909 Cleveland Street
Ctop 80% of multifamilyOceanside, CA 92054Neighborhood: Townsite
78 licensed short-term rentals within ½ mile (78 whole home), from the cities' license and permit lists of Nov 9, 2026.
Pass at asking: -$5,726/mo full cashflow at 20% down, 7.43% rate.
Works at $1,244,356 (37% under asking), or at 62% down.
Rent $12,412/mo: 4 units of about 576 sqft, each priced from up to 12 closed leases within 0.5 mi ($9,900–$13,360).
Beds
—
Baths
—
Sqft
2,304
Year Built
1963
Days on Market
73
Property Type
Multi-Family
HOA/mo
N/A
MLS ID
NDP2606575
This property is in Oceanside (92054). View neighborhood stats →
About This Property
Coastal Fourplex in San Diego's most Northern Beach Town of Oceanside. The property boasts private yards or balconies, garages, and partial ocean views for all units. Here is your chance to dream big and rehab a great investment property. Live in one and rent the other three. This is an REO sale and needs major rehab. Sold without warranties or repairs and is sold in as is condition. Private enclosed 4 car detached garage with entrance into the private courtyard. OPEN HOUSE visitors will be expected to sign a Hold Harmless and release of liability to see the property. Please bring your own safety equipment as agent/brokerage will not provide. Proof of funds will be required to enter the property. Please bring a copy.
Small multifamily · 4 units
Valued on income: each unit priced from closed leases nearby, then added up. County records: 4 units.
| Unit | Units | Rent each | Subtotal |
|---|---|---|---|
| Average unit~576 sqft · 12 leases within 0.5 mi | 4 | $3,103 | $12,412 |
| Gross rent, all units | $12,412/mo | ||
- Gross rent multiplier
- 13.4
- Price per unit
- $497,500
- NOI (a year)
- $71,394
- Cap rate
- 3.59%
Price ÷ a year's gross rent
Median $548,750 across 5 listed 2–4 unit buildings in 92054
Default vacancy, management, upkeep, tax, insurance
Its grade compares it with other multifamily listings only: a building valued on income isn't ranked against houses and condos.
House hack with FHA
Live in the one unit, rent the other 3.
FHA likely won't lend on this one at this price. For 3 and 4 units it counts 75% of all the units' rent ($9,309/mo), and that has to cover the full payment ($17,007/mo). The numbers below are for reference.
- Down payment
- $69,650
- Your cost to live there
- $11,497/mo
- More than renting it
- $8,394/mo
3.5% · plus closing costs
After $9,309/mo from the other units
vs $3,103/mo to rent the same unit
How this is figured
- Loan $1,953,956 ($1,920,350 + 1.75% upfront mortgage insurance) at 7.18% (Freddie Mac 30-year average, week of Nov 5, 2026), 30 years: $13,237/mo
- FHA mortgage insurance $1,200/mo · property tax $1,990/mo · insurance $580/mo
- Vacancy, management and capex on the rented units, upkeep on the building: $3,799/mo
- FHA allows 3.5% down on 2–4 units when you live in one, up to HUD's 2026 San Diego County limit for 4 units ($2,123,100). Lenders count only part of the other units' rent toward qualifying.
Compare other buildings on the small multifamily page.
Mortgage Calculator
Est. Monthly Payment
$13,626
Location
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Zoned Schools
Elementary
South Oceanside Elementary · grades K-5 · Oceanside Unified
Middle
Lincoln Middle · grades 6-8 · Oceanside Unified
High
Oceanside High · grades 9-12 · Oceanside Unified
The district's assigned schools for this parcel, from its attendance boundaries and rules. Boundaries change: confirm with the district before you buy.
Renovation math
Flagged Fixer from the listing remarks — “major rehab”, “rehab”.
- Asking now
- $1.99M
- Worth finished
- $1.44M
- Already above finished value
- −$550,000
$864/sqft
$625/sqft × 2,304 sqft
$239/sqft over
Comparable finished homes nearby suggest this is worth about $1.44M — below the asking price. A renovation here has to be funded out of the purchase, not the spread.
Rent once renovated
- Rent at par
- $9,336/mo
- Cashflow at that rent
- −$8,095/mo
$4.05/sqft × 2,304 sqft, median of 3 comps
cap rate 2.07%, DSCR 0.69
Heads up: the rent estimate elsewhere on this page ($12,412/mo) is above what comparable finished homes here support. A home that needs work does not out-rent them, so treat $9,336/mo as the ceiling.
Buying at asking and achieving par rent, excluding the renovation spend itself. We don't publish a current-condition rent: no listing remark says how much work a home needs, and mid-renovation it earns nothing.
Based on 3 comparable homes of the same property type and size currently listed nearby — asking prices and modelled rents, not closed sales. A contractor's scope, not this page, decides what a renovation actually costs.
Comparable Properties
3 comps foundThis Property
$12,412
Comp Average
$11,444
1144 Nevada
3,151 sqft · Multi-Family
$1.79M
Est. $12,768/mo
426 Grant Street
3,512 sqft · Multi-Family
$2.19M
Est. $12,732/mo
406 Myers Street
1,733 sqft · Multi-Family
$1.75M
Est. $8,832/mo
Comps based on same zip code, similar beds (±1), price range (60-150%).
This is a 4-unit building: on the mid-term and short-term tabs, enter the rent, nightly rate and occupancy for all units combined.
Investment Score
4 units of about 576 sqft, each priced from up to 12 closed leases within 0.5 mi · $9,900–$13,360
Rent − PITIA
Incl. vacancy, PM, maint, capex
What would make this work?
$5,726/mo short at 20% down; 62% down or +$7,437/mo rent closes it.
- Break-even price
- $1,244,356
- Break-even rent
- $19,849/mo
- Cashflow at 35% down
- −$3,654/mo
- Down payment to break even
- 62%
- Rate to break even
- 1.28%
37% under asking
$7,437/mo above the estimate
$1,233,800 cash
at 20% down
Need ≥ 1.25 for DSCR loan
Lower = better for investors
* 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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