38 Mardi Gras
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38 Mardi Gras

Ctop 80%

Coronado, CA 92118

$1,795,000

Pass at asking: -$9,122/mo full cashflow at 20% down, 7.43% rate.

Works at $607,322 (66% under asking), or at 94% down.

Rent $6,981/mo from 19 leases of 3-bed houses in 92118 ($6,581–$7,745).

Beds

3

Baths

2.5

Sqft

1,830

Year Built

1990

Days on Market

47

Property Type

Single Family

HOA/mo

$711.02

MLS ID

260023361SD

This property is in Coronado (92118). Browse neighborhood analytics →

Virtual Tour

About This Property

Experience the best of coastal living in this Coronado Cays home located in the highly desirable Mardi Gras Village. Surrounded by lush greenery and filled with natural light, this 3-bedroom, 2.5-bath residence offers a rare combination of comfort, space, and effortless living. Step inside to soaring vaulted ceilings and a light-filled living room anchored by a cozy fireplace, creating an impressive yet welcoming first impression. The kitchen features granite countertops, stainless steel appliances, and a charming breakfast nook for casual mornings at home. A spacious main-level primary suite makes everyday living exceptionally convenient, complete with a walk-in closet, soaking tub, dual vanities, and nearby laundry. Upstairs, two generously sized bedrooms and a full bath provide flexible space for family, guests, a home office, or all three. Outside, a private patio surrounded by greenery invites you to dine al fresco, unwind after a day at the beach, or simply enjoy San Diego’s year-round sunshine. Recent improvements, including a brand-new roof and freshly painted exterior trim, both covered by the HOA, offering peace of mind. Life in Mardi Gras Village extends well beyond your front door. Enjoy the community pool, tennis courts, and BBQ areas, with Silver Strand State Beach, dog park, pickleball courts, and playground all within walking distance. Whether it’s a morning stroll by the ocean, an afternoon at the pool, or sunset at the beach, this home offers the relaxed Coronado lifestyle buyers. Move in and enjoy!

Mortgage Calculator

Est. Monthly Payment

$13,002

Principal & Interest$9,972
Property Tax$1,795
Insurance$524
HOA$711
%($359,000)
%
Loan Term

Location

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Zoned Schools

  • Middle

    Coronado Middle · grades 6-8 · Coronado Unified

  • High

    Coronado High · grades 9-12 · Coronado Unified

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

Short-term not available here. Coronado bans stays of 25 days or less in residential zones. See the rules

Investment Score

8C
Est. Monthly Rent
$6,981

19 leases of 3-bed houses in 92118 · $6,581–$7,745

Blended 50/50 with the zip's market median ($6,874)

Monthly Cashflow

Rent − PITIA

-$6,021
Full Cashflow

Incl. vacancy, PM, maint, capex

-$9,122

What would make this work?

$9,122/mo short at 20% down; 94% down or +$11,847/mo rent closes it.

Break-even price

66% under asking

$607,322
Break-even rent

$11,847/mo above the estimate

$18,828/mo
Cashflow at 35% down
−$7,253/mo
Down payment to break even

$1,687,300 cash

94%
Rate to break even

Negative even at a 0% loan

Not reachable

Mortgage (P+I)
$9,972
Cap Rate
0.80%
Cash-on-Cash
-30.49%
DSCR

Need ≥ 1.25 for DSCR loan

0.54

NOI (Annual)
$14,383
Price-to-Rent

Lower = better for investors

21.4

* 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−$9,122/mo