Rental numbers for ZIP 94401 (San Mateo, CA)
Negative cash flow at any interest rate with 25% down: the rent does not cover operating costs and principal.
- Gross yield
- 3.6%
- rent x 12 / price
- Est. cap rate
- 1.3%
- NOI / price
- Cash flow
- -$5,151/mo
- at 7.78%, 25% down
- Typical price
- $1,204,000
- Zillow ZHVI, Aug 2026
- Typical rent
- $3,638/mo
- Zillow ZORI, Aug 2026
The pro forma
Typical home, default assumptions
| Operator | Line | Amount | Source |
|---|---|---|---|
| Gross rent | $43,656 | ||
| Vacancy | $2,183 | ||
| Management | $3,318 | ||
| Property tax | $8,046 | ||
| Insurance | $1,986 | ||
| Maintenance | $12,045 | ||
| Net operating income | $16,079 | ||
| Loan payments | $77,886 | ||
| Cash flow | -$61,807 |
| Operator | Line | Amount | Source |
|---|---|---|---|
| Typical price | $1,204,471 | ||
| Down payment (25%) | $301,118 | ||
| Loan | $903,353 | ||
| Rate | 7.78% | ||
| Monthly payment | $6,490 | ||
| Cash in | $337,252 | ||
| Cash-on-cash return | -18.3% | ||
| DSCR | 0.21 | ||
| 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
- +4.0%
- Rent, 12 months
- +7.1%
- Rent minus price growth
- +3.1 pts
- positive means yields are improving
Show the numbers
| Month | Typical value | Rent |
|---|---|---|
| Aug 2021 | $1,148,319 | $2,864 |
| Aug 2022 | $1,228,325 | $3,035 |
| Aug 2023 | $1,129,580 | $3,140 |
| Aug 2024 | $1,174,475 | $3,212 |
| Aug 2025 | $1,157,822 | $3,396 |
| Aug 2026 | $1,204,471 | $3,638 |
Rent references
Two sources, never blended
| Source | Studio | 1 bed | 2 bed | 3 bed | 4 bed |
|---|---|---|---|---|---|
| HUD Small Area FMR, FY2026 | $2,360 | $2,830 | $3,420 | $4,370 | $4,530 |
| Zillow observed rent, Aug 2026 | $3,638 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
- 0.67%
- ZIP area, ACS
- At the typical price
- $8,046/yr
Median real estate taxes paid divided by median home value, Census ACS 2020 to 2024. San Mateo County: 0.61%. Actual bills depend on the assessment, exemptions and any non-homestead rate.
Supply
- Permits per 1,000 households
- 6.0
- San Mateo County, last 12 months
- National percentile
- 54th
- among US counties
1,600 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 |
|---|---|---|---|---|---|
| 94402San Mateo | 2.5 mi | $2,462,000 | $4,071 | 2.0% | -$12,954 |
| 94403San Mateo | 2.7 mi | $1,812,000 | $3,819 | 2.5% | -$8,966 |
| 94404Foster City | 2.8 mi | $1,694,000 | $4,433 | 3.1% | -$7,653 |
| 94010Hillsborough | 3.0 mi | $3,482,000 | $3,942 | 1.4% | -$19,838 |
| 94002Belmont | 4.5 mi | $2,258,000 | $3,677 | 1.9% | -$11,941 |
| 94065Redwood City | 4.8 mi | $1,778,000 | $3,850 | 2.6% | -$8,683 |
| 94030Millbrae | 4.9 mi | $2,048,000 | $3,843 | 2.3% | -$10,433 |
| 94070San Carlos | 6.0 mi | $2,431,000 | $4,477 | 2.2% | -$12,394 |
Every ZIP in San Mateo CountySan Francisco, CA metroCalifornia
Run the numbers on a real listing
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Open the calculator for 94401Questions
- Is 94401 good for rental property?
- On the typical home here, priced at $1,204,000 and renting for $3,638 a month (Zillow ZORI, Aug 2026), the gross yield is 3.6% and the estimated cap rate is 1.3%. At a 7.78% investor rate with 25% down, estimated cash flow is -$5,151 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 94401?
- Zillow's observed rent index for 94401 was $3,638 a month in August 2026, across all home types. HUD's FY2026 Small Area Fair Market Rent for a 2-bedroom here is $3,420, the 40th percentile of gross rents and the basis for Section 8 payment standards.
- What is the property tax rate in 94401?
- The effective property tax rate is about 0.67% of value (median taxes paid divided by median home value, Census ACS 2020 to 2024). On the typical $1,204,000 home that is about $8,046 a year. Your bill depends on the assessment and local exemptions.
- What interest rate makes a rental in 94401 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 94401?
- Over the 12 months to August 2026, the typical home value changed +4.0% and the typical rent changed +7.1%. 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.