81 Panorama

Desert Shores, CA 92274

$325,000B

6 bd · 5.0 ba · 6,038 sqft · Built 1965 · MultiFamily · Active · 57 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,533/mo
• Mortgage (P&I): −$1,704
• Tax + insurance: −$531
• HOA: −$0
• Vac / Maint / Mgmt: −$952
• Net cashflow: $1,346/mo
• Annual: $16,152/yr
• Cap rate: 11.26%
• Cash-on-cash: 17.75%
• DSCR: 1.79
• 1% rule: 1.39%
• Cash to close: $91,000

Investor read

• This is a 2 × 3-bed/?-bath units multifamily listed at $325k.
• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $673/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $325k).
• It's been on market 57 days — a 3% lower offer ($315k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $315k (3.0% below list) — sets the bar for market timing.
• In year one you build about $35k of equity ($2k loan paydown + $32k appreciation (10.0% local appreciation)).
• Location reads 28/100 on livability (#1,479 in CA) — a limited-amenity area; tenant pool skews transient or value-seeking. Strengths: crime A; Watch: cost of living D, schools F, amenities F.
• Coachella Valley Unified (rural): math 12% / reading 23% proficiency, ranked #481 of 517 in CA (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 492 active listings in the ZIP; 271 units permitted in Imperial County in 2024 (112 in 5+ unit buildings).
• Imperial County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 6 sale attempts since 12y ago; this cycle's ask has dropped $25k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; list at $325k implies a 364% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $91k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$56k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.