The numbers, with their assumptions.

DealOptima researches San Diego County small multifamily properties. We combine listing observations, recent sales, public parcel records and nearby rental listings.

Start with the opportunity

We look at pricing, existing income, vacant-unit lease-up potential and advertised financing terms. Each finding needs evidence relevant to that strategy: rental comparisons for a lease-up scenario, completed sales for a price comparison, or the stated terms for a financing opportunity. A price reduction alone does not establish a discount to market value.

What a cap rate means here

Reported rents and explicit lease-up assumptions, less vacancy and modeled operating expenses, gives estimated net operating income (NOI). NOI divided by asking price gives the modeled cap rate. Debt service, closing costs and capital reserves are separate from this measure.

We distinguish reported income, seller projections and our own scenarios. Scenarios test assumptions; they are not forecasts. Actual rent rolls, insurance quotes, property taxes, utility responsibilities, condition and leases can materially change the result.

Comparable does not mean identical

We check geography, property type, unit counts and available size information. Asking rents are not signed leases. Furnished and short-term rentals can distort a long-term estimate, so we screen those out where evidence is available.

When we hold a property

Conflicting unit counts, implausible prices or areas, mixed commercial use, and insufficient comparable coverage can stop a recommendation. A missing field stays unknown. A listing’s development proposal is not counted as existing rental income.

What we leave for your due diligence

A missing lease, rent roll or repair estimate does not automatically disqualify a property from a scouting shortlist. We explain the reason to investigate and identify those missing facts as questions to resolve. A renovation lead is labeled for that strategy; it is not presented as a current-income investment. Conflicting facts that undermine the calculation still stop that signal.

Research supports further investigation. It is not an appraisal, a guarantee of return, or a substitute for property-specific diligence.