Field Property Partners — SFR Investment Memo

691 28th Ave, San Francisco, CA 94121

duplex · 1 unit · 2,640 sqft

PASS

Going-in cap

1.51%

Y1 cash-on-cash

-16.6%

Levered IRR (5Y)

-6.6%

Equity multiple

1.26x

Strategy

MARGINAL

22.58

GRM

Macro context

4.16%

10Y

4.54%

30Y

5.05%

SOFR

3.53%

30-year mortgage rate proxy: 10Y + 250bps = 7.04% (vs underwriting rate 7.00%).

Source: FRED · 7/13/2026

HouseCanary AVM anchor

Current

$1.58M

CI $1.30M–$1.86M

1Y forward

—

3Y forward

—

Asking price $1.29M vs HC AVM $1.58M (-17.9% delta).

Key risks

DSCR below 1.10 — thin margin on debt coverage
Year-1 cash-on-cash below 4% — opportunity-cost vs treasuries
5-year levered IRR below 8% — limited upside on appreciation assumptions
Deal classified marginal — requires concession on price, rent, or rehab scope

AVM ≠ purchase price

AVM ($1.58M) differs from purchase price ($1.29M) by 21.8%. Investigate before action — possible property-specific factors (condition, ownership type, undisclosed encumbrances).

HouseCanary confidence: LOW

Wide valuation range suggests model uncertainty. Validate with comparable sales before action.

Rent-control jurisdiction

SF Rent Board — 60% CPI, typically 1.4–3.0% annually Market rent may not be achievable on inherited tenancies. Verify in-place rents with seller before underwriting.

PASS— strategy: MARGINAL

5-yr levered IRR -6.7% with DSCR 0.25 does not clear residential return thresholds.

Page 2 · Year-1 Monthly Pro Forma

Line item	M1	M2	M3	M4	M5	M6	M7	M8	M9	M10	M11	M12
GPR	$4,780	$4,780	$4,780	$4,780	$4,780	$4,780	$4,780	$4,780	$4,780	$4,780	$4,780	$4,780
Vacancy	$-239	$-239	$-239	$-239	$-239	$-239	$-239	$-239	$-239	$-239	$-239	$-239
EGI	$4,541	$4,541	$4,541	$4,541	$4,541	$4,541	$4,541	$4,541	$4,541	$4,541	$4,541	$4,541
Property tax	$-1,551	$-1,551	$-1,551	$-1,551	$-1,551	$-1,551	$-1,551	$-1,551	$-1,551	$-1,551	$-1,551	$-1,551
Insurance	$-200	$-200	$-200	$-200	$-200	$-200	$-200	$-200	$-200	$-200	$-200	$-200
Maintenance	$-478	$-478	$-478	$-478	$-478	$-478	$-478	$-478	$-478	$-478	$-478	$-478
PM fee	$-363	$-363	$-363	$-363	$-363	$-363	$-363	$-363	$-363	$-363	$-363	$-363
HOA	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
NOI	$1,949	$1,949	$1,949	$1,949	$1,949	$1,949	$1,949	$1,949	$1,949	$1,949	$1,949	$1,949
Debt service	$-7,869	$-7,869	$-7,869	$-7,869	$-7,869	$-7,869	$-7,869	$-7,869	$-7,869	$-7,869	$-7,869	$-7,869
Cash flow	$-5,920	$-5,920	$-5,920	$-5,920	$-5,920	$-5,920	$-5,920	$-5,920	$-5,920	$-5,920	$-5,920	$-5,920

Annual GPR

$57k

Annual NOI (Y1)

$23k

Annual cash flow (Y1)

$-71k

DSCR (Y1)

0.25

GRM

22.58

Total cash invested

$350k

Page 3 · Property Value + Rent Comps

RentCast AVM (current value only)

Current AVM

$1.58M

CI $1.30M–$1.86M

Asking vs AVM

$1.29M

RentCast AVM fallback — used when HouseCanary returned no coverage for this address. RentCast does not supply forward projections, so the Page 6 forward-AVM section will note "Forward AVM not available."

Rent comps / RentCast AVM

Address	Asking rent	$/sqft

Indicated value (residential): HouseCanary AVM is the canonical valuation for 1-4 unit properties — no sales-comp adjustment grid on SFR memos.

Page 4 · Sensitivities

Purchase price × Monthly rent → CoC Y1

	$4,302	$4,541	$4,780	$5,019	$5,258
$1419k	-16.7%	-16.2%	-15.6%	-15.0%	-14.4%
$1498k	-17.3%	-16.7%	-16.2%	-15.6%	-15.1%
$1577k	-17.7%	-17.2%	-16.7%	-16.2%	-15.6%
$1656k	-18.1%	-17.7%	-17.2%	-16.7%	-16.2%
$1735k	-18.5%	-18.1%	-17.6%	-17.1%	-16.6%

Appreciation × Hold period → Levered IRR

	3yr	5yr	7yr
50% appr	-18.4%	-12.9%	-9.9%
100% appr	-12.1%	-6.7%	-4.1%
150% appr	-6.4%	-1.5%	0.6%

Rate shift × Hold period → Levered IRR

	3yr	5yr	7yr
-0.75%	-10.1%	-4.9%	-2.5%
-0.25%	-11.4%	-6.1%	-3.6%
+0.00%	-12.1%	-6.7%	-4.1%
+0.25%	-12.8%	-7.3%	-4.6%
+0.75%	-14.2%	-8.6%	-5.7%

Break-even monthly rent (cash flow = 0): $12k / month

Page 5 · Strategy Analysis — MARGINAL

5-year cash flow + equity build

Line	Y1	Y2	Y3	Y4	Y5
GPR	$57k	$59k	$60k	$62k	$63k
NOI	$23k	$24k	$25k	$25k	$26k
Cash flow	$-71k	$-70k	$-70k	$-69k	$-69k

Page 6 · Reconciliation & Methodology

Forward AVM

Forward AVM not available for this property — HouseCanary returned no coverage. See Methodology for the SFR AVM fallback chain.

Data layer used: rentcast

Strategy fit

(not yet generated)

Return profile vs strategy norm

(not yet generated)

Risk factors

(not yet generated)

Methodology — SFR mode underwrites 1-4 unit residential using HouseCanary AVM as the indicated value, RentCast for rent comps, and an amortizing 30-year P&I debt schedule. Strategy classification is rule-based on cash-on-cash, DSCR, rehab ratio, and ARV-to-basis.

Pipeline

691 28th Ave, San Francisco, CA 94121

Macro context

HouseCanary AVM anchor

Key risks

Page 2 · Year-1 Monthly Pro Forma

Page 3 · Property Value + Rent Comps

RentCast AVM (current value only)

Rent comps / RentCast AVM

Page 4 · Sensitivities

Page 5 · Strategy Analysis — MARGINAL

5-year cash flow + equity build

Page 6 · Reconciliation & Methodology

Forward AVM

CFP underwriting