This paper is aimed to establish well-posedness in several settings for the Cauchy problem associated to a model arising in the study of capillary-gravity flows. More precisely, we determinate local wellposedness conclusions in classical Sobolev spaces and some spaces adapted to the energy of the equation.A key ingredient is a commutator estimate involving the Hilbert transform and fractional derivatives. We also study local well-posedness for the associated periodic initial value problem. Additionally, by determining well-posedness in anisotropic weighted Sobolev spaces as well as some unique continuation principles, we characterize the spatial behavior of solutions of this model. As a further consequence of our results, we derive new conclusions for the Shrira equation which appears in the context of waves in shear flows.