Property overview

635-637 Spruce St, San Francisco, CA 94118

At our cautious numbers, renting and putting the same money in index funds comes out ahead. It did not pass our bar.

Laurel Heights, San Francisco · 3333 California St redevelopment (former UCSF Laurel Heights) 0.33 mi

Analysis of 2026-09-05 · page updated 2026-10-09

Ask $1,665,000 Beds / baths 6 / 3 Listed sqft 1,952 Legal units (roll) 2 Days on market 149 as of 2026-10-09 HOA $0 APN 1065009

The underwrite

What the $79 underwrite contains

The facts below are public, and so is every source behind them. What a buyer pays for is the answer and the working behind it.

Our answer at cautious, expected and best-case rents, side by side.
Every rent we used, and the registry cells it came from.
Tax reset arithmetic at this ask, with each parcel charge named.
How far rents can fall before the answer turns over.
What would change the answer.
What to demand in writing before you sign.

Underwrite this building — $79 Take the pass — $49/mo

Delivered within one business day. Every Bay Area 2–4 unit that beats renting and index funds, the week it lists.

Verification

What we verified

Fact	Status	Source
Ask $1,665,000	corroborated	our 2026-09-01 screen and the live listing agree; the listing's own $853 a square foot against 1,952 square feet lands on the same figure. Relisted 2026-08-27 after falling out of contract on 8/11. The ladder ran $1,795,000 on 5/13, $1,690,000 on 8/5, then $1,665,000.
Three units, and two city departments disagree	diverges	Assessor's secured roll (APN 1065009, 2025): 2 units. The parcel's own FY 2025-26 secured bill carries a $542 Apartment House License Fee, which San Francisco levies only on apartment houses of three or more dwelling units, its smallest tier being 3 to 12. So the city bills and inspects this building as a three-unit property while its own roll still says two. The listing describes three separately addressed homes, which agrees with the licence. We model three.
6 bedrooms, 3 bathrooms, 1,952 square feet, built 1900	corroborated	our listing feed and the live listing agree on all four.
635 and 637 are month-to-month; 637A is on a one-year lease from February 2026	stated	Quoted from the listing, verbatim. No rent roll was published, so the rents behind these tenancies are not known.
637 is vacant as of 2026-09-30	stated	Quoted from the listing: "Vacant 9-30,2026". This is the unit we model the buyer moving into.
Tax bill for 2025-26 is $2,937.86	verified	secured bill 20250293307, FY 2025-26: $1,566.64 of ad valorem plus $1,371.22 of fixed charges. The lines sum to the penny.
Assessed at $132,469 on a March 1998 basis	verified	the same bill — land $38,692, improvements $93,777. The building sold on 1998-03-31 for $350,000, which is the sale that set it.
The ground-floor unit was fully remodeled in 2025	stated	Quoted from the listing. It does not appear on the assessor's roll, though the apartment licence on the tax bill indicates the city counts a third dwelling here. We did not pull permits.

4 facts checked against a named source. 4 we could not settle. 5 open questions, written out in the underwrite.

Assessor

What the roll says

Assessed value: $132,469
Rate used: 1.265%
Tax bill at this ask: $21,063/yr

A bill on the roll belongs to the seller. A sale resets the assessment, so the figure above is what a buyer at this ask would owe.

Standing

Where this sat

Underwritten in the San Francisco run of September 15, 2026.