Rental numbers for ZIP 94123 (San Francisco, CA)
Negative cash flow at any interest rate with 25% down: the rent does not cover operating costs and principal.
- Gross yield
- 2.5%
- rent x 12 / price
- Est. cap rate
- 0.6%
- NOI / price
- Cash flow
- -$12,228/mo
- at 7.78%, 25% down
- Typical price
- $2,505,000
- Zillow ZHVI, Aug 2026
- Typical rent
- $5,228/mo
- Zillow ZORI, Aug 2026
The pro forma
Typical home, default assumptions
| Operator | Line | Amount | Source |
|---|---|---|---|
| Gross rent | $62,736 | ||
| Vacancy | $3,137 | ||
| Management | $4,768 | ||
| Property tax | $12,526 | ||
| Insurance | $1,986 | ||
| Maintenance | $25,052 | ||
| Net operating income | $15,267 | ||
| Loan payments | $161,996 | ||
| Cash flow | -$146,729 |
| Operator | Line | Amount | Source |
|---|---|---|---|
| Typical price | $2,505,204 | ||
| Down payment (25%) | $626,301 | ||
| Loan | $1,878,903 | ||
| Rate | 7.78% | ||
| Monthly payment | $13,500 | ||
| Cash in | $701,457 | ||
| Cash-on-cash return | -20.9% | ||
| DSCR | 0.09 | ||
| Break-even rate | none |
Assumptions
Change them in the calculator- Down payment25%
- A common minimum for investment-property and DSCR loans.
- Interest rate7.78%
- Freddie Mac 30-year 7.03% (week of 2026-09-24) + 0.75 point investor premium.
- Loan term30 years
- Fixed, fully amortising.
- Closing costs3% of price
- Added to cash invested.
- Insurance$1,986 a year
- NAIC 2023 average homeowners (HO-3) premium for California, $1,655, x 1.2 for a landlord policy.
- Maintenance1% of price a year
- The 1% rule of thumb; older homes run higher.
- Vacancy5% of rent
- About 18 days empty a year.
- Management8% of collected rent
- A typical full-service fee; zero if you self-manage.
Trends
Five years to August 2026
- Price, 12 months
- +18.9%
- Rent, 12 months
- +28.6%
- Rent minus price growth
- +9.7 pts
- positive means yields are improving
Show the numbers
| Month | Typical value | Rent |
|---|---|---|
| Aug 2021 | $2,295,279 | $3,208 |
| Aug 2022 | $2,375,835 | $3,456 |
| Aug 2023 | $2,083,223 | $3,474 |
| Aug 2024 | $2,043,478 | $3,564 |
| Aug 2025 | $2,106,626 | $4,066 |
| Aug 2026 | $2,505,204 | $5,228 |
Rent references
Two sources, never blended
| Source | Studio | 1 bed | 2 bed | 3 bed | 4 bed |
|---|---|---|---|---|---|
| HUD Small Area FMR, FY2026 | $3,160 | $3,780 | $4,580 | $5,850 | $6,060 |
| Zillow observed rent, Aug 2026 | $5,228 typical, all home types | ||||
HUD's Fair Market Rent is the 40th percentile gross rent (rent plus utilities) for a standard unit, and it is what Section 8 vouchers pay against. Zillow's index tracks asking rents on listed homes. The two measure different things, so they are shown side by side and never averaged. HUD area: San Francisco, CA HUD Metro FMR Area.
Property tax
- Effective rate
- 0.50%
- ZIP area, ACS
- At the typical price
- $12,526/yr
Median real estate taxes paid divided by median home value, Census ACS 2020 to 2024. San Francisco County: 0.71%. Actual bills depend on the assessment, exemptions and any non-homestead rate.
Supply
- Permits per 1,000 households
- 4.5
- San Francisco County, last 12 months
- National percentile
- 46th
- among US counties
1,654 new housing units permitted in 2025-09 to 2026-08, Census Building Permits Survey. A high figure means more new supply competing for tenants.
Nearby ZIP codes
| ZIP | Distance | Typical price | Rent | Gross yield | Cash flow /mo |
|---|---|---|---|---|---|
| 94109San Francisco | 0.8 mi | $1,069,000 | $3,972 | 4.5% | -$4,028 |
| 94115San Francisco | 1.1 mi | $1,545,000 | $4,605 | 3.6% | -$6,523 |
| 94133San Francisco | 1.3 mi | $1,410,000 | $4,596 | 3.9% | -$5,635 |
| 94108San Francisco | 1.6 mi | $1,060,000 | $3,592 | 4.1% | -$4,397 |
| 94129San Francisco | 1.7 mi | $1,839,000 | $5,806 | 3.8% | -$7,620 |
| 94102San Francisco | 1.7 mi | $740,000 | $3,778 | 6.1% | -$2,096 |
| 94104San Francisco | 1.9 mi | $1,148,000 | $3,800* | 4.0% | -$4,666 |
| 94111San Francisco | 1.9 mi | $1,122,000 | $3,890* | 4.2% | -$4,494 |
* HUD Fair Market Rent, 2 bedroom (no Zillow rent index for that ZIP).
Every ZIP in San Francisco CountySan Francisco, CA metroCalifornia
Run the numbers on a real listing
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Open the calculator for 94123Questions
- Is 94123 good for rental property?
- On the typical home here, priced at $2,505,000 and renting for $5,228 a month (Zillow ZORI, Aug 2026), the gross yield is 2.5% and the estimated cap rate is 0.6%. At a 7.78% investor rate with 25% down, estimated cash flow is -$12,228 a month. The median gross yield across the 8,418 ZIP codes with full Zillow data is 5.6%. These are figures for a typical property, not a judgement on any particular one.
- What is the typical rent in 94123?
- Zillow's observed rent index for 94123 was $5,228 a month in August 2026, across all home types. HUD's FY2026 Small Area Fair Market Rent for a 2-bedroom here is $4,580, the 40th percentile of gross rents and the basis for Section 8 payment standards.
- What is the property tax rate in 94123?
- The effective property tax rate is about 0.50% of value (median taxes paid divided by median home value, Census ACS 2020 to 2024). On the typical $2,505,000 home that is about $12,526 a year. Your bill depends on the assessment and local exemptions.
- What interest rate makes a rental in 94123 break even?
- With the default assumptions, no interest rate brings cash flow to zero: rent does not cover operating costs plus principal on a 30-year loan with 25% down.
- How fast are prices and rents changing in 94123?
- Over the 12 months to August 2026, the typical home value changed +18.9% and the typical rent changed +28.6%. Rents rising faster than prices pushes yields up.
Sources and method
- Zillow Home Value Index (ZHVI), mid tier, smoothed and seasonally adjusted
Zillow Research. Read: 2026-08.
Typical home value by ZIP, county, metro and state, and the price trend.
- Zillow Observed Rent Index (ZORI), all homes plus multifamily, smoothed
Zillow Research. Read: 2026-08.
Typical market rent by ZIP, county and metro, and the rent trend (tier A pages).
- HUD Small Area Fair Market Rents, FY2026
US Department of Housing and Urban Development. Read: FY2026.
Rent by bedroom count for every ZIP. The rent used on tier B pages, and a reference on all pages. It is the 40th percentile gross rent, so it runs below market.
- American Community Survey 5-year estimates, 2020 to 2024 (B25103 median real estate taxes paid, B25077 median home value, B11001 households)
US Census Bureau. Read: 2020 to 2024.
Effective property tax rate (median taxes paid divided by median value) by ZIP code tabulation area, county and state; households for the permits ratio.
- Freddie Mac Primary Mortgage Market Survey, 30-year fixed (FRED series MORTGAGE30US)
Freddie Mac via the Federal Reserve Bank of St. Louis. Read: 2026-09-24.
The weekly 30-year rate. The site adds a disclosed investor premium to it for the loan payment.
- Building Permits Survey, county monthly files
US Census Bureau. Read: 2025-09 to 2026-08.
New housing units permitted in the last 12 months per 1,000 households, a supply-pressure signal.
- NAIC Homeowners Insurance Report, data for 2023
National Association of Insurance Commissioners. Read: 2023.
Average HO-3 homeowners premium by state, multiplied by 1.2 as a landlord-policy assumption.
Data: Zillow Research (ZHVI, ZORI), HUD, US Census Bureau, Freddie Mac. Every formula is on the methodology page.
Estimates from public data for a typical property. Not investment, tax or legal advice. Your property, financing and costs will differ.