Do not buy 1831–33 Felton St at $1,149,999 without permits, inspections and rent proof — it is a 30.7% five-month markup on an $880,000 April sale

Asked (summary):

What's wrong with this house, and should I buy it? — the Zillow listing for 1831–33 Felton St, San Diego, CA 92102.

The evidence is 30 nearby small-multifamily sale and listing comparables, 30 deduplicated 2-bed rental comparables of roughly 600–750 sq ft in ZIPs 92102/92104 (North Park, South Park, Golden Hill), and 30 official and secondary due-diligence findings, checked as of 1 October 2026. Prices are USD; rents are USD per month. Public records cannot diagnose hidden physical defects — this is a risk screen, not an inspection.

The decision at a glance

Left: buyer scorecard — red is a verified red flag, yellow needs verification, green is favorable. Right: the rent the price needs versus the rent the market shows.

Bars are monthly USD. The hurdle band is the gross rent needed for a 5% cap rate at the $1,149,999 ask under simple assumptions (5% vacancy, 8% reserves, ~$14,800/yr tax, ~$4,600/yr insurance, optional 8% management).

Where the ask sits among nearby small-multifamily sales

30 comparables, sorted by price. Dark bars have known square footage ($/sq ft printed); the subject's April 2026 sale and today's ask are marked in red. Hover a bar for details.

What the rear 2-bed/1-bath unit can plausibly rent for

30 two-bed rental comparables, rent vs size. Filled marks are active listings; hollow marks are removed or older. The dashed line marks the subject rear unit's ~636 sq ft. Hover any mark.

What the comparables cannot say alone

The subject itself sold for $880,000 on 2026-04-17; the current $1,149,999 ask is $269,999 (30.7%) higher after about five months, with a failed pending and a relist under a new MLS number in between. bettytorano.com

At $749/sq ft the ask is above the ~$691/sq ft median of the 17 comparables with known size, and the closest same-street anchor, 1603–05 Felton, brought $1,311,000 for 1,351 sq ft — so $1.15M is plausible but no bargain for 1,535 sq ft with no parking. trulia.com

Comparable 2-beds near the rear unit's 636 sq ft rent for roughly $2,200–$3,300 — e.g. 3080 C St at $2,900 for 643 sq ft — but most cheaper quotes include parking the subject lacks, so underwrite the rear unit mid-range, not at the top. hotpads.com

The official North Park community-plan EIR places the area entirely outside the airport's 60 dB CNEL noise contour — general context only, not a parcel determination; get the parcel-specific Natural Hazard Disclosure and an insurance quote (USGS puts a ~75% chance of M6.7+ within 100 km of San Diego in 30 years, Rose Canyon fault ~5 km away). sandiego.gov · earthquaketracker.org

Due-diligence checklist

Obtain before offering

Prior buyer's cancellation reason and every inspection report they received
Seller disclosures from both 2026 transactions
All renovation invoices and city permits, including any bedroom/bath changes
Parcel-specific Natural Hazard Disclosure and an actual insurance quote
Independent rent survey for the front 3/2 — not the ambiguous $3,125 Rent Zestimate

Inspect during contingency

Sewer lateral scope, supply plumbing, electrical service and wiring
Foundation, drainage, windows, water heaters
Roof: verify the claimed new roof with permit and warranty
HVAC: marketing says mini-splits, MLS facts say wall furnace and wall/window units — verify what is installed and permitted
Common-wall condition between the two units

Walk-away triggers

Unpermitted renovation or unexplained prior cancellation
Verified total market rent far below the ~$7,600–$8,300/month 5%-cap hurdle (for investors)
Any pressure to waive inspection, appraisal, permit, title, insurance or financing contingencies
Major sewer, electrical, foundation or drainage findings without a matching price cut

The rows

Method: 30 sale/listing comparables (one row per property after address deduplication), 30 two-bedroom rental comparables of ~600–750 sq ft in 92102/92104/North Park/South Park/Golden Hill, and 30 due-diligence findings, gathered from public listing and official pages as of 2026-10-01. Prices are sale or list prices in USD; rents are advertised monthly USD. Comparables differ in condition, parking, unit count and micro-location and are not appraisal-grade adjustments; the 5%-cap rent hurdle uses rough assumptions that actual tax records and quotes must replace. Due-diligence findings appear summarized in the checklist and findings for space.

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