Evaluated
2051 23rd Ave
Beats renting and index funds on our cautious numbers, but by too little to survive an ordinary rent shortfall. It passed the math, not our bar.
94606 · East Bay
Underwritten as of 2026-10-07 · record v18
Published at our defaults: House-Hack wins by $33,799 · S&P breakeven 10.4% · crash floor 2.1% full underwriting, cautious case
Run your own numbers on any building →
The three cases
| Conservative | Base | Optimistic | |
|---|---|---|---|
| Verdict | House-Hack | House-Hack | House-Hack |
| Margin vs the S&P path | +$33,799 | +$210,531 | +$412,309 |
| Rent while you live in one unit | $3,298/mo | $3,298/mo | $3,298/mo |
| Rent after you move out | $5,348/mo | $5,598/mo | $5,886/mo |
| Modeled appreciation | 2.5%/yr | 4.0%/yr | 5.5%/yr |
| Repairs allowance | $15,000 | $8,000 | $0 |
| S&P breakeven | 10.4% | 12.2% | 14% |
| Crash floor | 2.1% | 1.3% | 0.4% |
| Wealth at year 10 | $1,267,583 | $1,444,315 | $1,646,093 |
| If you sold at year 10 | $1,228,220 | $1,398,797 | $1,593,568 |
Conservative leads; base and optimistic are the accompanying range, never the headline. Margin is vs. investing the same money in the S&P 500; the S&P breakeven is the yearly stock return that would tie it, and the crash floor is the yearly appreciation below which the deal loses. Wealth at year 10 counts home equity at full value; the sold line subtracts selling costs.
Open these numbers in the calculator → Every slider starts at this page's inputs; change any of them and the verdict re-runs at yours.
Property facts
| Asking price | $615,000 |
|---|---|
| Units | 4 |
| Beds / baths | 9 / 5 |
| Square feet | 2,668 |
| Year built | 1927 |
| Property type | Multi-Family |
| Days on market | 92 |
| Neighborhood | San Antonio |
| Strategy lane | fourplex |
| Nearest catalyst | Tempo BRT Line 1T (0.6 mi) |
| Modeled appreciation | 4.0%/yr |
Unit count verified: 4 units, corroborated by the listing itself and a prior adjudication.
fourplex — San Antonio · 0.6 mi from Tempo BRT Line 1T.
Where these numbers come from
Of the 15 inputs behind this analysis, 6 trace to evidence (our listing feed, area comps, county records); 4 are standing conventions; 2 are derived from other inputs.
- Purchase price: our listing feed · corroborated
- Rent while you live in one unit: area rent comps and research bands · single source
- Rent after you move out: an unclassified source · no independent witness
- The rent you would pay on the never-buy path: an unclassified source · no independent witness
- Property tax rate: county assessor records · single source
- Unit count: a prior adjudicated ruling · corroborated
A standing convention is a deliberate modeling choice we apply to every deal. We flag it rather than dress it up as evidence.
Want this for an address you pick?
Every week we underwrite this metro’s 2-4 unit listings against the S&P and publish the whole board, with the reason on every one we rejected.
Want this analysis for another address?
Any San Francisco address, underwritten the same way — cautious rents, the registry, the S&P line.
Underwrite an address →A full report like this one, for an address you pick: Underwrite an address — $79, delivered within one business day.
Record v18 · engine aafb236 · profile fha-house-hack