SideGuy Listing Read · Cardiff-by-the-Sea
2449 Manchester Ave — Smart buy, or overpriced?
Verdict
Depends — strong if you actually execute the second ADU. Mediocre if you treat it as just a primary.
The real opportunity
- Existing ADU = day-one rental income (offsets carry from month one)
- Lot allows a 2nd ADU in most Encinitas/Cardiff zones — that's the upside lever
- Coastal Cardiff ZIP commands top Airbnb ADRs in North County
The risks
- $2.8M entry is firm at the top of the comp range — not a discount
- Permits + ADU build = real money + 6–12 months. Returns assume execution.
- Encinitas STR rules can shift — vacation-rental income isn't guaranteed forever
The math
- Existing ADU ~$3.5–4.5K/mo long-term, $5–7K/mo short-term coastal Cardiff
- Add 2nd ADU at ~$200–300K all-in → ~$3K+/mo additional
- At $2.8M with ~$8K/mo combined gross, cap rate is thin — this is a play on appreciation + lifestyle, not pure cashflow
