3515 Don Carlos Drive

Atop 10%

Carlsbad, CA 92010Neighborhood: Rancho Carlsbad / Sunny Creek

$499,000

NEW — 0d

Pass at asking: -$1,725/mo full cashflow at 20% down, 7.36% rate.

Works at $273,328 (45% under asking), or at 71% down.

Rent $3,343/mo: zip market median for this bed count.

Beds

Baths

Sqft

1,344

Year Built

1987

Days on Market

Property Type

Manufactured

HOA/mo

$485

MLS ID

NDP2610228

This property is in Carlsbad (92010). View neighborhood stats →

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About This Property

Rancho Carlsbad, a highly sought-after 55+ guard gated community on owned-land and minutes from Carlsbad’s shopping, dining, and beaches. This single-story 3-bedroom home is priced for cosmetic updates, giving you the opportunity to make it your own. The living area features vaulted ceilings accented by a wood beam with a large patio located just off the front entry. The generous sized primary bedroom features a walk-in closet and en-suite bathroom with an additional linen closet. The laundry room is conveniently situated next to the long carport, which offers plenty of parking, and a detached storage shed provides additional storage. Low-maintenance landscaping makes outdoor upkeep easy. Recent improvements include a replaced furnace (2025) and water heater (2020). Rancho Carlsbad’s $485/month HOA includes a patrolled gatehouse, clubhouse and rec building, pool and spa, multi-purpose room, tennis and pickleball courts, bocce ball court, dog park, community gardens, and an RV lot. Located adjacent to the Rancho Carlsbad 18-hole golf course and right off El Camino Real with daily conveniences nearby. Buyer and buyer’s agent to verify all in MLS prior to COE.

Mortgage Calculator

Est. Monthly Payment

$3,883

Principal & Interest$2,753

Property Tax$499

Insurance$146

HOA$485

Down Payment

%($99,800)

Interest Rate

Loan Term

Location

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Zoned Schools

Elementary
Hope Elementary · grades K-5 · Carlsbad Unified
Middle
Calavera Hills Middle · grades 6-8 · Carlsbad Unified
High
Sage Creek High · grades 9-12 · Carlsbad Unified
or Carlsbad High · grades 9-12 · Carlsbad Unified
Choice area: the district lets families here pick either school.

The district's assigned schools for this parcel, from its attendance boundaries and rules. Boundaries change: confirm with the district before you buy.

Renovation math

Flagged Light Value-Add from the listing remarks — “cosmetic updates”, “make it your own”.

Asking now: $499K
Worth finished: $600K
Budget to renovate: $100,603

Comparable finished homes nearby suggest this is worth $600K once it's brought to par — about $100,603 above the asking price. That spread is your renovation budget before the deal stops working.

Rent once renovated

Rent at par: $2,433/mo
Cashflow at that rent: −$2,426/mo

Heads up: the rent estimate elsewhere on this page ($3,343/mo) is above what comparable finished homes here support. A home that needs work does not out-rent them, so treat $2,433/mo as the ceiling.

Buying at asking and achieving par rent, excluding the renovation spend itself. We don't publish a current-condition rent: no listing remark says how much work a home needs, and mid-renovation it earns nothing.

Based on 5 comparable homes of the same property type and size currently listed nearby — asking prices and modelled rents, not closed sales. A contractor's scope, not this page, decides what a renovation actually costs.

Comparable Properties

5 comps found

This Property

$3,343

Comp Average

$2,942

2702 Via Plato

3bd / 2ba · 1,104 sqft · Single Family

$725K

Est. $3,756/mo

3490 Don Alberto Drive

2bd / 2ba · 1,536 sqft · Manufactured

$561K

Est. $2,739/mo

3471 Don Lorenzo Drive

2bd / 2ba · 1,464 sqft · Manufactured

$599K

Est. $2,739/mo

3438 Don Alberto Drive

2bd / 2ba · 1,513 sqft · Manufactured

$675K

Est. $2,739/mo

3449 Don Arturo Drive

2bd / 2ba · 1,564 sqft · Manufactured

$699K

Est. $2,739/mo

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

Investment Score

64A

Est. Monthly Rent

$3,343

Zip market median for this bed count

Thin data: no closed leases like this one nearby.

Monthly Cashflow

Rent − PITIA

-$540

Full Cashflow

Incl. vacancy, PM, maint, capex

-$1,725

What would make this work?

$1,725/mo short at 20% down; 71% down or +$2,240/mo rent closes it.

Break-even price: $273,328
Break-even rent: $5,583/mo
Cashflow at 35% down: −$1,209/mo
Down payment to break even: 71%
Rate to break even: Not reachable

Mortgage (P+I)

$2,753

Cap Rate

2.87%

Cash-on-Cash

-20.74%

DSCR

Need ≥ 1.25 for DSCR loan

0.86

NOI (Annual)

$14,345

Price-to-Rent

Lower = better for investors

12.4

* 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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ACashflow−$1,725/mo