
San Luis Obispo, California 93401
This Duplex Residential Income property is a High-Potential Investment Opportunity, listed at $999,000—positioned well below the $962,020 Fair Market Value by -3%. Featuring a Condition Rating of 3, the front unit offers a modernized, open-concept living space, while the second unit provides immediate rental income potential. With a prime location near Cal Poly and downtown, this asset is ideal for Buy-and-Hold Investors or Owner-Occupants looking to offset mortgage costs through flexible, high-demand rental units.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 1023 Walnut Subject | $950,000* List Price | 2 | 2 | 1,400 | $663 | - |
A 574 Dana B Active Under Contract | $885,000 List Price | 2 | 3 | 1,528 | $579 | 0.5 mi |
* Subject property listed price vs sold prices of comps.
Property is move-in ready.
Although built in 1948, the front unit features a high-quality renovation completed within the last 5 years, including a modern kitchen with white cabinetry and a renovated bathroom with a walk-in tiled shower. The second unit is more dated with original wood paneling and hardwood, and the presence of window AC units suggests a lack of modern central HVAC, but the property is well-maintained and move-in ready.
Situated just four blocks from downtown San Luis Obispo and in close proximity to Cal Poly and Highway 101, this property commands high rental demand and excellent walkability.
The duplex configuration offers a projected annual income of $52,800, with additional upside through potential ADU conversion and flexible options for owner-occupants or investors.
The front residence features a comprehensive remodel including an open floor plan, updated kitchen with a large peninsula, and a renovated bathroom, reducing immediate capital expenditure.
With only two bedrooms total across two units, the property may appeal to a narrower tenant demographic compared to larger multi-family homes in the area.
While the front unit is fully modernized, the second unit retains original finishes and wood paneling, which may eventually require upgrades to maximize its rental premium.
Whether you're looking for a smart investment, a place to live with rental income, or housing for a Cal Poly student, this charming duplex offers flexibility and opportunity in one attractive package. This property is located 4 blocks from downtown San Luis Obispo, conveniently close to highway 101 access, and Cal Poly. The front residence has been thoughtfully updated with a bright, open floor plan, modern finishes, and a fresh, contemporary feel. The remodeled kitchen opens seamlessly to the living space and features white cabinetry, updated countertops, and a large peninsula perfect for casual dining or entertaining. A beautifully renovated bathroom includes a spacious walk-in tiled shower, while the private deck provides a peaceful spot to enjoy your morning coffee, unwind in the evening, or take in the surrounding hillside views. The second unit offers its own distinct character and comfortable living space, creating excellent potential for rental income, guest accommodations, or multi-generational living. This unit features original hardwood floors, wood paneling, and several windows for lots of natural light. Separate outdoor areas give each residence a sense of privacy and independence. This property is set on a generously sized lot with off-street parking, mature landscaping, and multiple outdoor gathering spaces. Each unit has access to a garage and their own washer and dryer. This structure could be converted into an ADU for even more rental income potential. Check with the city for future development opportunities. The versatile layout allows future owners to maximize income, offset mortgage costs, or simply enjoy the benefits of owning a property with built-in flexibility. This is an investment opportunity with updated living spaces, private outdoor areas, and endless possibilities for both investors and owner-occupants alike.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 2.0 | 3.0 |
| Baths | 2.0 | 3.0 |
| Square foot | 1,400 | 1,930 |
| Lot Size | 5,045 | 4,750 |
| Price | $950.0K | $1.42M |
| Price per sq ft | $679 | $775 |
| Built year | 1948 | 1918 |
| HOA | $0 | $170 |
| Days on market | 41 | 35 |
Jul 9, 2026
$950,000
$999,000
-5% Price Drop
Initial Listing
Jun 11, 2026
$999,000
Initial Listing