It is not Sea Cliff. It is Waters End. It is a single family detached homes community built in 2003 so people who bought since 2003 never bought in at a low enough price to make decent positive cash flow as rental. That’s why I was a bit surprised to see that 40% are renter occupied. I wonder if this is a red flag: Owners who are renting out at negative cash flow will eventually sell and put a lot of downward pressure on price in that neighborhood. Is 40% renter ratio a lot higher than similar priced neighborhood in Carlsbad? Would you avoid this community if you are a buyer?
