california only: san diego fha fourplex, sacramento bank-owned flip, del paso 6-unit, inglewood rent-up

OPPORTUNITY

gated shelltown fourplex, four 2-bed/1-bath units, 3,136 sqft on a 6,942 sqft lot, 1959 build. assigned parking, in-unit laundry, patios, newer windows, fresh exterior paint, updated electrical. fully rented with room to push rents to market, and san diego owner-occupied 2-4 unit financing still works with 5% conventional down.

RISK

this is exactly the deal that looks great on paper until you run it through the terminal. as a pure investment the rough full-rental screen is too low for 6.5% dscr debt, and even owner-occupied you still pay about $5,507/mo effective on fha or $5,199 conventional. fully rented means you need a unit delivered vacant, plus verified leases, fha self-sufficiency math, insurance, and the property tax reset.

VERDICT

best california house hack in this run if positioned honestly: an equity-building san diego play with a real monthly cost, not free living. buy it for four doors and the rent offset, go in clear-eyed about the carry.

OPPORTUNITY

bank-owned 2/1, 1,038 sqft on 0.17 acres, listed at $259,900 and described as needing significant repair. investor or contractor buyer. the condition language and low price create a clear flip setup, and the lot adds adu optionality if feasibility checks out.

RISK

arv-sensitive. a $430k exit against an $80k budget leaves little room, and one bad inspection item eats the profit. square footage and comps need verification, and the 70% rule wants the buy closer to $221k or below.

VERDICT

good flip lead, wrong price. obvious distress and a bank seller justify going in below ask. walkthrough, contractor bid, comp set, title check, then offer in the low 200s.

OPPORTUNITY

fully remodeled 6-unit, six 2/1s, 100% occupied with leases through 2026-2027. gated parking, alley access, big lot, 1985 vintage, and r-2b zoning language that hints at adu or added-unit upside if the city confirms it.

RISK

at the stated 5.40% cap the noi does not cover 6.5% debt at 75% ltv. the listing never shows actual noi dollars, so the premium rents are the entire case. verify the rent roll, expenses, and lease terms or negotiate the price down.

VERDICT

worth the broker call because it is clean and understandable. it becomes a dealsletter buy only at a lower basis or with a verified rent roll that beats the public cap-rate screen.

OPPORTUNITY

seven units near the sofi stadium and intuit dome corridor: one 2/1 and six 1/1s, individually metered gas and electric, with $150k+ in completed upgrades across electrical, plumbing, roof, driveway, and sb721 compliance. the advertised 32% rental upside is the entire play.

RISK

the public page hides price, rents, noi, and the rent roll, so every metric is om-dependent. not day-one cash flow under the requested dscr structure unless the basis drops, the debt improves, or the rent growth is proven fast.

VERDICT

watchlist value-add. the pitch is inglewood basis plus finished capex near major demand drivers. offer discipline at $1.45-1.5m tied to verified rent-roll upside, or pass.