Grand Del Mar Pl Unit VU 8-4-9

San Diego, CA 92130

$375,000D

3 bd · 4.5 ba · 5,035 sqft · Built 2008 · Timeshare · Active · 233 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,447/mo
• Mortgage (P&I): −$1,967
• Tax + insurance: −$625
• HOA: −$1,985
• Vac / Maint / Mgmt: −$934
• Net cashflow: $-1,064/mo
• Annual: $-12,762/yr
• Cap rate: 2.89%
• Cash-on-cash: -12.15%
• DSCR: 0.46
• 1% rule: 1.19%
• Cash to close: $105,000

Investor read

• This is a 3-bed/4.5-bath timeshare listed at $375k.
• At list price, monthly cash flow is $-1k ($-13k/yr) — negative.
• To cash-flow at today's rent, offer at most $221k (41.0% below list).
• Meets the 1% rule at list price ($4k rent vs $375k).
• It's been on market 233 days — a 12% lower offer ($330k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $221k (41.0% below list) — sets the bar for cash-flow.
• In year one you build about $17k of equity ($3k loan paydown + $14k appreciation (3.9% local appreciation)).
• Location reads 75/100 on livability (#123 in CA, #4,206 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: health & safety C-, crime D+, cost of living F.
• San Dieguito Union High (urban): math 72% / reading 79% proficiency, ranked #56 of 1,400 in CA (top 4%) — strong family-tenant draw, lease renewals of 3-5y typical; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: Ashley Falls Elementary (346 students, 5% FRL); Pacific Trails Middle (919 students, 10% FRL); Torrey Pines High (2,614 students, 16% FRL) — zoned schools at 10% FRL track the district average.
• Watch-outs: HOA is 45% of rent.
• Market conditions: Rents flat; 155 active listings in the ZIP; high-income renter base; 11,759 units permitted in San Diego County in 2024 (7,244 in 5+ unit buildings).
• San Diego County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• By year 3, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 2.9% vs local median 2.0% in San Diego — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 233 days. Have you received any prior offers? Is the seller open to a 41% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?