1003-1011 Lassen St · Richmond, CA 94805

$750,000

20 bd · 10.0 ba · 1,332 sqft · MultiFamily · 23 Days on market

Built 1952 4,800 sqft lot

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Why this score? — see what drove the C 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 +25.1/30.0
• DSCR +8.2/10.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• Livability +3.1/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Exceptional duplex opportunity in Richmond offering the perfect blend of investment potential, owner-occupant flexibility, and long-term value. This well-maintained property features two separate 2-bedroom, 1-bathroom units, each with its own private entrance, garage, laundry area, and spacious backyard, creating a highly desirable living arrangement for both tenants and homeowners. One unit is currently tenant-occupied, providing immediate rental income, while the vacant unit has been tastefully updated and is move-in ready. Recent improvements include luxury vinyl plank flooring throughout most of the home, tile flooring in the bathroom, and an upgraded kitchen featuring solid-surface cou

Key facts

• Gas cooktop
• Spacious backyard
• Upgraded kitchen

Tags

• PRIVATE ENTRANCE
• SPACIOUS BACKYARD
• LUXURY VINYL PLANK FLOORING
• UPGRADED KITCHEN
• SOLID-SURFACE COUNTERTOPS
• GAS COOKTOP

Property features AI

Finance

• Financial info: Two-unit property (2 total units)

Exterior

• Parking: Attached garage
• Utilities: Public water; Public sewer
• Home design: Duplex residential income property; Built in 1952
• Construction: Stucco construction
• Exterior features: Garden; Fenced; Corner lot

Interior

• Flooring: Tile; Vinyl
• Bathrooms: Unit 1: 1 bathroom; Unit 2: 1 bathroom
• Heating & cooling: Wall furnace (heating)
• Interior features: Tub with shower over; Double-pane windows; Window screens
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 5 × 2-bed/1.0-bath units multifamily listed at $750k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $333/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $750k).
• Recommended offer: $739k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.0% 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.

Location & tenants

• 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: 48 active listings in the ZIP; high-income renter base; 2,169 units permitted in Contra Costa County in 2024 (896 in 5+ unit buildings).
• At $8,666/mo this rent would consume 94% of the median local household income ($111k/yr) (locally 399% 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 $5k of loan paydown is wiped out by about $22k of value loss. Plan a longer hold.
• Contra Costa County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($739k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $738,750 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.16% ✓
• Cap rate: 8.95%
• Cash-on-cash: 9.50%
• DSCR: 1.42
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -2.0%
• Equity multiple: 0.93×
• Total profit: $-15,480
• Equity at exit: $111,827

10-year hold

• IRR: 7.8%
• Equity multiple: 1.59×
• Total profit: $123,442
• Equity at exit: $64,846

Cash invested: $210,000 (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 94805

• Active inventory: 48
• Price-to-rent: 36.1×

Monthly cashflow live

• Estimated rent: $8,666 medium
• Mortgage (P&I): −$3,933
• Tax est. 1.5%: −$938 /mo · $11,250/yr
• Insurance: −$312
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,820
• Net cashflow: $1,663

Break-even live

Break-even rent $6,561

Max offer price $750,000

Occupancy floor 76%

Sensitivity live

Price	-10% $2,181	-5% $1,922	+0% $1,663	+5% $1,404	+10% $1,145
Rent	-10% $978	-5% $1,321	+0% $1,663	+5% $2,005	+10% $2,348
Rate	-1.0pp $2,041	-0.5pp $1,854	base $1,663	+0.5pp $1,469	+1.0pp $1,271

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

Units	Beds	Baths	Est. rent
▸ 5× units	2	1	$8,665
Total (5 units)			$8,666

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: $187,500
• Closing costs: $22,500
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-21
   days on market $750,000 Active 23 DOM
2. 2026-06-18
   days on market $750,000 Active 20 DOM
3. 2026-06-17
   days on market $750,000 Active 19 DOM
4. 2026-06-16
   days on market $750,000 Active 18 DOM
5. 2026-06-15
   days on market $750,000 Active 17 DOM
6. 2026-06-13
   days on market $750,000 Active 15 DOM
7. 2026-06-13
   days on market $750,000 Active 14 DOM
8. 2026-06-09
   days on market $750,000 Active 11 DOM
9. 2026-06-08
   days on market $750,000 Active 10 DOM
10. 2026-06-07
    days on market $750,000 Active 9 DOM
11. 2026-06-04
    days on market $750,000 Active 6 DOM
12. 2026-06-03
    days on market $750,000 Active 5 DOM
13. 2026-06-02
    days on market $750,000 Active 4 DOM
14. 2026-06-01
    days on market $750,000 Active 3 DOM
15. 2026-05-31
    days on market $750,000 Active 2 DOM

ⓘ 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 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥87°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 16 unhealthy d/yr today · 16 by 30 yrs out

Taxation est. · year 1

• Rental income: $103,992
• − Mortgage interest: −$42,012
• − Property taxes: −$11,250
• − Insurance: −$3,750
• − Repairs & maintenance: −$8,319
• − Management: −$8,319
• − Depreciation: −$21,818
• Taxable income: $8,523
• Est. tax owed @ 24.0%: −$2,046
• After-tax cash flow: $17,911/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: West Contra Costa Unified
• NCES district ID: 0632550
• Math proficiency: 24% ▲ 1.00%
• Reading proficiency: 35% ▲ 1.00%
• Median HH income: $64,837
• Composite: 30.04/100
• National rank: #11623
• State rank: #993 of 1400 in CA

Livability — Richmond

• Score: 62/100
• State rank: #497
• US rank: #16759

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richmond, CA
• County: Contra Costa County · 1,059,880 people
• City population: 183,357
• Metro: San Francisco-Oakland-Berkeley, CA
• Population (ZIP): 14,670
• Household income: $111,152
• Rent vs Own: 33.6% rent · 66.4% own
• Severe rent burden: 399.0

Population outlook (Contra Costa County) Hauer SSP2

• Today (2025): 1,287,720 people
• By 2030: 1,364,937 · +6.0%
• By 2040: 1,506,209 · +17.0%
• By 2050: 1,624,373 · +26.1%
• By 2075: 1,853,193 · +43.9%
• By 2100: 1,901,231 · +47.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.74)
• Race & ethnicity: Hispanic / Latino 35% White 32% Two or more races 17% Asian 17% Black 9% Native American 1%
• Hispanic origin (detail): Mexican 24%
• Common ancestry: Lithuanian 2% Italian 2% Romanian 2%
• Foreign-born: 34% · Canada, China, Jamaica
• Languages at home: 55% English-only · Spanish 27% Chinese 5% Other Indo-European 4%

Political lean MEDSL · Contra Costa

• 2024 margin: Solid D (+38.0) · D 67.3% · R 29.4% · Other 3.3%
• 2008→2024 swing: +0.2pp no change · 2008: 37.8pp · 2024: 38.0pp
• All cycles: 2024: D+38.0 2020: D+45.3 2016: D+43.5 2012: D+33.7 2008: D+37.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -663.34%
• Current HPI: 134.6979
• Rent YoY: —
• 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

1 event — show timeline

• 2026-05-29 Listed $750,000 bridgeMLS, Bay East AOR, or Contra Costa AOR