735 Cornish Drive
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735 Cornish Drive

Dbottom 20%

Encinitas, CA 92024Neighborhood: Old Encinitas

$3,900,000
STR closed · Encinitas allows houses and duplexes only

31 licensed short-term rentals within ½ mile (23 whole home), from the cities' license and permit lists of Nov 11, 2026.

Pass at asking: -$22,867/mo full cashflow at 20% down, 7.43% rate.

Works at $922,660 (76% under asking); even all cash loses money at asking.

Rent $9,203/mo from 10 leases of 2–4 bed houses within 1 mi ($7,525–$13,235).

Beds

3

Baths

1

Sqft

2,150

Year Built

1947

Days on Market

137

Property Type

Single Family

HOA/mo

N/A

MLS ID

NDP2606166

This property is in Encinitas (92024). View neighborhood stats →

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About This Property

Perched atop a sprawling near half-acre double lot in the coveted Encinitas Highlands, this rare west-of-I-5 property offers the best of coastal living with flexibility, income potential, and room to grow. Just moments from Moonlight Beach, Viewpoint Park, the Coaster Station, Encinitas Library, and the vibrant shops, restaurants, and cafés of Downtown Encinitas, the location is truly hard to beat. The light-filled single-level main residence features three bedrooms, one bath, original hardwood floors, wood-beam ceilings, a cozy wood-burning fireplace, and an expansive deck overlooking the property's lush grounds. Thoughtful updates over the years have preserved the home's charm while enhancing everyday comfort. A detached office provides the perfect space for working from home, pursuing creative passions, or creating a private wellness retreat. Adding to the property's versatility is a separate studio space with its own entrance, kitchenette, and full bath, along with a detached Quonset Hut residence tucked toward the rear of the property, creating valuable rental income opportunities, guest accommodations, or flexible living arrangements. The expansive lot offers an increasingly rare sense of space and privacy in the heart of Encinitas, with room to entertain, garden, relax, and enjoy the coastal lifestyle. For those seeking future possibilities, the property also presents exceptional long-term upside, including plans for a lot split with a striking architectural residence on the second lot, designed to complement the site's unique setting and scale. Whether you're looking for a charming beach-close home, an income-producing investment, a multigenerational property, or a legacy homesite for the future, opportunities like this rarely come available in one of Encinitas' most sought-after neighborhoods.

Mortgage Calculator

Est. Monthly Payment

$26,704

Principal & Interest$21,666
Property Tax$3,900
Insurance$1,137
%($780,000)
%
Loan Term

Location

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Zoned Schools

  • Elementary

    Paul Ecke-Central Elementary · grades K-6 · Encinitas Union Elementary

  • Middle

    Oak Crest Middle · grades 7-8 · San Dieguito Union High

  • High

    La Costa Canyon High · grades 9-12 · San Dieguito 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.

Short-term not available here. Encinitas allows short-term rentals only in single-family homes and duplexes. See the rules

Investment Score

0D
Est. Monthly Rent
$9,203

10 leases of 2–4 bed houses within 1 mi · $7,525–$13,235

Blended 50/50 with the zip's market median ($6,762)

Monthly Cashflow

Rent − PITIA

-$17,500
Full Cashflow

Incl. vacancy, PM, maint, capex

-$22,867

What would make this work?

$22,867/mo short at 20% down; +$29,697/mo rent closes it.

Break-even price

76% under asking

$922,660
Break-even rent

$29,697/mo above the estimate

$38,900/mo
Cashflow at 35% down
−$18,804/mo
Down payment to break even

Negative even all-cash

Not reachable
Rate to break even

Negative even at a 0% loan

Not reachable

Mortgage (P+I)
$21,666
Cap Rate
-0.23%
Cash-on-Cash
-35.18%
DSCR

Need ≥ 1.25 for DSCR loan

0.34

NOI (Annual)
-$8,886
Price-to-Rent

Lower = better for investors

35.3

* 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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DCashflow−$22,867/mo