6381 Castejon Dr
La Jolla, CA 92037
Buy a 1959 single-story home on a 27,800 SF lot in Upper Muirlands near ask. Refresh the 1,950 SF house, add a 3,000 SF single-story wing with a luxury primary suite, and sell a 4,950 SF home priced under the comps. The base case is 12 months: bought 3% under ask and priced 6% under the comps, investors earn 14%. The lot allows about 12,500 SF.
Yield on cost
The full circle is the sale price. Gray slices are costs; the green slice is profit. Closing costs include buying (1%) and selling (5.86%) costs. Yield on cost = profit ÷ total cost.
Sources
Cost of debt
All-in cost
Exit
Investor waterfall
MoRE fees inside the all-in cost: . MoRE total with promote: .
Investor IRR: purchase price × sale price
At the construction cost and timeline set on the left. Black cell = current setting.
How MoRE is paid
MoRE Capital puts in $400,000 before work starts, on the same terms as every investor.
| Fee | MoRE | Typical range |
|---|---|---|
| Construction | 10% of hard cost | 10–20% |
| Development | 3% of purchase + hard cost | 3–5% of total project cost |
| Design | $115,000 flat, about 7% of hard cost | 10–20% for additions and remodels |
- Major trades are bid out. Investors see the bids before contracts are signed.
- Open-book accounting. Every invoice, draw and change order is available to investors.
Hard cost · building it
Soft cost · design and permits
Base case: 4 months of construction after permits. One phase, one crew.
Built from MoRE's current construction pricing
MoRE has multiple ongoing projects, several near completion. Trade costs per SF from that current pricing are split between new construction and the existing house, then applied to Castejon's 3,000 SF addition and 1,950 SF house. A luxury allowance covers the primary suite, kitchen and finishes.
MoRE's construction fee (10%) and contingency (10%) are carried separately. New / existing split per trade is MoRE's estimate. Figures move with the construction-cost slider.
Offered 3% under the $2,999,500 ask; the model tests 5% over to 30% under
Listed September 9, 2026 at $3,250,000 and cut to $2,999,500 on October 13. 64 days on the market. The price is for the land: $108 per SF of lot. The base case offers 3% under ask, in line with a strong offer for this listing.
Fixer and land sales nearby
| Address | Status | Price | House SF | Lot SF | Note |
|---|---|---|---|---|---|
| 6381 Castejon Dr (subject) | Active | $2,999,500 | 1,950 | 27,800 | 1959, original condition |
| 6401 La Jolla Scenic Dr S | Sold Jun 2026 | $3,366,000 | 3,430 | 19,700 | Fixer, 1959 |
| 6301 Castejon Dr | Sold Dec 2025 | $3,610,000 | 3,566 | ~20,800 | Listed $4,595,000, cut twice |
| 6099 La Jolla Scenic Dr S | Sold Jul 2026 | $3,400,000 | — | ~44,400 | Land with plans; listed $3,849,000 |
| 1381 W Muirlands Dr | Sold Apr 2026 | $2,700,000 | 1,710 | ~13,100 | Sold to rebuild |
Why a lower price is possible
- 64 days on the market and one $250,000 price cut.
- 6301 Castejon, on the same street, sold for 21% under its original ask.
- The buyer pool for a full rebuild is small; an all-cash, fast close is worth a lower price to the seller.
- If the seller will not meet the offer, the toggle shows the deal at full ask.
Sources: Redfin, homes.com, Coldwell Banker. Lot sizes are approximate.
The base case allows 5 months for design and permits
The site
- Setbacks: 25 ft front, 8 ft side, 25 ft rear.
- The plan finishes at 4,950 SF, well under the 12,500 SF allowed.
- Outside the Coastal Overlay Zone: no coastal development permit.
The strategy
- Start during escrow. Survey, as-built drawings and a zoning check before closing, so design starts on day one.
- Design inside the rules. A single-story wing within RS-1-2 height, setbacks and floor area keeps the permit staff-level, with no variance or hearing.
- Two permits, two clocks. The interior refresh of the existing house goes in as its own permit and can start while the addition is in plan check.
- Complete first submittal. Architecture, structural, Title 24 energy and MEP submitted together to cut review cycles.
- Fast turnaround. Plan-check comments answered within days, with direct contact with the City reviewer.
Timeline
- EscrowSurvey, as-builts, zoning checkFloor area and setbacks confirmed; design brief set.
- Months 0–2Design and engineeringNew wing, primary suite, kitchen; structural and Title 24.
- Month 1Refresh permit filedInterior work on the existing house can begin early.
- Month 2Addition submittedComplete set, all disciplines at once.
- Months 2–5Plan checkCorrections turned around within days.
- Month 5Permit issuedConstruction starts; 4-month build.
The base case uses 5 months for design and permits and a 4-month build. The 18-month case allows 8 months and a 6-month build. Zoning per City of San Diego GIS and SDMC Table 131-04J; confirm at the zoning check.
Priced under the comps to sell; overpriced homes on Castejon have sat for months
The base case allows 3 months from listing to closing. Renovated Muirlands homes in the $5.5–6.5M range sold through 2026; the homes that sat were priced well above their comps.
Recent renovated sales
| Address | Sold | Price | SF | $/SF |
|---|---|---|---|---|
| 6714 Muirlands Dr | Oct 2026 | $5,600,000 | 4,046 | $1,384 |
| 6645 Avenida de las Pescas | Sep 2026 | $6,089,000 | 4,382 | $1,390 |
| 6324 La Pintura Dr | Aug 2026 | $7,110,000 | 5,115 | $1,390 |
| 5811 Box Canyon Rd | Apr 2026 | $6,435,000 | 4,000 | $1,609 |
Priced high
| Address | History | Result |
|---|---|---|
| 6301 Castejon Dr | Listed $4,595,000, cut twice | Sold $3,610,000, Dec 2025 |
| 6389 Castejon Dr | $12,000,000 (2025) → $9,999,999 → $10,500,000 | About 2 years, unsold |
Sources: homes.com Muirlands sales, Estately. Sale dates are approximate.
Renovated and newer Muirlands homes of 4,000–5,100 SF sold for $1,290–$1,609/SF in 2026, most near $1,390/SF. Castejon is priced 6% under that to sell fast. The maximum case is 5% above.
Comparables
| Address | Status | Price | SF | $/SF | Note |
|---|---|---|---|---|---|
| 6714 Muirlands Dr | Sold Oct 2026 | $5,600,000 | 4,046 | $1,384 | Fully renovated |
| 6645 Avenida de las Pescas | Sold Sep 2026 | $6,089,000 | 4,382 | $1,390 | Built 2010 |
| 6324 La Pintura Dr | Sold Aug 2026 | $7,110,000 | 5,115 | $1,390 | 5,100 SF |
| 5811 Box Canyon Rd | Sold Apr 2026 | $6,435,000 | 4,000 | $1,609 | Remodeled, turnkey |
| 2170 Via Nina | Sold Sep 2026 | $6,450,000 | 5,000 | $1,290 | 5,000 SF |
| 6984 Via Estrada | Sold Apr 2026 | $4,500,000 | 3,547 | $1,269 | Built 1990 |
| 6357 Castejon Dr | Sold Aug 2025 | $11,000,000 | ~8,011 | $1,373 | Same street, luxury |
| 6389 Castejon Dr | Active | $10,500,000 | 8,278 | $1,268 | Same street, 6 bd |
| 6381 Castejon Dr | Subject, today | $2,999,500 | 1,950 | $1,538 | Before renovation |
Sale price range
Larger homes usually sell for less per SF; the 4,950 SF plan sits inside the 4,000–5,100 SF range of the comps. Every sale price is shown before seller closing costs of 5.86%: broker commissions 5%, escrow, title and closing 0.75%, county transfer tax 0.11%. Sources: homes.com, Compass via RateMyAgent, Estately, Redfin.