Richmond Annex
Existing landlord, 1031 exchange from a SF condo.
Outcome: Identified duplex producing $5,400/mo gross rent, $799K purchase, 5.2% cap. Closed in 28 days.
5.2% cap, 1031 successful
For income-property investors
A Bay Area rental property only pencils if the rent is real, the carrying cost is real, and the tenant pipeline is real.
Roger Grubb specializes in Bay Area small-multifamily (2-4 units) and SFR-rental underwriting. He's closed Richmond duplexes, Concord triplexes, and Oakland 4-unit properties — and he'll tell you when a deal doesn't pencil instead of selling you on it. DRE #01845823. (510) 504-0402.
Who is writing this
Roger underwrites on rent rolls he's seen, not Zillow estimates. He runs cap rate, GRM, and DSCR honestly. His current Richmond Annex duplex listing at 6130 Van Fleet is a recent example — $799K asking on a building that produces $5,400/mo gross rent.
The process
One person. End to end.
- 01
Strategy first, properties second
BRRRR, buy-and-hold cash flow, value-add reposition, 1031 exchange — Roger maps which approach fits your capital and risk tolerance.
- 02
Real underwriting
Actual rent comps from the same block, real tax bills, actual insurance quotes, real reserve assumptions. Not pro-forma fairy dust.
- 03
Off-market sourcing
Roger's 18-year East Bay network surfaces 1-in-4 deals before they hit BAREIS. Investors hate competitive bids — off-market is where the math works.
- 04
Inspection through landlord lens
A regular inspection misses the landlord-killers: outdated panels, lead-paint disclosures, single-pane windows in tenant cities, rent-control implications.
- 05
Close + tenant transition
Roger coordinates with the seller's property manager for tenant estoppels, security-deposit transfer, and the legal notice requirements.
Cost
What it costs
Buyer's commission paid by seller, same as any transaction. No advisory fee.
When to call somebody else
This is probably not the right move if…
- You're expecting cash-flow positive in year one on a 25% downpayment. Bay Area gross yields are typically 3-4% — you need 35%+ down or value-add for year-one cash flow.
- You hate dealing with tenants. Investment property is a tenant business, not a real estate business.
- You haven't already done one rental somewhere. Roger will tell you to start smaller, somewhere else, first.
The record
Recent transactions in this exact situation.
Concord
First-time investor, $200K cash, looking for cash-flow.
Outcome: Roger talked them out of three deals before finding a triplex that actually penciled. Closed at $890K, $4,800/mo gross.
Real cash flow, year 1 positive
Oakland
Out-of-state investor seeking value-add 4-plex.
Outcome: Closed an Oakland 4-unit, reno'd two units year 1, raised rents 35%, refinanced 18 months in.
BRRRR success, 35% rent lift
Frequently asked
Questions before you call.
What's a realistic Bay Area cap rate in 2026?
For B-class SFR: 3.5-4.5%. Small-multifamily: 4.0-5.5%. Anything claiming 7%+ is either C-class neighborhood, deferred-maintenance disaster, or pro-forma fiction.
Does Bay Area cash flow even work?
Not in year 1 at typical downpayments. The math works on 5+ year holds with rent growth + appreciation + principal paydown. If you need year-1 cash flow, look outside the Bay Area.
What about rent control?
Oakland, Berkeley, and SF have rent control. Richmond, Hercules, Pinole, Concord do NOT. Strategy varies by city. Roger sketches the implications for each property.
Can I 1031 from out-of-state into the Bay Area?
Yes. Roger has coordinated multiple 1031 exchanges. He works with two QIs (qualified intermediaries) and matches deals to identification deadlines.
Is the Bay Area still appreciating?
+3.8% YoY across the East Bay metro in Q1 2026. Below long-term average but positive. Better than most US metros.
Should I buy SFR or multi?
Depends on capital and labor preference. SFR is easier to manage but lower yield. 2-4 unit has higher yield but more tenant complexity. Roger will match.
What's the first step?
Free 30-minute call about your goals + capital. (510) 504-0402.
One call.
(510) 504-0402
Roger answers his own phone. The first 20 minutes are free, no pitch.
After-hours emergency? Call or text (406) 205-9003 — 24/7.