3237 Canonita Drive
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3237 Canonita Drive

Ctop 80%

Fallbrook, CA 92028

$1,075,000

Pass at asking: -$4,791/mo full cashflow at 20% down, 7.43% rate.

Works at $451,195 (58% under asking), or at 85% down.

Rent $4,501/mo from 16 leases of 3-bed houses in 92028 ($4,452–$4,845).

Beds

3

Baths

2.5

Sqft

2,624

Year Built

1979

Days on Market

58

Property Type

Single Family

HOA/mo

N/A

MLS ID

ND26196758

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

About This Property

Fallbrook acreage with expansive views, a producing avocado grove & ADU/sport court/pool potential! This well-maintained 3-bedroom, 2.5-bath, 2,624 sq ft home sits on 2.07 private acres and offers a rare opportunity to build a detached ADU with its own private driveway—ideal for rental income, multigenerational living, or guests. Seventy five producing avocado trees with irrigation infrastructure for up to 150, plus usable land for hobby farming, gardening, recreation, and entertaining. Features include an updated kitchen, vaulted wood-beam ceilings, wood-burning fireplace, Trex deck, new paver driveway, updated roof and HVAC, and large 2-car garage. Buyers may also want to explore rural land financing options that could make owning acreage more attainable. Minutes to I-15, approximately 20 minutes to Temecula and 30 minutes to the coast. A unique opportunity to enjoy rural living with room to grow.Property highlights:• 2.07 acres with a 75-tree producing avocado grove, irrigation set up for up to 150 trees• 20 minutes to Old Town Temecula, 30 minutes to the beach• Minutes to I-15 and 3 minutes to Monserate Winery• Usable land for recreation or entertaining• Updated concrete tile roof and HVAC• Space to add an ADU for rental or multigenerational living• Well-maintained septic system

Mortgage Calculator

Est. Monthly Payment

$7,361

Principal & Interest$5,972
Property Tax$1,075
Insurance$314
%($215,000)
%
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

18C
Est. Monthly Rent
$4,501

16 leases of 3-bed houses in 92028 · $4,452–$4,845

Blended 50/50 with a property-level estimate

Monthly Cashflow

Rent − PITIA

-$2,860
Full Cashflow

Incl. vacancy, PM, maint, capex

-$4,791

What would make this work?

$4,791/mo short at 20% down; 85% down or +$6,222/mo rent closes it.

Break-even price

58% under asking

$451,195
Break-even rent

$6,222/mo above the estimate

$10,723/mo
Cashflow at 35% down
−$3,671/mo
Down payment to break even

$913,750 cash

85%
Rate to break even

Negative even at a 0% loan

Not reachable

Mortgage (P+I)
$5,972
Cap Rate
1.57%
Cash-on-Cash
-26.74%
DSCR

Need ≥ 1.25 for DSCR loan

0.61

NOI (Annual)
$16,872
Price-to-Rent

Lower = better for investors

19.9

* 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−$4,791/mo