1328 Iris Avenue #2
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1328 Iris Avenue #2

Btop 30%

Imperial Beach, CA 91932

$449,000
STR: check · Imperial Beach: confirm the zone · TOT 14%

An HOA may ban rentals of 30 days or less (Civ. Code §4741): check the CC&Rs.

Pass at asking: -$1,927/mo full cashflow at 20% down, 7.43% rate.

Works at $198,096 (56% under asking), or at 82% down.

Rent $2,384/mo from 8 leases of 1–3 bed condos & townhomes within 0.5 mi ($2,155–$2,871).

Beds

2

Baths

1

Sqft

798

Year Built

1975

Days on Market

98

Property Type

Condo

HOA/mo

$314

MLS ID

PTP2605888

This property is in Imperial Beach (91932). Browse neighborhood analytics →

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About This Property

BEST PRICE CONDO IN THE IMPERIAL BEACH AREA! PRICED TO SELL AND AMONG THE BEST CONDO VALUES IN THE IMPERIAL BEACH AREA. Fantastic opportunity in a prime location! This freshly painted first-floor unit features 2 spacious bedroom with large closets, 1 full bathroom and an assigned parking space conveniently located at the rear of the complex. Situated in a small, gated community, this home offers both comfort and privacy. The open-concept layout is filled with natural light and includes wood kitchen cabinets, granite countertops, and a convenient in-unit full-size stackable washer and dryer. The well-proportioned bedrooms and functional floor plan make this home both practical and inviting. Ideally located within walking distance to local shops, dining and close proximity to military bases, this property offers excellent walkability and convenient. Perfect for first time buyers looking to build equity or for investors seeking strong rental potential in a highly desirable coastal area. Conveniently located near top local schools, including Mar Vista High School, Mar Vista Academy and Oneonta Elementary School, making this an excellent choice for families seeking accessability to quality education.

Mortgage Calculator

Est. Monthly Payment

$3,388

Principal & Interest$2,494
Property Tax$449
Insurance$131
HOA$314
%($89,800)
%
Loan Term

Location

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Zoned Schools

  • Elementary

    Oneonta Elementary · grades K-6 · South Bay Union

  • Middle

    Mar Vista Academy · grades 7-8 · Sweetwater Union High

  • High

    Mar Vista Senior High · grades 9-12 · Sweetwater Union High

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

49B
Est. Monthly Rent
$2,384

8 leases of 1–3 bed condos & townhomes within 0.5 mi · $2,155–$2,871

Blended 50/50 with a property-level estimate

Monthly Cashflow

Rent − PITIA

-$1,004
Full Cashflow

Incl. vacancy, PM, maint, capex

-$1,927

What would make this work?

$1,927/mo short at 20% down; 82% down or +$2,502/mo rent closes it.

Break-even price

56% under asking

$198,096
Break-even rent

$2,502/mo above the estimate

$4,886/mo
Cashflow at 35% down
−$1,459/mo
Down payment to break even

$368,180 cash

82%
Rate to break even

Negative even at a 0% loan

Not reachable

Mortgage (P+I)
$2,494
Cap Rate
1.84%
Cash-on-Cash
-25.75%
DSCR

Need ≥ 1.25 for DSCR loan

0.70

NOI (Annual)
$8,241
Price-to-Rent

Lower = better for investors

15.7

* Modelled at 20% down, 7.43% 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.

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BCashflow−$1,927/mo