1465 Neptune Avenue

1465 Neptune Avenue

Dbottom 20%

Encinitas, CA 92024Neighborhood: Leucadia

$2,675,000
NEW — 0d
STR-eligible · Encinitas, 3-night minimum · TOT 10%

75 licensed short-term rentals within ½ mile (61 whole home), from the cities' license and permit lists of Nov 3, 2026.

Pass at asking: -$16,890/mo full cashflow at 20% down, 7.49% rate.

Works at $485,203 (82% under asking); even all cash loses money at asking.

Rent $4,861/mo from 11 leases of 3-bed houses within 2 mi ($4,515–$5,761).

Beds

3

Baths

2

Sqft

1,031

Year Built

1957

Days on Market

0

Property Type

Single Family

HOA/mo

N/A

MLS ID

260026144SD

This property is in Encinitas (92024). View neighborhood stats →

About This Property

Neptune rarely gives you a shot like this. A quarter-acre parcel sitting right across from the Pacific, just a short walk to Grandview beach access, and it comes two ways. Want turnkey soon? Renovate the existing 3 bed, 2 bath home that's already standing. Want your forever place? A full set of new-construction plans is ready to go: a 4,500 square foot contemporary design from Beery Design Group, laid out for that easy Encinitas indoor outdoor living, with space for a pool and a proper yard. Here's what makes this different from any raw lot. The heavy lifting through the City of Encinitas and the California Coastal Commission is nearly finished, with only small items standing between you and construction. That means no two-year approval marathon and thousands of dollars kept in your pocket. Someone else already fought that battle for you. You get real seclusion here, but you're still minutes from the shops, food, and coastline that define this pocket of North County.

Mortgage Calculator

Est. Monthly Payment

$18,404

Principal & Interest$14,949
Property Tax$2,675
Insurance$780
%($535,000)
%
Loan Term

Location

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Zoned Schools

  • Elementary

    Paul Ecke-Central Elementary · grades K-6 · Encinitas Union Elementary

  • Middle

    Diegueno Middle · grades 7-8 · San Dieguito Union High

  • High

    La Costa Canyon High · grades 9-12 · San Dieguito 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

0D
Est. Monthly Rent
$4,861

11 leases of 3-bed houses within 2 mi · $4,515–$5,761

Monthly Cashflow

Rent − PITIA

-$13,543
Full Cashflow

Incl. vacancy, PM, maint, capex

-$16,890

What would make this work?

$16,890/mo short at 20% down; +$21,935/mo rent closes it.

Break-even price

82% under asking

$485,203
Break-even rent

$21,935/mo above the estimate

$26,796/mo
Cashflow at 35% down
−$14,087/mo
Down payment to break even

Negative even all-cash

Not reachable
Rate to break even

Negative even at a 0% loan

Not reachable

Mortgage (P+I)
$14,949
Cap Rate
-0.76%
Cash-on-Cash
-37.88%
DSCR

Need ≥ 1.25 for DSCR loan

0.26

NOI (Annual)
-$20,378
Price-to-Rent

Lower = better for investors

45.9

* Modelled at 20% down, 7.49% 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−$16,890/mo