31200 Landau Blvd #206 · Cathedral City, CA 92234

$219,000

2 bd · 2.0 ba · 802 sqft · Condo public records · 28 Days on market

Built 1986 $273/sqft · 14% below area Est $254k · 14% under $520/mo HOA · 24% of rent

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +13.8/15.0
• Cash flow +7.7/30.0
• 1% rule +5.1/10.0
• Rent growth +3.3/5.0
• Livability +3.3/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• DSCR +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Mountain views with 2 bedrooms & 2 full bathsl community offers gym, pools, spas and Pickle Ball/Tennis court. This condo is ready for some renovation and is priced to sell. Air conditioning and appliances are all in working condition.

Key facts

• Air conditioning
• Spas
• Gym

Tags

• MOUNTAIN VIEWS
• GYM
• POOLS
• SPAS
• PICKLE BALL/TENNIS COURT
• AIR CONDITIONING

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $219k.

Deal economics

• At list price, monthly cash flow is $-250 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $175k (20.2% below list).
• Meets the 1% rule at list price ($2k rent vs $219k).
• Recommended offer: $175k (20.2% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 66/100 on livability (#344 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, housing B+; Watch: employment D+, schools F, amenities D-.
• Palm Springs Unified (suburban): math 21% / reading 42% proficiency, ranked #328 of 517 in CA (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.2%/yr); 525 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; 9,195 units permitted in Riverside County in 2024 (1,512 in 5+ unit buildings).
• This rent runs 36% of the median local income ($74k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Riverside County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 25y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $140k; list at $219k implies a 56% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $174,796 (20.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.01% ✓
• Cap rate: 4.92%
• Cash-on-cash: -4.90%
• DSCR: 0.78
• GRM: 8.3

CMA / ARV

• ARV (median comp): $254,488
• List price: $219,000
• Delta: -13.94%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.22% rent growth · sell at horizon

5-year hold

• IRR: -24.1%
• Equity multiple: 0.17×
• Total profit: $-50,610
• Equity at exit: $32,654

10-year hold

• IRR: -18.0%
• Equity multiple: 0.00×
• Total profit: $-61,252
• Equity at exit: $18,935

Cash invested: $61,320 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 92234

• Home prices YoY: -27.7%
• Rents YoY: 3.2%
• Active inventory: 525
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $2,203 high
• Mortgage (P&I): −$1,148
• Tax from tax record: −$231 /mo · $2,768/yr
• Insurance: −$91
• HOA: −$520
• Vacancy / Maint / Mgmt: −$463
• Net cashflow: $-250

Break-even live

Break-even rent $2,519

Max offer price $174,796

Occupancy floor —

Sensitivity live

Price	-10% $-126	-5% $-188	+0% $-250	+5% $-312	+10% $-374
Rent	-10% $-424	-5% $-337	+0% $-250	+5% $-163	+10% $-76
Rate	-1.0pp $-140	-0.5pp $-195	base $-250	+0.5pp $-307	+1.0pp $-365

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $54,750
• Closing costs: $6,570
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
31520 Landau Blvd Unit 3 Cathedral City, CA	1.0	1.0	800	$1,650	$2.06	0d	1	0.05mi
31200 Landau Blvd Cathedral City, CA	2.0–3.0	2.0	1016	$2,300	$2.26	44d	3	0.16mi
31200 Landau Blvd Cathedral City, CA	2.0–3.0	2.0	1016	$2,195	$2.16	13d	4	0.16mi
68185 Alcita Rd Cathedral City, CA	2.0	2.0	975	$1,895	$1.94	2d	1	0.31mi
68160 Modalo Rd Unit 68162 Cathedral City, CA	3.0	2.0	1000	$2,499	$2.50	15d	1	0.56mi
32200 Cathedral Canyon Dr #31 Cathedral City, CA	1.0	1.0	740	$1,550	$2.09	25d	1	0.65mi
1 Lakeview Cir Cathedral City, CA	2.0	2.0	1000	$2,300	$2.30	44d	1	0.75mi
32150 Aurora Vista Rd Cathedral City, CA	2.0	1.0	1100	$2,195	$2.00	44d	1	0.81mi
32150 Aurora Vista Rd Unit C Cathedral City, CA	2.0	1.0	1100	$2,395	$2.18	44d	1	0.81mi
33030 Shifting Sands Trl Apt 4 Cathedral City, CA	2.0	1.0	821	$1,599	$1.95	25d	1	0.81mi
68080 Risueno Rd Cathedral City, CA	2.0	1.0	800	$2,200	$2.75	15d	1	0.86mi
30125 Avenida Juarez Unit 30127 Cathedral City, CA	3.0	2.0	1000	$2,499	$2.50	15d	1	0.93mi
Lawrence Crossley Rd Unit 62 Palm Springs, CA	2.0	2.0	885	$2,100	$2.37	44d	1	0.95mi
32585 Cielo Vista Rd Cathedral City, CA	2.0	2.0	840	$2,000	$2.38	25d	1	0.99mi
32425 Rancho Vista Dr Unit A Cathedral City, CA	2.0	1.0	754	$1,950	$2.59	8d	1	1.00mi
30201 San Diego Dr Cathedral City, CA	3.0	2.0	1060	$2,700	$2.55	44d	1	1.05mi
33495 Cathedral Canyon Dr Cathedral City, CA	2.0	1.0	1100	$2,200	$2.00	44d	1	1.12mi
33495 Cathedral Canyon Dr Unit B Cathedral City, CA	2.0	1.0	1100	$2,100	$1.91	44d	1	1.12mi
28984 Desert Princess Dr Unit 702 Cathedral City, CA	1.0	2.0	851	$3,400	$4.00	44d	1	1.28mi
33255 Date Palm Dr Cathedral City, CA	2.0	2.0	1050	$1,795	$1.71	44d	1	1.35mi
28763 E Portales Dr Cathedral City, CA	2.0	2.0	984	$4,200	$4.27	8d	1	1.38mi

HOA detail condo

• Monthly dues: $520 · $6,240/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-05-11
   status Pending 241-char remark

   Show marketing remark (241 chars)

   Mountain views with 2 bedrooms & 2 full bathsl community offers gym, pools, spas and Pickle Ball/Tennis court. This condo is ready for some renovation and is priced to sell. Air conditioning and appliances are all in working condition.

2. 2026-04-24
   price $219,000 241-char remark

   Show marketing remark (241 chars)

   Mountain views with 2 bedrooms & 2 full bathsl community offers gym, pools, spas and Pickle Ball/Tennis court. This condo is ready for some renovation and is priced to sell. Air conditioning and appliances are all in working condition.

3. 2026-04-13
   listed $223,000 Active 241-char remark

   Show marketing remark (241 chars)

   Mountain views with 2 bedrooms & 2 full bathsl community offers gym, pools, spas and Pickle Ball/Tennis court. This condo is ready for some renovation and is priced to sell. Air conditioning and appliances are all in working condition.

4. 2004-07-20
   soldstatus $140,000
5. 2004-07-20
   soldstatus $140,000
6. 2004-06-08
   historical
7. 2004-06-01
   listed $139,000
8. 2001-10-18
   historical
9. 2001-07-07
   listed $75,000
10. 1986-09-12
    soldstatus $60,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $2,768 · $231/mo
• Projected year-2 tax: $2,768 · $231/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥113°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,432
• − Mortgage interest: −$12,267
• − Property taxes: −$2,768
• − Insurance: −$1,095
• − Repairs & maintenance: −$2,115
• − Management: −$2,115
• − HOA: −$6,240
• − Depreciation: −$6,371
• Taxable loss: −$6,538
• Est. tax savings @ 24.0%: +$1,569
• After-tax cash flow: $-1,434/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Palm Springs Unified
• NCES district ID: 0629550
• Math proficiency: 21% ▼ -7.00%
• Reading proficiency: 42% ▬ 0.00%
• Median HH income: $43,638
• Composite: 26.76/100
• National rank: #7131
• State rank: #328 of 517 in CA

Livability — Cathedral City

• Score: 66/100
• State rank: #344
• US rank: #11749

Category grades

Amenities D- Commute A+ Cost of living F Crime B- Employment D+ Housing B+ Health & safety F User ratings B

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cathedral City, CA
• County: Riverside County · 2,287,001 people
• City population: 52,267
• Metro: Riverside-San Bernardino-Ontario, CA
• Population (ZIP): 52,267
• Household income: $73,572
• Rent vs Own: 33.5% rent · 66.5% own
• Severe rent burden: 1682.0

Population outlook (Riverside County) Hauer SSP2

• Today (2025): 2,664,475 people
• By 2030: 2,802,692 · +5.2%
• By 2040: 3,050,904 · +14.5%
• By 2050: 3,256,783 · +22.2%
• By 2075: 3,655,058 · +37.2%
• By 2100: 3,766,594 · +41.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: Hispanic / Latino 59% White 30% Two or more races 27% Asian 6% Native American 2% Black 2%
• Hispanic origin (detail): Mexican 51%
• Common ancestry: Lithuanian 2% Romanian 1% Italian 1%
• Foreign-born: 28% · Canada, Vietnam
• Languages at home: 48% English-only · Spanish 46% Tagalog/Filipino 3% Other Asian/Pacific 1%

Political lean MEDSL · Riverside

• 2024 margin: Toss-up / Even · D 48.0% · R 49.3% · Other 2.6%
• 2008→2024 swing: -3.6pp toward R · 2008: 2.3pp · 2024: -1.3pp
• All cycles: 2024: R+1.3 2020: D+8.0 2016: D+4.3 2012: R+0.4 2008: D+2.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -136.57%
• Current HPI: 356.9845
• Rent YoY: ▲ 3.22%
• Metro: Riverside-San Bernardino-Ontario, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+265.0% since first listed

10 events — show timeline

• 2026-05-11 Pending — GPSMLS
• 2026-04-24 Price Changed $219,000 GPSMLS
• 2026-04-13 Listed $223,000 GPSMLS
• 2004-07-20 Sold (Public Records) $140,000 Public Records
• 2004-07-20 Sold (Public Records) $140,000 Public Records
• 2004-06-08 Listing Removed — GPSMLS
• 2004-06-01 Listed $139,000 GPSMLS
• 2001-10-18 Listing Removed — GPSMLS
• 2001-07-07 Listed $75,000 GPSMLS
• 1986-09-12 Sold (Public Records) $60,000 Public Records

Property tax history

+3.0%/yr

Latest (2025): $2,768 · -0.3% YoY. Source: county tax records.