# 635-637 Spruce St, San Francisco, CA 94118 · The Rent Hacker > 635-637 Spruce St, San Francisco, CA 94118: the facts we verified and their sources, the assessor's roll and the tax bill a buyer would owe at this ask, all public. The paid underwrite adds the answer at cautious, expected and best-case rents and what would change it. Canonical: https://therenthacker.com/property/rh-d9euzq/635-637-spruce-st/ Source: The Rent Hacker (https://therenthacker.com/). License: RSL, attribution required — https://therenthacker.com/license.xml --- 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 ## Your underwrite contains the full underwriting 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. Everything below is public. Your underwrite holds the answer and the working behind it: open it above. - 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](/lookup/?address=635-637%20Spruce%20St#underwrite) [Take the pass — $49/mo](/checkout/?tier=pass&r=sf) Delivered within one business day. Every Bay Area 2–4 unit that beats renting and index funds, the week it lists. 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. Next ## This is one row of the San Francisco board. The run of September 15, 2026 put every two-to-four-unit listing in San Francisco through the same comparison. The rest of the board, losers and rejections included, is one page. [See the San Francisco board](/board/sf-proper/) In our guide to house hacking San Francisco: [Inner Richmond / Laurel Heights / Presidio Heights (94118)](/house-hacking/sf-inner-richmond-94118/) · [San Francisco guide](/house-hacking/san-francisco/)