1385 Melrose
Atop 10%Chula Vista, CA 91911
Pass at asking: -$2,578/mo full cashflow at 20% down, 7.43% rate.
Works at $363,320 (48% under asking), or at 74% down.
Rent $3,624/mo from 9 leases of 3-bed houses within 2 mi ($3,265–$3,385).
Beds
3
Baths
2
Sqft
1,262
Year Built
1964
Days on Market
187
Property Type
Single Family
HOA/mo
N/A
MLS ID
PTP2603506
This property is in Chula Vista (91911). Browse neighborhood analytics →
About This Property
Fixer Opportunity with Pool & Solar in Chula Vista! Attention investors, and cash buyers this 3-bedroom, 1.5-bath home offers incredible upside potential on a spacious 7,000 sq ft lot in an established Chula Vista neighborhood. Featuring approximately 1,262 sq ft of living space, the property includes an oversized driveway with ample parking, attached garage, leased solar panels, and a BAckyard pool ready to be restored into an entertainer’s dream. Interior features include kitchen cabinets, open living areas, and a functional floor plan with room to modernize and add value. The large covered patio and expansive backyard offer endless possibilities for outdoor living or future improvements. Property needs updates and repairs, making it ideal for renovation, rental investment, or owner-user looking to customize. Conveniently located near schools, shopping, dining, and freeway access. Sold AS-IS. Don’t miss this value-add opportunity in a strong South Bay market!
Mortgage Calculator
Est. Monthly Payment
$4,786
Location
Loading map...
Zoned Schools
Elementary
Palomar Elementary · grades K-6 · Chula Vista Elementary
Middle
Castle Park Middle · grades 7-8 · Sweetwater Union High
High
Castle Park 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.
Renovation math
Flagged Heavy Rehab from the listing remarks — “fixer”, “value-add”, “sold as-is”.
- Asking now
- $699K
- Worth finished
- $802K
- Budget to renovate
- $102,875
$554/sqft
$635/sqft × 1,262 sqft
$82/sqft to spend
Comparable finished homes nearby suggest this is worth $802K once it's brought to par — about $102,875 above the asking price. That spread is your renovation budget before the deal stops working.
Rent once renovated
- Rent at par
- $3,698/mo
- Cashflow at that rent
- −$2,521/mo
$2.93/sqft × 1,262 sqft, median of 5 comps
cap rate 2.66%, DSCR 0.77
Buying at asking and achieving par rent, excluding the renovation spend itself. We don't publish a current-condition rent: no listing remark says how much work a home needs, and mid-renovation it earns nothing.
Based on 5 comparable homes of the same property type and size currently listed nearby — asking prices and modelled rents, not closed sales. A contractor's scope, not this page, decides what a renovation actually costs.
Comparable Properties
5 comps foundThis Property
$3,624
Comp Average
$3,745
74 L Street
3bd / 2ba · 1,406 sqft · Single Family
$725K
Est. $4,120/mo
977 Cuyamaca Avenue
3bd / 2ba · 1,274 sqft · Single Family
$749K
Est. $4,005/mo
36 E Prospect St
3bd / 2ba · 1,209 sqft · Single Family
$799K
Est. $3,486/mo
350 Tourmaline Court
3bd / 2ba · 1,138 sqft · Single Family
$789K
Est. $3,438/mo
505 Timber Street
3bd / 2ba · 1,322 sqft · Single Family
$840K
Est. $3,678/mo
Comps based on same zip code, similar beds (±1), price range (60-150%).
Investment Score
9 leases of 3-bed houses within 2 mi · $3,265–$3,385
Blended 50/50 with a property-level estimate
Rent − PITIA
Incl. vacancy, PM, maint, capex
What would make this work?
$2,578/mo short at 20% down; 74% down or +$3,348/mo rent closes it.
- Break-even price
- $363,320
- Break-even rent
- $6,972/mo
- Cashflow at 35% down
- −$1,850/mo
- Down payment to break even
- 74%
- Rate to break even
- Not reachable
48% under asking
$3,348/mo above the estimate
$517,260 cash
Negative even at a 0% loan
Need ≥ 1.25 for DSCR loan
Lower = better for investors
* 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.
Open Full Calculator