Real Estate Investing in Carmel-by-the-Sea, California (93923)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 93923 (Carmel-by-the-Sea, CA)? Our answer, based on the numbers below.
Multiple negative signals. Better options likely exist nearby.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High vacancy: 23.0% of homes vacant — above national norms.
- Tenant-protective state: Landlord rating 1.0/5 — slower evictions, more regulations.
- High price-to-rent: Price-to-rent ratio 38.3 — hard to cash-flow at these prices.
What’s happening in Carmel-by-the-Sea, CA (93923)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 93923 Carmel-by-the-Sea
The 93923 ZIP in Carmel-by-the-Sea, CA is a local-operator market. Outside capital chasing a $2.4M entry has to pair deep knowledge with the discount.
The 93923 ZIP can work — but only with a tight operating hand. Remote landlords and passive investors tend to struggle here more than the underwriting suggests.
Within CA, ZIP 93923 trails on several market indicators that neighboring Monterey County submarkets outperform. The gap is real and solid enough to shape underwriting.
Who lives in 93923 is part of why the ZIP is priced as it is. The demographic profile requires hands-on management, tight screening, and local knowledge.
The 93923 ZIP fits a narrow investor profile — hands-on, patient, and willing to accept that the cap rate on paper is not the cap rate in reality.
Here's what matters if you're considering buying a home in Carmel-by-the-Sea:
Property Strategy for 93923
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $1,073,438 | $2,560 | 1.7% | +6.6% | $1,073,438 |
| 2BR | $1,600,813 | $3,040 | 1.4% | +8.1% | $800,406 |
| 3BR | $2,454,271 | $4,100 | 1.2% | +8.1% | $818,090 |
| 4BR | $2,987,929 | $4,460 | 1.1% | +8.4% | $746,982 |
| 5BR | $4,114,279 | — | — | +7.9% | $822,856 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 93923 Compare?
| Metric | 93923 | Carmel-by-the-Sea | Salinas, CA | California |
|---|---|---|---|---|
| Home Value | $2,363,535 | $1,181,768 | N/A | $761,003 |
| 5-Year CAGR | 4.9% | 4.9% | N/A | 5.7% |
| Avg Rent | $5,142 | $5,142 | N/A | - |
| Cap Rate | 1.7% | 1.7% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 93923 (Carmel-by-the-Sea, CA). Anonymous, moderated, never written by AI.
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Property managers serving Monterey County
Manage rentals here? List your business →36 North Property Management is a leader in Monterey County, providing property management services. summary from their website
A. G. Davi Property Management is a full-service property management company in Monterey, California, offering commercial, long-term residential, and vacation rental management services. summary from their website
Creative Property Management is a premier property manager on the Monterey Peninsula, offering residential and commercial income property management services with over 40 years of experience. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $2,363,535 |
| Monthly Rent | $5,142 |
| Price-to-Rent | 38.3:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 2.6% |
| Cap Rate | 1.7% |
| 5-Year IRR | 6.6% |
📈 Home Appreciation
| 1-Year | +5.9% ▲ |
| 3-Year CAGR | +3.1% ▲ |
| 5-Year CAGR | +4.9% ▲ |
| 10-Year CAGR | +6.3% ▲ |
🏠 Rent Trends
| 1-Year | +7.0% ▲ |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (1.7%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 93923
Population: 12,377
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 93923
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 3,131 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
How high is vacancy risk in Carmel-by-the-Sea, CA?
Vacancy risk in Carmel-by-the-Sea, CA is elevated. That supports predictable cash flow for typical rental holds.
Is it easy to find good tenants in Carmel-by-the-Sea, CA?
The renter base in Carmel-by-the-Sea, CA is reasonable for the $5,142/mo price point. Screening well and pricing to market typically yields measured tenants.
Is Carmel-by-the-Sea, CA a good market for buy-and-hold investors?
Investors tracking Carmel-by-the-Sea, CA will find a 3.0/5 rating supported by $2.4M median home values and $5,142/mo rents. That profile suits long-term holders targeting steady returns.
What is the best play in Carmel-by-the-Sea, CA?
Carmel-by-the-Sea, CA investors pursuing careful cash-flow rentals with hands-on management. The underlying economics ($2.4M prices, $5,142/mo rents) make it a reasonable choice.
What are rental rates like in Carmel-by-the-Sea, CA?
Average rent in Carmel-by-the-Sea, CA is approximately $5,142/mo per month. Against $2.4M home values that yields a reasonable rent-to-price ratio.
You know 93923 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 93923 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 93923 ranks in Salinas, CA
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