575 Carmella Drive, Arroyo Grande, California 93420, Arroyo Grande, 93420 - 4 bed, 3 bath
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Arroyo Grande, California 93420
This property presents a High-Potential Investment Opportunity with a List Price of $899,000—positioned above the $809,357 Fair Market Value. While the property requires modernization given its Fair Condition Rating, the converted studio-style ADU with separate electrical metering provides immediate rental income potential. This 4-bedroom, 3-bathroom configuration offers significant versatility for multi-generational living or house-hacking strategies. Located minutes from the coast, this asset is an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants seeking to leverage rental income to offset mortgage costs.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 575 Carmella Drive Subject | $899,000* List Price | 4 | 3 | 1,428 | $567 | - |
A 555 S Halcyon Sold | $750,000 | 4 | 2 | 1,498 | $501 | 0.6 mi |
B 1401 Cedar Street Sold | $891,000 | 3 | 2 | 1,464 | $609 | 0.6 mi |
C 857 Forest Glen Drive Sold | $989,000 | 3 | 2 | 1,610 | $614 | 0.6 mi |
D 807 Park Way Sold | $721,000 | 3 | 2 | 1,344 | $536 | 0.9 mi |
E 1484 Ash Street Active Under Contract | $749,000 List Price | 3 | 2 | 1,370 | $547 | 0.5 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1971, this 53-year-old property is described as being 'refreshed little by little' rather than undergoing a major overhaul. The 'lived-in feel' and 'potential to make it your own' are industry indicators for dated finishes in the kitchen and baths. While functional and featuring a converted ADU, the age of the structure and the incremental nature of updates suggest that systems and interiors are dated and will require modernization.
The property features a converted studio-style ADU with its own address and separate electrical meter, providing an excellent opportunity for rental income or multi-generational living.
Ideally situated just minutes from Central Coast beaches, shopping, and dining, this home offers easy access to the highly desirable Arroyo Grande lifestyle.
The 4-bedroom, 3-bathroom total layout provides significant flexibility for various living arrangements, guest accommodations, or dedicated home office spaces.
Living area discrepancy between mls listing and other public or private record. mls listing living area = 1428, other record living area = 1026. Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 4, other record bedroom count = 3.
Built in 1971 and described as having a 'lived-in feel,' the property may require additional capital investment for modern updates and cosmetic renovations.
With only 1,428 square feet divided between the main house and the ADU, the individual rooms and common areas may feel small for larger families.
Welcome to Arroyo Grande A versatile Central Coast property offering comfort, flexibility, and income potential. This 3-bedroom, 2-bath home features a functional layout along with a converted studio-style ADU setup, separate addresses, and separate electrical meters — ideal for extended family, guests, or potential rental opportunities. The home has been refreshed little by little and offers a warm, lived-in feel with plenty of potential to make it your own. Conveniently located just minutes from the beach, shopping, restaurants, and everything the Central Coast lifestyle has to offer. More photos coming soon. Message me for more information or to schedule a private showing.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 4.0 | 3.0 | 66% |
| Baths | 3.0 | 3.0 | 50% |
| Square foot | 1,428 | 2,066.5 | 20% |
| Lot Size | 6,416 | 11,704 | 29% |
| Price | $899.0K | $1.12M | 30% |
| Price per sq ft | $630 | $537 | 73% |
| Built year | 1971 | 1989 | 20% |
| HOA | $0 | $0 | 50% |
| Days on market | 14 | 136 | 3% |
May 23, 2026
$899,000
Initial Listing
Aug 28, 2024
$635,000
Public Record