355 N Melrose Drive F

355 N Melrose Drive F

Atop 10%

Vista, CA 92083

$450,000
NEW — 1d
STR: check · HOA rules unknown · TOT 10%

HOA rules unknown: an HOA can ban stays under 30 days (Civ. Code §4741), and no permit on file shows this one allows them. Get the CC&Rs.

Pass at asking: -$1,857/mo full cashflow at 20% down, 7.36% rate.

Works at $207,035 (54% under asking), or at 80% down.

Rent $2,866/mo from 9 leases of 2-bed condos & townhomes within 1 mi ($2,980–$3,286).

Beds

2

Baths

2

Sqft

1,152

Year Built

1980

Days on Market

1

Property Type

Condo

HOA/mo

$625

MLS ID

NDP2610258

This property is in Vista (92083). Browse neighborhood analytics →

About This Property

Well maintained top-floor condo unit located within the highly sought-after community of Melrose Park in Vista. This beautiful condo features a wide-open floor plan with neutral paint and trim, laminate flooring throughout and new carpet at bedrooms, updated bathrooms, updated lighting, an updated air conditioner and heater, a cozy fireplace, newer electrical panel, in-unit laundry room. Vaulted ceilings and large windows bask the home in an abundance of natural light. A beautifully appointed kitchen boasting quartz countertops, updated stainless steel appliances, recessed lighting, and warm honey-hued cabinetry with breakfast bar seating that opens to the living room. The spacious master suite offers a large walk-in closet and its own en-suite bathroom. Outdoor living has been extended to a private patio that can be accessed from the living room. The property comes with a detached one car garage and one assigned parking space. Unsurpassed community amenities include 2 sparkling pool/spa, tennis courts. Conveniently located, just minutes away from shopping, dining, parks, Highways 78 and few miles to Oceanside Beach. Don't let this opportunity pass you by!.

Mortgage Calculator

Est. Monthly Payment

$3,689

Principal & Interest$2,483
Property Tax$450
Insurance$131
HOA$625
%($90,000)
%
Loan Term

Location

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Zoned Schools

  • Elementary

    Grapevine Elementary · grades K-5 · Vista Unified

  • Middle

    Madison Middle · grades 6-8 · Vista Unified

  • High

    Rancho Buena Vista High · grades 9-12 · Vista 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

52A
Est. Monthly Rent
$2,866

9 leases of 2-bed condos & townhomes within 1 mi · $2,980–$3,286

Blended 50/50 with the zip's market median ($2,631)

Monthly Cashflow

Rent − PITIA

-$823
Full Cashflow

Incl. vacancy, PM, maint, capex

-$1,857

What would make this work?

$1,857/mo short at 20% down; 80% down or +$2,412/mo rent closes it.

Break-even price

54% under asking

$207,035
Break-even rent

$2,412/mo above the estimate

$5,278/mo
Cashflow at 35% down
−$1,391/mo
Down payment to break even

$360,000 cash

80%
Rate to break even

Negative even at a 0% loan

Not reachable

Mortgage (P+I)
$2,483
Cap Rate
2.05%
Cash-on-Cash
-24.76%
DSCR

Need ≥ 1.25 for DSCR loan

0.78

NOI (Annual)
$9,229
Price-to-Rent

Lower = better for investors

13.1

* 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−$1,857/mo