1035 Spruce
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1035 Spruce

Dbottom 20%

San Diego, CA 92103

$2,475,000
STR-eligible · San Diego Tier 3 · TOT 12.75%

One license per person in San Diego: whether you can hold it depends on you, not only the home.

111 licensed short-term rentals within ½ mile (73 whole home), from the cities' license and permit lists of Nov 13, 2026.

Pass at asking: -$13,631/mo full cashflow at 20% down, 7.36% rate.

Works at $691,341 (72% under asking), or at all cash.

Rent $6,862/mo from 9 leases of 2–4 bed houses within 0.5 mi ($6,144–$7,289).

Beds

3

Baths

3.5

Sqft

2,396

Year Built

2024

Days on Market

45

Property Type

Single Family

HOA/mo

N/A

MLS ID

OC26207489

This property is in San Diego (92103). View neighborhood stats →

Virtual Tour

About This Property

Welcome to one of San Diego's most desirable neighborhoods, South Mission Hills! Enjoy the close proximity to vibrant Little Italy, eclectic Hillcrest, and Bankers Hill/Balboa Park! All this from your very own four-story, three bedroom plus a dedicated den/office , modern, custom-built home. Enjoy nearly 2400 SF of luxury coastal living at its best! Your hilltop residence built in 2024 includes an expansive 4th-floor rooftop entertainment space for twilight alfresco dining! The built-in grill, sink and refrigerator provide a rooftop experience like non other, enjoy sitting by your custom modern gas firepit and gaze at the bay by day and city lights by night. The expansive entertainment space includes two pergolas and plenty of seating for enjoying evening cocktails with friends and family! The 3rd level main living area includes a seamless kitchen with a quartz counter island and a backsplash extending to the ceiling, the paneled refrigerator and dishwasher create a high-end, seamless look! Walk into your custom pantry, where an additional refrigerator and freezer provide extra space besides the endless kitchen cabinet space! Enjoy evenings with a large built-in tv and luxurious multi-color fireplace for a relaxing evening. The Juliet balcony will provide a breath of fresh air on demand! The 2nd floor includes three bedrooms, including a luxurious master ensuite with its own open special custom closet area. The 1st floor includes a den or office space which opens up with bifold glass doors to a beautiful green garden! Ambeint lighting throughout the various levels provide a relaxed evening atmosphere, including under rail Led stairway lighting throughout the home for a subtle modern feel. Professional design with high end finishes throughout! No expense has been spared with this rare modern hilltop beauty! Watch ships by day and city lights by night! All this and endless sea breezes all day long! Schedule your private showing today.

Mortgage Calculator

Est. Monthly Payment

$16,852

Principal & Interest$13,655
Property Tax$2,475
Insurance$722
%($495,000)
%
Loan Term

Location

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Zoned Schools

  • Elementary

    Grant K-8 · grades K-8 · San Diego Unified

  • Middle

    Correia Middle · grades 7-8 · San Diego Unified

    or Roosevelt International Middle · grades 6-8 · San Diego Unified

    Choice area: the district lets families here pick either school.

  • High

    San Diego High · grades 9-12 · San Diego Unified

    or Point Loma High · grades 9-12 · San Diego Unified

    Choice area: the district lets families here pick either school.

The district's assigned schools for this parcel, from its attendance boundaries and rules. Boundaries change: confirm with the district before you buy.

Investment Score

2D
Est. Monthly Rent
$6,862

9 leases of 2–4 bed houses within 0.5 mi · $6,144–$7,289

Blended 50/50 with a property-level estimate

Monthly Cashflow

Rent − PITIA

-$9,990
Full Cashflow

Incl. vacancy, PM, maint, capex

-$13,631

What would make this work?

$13,631/mo short at 20% down; 100% down or +$17,702/mo rent closes it.

Break-even price

72% under asking

$691,341
Break-even rent

$17,702/mo above the estimate

$24,564/mo
Cashflow at 35% down
−$11,071/mo
Down payment to break even

$2,475,000 cash

100%
Rate to break even

Negative even at a 0% loan

Not reachable

Mortgage (P+I)
$13,655
Cap Rate
0.18%
Cash-on-Cash
-33.04%
DSCR

Need ≥ 1.25 for DSCR loan

0.41

NOI (Annual)
$4,408
Price-to-Rent

Lower = better for investors

30.1

* Modelled at 20% down, 7.36% rate, 30yr · vacancy 8% · PM 10% · capex 5% · maintenance 1%/yr.

Estimates only. Not financial advice. Verify all figures independently with a licensed professional before making any investment decision.

Open Full Calculator
DCashflow−$13,631/mo