Overall, we were quite happy with our stay, but there are a few things a prospective renter should know.
The great: It is a very clean, cute home. The hot tub was very nice, as were the bikes (with helmets!). We were there in winter, and the gas fireplace warmed up the place very nicely. The owner was also very responsive, even bringing us a large flashlight in case the power went out (there was a storm). The location is in many ways great (except for the street itself, see below). You can easily walk to the beach and harbor, and with a longer walk can get to the Boardwalk. I biked to Capitola, which was very pleasant. Overall, a solid rental.
The not-super-great: The home can sleep six but the third bedroom is VERY small. It is more comfortable for five. The other odd thing is that it doesn't have a kitchen table that can sit 6 comfortably. There is a rather uncomfortable table (because you can't put your legs under in one of the spots) that seats 4, plus a kitchen breakfast bar. So if you're looking for nice family dinners, this isn't the place. The other annoyance is that the street the house is on is very busy, with constant traffic noise. It's only two lane, so this probably won't bother everyone. But we live in a very quiet mountain town and the noise was notable for us.
Overall, a solid stay for the price, with the above caveats.