A second on a low levered property that's been owned for some time....ok I can believe that but a 2nd on a 100% levered property at time of acquisition....good luck.

I do have 3 areas that I believe will out perform the general San Diego market, but their schools are nothing special or worse.West Chula Vista has a large bay front development and can you think on anywhere else that closer to ocean/bay is cheaper than further from bay. 

The rent downstairs is 1700 and I believe they’re getting 3400 for the rent upstairs.

Also I believe it’s priced lower due to the area, I’m not going to be living there so it doesn’t really matter I just think with potential rental income it might be worth it because I wouldn’t be getting a mortgage but buying out all cash.

The city recently reduced the number of allowed bookings in a calendar year to I believe 20.

I believe it may be a 2 unit rental, with a 3BR 1 BA lower and a 2BR 1 BA upper unit.

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They believe hard money lenders lend down payment money4.

I believe the 115% is to cover the cost of foreclosing if the loan goes south.

Certainly nothing in what you shared would leave me to believe an arbitrary 10%-20% reduction would be needed to trigger the penalty.