38083 De Luz Rd

Dbottom 20%

Fallbrook, CA 92028

$1,800,000

STR-eligible · unincorporated county · TOT 8%

Pass at asking: -$10,526/mo full cashflow at 20% down, 7.36% rate.

Works at $422,709 (77% under asking); even all cash loses money at asking.

Rent $4,195/mo from 16 leases of 3-bed houses in 92028 ($4,077–$4,436).

Beds

Baths

Sqft

2,200

Year Built

1982

Days on Market

553

Property Type

Single Family

HOA/mo

N/A

MLS ID

250027069SD

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

About This Property

CURRENTLY LEASED FOR $7000/MONTH UNTIL APRIL 26 2028 - HARD TO FIND FALLBROOK EQUESTRIAN GEM-Private, quiet, 4 FLAT USABLE acres legal for 40 horses, less than 10 minutes to the grocery! with Barn, tack room/feed/workshop w/power/water, 2 Barn stalls with in and out, 2 huge outside Stalls with shelters corral, lighted 220 x 90 sand arena and 2.5 acre pasture for turnouts and wash rack. Country-elegant ranch house with completely remodeled kitchen, bath and bedrooms, updated appliances and fixtures, open floorplan, outside brick terrace with metal Gazebo w/ Mtn views, travertine style tile floors, fireplace in the great room and hot tub plus new HVAC (rarely needed) . Tile roof, fast Internet, private well, city water and two RV pads with full hookups plus separate septic. New vinyl fencing/gated -your own private Live Oak Park.Nr riding trail

Mortgage Calculator

Est. Monthly Payment

$12,256

Principal & Interest$9,931

Property Tax$1,800

Insurance$525

Down Payment

%($360,000)

Interest Rate

Loan Term

Location

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Zoned Schools

Elementary
William H. Frazier 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.

Comparable Properties

5 comps found

This Property

$4,195

Comp Average

$4,344

2645 Daisy Ln

3bd / 2.5ba · 2,483 sqft · Single Family

$1.10M

Est. $4,412/mo

4880 San Jacinto Circle East

3bd / 2.5ba · 2,276 sqft · Single Family

$1.20M

Est. $4,286/mo

40789 Rock Mountain

3bd / 2ba · 2,540 sqft · Single Family

$1.40M

Est. $4,354/mo

1549 Sleeping Indian Rd

3bd / 2ba · 2,200 sqft · Single Family

$1.45M

Est. $4,195/mo

2864 Live Oak Park

4bd / 3.5ba · 2,000 sqft · Single Family

$1.60M

Est. $4,471/mo

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

Investment Score

Est. Monthly Rent

$4,195

16 leases of 3-bed houses in 92028 · $4,077–$4,436

Blended 50/50 with the zip's market median ($4,127)

Monthly Cashflow

Rent − PITIA

-$8,061

Full Cashflow

Incl. vacancy, PM, maint, capex

-$10,526

What would make this work?

$10,526/mo short at 20% down; +$13,670/mo rent closes it.

Break-even price: $422,709
Break-even rent: $17,865/mo
Cashflow at 35% down: −$8,664/mo
Down payment to break even: Not reachable
Rate to break even: Not reachable

Mortgage (P+I)

$9,931

Cap Rate

-0.26%

Cash-on-Cash

-35.09%

DSCR

Need ≥ 1.25 for DSCR loan

0.34

NOI (Annual)

-$4,621

Price-to-Rent

Lower = better for investors

35.8

* 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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DCashflow−$10,526/mo