35788 Bay Morgan Lane
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35788 Bay Morgan Lane

Ctop 80%

Fallbrook, CA 92028

$1,049,000
STR: check · HOA rules unknown · TOT 8%

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: -$4,525/mo full cashflow at 20% down, 7.43% rate.

Works at $459,862 (56% under asking), or at 83% down.

Rent $4,853/mo from 4 leases of 4-bed houses in 92028 ($4,326–$5,310).

Beds

4

Baths

3

Sqft

3,006

Year Built

2017

Days on Market

54

Property Type

Single Family

HOA/mo

$205

MLS ID

260022658SD

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

About This Property

Originally selected as a model home for Horse Creek Ridge, this exceptional residence was designed to showcase some of the builder’s most desirable finishes and upgrades, and it still stands apart today. Beautifully appointed and being sold fully furnished, this is a truly turnkey opportunity. An elegant marble-tiled entry opens to a light-filled floor plan with luxury vinyl plank flooring throughout the main level. At the heart of the home is a stunning chef’s kitchen featuring an oversized island, quartz countertops with dramatic waterfall edges, a built-in oven and microwave, and a generous walk-in pantry. The open layout flows into the dining and living areas, where a gas fireplace adds warmth and character. A first-floor bedroom offers flexibility for guests, multigenerational living, or a home office. Upstairs, a spacious loft provides additional living space, while the primary suite offers a spa-inspired bath with soaking tub, separate shower, two walk-in closets, and a private sauna. The beautifully designed backyard features a patio with overhead shade sails, an outdoor fireplace, a decorative water fountain, and multiple areas for dining, entertaining, and relaxing. Additional highlights include **FULLY PAID-OFF SOLAR**, a built-in EV charger, and a water softening and filtration system. With its former model-home details, full furnishings, impressive upgrades, and thoughtfully designed indoor and outdoor spaces, this Horse Creek Ridge home offers a rare combination of style, comfort, and convenience.

Mortgage Calculator

Est. Monthly Payment

$7,388

Principal & Interest$5,828
Property Tax$1,049
Insurance$306
HOA$205
%($209,800)
%
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

22C
Est. Monthly Rent
$4,853

4 leases of 4-bed houses in 92028 · $4,326–$5,310

Blended 50/50 with a property-level estimate

Monthly Cashflow

Rent − PITIA

-$2,535
Full Cashflow

Incl. vacancy, PM, maint, capex

-$4,525

What would make this work?

$4,525/mo short at 20% down; 83% down or +$5,877/mo rent closes it.

Break-even price

56% under asking

$459,862
Break-even rent

$5,877/mo above the estimate

$10,730/mo
Cashflow at 35% down
−$3,432/mo
Down payment to break even

$870,670 cash

83%
Rate to break even

Negative even at a 0% loan

Not reachable

Mortgage (P+I)
$5,828
Cap Rate
1.77%
Cash-on-Cash
-25.88%
DSCR

Need ≥ 1.25 for DSCR loan

0.66

NOI (Annual)
$18,544
Price-to-Rent

Lower = better for investors

18.0

* 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−$4,525/mo