crime A+, housing A+; Watch: amenities F, commute F, employment D-.
• Calipatria Unified (town): math 9% / reading 27% proficiency, ranked #485 of 517 in CA (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 85% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Fremont Primary (math 8% / reading 12%, grade F, #1,535 of 1,571 statewide, top 98%, 370 students, 90% FRL); Bill E. Young Jr. Middle (math 8% / reading 26%, grade F, #443 of 498 statewide, top 90%, 358 students, 90% FRL); Calipatria High (math 12% / reading 57%, grade F, #618 of 1,170 statewide, top 56%, 369 students, 80% FRL) — zoned schools at 87% FRL track the district average.
• Market conditions: 22 active listings in the ZIP; 271 units permitted in Imperial County in 2024 (112 in 5+ unit buildings).

Forward outlook

• In year one you build about $80k of equity ($6k loan paydown + $74k appreciation (8.2% local appreciation)).
• Imperial County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$128k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($814k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 14y ago 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 $280k; list at $895k implies a 220% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $725,000 (19.0% 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. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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 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?
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: 0.81% ✗
• Cap rate: 5.68%
• Cash-on-cash: -2.19%
• DSCR: 0.90
• GRM: 10.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

8.24% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 18.9%
• Equity multiple: 2.41×
• Total profit: $353,538
• Equity at exit: $694,729

10-year hold

• IRR: 17.7%
• Equity multiple: 5.18×
• Total profit: $1,048,358
• Equity at exit: $1,393,362

Cash invested: $250,600 (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 92233

• Home prices YoY: 2.0%
• Active inventory: 22
• Price-to-rent: 51.4×

Monthly cashflow live

• Estimated rent: $7,250 medium
• Mortgage (P&I): −$4,693
• Tax est. 1.5%: −$1,119 /mo · $13,425/yr
• Insurance: −$373
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,522
• Net cashflow: $-458

Break-even live

Break-even rent $7,829

Max offer price $828,778

Occupancy floor —

Sensitivity live

Price	-10% $161	-5% $-148	+0% $-458	+5% $-767	+10% $-1,076
Rent	-10% $-1,030	-5% $-744	+0% $-458	+5% $-171	+10% $115
Rate	-1.0pp $-7	-0.5pp $-230	base $-458	+0.5pp $-690	+1.0pp $-925

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

Units	Beds	Baths	Est. rent
▸ 5× units	3	—	$7,250
Total (5 units)			$7,250

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: $223,750
• Closing costs: $26,850
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-05-20
   status Pending 320-char remark

   Show marketing remark (320 chars)

   Good investment. Longterm tenants. Each unit has own storage shed. 2 units have been completely remodeled. The other 6 units are in good shape. 4 units have new AC. The other 4 AC in good condition. There is 1 large storage shed in back of property. There is a large grass covered courtyard in center of the 2 buildings.

2. 2026-05-09
   status Active 320-char remark

   Show marketing remark (320 chars)

   Good investment. Longterm tenants. Each unit has own storage shed. 2 units have been completely remodeled. The other 6 units are in good shape. 4 units have new AC. The other 4 AC in good condition. There is 1 large storage shed in back of property. There is a large grass covered courtyard in center of the 2 buildings.

3. 2026-01-26
   status Pending 320-char remark

   Show marketing remark (320 chars)

   Good investment. Longterm tenants. Each unit has own storage shed. 2 units have been completely remodeled. The other 6 units are in good shape. 4 units have new AC. The other 4 AC in good condition. There is 1 large storage shed in back of property. There is a large grass covered courtyard in center of the 2 buildings.

4. 2025-11-02
   listed $895,000 Active 320-char remark

   Show marketing remark (320 chars)

   Good investment. Longterm tenants. Each unit has own storage shed. 2 units have been completely remodeled. The other 6 units are in good shape. 4 units have new AC. The other 4 AC in good condition. There is 1 large storage shed in back of property. There is a large grass covered courtyard in center of the 2 buildings.

5. 2014-12-22
   soldstatus $280,000 444-char remark

   Show marketing remark (444 chars)

   Here is a great investment opportunity. Two 4-plex buildings. All eight units measure approximately 768 Sq. Ft. , 2 bedroom 1 bathroom units. Down stair units may be a little smaller due to stairway to upstairs units. Between the two buildings, is a nice courtyard, creating a relaxing environment. For the convenience of the tenants, there is a laundry room, on site. This property is conveniently located near the local city park, and school.

6. 2012-12-18
   listed $295,000 444-char remark

   Show marketing remark (444 chars)

   Here is a great investment opportunity. Two 4-plex buildings. All eight units measure approximately 768 Sq. Ft. , 2 bedroom 1 bathroom units. Down stair units may be a little smaller due to stairway to upstairs units. Between the two buildings, is a nice courtyard, creating a relaxing environment. For the convenience of the tenants, there is a laundry room, on site. This property is conveniently located near the local city park, and school.

ⓘ 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 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥114°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $87,000
• − Mortgage interest: −$50,134
• − Property taxes: −$13,425
• − Insurance: −$4,475
• − Repairs & maintenance: −$6,960
• − Management: −$6,960
• − Depreciation: −$26,036
• Taxable loss: −$20,990
• Est. tax savings @ 24.0%: +$5,038
• After-tax cash flow: $-454/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 · 10 photos

Fair 45/100 Moderate rehab

The property is in fair condition with some minor repairs and maintenance needed. Upgrading the paint and flooring would significantly enhance its value for both resale and rental.

Repairs flagged

• Minor Paint — Paint appears slightly worn on interior walls.
• Minor Flooring — Laminate flooring in the kitchen and bathrooms shows signs of wear.

Value-add opportunities

• Both Paint interior walls and replace laminate flooring — Painting and replacing flooring will improve the appearance and functionality of the property, making it more attractive to potential buyers or renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint · Paint appears slightly worn on interior walls.	Minor	$500–3,000
Flooring · Laminate flooring in the kitchen and bathrooms shows signs of wear.	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Paint interior walls and replace laminate flooring — Painting and replacing flooring will improve the appearance and functionality of the property, making it more attractive to potential buyers or renters. ↑

ⓘ 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: Calipatria Unified
• NCES district ID: 0606990
• Math proficiency: 9% ▼ -18.00%
• Reading proficiency: 27% ▼ -18.00%
• Median HH income: $30,088
• Composite: 14.28/100
• National rank: #9446
• State rank: #485 of 517 in CA

Livability — Calipatria

• Score: 56/100
• State rank: #789
• US rank: #22633

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Calipatria, CA
• Population (ZIP): 6,837

Population outlook (Imperial County) Hauer SSP2

• Today (2025): 186,713 people
• By 2030: 190,022 · +1.8%
• By 2040: 195,993 · +5.0%
• By 2050: 199,534 · +6.9%
• By 2075: 216,878 · +16.2%
• By 2100: 352,705 · +88.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (80%)
• Race & ethnicity: Hispanic / Latino 80% Two or more races 22% Black 9% White 7% Asian 1%
• Hispanic origin (detail): Mexican 75% Puerto Rican 1%
• Common ancestry: Iranian 1% Lithuanian 1% Slovak 0%
• Foreign-born: 20% · Canada, South Korea
• Languages at home: 31% English-only · Spanish 67% Korean 1%

Political lean MEDSL · Imperial

• 2024 margin: Toss-up / Even · D 48.3% · R 49.1% · Other 2.6%
• 2008→2024 swing: -27.0pp toward R · 2008: 26.2pp · 2024: -0.9pp
• All cycles: 2024: R+0.9 2020: D+24.4 2016: D+41.1 2012: D+28.8 2008: D+26.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 8.24%
• Current HPI: 426.7554
• Rent YoY: —
• Metro: —
• 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

+203.4% since first listed

6 events — show timeline

• 2026-05-20 Pending — ICAOR
• 2026-05-09 Relisted — ICAOR
• 2026-01-26 Pending — ICAOR
• 2025-11-02 Listed $895,000 ICAOR
• 2014-12-22 Sold (MLS) $280,000 ICAOR
• 2012-12-18 Listed $295,000 ICAOR