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1839 Rios Avenue

Ctop 80% of multifamily

Chula Vista, CA 91911

$999,999

STR limited · Chula Vista residents only · TOT 10%

Pass at asking: -$3,885/mo full cashflow at 20% down, 7.43% rate.

Works at $494,278 (51% under asking), or at 76% down.

Rent $4,930/mo: 2 units of about 708 sqft, each priced from up to 17 closed leases within 1 mi ($4,436–$5,202).

Beds

—

Baths

—

Sqft

1,415

Year Built

1947

Days on Market

Property Type

Multi-Family

HOA/mo

N/A

MLS ID

PTP2606806

This property is in Chula Vista (91911). Browse neighborhood analytics →

Virtual Tour

About This Property

Here is the one buyers and investors have been waiting for! Welcome to 1839 Rios Avenue. An exceptional two-residence property offering incredible versatility, modern upgrades, and exciting future potential. The completely remodeled single-story main home features 3 bedrooms and 2 bathrooms, while the newly built detached structure includes an impressive 2-car garage with a private 1-bedroom, 1-bathroom ADU above. Both residences offer their own laundry areas, stylish vinyl flooring, air conditioning, and thoughtfully designed living spaces. Situated on an expansive approximately 8,380-square-foot lot, the property also boasts a huge driveway, abundant off-street parking, low-maintenance grounds, mountain views, and convenient access to I-5 and I-805. Even more exciting, the detached garage may offer the potential for conversion into a third unit, subject to city approval and buyer verification. Live in one and rent the other, create additional income, or expand the property’s possibilities. With no HOA and no Mello-Roos, this is more than a home. It is a rare opportunity with enormous potential!

Small multifamily · 2 units

Valued on income: each unit priced from closed leases nearby, then added up. The remarks say 2 units ("two-residence property").

Unit	Units	Rent each	Middle half of leases	Subtotal
Average unit~708 sqft · 17 leases within 1 mi	2	$2,465	$2,218–$2,601	$4,930
Gross rent, all units				$4,930/mo

Gross rent multiplier: 16.9
Price per unit: $500,000
NOI (a year): $23,007
Cap rate: 2.30%

Its grade compares it with other multifamily listings only: a building valued on income isn't ranked against houses and condos.

House hack with FHA

Live in the one unit, rent the other 1.

Down payment: $35,000
Your cost to live there: $7,482/mo
More than renting it: $5,017/mo

How this is figured

Loan $981,887 ($964,999 + 1.75% upfront mortgage insurance) at 7.18% (Freddie Mac 30-year average, week of Nov 5, 2026), 30 years: $6,652/mo
FHA mortgage insurance $603/mo · property tax $1,000/mo · insurance $292/mo
Vacancy, management and capex on the rented units, upkeep on the building: $1,400/mo
FHA allows 3.5% down on 2–4 units when you live in one, up to HUD's 2026 San Diego County limit for 2 units ($1,413,350). Lenders count only part of the other units' rent toward qualifying.

Compare other buildings on the small multifamily page.

Mortgage Calculator

Est. Monthly Payment

$6,847

Principal & Interest$5,555

Property Tax$1,000

Insurance$292

Down Payment

%($200,000)

Interest Rate

Loan Term

Location

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Comparable Properties

3 comps found

This Property

$4,930

Comp Average

$6,925

1835 Rios Avenue

2,557 sqft · Multi-Family

$1.30M

Est. $8,112/mo

458 L Street

4bd / 2ba · 1,800 sqft · Duplex

$1.05M

Est. $5,408/mo

230 Zenith Street

2,240 sqft · Multi-Family

$1.36M

Est. $7,254/mo

Comps based on same zip code, similar beds (±1), price range (60-150%).

This is a 2-unit building: on the mid-term and short-term tabs, enter the rent, nightly rate and occupancy for all units combined.

Investment Score

35C

Est. Monthly Rent

$4,930

2 units of about 708 sqft, each priced from up to 17 closed leases within 1 mi · $4,436–$5,202

Monthly Cashflow

Rent − PITIA

-$1,917

Full Cashflow

Incl. vacancy, PM, maint, capex

-$3,885

What would make this work?

$3,885/mo short at 20% down; 76% down or +$5,045/mo rent closes it.

Break-even price: $494,278
Break-even rent: $9,975/mo
Cashflow at 35% down: −$2,843/mo
Down payment to break even: 76%
Rate to break even: Not reachable

Mortgage (P+I)

$5,555

Cap Rate

2.30%

Cash-on-Cash

-23.31%

DSCR

Need ≥ 1.25 for DSCR loan

0.72

NOI (Annual)

$23,007

Price-to-Rent

Lower = better for investors

16.9

* 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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CCashflow−$3,885/mo