Two lots, one block off Montezuma. Can they carry eleven units?
Underwriting file for 4901 and 4911 Curry Dr: two 1955 houses on 5,200 sf lots, under contract to Travis and James at a confirmed $850,000 each. Plan: remodel each house, rent it, then permit and build — and hold long-term. Travis has decided the end state is a refinance to pull equity out once stabilized, not a sale. ADU Geeks scoped 2 new units on 4901 and 7 on 4911, 11 total. Facts, open questions, market data, and a live calculator below.
Zoning: RM-4-10 confirmed on City GIS
Contract: in escrow, $850K/lot confirmed
Plan: remodel → rent → permit ADUs → hold & refinance
Strategy: build to keep (Travis) — not a sale
Model: v0.3 (Sept 14)
Travis and James are under contract on both lots at a confirmed $850,000 each. Title is with the Carter Family Trust (held since 1994, no mortgages).
ADU Geeks' Sept 11 studies aren't symmetrical: 4901 gets 2 small attached units ($288K, 10 months), 4911 gets a garage conversion plus a 6-unit building ($1.36M, 19 months). With the $75K remodels and a 5.5% cap, 4911 roughly pencils (+$140K equity) and 4901 doesn't (−$230K) — two small units can't carry an $850K lot. Details in §4 and §6.
Zoning is RM-4-10, confirmed on the City's own GIS layers (MLS and county records still show the stale R-1). That means 13 units per lot by right, zero required parking, no height limit, no affordability strings for a 4-unit program — a by-right multifamily project, not an ADU bonus deal. At $850,000 for 13 buildable units, land basis runs about $65,000 per door. Details in §2.
Full remodel on both houses right after close (~$75,000 each), lease them, then run ADU permitting while the houses earn. Design and permitting take months anyway, so they overlap the remodel instead of following it, and keeping the houses standing and occupied avoids most of the tenant-protection issues in §2.
Two watch-outs: a remodel permit on a 1955 house triggers the City's 45-year historic screening, and the remodeled houses alone don't cover a 75% loan at today's rates — roughly $2,200/month negative per house until the new units are built.
End state: Travis wants to build to keep, not build to sell. Once stabilized, the plan is a DSCR or Fannie cash-out refinance to pull equity out while continuing to hold and collect cash flow — see §5 and the refi rows in §6. Sale-comparison figures throughout this page exist to sanity-check the refinance appraisal, not to price an exit.
§1 · The propertiesSide by side
Pulled from the two Paragon MLS sheets and the CRS property reports. Full PDFs are in Documents.
| 4901 Curry Dr | 4911 Curry Dr | |
|---|---|---|
| MLS # · listing type | 260020218 · EA | 260020219 · ER |
| APN | 467-221-10-00 | 467-221-09-00 |
| Contract price · $/sf | $850,000 confirmed · $650/sf | $850,000 confirmed · $672/sf |
| Listed · MLS status Sept 9 | Aug 18, 2026 · showed Active, BOM, 16 DOM | Aug 18, 2026 · showed Active, BOM, 16 DOM |
| House | 3 bd / 2 ba · 1,307 sf · 1955 · 1 story | 3 bd / 2 ba · 1,265 sf · 1955 · 1 story |
| Lot | 5,200 sf (0.12 ac) · corner at Curry / Catoctin · about 104 × 48–50 ft | 5,200 sf (0.12 ac) · interior · about 104 × 50 ft |
| Legal | Tr 3123 Lots 9 & 10 except NWly 50 ft, Dass Manor | Tr 3123 Lots 9 & 10, NWly 50 ft, Dass Manor |
| Parking | 2-car attached garage + 2 driveway | 2-car attached garage + 2 driveway |
| Systems | Forced air gas heat · no A/C · sewer connected · laundry in garage | same |
| Zoning | RM-4-10, College Area CPU (Ord. O-22045) · TPA · SDA City GIS | RM-4-10, College Area CPU (Ord. O-22045) · TPA · SDA City GIS |
| By-right density | 1 unit / 400 sf → 13 units · 0 parking | 1 unit / 400 sf → 13 units · 0 parking |
| Occupancy | Tenants gave notice; delivered vacant | Tenant occupied; confirmed appointment only |
| Owner of record | Carter Family Trust B 08-19-94, Cardiff CA · intrafamily transfers 1994 and 1998 · no mortgages · no foreclosures | |
| 2025 assessed · tax | $78,252 · $1,539/yr | $77,098 · $1,525/yr |
| Tax after purchase at list (1.2%) | about $10,450/yr | about $10,450/yr |
| Flood | Zone X, minimal hazard (FIRM 06073C1643J, 2012) | |
| Schools | Dr Bertha Pendleton ES 0.4 mi · Lewis MS 2.2 mi · Henry HS 2.1 mi · San Diego Unified | |
| Listing agent | David J Keefe, Coldwell Banker West, 619-246-5792 (DRE 01334208) · Reema Taila-Keefe 619-504-9697 · terms: cash or conventional, sold as-is | |
Why the pair matters
Same seller, same trust, adjacent parcels split from one pair of tract lots. Owning both means a shared driveway, one contractor mobilization, and about $1.7M of combined acquisition before a shovel goes in.
Condition notes from the 27 listing photos
4901: weathered shake siding, replaced vinyl windows, original 1950s kitchen, refinished oak floors, no A/C. Usable 25x30 ft rear yard. Dated but livable; cosmetic rehab $20-40K.
4911: aging roof, salmon stucco, replaced windows, original kitchen with newer hood, hardwood, no A/C. No usable rear-yard or bathroom photos, so a site visit is needed. Dated but livable; cosmetic rehab $15-35K.
Both are 70-year-old houses: budget for an electrical upgrade, sewer lateral check, and possible lead/asbestos handling.
§2 · Zoning and the path to 4 units per lotWhat the City will let you build
This was the biggest open question and it is now answered in the good direction: multifamily by right, well above four units, with no parking requirement.
Both parcels sit inside the RM-4-10 zone created by the College Area Community Plan Update (ordinance signed Jan 22, 2026, on the map Feb 20, 2026). Both are in a Transit Priority Area, no fire hazard zone, no steep slopes, FEMA Zone X. Neighboring lots two doors west stayed RS-1-7, which is why older records still show single-family.
RM-4-10 in plain terms
| Rule | What it means on a 5,200 sf lot |
|---|---|
| Density: 1 unit per 400 sf | 13 units per lot (12.5 rounds up). Both lots together: about 26. |
| Parking | None required in a Transit Priority Area. Bike parking only. Garage can be converted without replacing spaces. |
| Height | No maximum in the zone table. Floor-area ratio 3.6 governs (about 18,700 sf of building). No lot-coverage cap. |
| Setbacks | Two contiguous yards of at least 15 ft on the northerly and easterly sides; none required on the other two lines. On the corner lot, confirm which elevations count. |
| Open space | 50 sf of private open space per unit; common-space rules start above 4 units. |
| Minimum lot | Zone minimum is 7,000 sf and 100 ft wide. These are lawful 1950s lots of record at about 5,000–5,200 sf and 50 ft, so they should build as previously conforming. Confirm no deviation is needed. |
| Uses | Multifamily and rooming houses permitted by right. The mini-dorm permit ordinance was struck down in 2017 and repealed in 2020. |
Ways to get to four units
A · By-right multifamily primary
Keep the house, add three units under the base zone. Ministerial permit, no parking, no affordability strings. Trade-off: full impact fees apply, no ADU waivers.
B · State-law ADUs
House + garage ADU + detached ADU + JADU = 4. Cheapest on fees, fastest clock. Detached ADU capped at two stories; JADU needs owner-occupancy.
C · ADU bonus program
Likely available but not needed for four units — only useful past five, trading deed-restricted affordability for bonus ADUs.
G · Small-lot subdivision
Ministerial map into sellable lots, only relevant if the goal is fee-simple homes rather than rentals. Likely blocked here by tenant-occupancy history.
Not a fit: SB 9 (RM zones excluded), Complete Communities (needs 11+ units and 40% affordable), state density bonus (not needed).
Both studies cite the same RM-4-10 rules. To clear up with Kyle: (1) 4911's study says "12 DU by right," code rounding gives 13; (2) 4911's site map says bonus program, its zoning page says by-right — confirm which; (3) 4901 gets only 2 units on a lot zoned for 13 — ask if the corner setbacks are the real limit, and what a bigger scheme would look like.
Watch-outs
45-year historic screening
Any permit altering the 1955 houses triggers historical screening. Building new units while leaving the house untouched may avoid it.
Tenant protections
Demolishing a unit needs a replacement covenant; low-income tenant history triggers relocation rules. Keeping the houses standing avoids most of this.
Site and soils
Low-to-moderate geologic hazard category, may need a geotech report. Check sewer lateral condition and electrical service size.
ZAPP readout for both APNs; whether the ADU bonus program applies here; corner-lot setback orientation; developing the substandard lots without a deviation; tenant history; geotech/brush requirements; historic screening scope; any code amendments since the bulletins.
§3 · MarketRents and comps near SDSU
Legend: verified read on the cited page · snippet from a search summary, not opened · estimate our number.
Asking rents, 2026
| Unit | RentHop 92115 | RentCafe College Area | Kidder SD County Q2 |
|---|---|---|---|
| Studio | $1,925 | $2,008 | $1,846 |
| 1 bd | $1,800 | $2,090 | $2,194 |
| 2 bd | $2,625 | $3,044 | $2,684 |
| 3 bd | $3,600 | — | $3,095 |
| 4 bd | $4,650 | — | — |
By the bed
Private rooms in shared houses: $550-900 plus utilities. Campus-adjacent shared units: $900-1,400/person. Leasing window is January to March for August move-in; time delivery to that calendar.
Evidence from live listings snippet
- 5090 College Ave: two new 4bd/2ba units, guaranteed $12,500/mo.
- 5067 Alumni Pl: two remodeled 4bd/2ba units, $1.5M list, ~10.5 GRM.
- 6bd house + 4bd ADU: $13,000/mo leased through Aug 2027.
- 4824-26 Rolando Blvd: 2025-built rear 3bd/2ba asking $4,195/mo.
Sales comps snippet
92115 median about $843-852K, roughly $553/sf. Nearby 1950s 3bd houses cluster $850K-$1.0M. Small multifamily caps run 3.8-6.4%, county average 4.7-4.9%.
The plan is to keep this, not sell it — so these numbers matter as a refinance-appraisal benchmark, not an exit price. Small investors buy on GRM/cap (roughly 11-14 GRM or 5-6% cap); lenders appraise on sales comparison, where ADUs often value at 50-80% of cost. The calculator shows both lenses since they can disagree a lot, and that gap is exactly what determines how much cash a refinance pulls out.
§4 · Construction and City feesWhat ADU Geeks says it costs
From the two feasibility studies dated Sept 11, 2026, prepared for James Forsberg. Preliminary, pending a GC bid; ADU Geeks disclaims them.
4901 Curry Dr ADU Geeks
Scope: garage conversion to a 1bd/1ba ADU (475 sf) plus a new attached studio (423 sf). Two units, 898 sf, single story, both fee-exempt under 500 sf.
| Line | Amount |
|---|---|
| Design, engineering, Title 24, ROW plans (ADU Geeks services) | $25,000 |
| Permits and agency fees (plan check $11,500 · water/sewer $3,700 · ROW $4,500 · impact and school $0) | $19,700 |
| Attached studio, 423 sf at about $300/sf | $126,900 |
| Garage conversion, 475 sf at about $175/sf, plus curb cap 16 ft | $90,625 |
| Contingency 10% | $26,222 |
| Total project investment | $288,447 |
4911 Curry Dr ADU Geeks
Scope: garage conversion (400 sf) plus a detached 3-story, 6-unit building of 1bd/1ba apartments (3,000 sf). Seven new units, eight on the lot. Sprinklers, solar, new water service and fire line required.
| Line | Amount |
|---|---|
| Design, engineering, Title 24, ROW plans (ADU Geeks services) | $44,700 |
| Permits and agency fees (plan check $38,000 · impact fees · school $16,000 · RTCIP $21,000 · water/sewer capacity $26,000 · ROW $4,500) | $101,000 |
| Six-unit building, 3,000 sf at about $325/sf, sprinklered | $975,000 |
| Garage conversion 400 sf at $175/sf, curb cap, 2-inch water service and fire line $38,000 | $115,500 |
| Contingency 10% | $123,620 |
| Total project investment | $1,358,820 |
Cost/sf: their $325/sf is under the $375-600/sf 2026 market range; at $400/sf the deal flips negative. Get two GC bids. Opex: they use 25%; our buildup lands 35-39%, matching the team's own 35% underwriting standard. Financing: they assume 6.5% interest-only; we model 7.25% amortizing plus a 10% construction line. House rent: they use $3,600 as-is; we use $4,300 post-remodel. Fees: 4911's fee line items sum to well over the $101,000 shown — get a written DSD estimate.
Research cross-check verified
| Detached ADU, all-in (SnapADU, Mar 2026) | All-in | $/sf |
|---|---|---|
| 500 sf | $300,000 | $600 |
| 750 sf | $350,000 | $465 |
| 1,000 sf | $425,000 | $425 |
| 1,200 sf | $450,000 | $375 |
| City fee rule | Amount |
|---|---|
| Development Impact Fees | Waived for ADUs under 750 sf; by-right dwelling units pay the full College Area rate |
| School fee (SDUSD) | $5.17/sf on units over 500 sf |
| Water / sewer capacity | About $1,524 + $2,577 per ADU; a new 2-inch service and fire line is separate |
| Plan check + permit | Under 500 sf about $5,350; over 500 sf about $15,400 |
§4.5 · MLS compsWhat's actually selling and renting
Pulled from SDMLS on Sept 14, 2026 via the WBG MLS tool. Does the ADU Geeks program match what real small multifamily near SDSU sells and rents for? Used here to benchmark the refinance appraisal for a long-term hold, not to price a sale.
One block away: a new-construction duplex, listed $1,395,000 — rebuilt 5-bed house at $6,400/mo plus a new 1bd/1ba ADU at $1,940/mo, 4.75% cap as offered. The $1,940 ADU rent is close to ADU Geeks' $2,200 number, on the rich side but not out of line.
Small new-construction sale comps MLS
| Address | Units | Price | $/unit | Cap |
|---|---|---|---|---|
| 4921-23 Gary St 1 block away | 2 | $1,395,000 | $697,500 | 4.75% |
| 4445-4449 Mataro Dr Rolando | 3 | $1,380,000 | $460,000 | 5.55% |
| 7054-56 Amherst St | 2 | $1,400,000 | $700,000 | 5.00% |
| 4469-75 Altadena Ave Talmadge | 4 | $1,460,000 | $365,000 | 4.10% |
| 4324-4330 Felton St North Park | 4 | $2,265,000 | $566,250 | ~5% |
| 3322-28 Nile St North Park | 4 | $1,725,000 | $431,250 | — |
| Average $/unit | — | — | $537K | — |
| Median $/unit | — | — | $513K | — |
Refi-appraisal comps: live turnkey SDSU rentals MLS
| Address | Units | List | Cap |
|---|---|---|---|
| 6407-13 Richard St | 4 | $2,995,000 | 5.6-5.9% |
| 5505 Mary Lane Dr | 4 | $3,195,000 | 5.8% |
| 5270-72 Manhasset Dr | 2 | $1,895,000 | 5.6-5.8% |
| 6266-68 Stewart St | 2 | $1,595,000 | — |
Rent comps MLS
Studios in 92115: median $1,800-1,850, matching ADU Geeks' $1,850. 1bd/1ba: median $1,950-2,000 — their $2,200 for every 1BR sits at the high end, worth a haircut in the stress test.
House rent, same block: 5133 Catoctin Dr leased $3,950/mo; three nearby 3bd/2ba comps leased $4,195-4,295/mo. The model's $4,300 post-remodel rent sits right in that range.
Same zip, same idea: existing house plus two new ADUs built behind it — the 4911 plan. Closed June 2026 for $2,435,000, leased at $204,600/yr, a 6.1% in-place cap. A real closed sale of the exact asset type, pricing above the calculator's 5.5% default.
Houses with an existing ADU MLS
| Address | Beds | Price | Close |
|---|---|---|---|
| 4661 50th St 92115 | 3+studio | $1,600,000 | Jul '26 |
| 4416 40th St 92116 | 3+studio | $1,100,000 | Jul '26 |
| 4820 Vista St 92116 | 3+studio | $1,650,000 | Aug '26 |
Small multifamily: existing house + new ADUs MLS
| Address | Units | Price | Cap |
|---|---|---|---|
| 5280 Manhasset Dr 92115, closed | 3 | $2,435,000 | 6.1% |
| 4204-4208 40th St 92105, active | 4 | $995,000 | 5.9% |
| 5738 Meade St 92115, closed | 3 | $1,383,350 | 5.45% |
| 6430 University Ave 92115, active | 3 | $1,100,000 | — |
Full comp list is in the underwriting model's MLS Comps tab and the project research folder.
§5 · FinancingHow a deal like this gets funded
Buy
Investor conventional: 7.35-7.85% with 20-25% down. DSCR 30-yr fixed: 6.125-6.75% depending on LTV and coverage.
Fannie HomeStyle Renovation lends on as-completed value up to 85% LTV, and now allows a 1-unit property with up to 3 ADUs.
Build
Construction-to-perm 7.25-8.25%; bridge 9-12%; hard money 10-15% plus points; HELOC 7.5-9.5%.
A strong balance sheet can substitute a HELOC or cash for the bridge and cut carry materially.
Refinance and hold the plan
Travis's decision: build to keep, not build to sell. The refinance is the whole ballgame — a DSCR cash-out caps around 75% LTV after seasoning. Sales-comparison appraisals often value ADUs at 50-80% of cost, while a DSCR lender using income is likelier to reach the number, so income-based refinance is the path that's likeliest to unlock the most cash while keeping the asset.
A sale (or AB 1033 condo-style ADU sales, legal in the City but needing a condo map, separate meters, and CC&Rs) stays as future optionality if priorities change, but it isn't the current plan.
25% down on $850K (~$637K loan), an $800K-1.0M construction line at 9-12%, then a DSCR or Fannie cash-out at 70-75% of stabilized value.
§6 · Live calculatorDoes it pencil?
Same logic as the Excel model. Pick a lot, change any number, the combined column updates.