1000 Crescent Ave, San Francisco, CA 94110 — 7.1% Cash-on-Cash

About this property

1000 Crescent Ave is a 1,475-square-foot, 3-bedroom single-family property on a corner lot in San Francisco, built in 1945 and currently listed at $888,000.

The property's layout is its most investor-relevant feature: a three-bedroom, one-bath main level sits above a ground-floor bonus space with its own separate bathroom. That lower level — described as a family room but large enough for a studio-style arrangement — is the kind of flexible square footage that supports a house-hack or multigenerational setup without a formal ADU conversion.

The 1,750-square-foot lot is modest by single-family standards, typical for San Francisco's denser residential blocks. The 1945 construction date means buyers should budget for deferred maintenance and systems updates; a 79-year-old structure rarely comes without mechanical surprises. Public records show a tax-assessed value of $686,896, roughly 22.6% below the $888,000 ask — a gap that reflects California's Prop 13 assessment lag rather than any discount signal.

At 99 days on market, the property has sat longer than most active 3-bedroom listings in this zip code. That's a negotiating data point worth watching: the comparable at 2937 Harrison St has been listed 58 days at $699,000, while fresher listings in the same zip are priced well above $1.5M. The extended DOM here likely reflects the price-point gap between this property and the broader comp set, not a fundamental defect.

The investment case

A 7.1% cash-on-cash return in San Francisco, where the city average sits at -11.0%, is the central investment argument for this property.

List Price

$888,000

Monthly Payment (PITI+HOA)

$5,596

Principal & Interest

$4,434

Property Tax

$866

Insurance

$296

HOA

$0

PMI

$0

Est. Monthly Rent

$6,641

Estimated rent based on automated valuation of comparable listings.

Cash-on-Cash Return

7.1%

Cap Rate

8.6%

Monthly Cash Flow

$1,045

Gross Rent Multiplier

11.1

DSCR

1.4

The numbers start with a $888,000 purchase price and an estimated monthly rent of $6,641. After a principal-and-interest payment of $4,434 (at the current 30-year fixed rate of 6.49%), plus $866 in property taxes and $296 in insurance, total monthly outflows come to $5,596. That leaves $1,045 in monthly cash flow — not a rounding error, but a genuine positive carry in a city where most 3-bedroom listings require the owner to subsidize the mortgage.

The cap rate of 8.6% is the more telling metric for unlevered return. With a net operating income of $6,345 per month, the property generates income well above its debt service, producing a debt service coverage ratio of 1.4. Lenders typically want DSCR above 1.25; at 1.4, this property clears that threshold with room to spare, which matters if financing terms tighten or vacancy runs longer than expected.

The gross rent multiplier of 11.1 is low relative to San Francisco's median listing price of $998,000. A lower GRM means you're buying more rent per dollar of purchase price — a structural advantage at this price point. The city's tenth-best cash-on-cash deal sits at 7.06%, meaning this property is effectively at the threshold of San Francisco's top-10 leaderboard. That's a meaningful peer comparison in a market where positive cash flow is the exception.

Figures exclude depreciation tax benefits, which vary by individual tax situation.

Annual return outlook

The projected 13.9% total five-year ROI draws from three sources: cash flow, mortgage paydown, and appreciation — each contributing meaningfully.

Cash flow carries the most weight in this return stack at 7.1%, which is unusual for San Francisco. Most SF investment theses lean almost entirely on appreciation; this property's income component reduces that dependency. Mortgage paydown adds an estimated 4.0% — the mechanical equity accumulation from principal reduction at a 6.49% rate on a $888,000 purchase. Combined, those two components alone produce 11.1% before any price appreciation is factored in.

Appreciation adds an estimated 2.8% annually to the return picture. That figure is a modeled estimate for the San Francisco market, not a recorded trailing average, so it should be treated as directional rather than precise. San Francisco's long-term appreciation record is strong, but that history includes extended flat periods and corrections. The 2.8% projection is conservative relative to the city's historical peaks and optimistic relative to its troughs.

The practical implication: even if appreciation underperforms — say, comes in at 1% annually instead of 2.8% — the cash flow and paydown components still produce a combined return above 11%. That's a more defensible investment structure than a pure appreciation play, where a flat market eliminates most of the projected return.

The 5-year return here is built on income first, leverage second, and appreciation third — an unusual ordering for a San Francisco single-family property.

How it compares to nearby for-sale listings

Five active 3-bedroom listings in ZIP 94110 frame the pricing context for 1000 Crescent Ave, with a comp median of $1,695,000 — nearly double this property's ask.

At $888,000, this property is priced at roughly 52% of the comp median. That gap is stark. The closest comparable by price is 2937 Harrison St at $699,000 (1,367 sq ft, 58 days on market) and 2877 Cesar Chavez St at $899,000 (1,400 sq ft, 66 days on market). Both have been sitting for similar durations, suggesting the sub-$900K segment of this zip code is moving slowly — but they're also the only listings in the comp set that a cash-flow investor would even consider underwriting.

On a price-per-square-foot basis, 1000 Crescent Ave comes in at approximately $602/sq ft. The Cesar Chavez listing at $899,000 on 1,400 sq ft runs about $642/sq ft with one fewer bathroom. The Harrison St property at $699,000 on 1,367 sq ft is $511/sq ft but offers two baths on a smaller footprint. By that measure, 1000 Crescent Ave is priced in line with its immediate peer group.

The upper end of the comp set — listings at $1.695M, $2.395M, and $2.495M — reflects a different buyer profile entirely. Those properties are selling on location premiums and recent renovations, not income potential. For an investor running a rent-yield analysis, the relevant comparison set is the two sub-$900K listings, both of which have also been on the market for nearly two months.

Rental demand in this zip

No active rental comps were available in ZIP 94110 for 3-bedroom properties at the time of analysis, so the $6,641 monthly rent estimate carries meaningful uncertainty.

The absence of rental comp data in this zip code is a real risk factor to name plainly. The $6,641 rent estimate is a modeled figure, not a market-tested number drawn from active or recently leased comparable units. That distinction matters when the entire cash-flow case rests on that rent being achievable.

What supports the estimate: San Francisco's overall rental market for 3-bedroom single-family properties has historically commanded premium rents relative to the broader Bay Area, and the property's flexible lower-level space could support a higher effective rent if the owner occupies one level and rents the other. The dual-bathroom configuration — one on each level — is operationally useful for that kind of arrangement.

What creates uncertainty: the city's rental market has softened from its 2019 peaks, and a 1945-built property with a modest 1,475 sq ft of living space may not command the same rent as newer, larger inventory. A vacancy period of even one month in a 12-month period would reduce the effective annual rent by roughly 8.3%, compressing cash-on-cash return from 7.1% to approximately 5.8%.

Investors should run their own rent survey before closing. The financial model is attractive if the rent holds; it's materially thinner if the achievable rent comes in 10-15% below the estimate.

Who this property suits + risks to weigh

This property fits a cash-flow-oriented investor comfortable with older construction and a rent estimate that hasn't been market-validated against active comps.

Best fit

The investor this property suits is someone who wants positive carry in San Francisco — a city where that's genuinely hard to find — and who can tolerate the execution risk of an older property. A house-hacker or small landlord who occupies the main level while renting the lower unit would extract additional value from the flexible layout. The 7.1% cash-on-cash and 1.4 DSCR provide a financial cushion that most SF deals don't offer, and the $888,000 price point is well below the city's median listing of $998,000.

The non-owner-occupied status on public record suggests the property has functioned as a rental before, which typically means the layout has been tenant-tested. No HOA fees eliminate a common drag on cash flow in attached or condo-style properties.

Risks to weigh

The 99-day market time is the most visible yellow flag. Properties that sit this long in San Francisco often have a pricing, condition, or disclosure issue that's not immediately visible in the listing. A thorough inspection and review of the transfer disclosure statement are non-negotiable before making an offer.

The 1945 construction adds capital expenditure risk. Electrical, plumbing, and foundation systems in a nearly 80-year-old San Francisco property can generate five-figure repair bills. The investment model's $1,045 monthly cash flow provides some buffer, but a major repair in year one would effectively eliminate the first year's return.

The rent estimate's lack of comp support is the other primary risk. If achievable rent is $5,800 instead of $6,641, cash flow turns modestly negative. Stress-testing the model at 85-90% of the projected rent is prudent before committing.