Rental numbers for ZIP 92128 (San Diego, CA)
Negative cash flow at any interest rate with 25% down: the rent does not cover operating costs and principal.
- Gross yield
- 3.8%
- rent x 12 / price
- Est. cap rate
- 1.4%
- NOI / price
- Cash flow
- -$4,146/mo
- at 7.78%, 25% down
- Typical price
- $984,000
- Zillow ZHVI, Aug 2026
- Typical rent
- $3,091/mo
- Zillow ZORI, Aug 2026
The pro forma
Typical home, default assumptions
| Operator | Line | Amount | Source |
|---|---|---|---|
| Gross rent | $37,092 | ||
| Vacancy | $1,855 | ||
| Management | $2,819 | ||
| Property tax | $6,720 | ||
| Insurance | $1,986 | ||
| Maintenance | $9,839 | ||
| Net operating income | $13,873 | ||
| Loan payments | $63,624 | ||
| Cash flow | -$49,751 |
| Operator | Line | Amount | Source |
|---|---|---|---|
| Typical price | $983,915 | ||
| Down payment (25%) | $245,979 | ||
| Loan | $737,936 | ||
| Rate | 7.78% | ||
| Monthly payment | $5,302 | ||
| Cash in | $275,496 | ||
| Cash-on-cash return | -18.1% | ||
| DSCR | 0.22 | ||
| Break-even rate | none |
Assumptions
Change them in the calculator- Down payment25%
- A common minimum for investment-property and DSCR loans.
- Interest rate7.78%
- Freddie Mac 30-year 7.03% (week of 2026-09-24) + 0.75 point investor premium.
- Loan term30 years
- Fixed, fully amortising.
- Closing costs3% of price
- Added to cash invested.
- Insurance$1,986 a year
- NAIC 2023 average homeowners (HO-3) premium for California, $1,655, x 1.2 for a landlord policy.
- Maintenance1% of price a year
- The 1% rule of thumb; older homes run higher.
- Vacancy5% of rent
- About 18 days empty a year.
- Management8% of collected rent
- A typical full-service fee; zero if you self-manage.
Trends
Five years to August 2026
- Price, 12 months
- -2.4%
- Rent, 12 months
- +2.7%
- Rent minus price growth
- +5.2 pts
- positive means yields are improving
Show the numbers
| Month | Typical value | Rent |
|---|---|---|
| Aug 2021 | $802,465 | $2,448 |
| Aug 2022 | $980,450 | $2,827 |
| Aug 2023 | $948,634 | $2,929 |
| Aug 2024 | $1,047,176 | $2,950 |
| Aug 2025 | $1,008,227 | $3,008 |
| Aug 2026 | $983,915 | $3,091 |
Rent references
Two sources, never blended
| Source | Studio | 1 bed | 2 bed | 3 bed | 4 bed |
|---|---|---|---|---|---|
| HUD Small Area FMR, FY2026 | $2,930 | $3,150 | $3,840 | $5,120 | $6,200 |
| Zillow observed rent, Aug 2026 | $3,091 typical, all home types | ||||
HUD's Fair Market Rent is the 40th percentile gross rent (rent plus utilities) for a standard unit, and it is what Section 8 vouchers pay against. Zillow's index tracks asking rents on listed homes. The two measure different things, so they are shown side by side and never averaged. HUD area: San Diego-Chula Vista-Carlsbad, CA MSA.
Property tax
- Effective rate
- 0.68%
- ZIP area, ACS
- At the typical price
- $6,720/yr
Median real estate taxes paid divided by median home value, Census ACS 2020 to 2024. San Diego County: 0.68%. Actual bills depend on the assessment, exemptions and any non-homestead rate.
Supply
- Permits per 1,000 households
- 9.0
- San Diego County, last 12 months
- National percentile
- 68th
- among US counties
10,538 new housing units permitted in 2025-09 to 2026-08, Census Building Permits Survey. A high figure means more new supply competing for tenants.
Nearby ZIP codes
| ZIP | Distance | Typical price | Rent | Gross yield | Cash flow /mo |
|---|---|---|---|---|---|
| 92127San Diego | 3.3 mi | $1,594,000 | $3,817 | 2.9% | -$7,824 |
| 92064Poway | 3.6 mi | $1,213,000 | $3,167 | 3.1% | -$5,611 |
| 92129San Diego | 3.9 mi | $1,328,000 | $3,748 | 3.4% | -$5,827 |
| 92025Escondido | 5.9 mi | $834,000 | $2,486 | 3.6% | -$3,651 |
| 92131San Diego | 6.9 mi | $1,466,000 | $3,635 | 3.0% | -$7,036 |
| 92029Escondido | 6.9 mi | $1,183,000 | $2,603 | 2.6% | -$5,939 |
| 92067Rancho Santa Fe | 7.0 mi | $4,760,000 | $10,132 | 2.5% | -$22,909 |
| 92126San Diego | 7.2 mi | $983,000 | $3,099 | 3.8% | -$4,062 |
Run the numbers on a real listing
The calculator opens with this ZIP's figures. Swap in a listing's price and rent, your rate and your costs.
Open the calculator for 92128Questions
- Is 92128 good for rental property?
- On the typical home here, priced at $984,000 and renting for $3,091 a month (Zillow ZORI, Aug 2026), the gross yield is 3.8% and the estimated cap rate is 1.4%. At a 7.78% investor rate with 25% down, estimated cash flow is -$4,146 a month. The median gross yield across the 8,418 ZIP codes with full Zillow data is 5.6%. These are figures for a typical property, not a judgement on any particular one.
- What is the typical rent in 92128?
- Zillow's observed rent index for 92128 was $3,091 a month in August 2026, across all home types. HUD's FY2026 Small Area Fair Market Rent for a 2-bedroom here is $3,840, the 40th percentile of gross rents and the basis for Section 8 payment standards.
- What is the property tax rate in 92128?
- The effective property tax rate is about 0.68% of value (median taxes paid divided by median home value, Census ACS 2020 to 2024). On the typical $984,000 home that is about $6,720 a year. Your bill depends on the assessment and local exemptions.
- What interest rate makes a rental in 92128 break even?
- With the default assumptions, no interest rate brings cash flow to zero: rent does not cover operating costs plus principal on a 30-year loan with 25% down.
- How fast are prices and rents changing in 92128?
- Over the 12 months to August 2026, the typical home value changed -2.4% and the typical rent changed +2.7%. Rents rising faster than prices pushes yields up.
Sources and method
- Zillow Home Value Index (ZHVI), mid tier, smoothed and seasonally adjusted
Zillow Research. Read: 2026-08.
Typical home value by ZIP, county, metro and state, and the price trend.
- Zillow Observed Rent Index (ZORI), all homes plus multifamily, smoothed
Zillow Research. Read: 2026-08.
Typical market rent by ZIP, county and metro, and the rent trend (tier A pages).
- HUD Small Area Fair Market Rents, FY2026
US Department of Housing and Urban Development. Read: FY2026.
Rent by bedroom count for every ZIP. The rent used on tier B pages, and a reference on all pages. It is the 40th percentile gross rent, so it runs below market.
- American Community Survey 5-year estimates, 2020 to 2024 (B25103 median real estate taxes paid, B25077 median home value, B11001 households)
US Census Bureau. Read: 2020 to 2024.
Effective property tax rate (median taxes paid divided by median value) by ZIP code tabulation area, county and state; households for the permits ratio.
- Freddie Mac Primary Mortgage Market Survey, 30-year fixed (FRED series MORTGAGE30US)
Freddie Mac via the Federal Reserve Bank of St. Louis. Read: 2026-09-24.
The weekly 30-year rate. The site adds a disclosed investor premium to it for the loan payment.
- Building Permits Survey, county monthly files
US Census Bureau. Read: 2025-09 to 2026-08.
New housing units permitted in the last 12 months per 1,000 households, a supply-pressure signal.
- NAIC Homeowners Insurance Report, data for 2023
National Association of Insurance Commissioners. Read: 2023.
Average HO-3 homeowners premium by state, multiplied by 1.2 as a landlord-policy assumption.
Data: Zillow Research (ZHVI, ZORI), HUD, US Census Bureau, Freddie Mac. Every formula is on the methodology page.
Estimates from public data for a typical property. Not investment, tax or legal advice. Your property, financing and costs will differ.