2115 Encinitas Boulevard
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2115 Encinitas Boulevard

Ctop 80%

Encinitas, CA 92024Neighborhood: Olivenhain

$1,625,000
STR-eligible · Encinitas, 3-night minimum · TOT 10%

2 licensed short-term rentals within ½ mile (2 whole home), from the cities' license and permit lists of Nov 13, 2026.

Pass at asking: -$7,854/mo full cashflow at 20% down, 7.36% rate.

Works at $597,310 (63% under asking), or at 91% down.

Rent $5,928/mo from 9 leases of 2–4 bed houses within 1 mi ($5,587–$5,914).

Beds

3

Baths

2

Sqft

1,623

Year Built

1976

Days on Market

60

Property Type

Single Family

HOA/mo

N/A

MLS ID

NDP2608141

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

Virtual Tour

About This Property

Calling all CASH buyers, bring your imagination and your contractor! Priced to sell quickly, LOCATION, VIEWS & OPPORTUNITY! FIRST TIME ON THE MARKET! Perched high above the surrounding countryside on an elevated .54-acre homesite within a private enclave of just 10 custom-built homes off Hummingbird Hill, this distinctive single-story residence offers spectacular panoramic views and a true “top of the world” feeling. Surrounded by natural open space and near the 123-acre Manchester Preserve and scenic hiking trails, it feels like a mountain retreat at the coast—yet is just minutes from Encinitas beaches, shopping, restaurants and recreation. The home is rich in character with wood and natural textures, soaring ceilings, a freestanding mid-century fireplace and a dramatic wall of windows framing the views. An expansive deck extends the living space outdoors. The kitchen features a window over the sink, breakfast nook and slider to a courtyard. Sweeping vistas extend across Rancho Santa Fe to the distant mountains, creating an ever-changing backdrop of natural beauty. Built in 1977 and ready for its next chapter, this is an architect’s or designer’s dream opportunity to renovate and reimagine a truly special property. Create an entry courtyard, terrace the natural landscape for outdoor sitting and garden areas, and take full advantage of the extraordinary setting, privacy and views. Single-level living, .54 acre, architectural character and breathtaking views—a rare Olivenhain opportunity! Owner occupied,

Mortgage Calculator

Est. Monthly Payment

$11,064

Principal & Interest$8,965
Property Tax$1,625
Insurance$474
%($325,000)
%
Loan Term

Location

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Zoned Schools

  • Elementary

    Park Dale Lane Elementary · grades K-6 · Encinitas Union Elementary

  • Middle

    Oak Crest 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

10C
Est. Monthly Rent
$5,928

9 leases of 2–4 bed houses within 1 mi · $5,587–$5,914

Blended 50/50 with a property-level estimate

Monthly Cashflow

Rent − PITIA

-$5,136
Full Cashflow

Incl. vacancy, PM, maint, capex

-$7,854

What would make this work?

$7,854/mo short at 20% down; 91% down or +$10,200/mo rent closes it.

Break-even price

63% under asking

$597,310
Break-even rent

$10,200/mo above the estimate

$16,128/mo
Cashflow at 35% down
−$6,173/mo
Down payment to break even

$1,478,750 cash

91%
Rate to break even

Negative even at a 0% loan

Not reachable

Mortgage (P+I)
$8,965
Cap Rate
1.04%
Cash-on-Cash
-29.00%
DSCR

Need ≥ 1.25 for DSCR loan

0.54

NOI (Annual)
$16,894
Price-to-Rent

Lower = better for investors

22.8

* 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.

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CCashflow−$7,854/mo