3161 1st #3N
1 / 20

3161 1st #3N

Dbottom 20%

San Diego, CA 92103

$2,350,000
STR: check · no permits in this complex · TOT 12.75%

85 licensed short-term rentals within ½ mile (49 whole home), from the cities' license and permit lists of Nov 10, 2026.

No unit in this 8-unit complex holds a short-term rental license, so nothing shows its HOA allows them. Get the CC&Rs before counting on short-term income.

Pass at asking: -$15,738/mo full cashflow at 20% down, 7.43% rate.

Works at $300,840 (87% under asking); even all cash loses money at asking.

Rent $4,579/mo from 9 leases of 2-bed condos & townhomes within 0.5 mi ($4,726–$4,990).

Beds

2

Baths

2

Sqft

2,318

Year Built

1979

Days on Market

96

Property Type

Condo

HOA/mo

$1,215

MLS ID

260019198SD

This property is in San Diego (92103). View neighborhood stats →

Virtual Tour

About This Property

Set within one of only eight exclusive residences, this sought-after home offers tranquil perfection and refined design at every turn. Walls of glass invite an abundance of natural light, illuminating a spacious 2,318-square-foot floor plan curated for effortless living and elevated entertaining. A large living room seamlessly opens to a separate den, creating an airy, flexible space. Professionally designed and curated, French white oak flooring in a meticulous herringbone pattern anchors the light-filled interiors, while thoughtfully composed spaces evoke warmth, calm, and sophistication. Enjoy sweeping 180-degree views from sunrise to sunset, capturing lush treetops, sparkling city lights, and glimpses of the ocean. Extensively renovated and impossible to replicate, this residence reflects a masterful level of craftsmanship and attention to detail. The generous kitchen and breakfast area feature custom Moya Living cabinetry, book-matched quartzite surfaces, and premium Bosch and Liebherr appliances.The primary suite is a true retreat, offering a spa-inspired bath with marble flooring, a traditional English pedestal sink, free-standing soaking tub, large shower, and bespoke finishes. Custom drapery and Phillip Jeffries and Fornasetti wall coverings elevate the interiors. Reimagined from 2008–2026, enhancements include new baths, kitchen, flooring, lighting, custom doors, and specialty hardware. Ideally located in prestigious Bankers Hill at Sprucewood, moments from Balboa Park, downtown, and the airport—this home delivers rare privacy with exceptional conveniences. 3N Seller Improvements April 2026 The property was reimagine 2008-2026 by the current owner with a complete remodel of bathrooms, kitchen, floors and lighting. Architectural features were added with custom doors and specialty hardware. Light fixtures are Scandinavian and Italian from the 50s and 60s. Kitchen cabinets are powder coated steel by Moya Living. French white oak with herringbone pattern. Phillip Jeffries wallpaper, Fornasetti wallpaper in guest bath. Guest bath sink is vintage Sheri Wagner. Main bath sink is traditional English. New shower pans and shower doors. Italian glass cabinet in the main bathroom is included along with the large custom closet in primary bedroom. New weather stripping in all windows, new deck screen door. Newer electric panel, Trane HVAC 2019, 10 year warranty with service contract in place. Custom draperies installed in bedrooms and patio entrance, with electrical controlled screens. Appliances installed 8 years ago, Liebherr refrigerator, Bosch appliances. All recent HOA sprinkler inspections and dryer vent maintenance current. Ask agent for specific design and construction information.

Mortgage Calculator

Est. Monthly Payment

$17,306

Principal & Interest$13,055
Property Tax$2,350
Insurance$685
HOA$1,215
%($470,000)
%
Loan Term

Location

Loading map...

Zoned Schools

  • Elementary

    Florence Elementary · grades PK-5 · San Diego Unified

  • Middle

    Roosevelt International Middle · grades 6-8 · San Diego Unified

  • High

    San Diego High · grades 9-12 · San Diego Unified

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
$4,579

9 leases of 2-bed condos & townhomes within 0.5 mi · $4,726–$4,990

Blended 50/50 with a property-level estimate

Monthly Cashflow

Rent − PITIA

-$12,726
Full Cashflow

Incl. vacancy, PM, maint, capex

-$15,738

What would make this work?

$15,738/mo short at 20% down; +$20,439/mo rent closes it.

Break-even price

87% under asking

$300,840
Break-even rent

$20,439/mo above the estimate

$25,018/mo
Cashflow at 35% down
−$13,290/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)
$13,055
Cap Rate
-1.25%
Cash-on-Cash
-40.18%
DSCR

Need ≥ 1.25 for DSCR loan

0.26

NOI (Annual)
-$29,443
Price-to-Rent

Lower = better for investors

42.8

* 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
DCashflow−$15,738/mo