  We present optical photometry and spectroscopy of the new eclipsing
Cataclysmic Variable MASTER OTJ192328.22+612413.5, discovered by the MASTER
team. We find the orbital period to be P=0.16764612(5) day /4.023507(1) hour.
The depth of the eclipse (2.9$\pm$0.1 mag) suggests that the system is nearly
edge on, and modeling of the system confirms the inclination to be between
81.3-83.6 degree. The brightness outside of eclipse varies between
observations, with a change of 1.6$\pm$0.1 mag. Spectroscopy reveals
double-peaked Balmer emission lines. By using spectral features matching a late
M-type companion, we bound the distance to be 750$\pm$250 pc, depending on the
companion spectral type. The source displays 2 mag brightness changes on
timescales of days. The amplitude of these changes, along with the spectrum at
the faint state, suggest the system is possibly a dwarf nova. The lack of any
high excitation HeII lines suggests this system is not magnetically dominated.
The light curve in both quiescence and outburst resembles that of Lanning 386,
implying MASTER OTJ192328.22+612413.5 is a possible cross between a dwarf nova
and a SW Sextantis star.
