4938 Kalamis Way
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4938 Kalamis Way

Ctop 80%

Oceanside, CA 92056Neighborhood: Ocean Hills

$959,900
STR closed · inland Oceanside

0 licensed short-term rentals within ½ mile (0 whole home), from the cities' license and permit lists of Nov 10, 2026.

Pass at asking: -$5,137/mo full cashflow at 20% down, 7.43% rate.

Works at $291,052 (70% under asking), or at 98% down.

Rent $3,863/mo from 8 leases of 1–3 bed houses within 1 mi, same school area ($3,947–$4,356). Previously leased for $2,950.

Beds

2

Baths

2

Sqft

1,807

Year Built

1988

Days on Market

108

Property Type

Single Family

HOA/mo

$739

MLS ID

NDP2607013

This property is in Oceanside (92056). View neighborhood stats →

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About This Property

Popular floor plan in a popular gated community! An opportunity to own a home that's over 1800 sq. feet, with a spacious & sunny front courtyard, in Ocean Hills Country Club, the 55+ paradise in coastal North County. The "Costa Smeralda" has both bedrooms and bathrooms on the main floor. This home has an expanded loft, great for an upstairs office, or for visiting guests. Plus, there's a roomy attic storage area. The side of the property has a southwest orientation, and next door is a 1-story model, so it's well situated to have natural light coming through the living room, kitchen, breakfast nook, and loft window, as well as to have sunshine in the front courtyard (which features an attractive trellis and tile pavers). Private, with vinyl fencing, plus large trees and a slope in back. A/C. Laminate flooring in the living room, dining room, and guest bedroom. Tile flooring in the entry, kitchen and bathrooms. Carpet in the primary bedroom, stairs and loft. Plantation shutters in LR & DR. 2-car garage with space for cabinets. Repiped. Enjoy great facilities, including a resident-only golf course, tennis and pickleball courts, swimming pool and spa, an RV parking lot, community patrols, and a large clubhouse, featuring an auditorium, billiards, exercise rooms, and meeting places for many common interest clubs.

Mortgage Calculator

Est. Monthly Payment

$7,312

Principal & Interest$5,333
Property Tax$960
Insurance$280
HOA$739
%($191,980)
%
Loan Term

Location

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Zoned Schools

  • Elementary

    Lake 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.

Short-term not available here. Outside Oceanside's Coastal Zone: inland short-term rentals are banned. See the rules

Investment Score

5C
Est. Monthly Rent
$3,863

Previously leased for $2,950

8 leases of 1–3 bed houses within 1 mi, same school area · $3,947–$4,356

Monthly Cashflow

Rent − PITIA

-$3,449
Full Cashflow

Incl. vacancy, PM, maint, capex

-$5,137

What would make this work?

$5,137/mo short at 20% down; 98% down or +$6,671/mo rent closes it.

Break-even price

70% under asking

$291,052
Break-even rent

$6,671/mo above the estimate

$10,534/mo
Cashflow at 35% down
−$4,137/mo
Down payment to break even

$940,702 cash

98%
Rate to break even

Negative even at a 0% loan

Not reachable

Mortgage (P+I)
$5,333
Cap Rate
0.49%
Cash-on-Cash
-32.11%
DSCR

Need ≥ 1.25 for DSCR loan

0.53

NOI (Annual)
$4,666
Price-to-Rent

Lower = better for investors

20.7

* 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−$5,137/mo