2369 Vern Dr
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2369 Vern Dr

Dbottom 20%

Fallbrook, CA 92028

$1,950,000

Pass at asking: -$10,880/mo full cashflow at 20% down, 7.43% rate.

Works at $533,401 (73% under asking); even all cash loses money at asking.

Rent $5,321/mo from 6 leases of 4–6 bed houses in 92028 ($4,904–$5,489).

Beds

5

Baths

3.5

Sqft

3,605

Year Built

1993

Days on Market

98

Property Type

Single Family

HOA/mo

N/A

MLS ID

260018981SD

This property is in Fallbrook (92028). Browse neighborhood analytics →

Virtual Tour

About This Property

Welcome to 2369 Vern Drive, a private gated Mediterranean estate set on four picturesque acres in the rolling hills of Fallbrook. Surrounded by more than 70 avocado and fruit trees, this exceptional property captures breathtaking panoramic views from nearly every room while offering the perfect balance of privacy, elegance, and resort-style living. Rich architectural details including soaring beamed and vaulted ceilings, handcrafted woodwork, dramatic columns, and multiple fireplaces create a warm yet impressive atmosphere throughout. Designed for both everyday living and entertaining, the expansive floor plan features generous gathering spaces, a beautifully updated kitchen with new appliances, and seamless indoor-outdoor living. Outside, enjoy a sparkling heated pool, beautifully landscaped grounds, covered patios, balconies, and tranquil sitting areas overlooking the surrounding hillsides. The approximately 1,000-square-foot guest house provides outstanding flexibility for multigenerational living, extended guests, a private office, or creative studio. Recent improvements include luxury vinyl plank flooring, a new water heater, dishwasher, and refrigerator, enhancing both comfort and value. With a gated entry, three-car garage, producing orchard, and an idyllic setting just minutes from Fallbrook's conveniences, this remarkable estate offers the privacy, character, and lifestyle rarely found in North San Diego County.

Mortgage Calculator

Est. Monthly Payment

$13,352

Principal & Interest$10,833
Property Tax$1,950
Insurance$569
%($390,000)
%
Loan Term

Location

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Zoned Schools

  • Elementary

    Live Oak Elementary · grades K-6 · Fallbrook Union Elementary

  • Middle

    James E. Potter Intermediate · grades 7-8 · Fallbrook Union Elementary

  • High

    Fallbrook High · grades 9-12 · Fallbrook 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

1D
Est. Monthly Rent
$5,321

6 leases of 4–6 bed houses in 92028 · $4,904–$5,489

Monthly Cashflow

Rent − PITIA

-$8,031
Full Cashflow

Incl. vacancy, PM, maint, capex

-$10,880

What would make this work?

$10,880/mo short at 20% down; +$14,130/mo rent closes it.

Break-even price

73% under asking

$533,401
Break-even rent

$14,130/mo above the estimate

$19,451/mo
Cashflow at 35% down
−$8,849/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)
$10,833
Cap Rate
0.13%
Cash-on-Cash
-33.48%
DSCR

Need ≥ 1.25 for DSCR loan

0.40

NOI (Annual)
$2,631
Price-to-Rent

Lower = better for investors

30.5

* 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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DCashflow−$10,880/mo