The property at 1138 Holly St in Alameda offers a solid opportunity for rental income. With a potential rental range of $3,681 to $5,250 per month, the total annual revenue could reach between $44K and $63K. Considering Alameda’s hot market and the property's location in the desirable Bay Farm Island neighborhood, this townhouse is primed for rental success. Its spacious layout and amenities like a community pool and nearby parks enhance its appeal. However, the HOA fee of $539/month is a notable cost to account for. Payback periods will vary, but the robust rental market in Alameda suggests a promising outlook.

To boost rental value, consider modernizing the kitchen and bathrooms, as these are key selling points for tenants. If selling is on the table, highlighting the proximity to top schools and public transport options can attract families and professionals. Additionally, enhancing the curb appeal with landscaping or minor exterior updates could make a significant impact.