1850 S Camino Real · Palm Springs, CA 92264

$3,895,000

27 bd · 26.1 ba · 16,600 sqft · MultiFamily · 85 Days on market

Built 1976 1.22 ac lot $235/sqft · at area comps Est $3866k · at est.

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Why this score? — see what drove the C- 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).

• Cash flow +22.9/30.0
• DSCR +7.4/10.0
• ARV discount +7.2/15.0
• 1% rule +5.3/10.0
• Livability +3.3/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 9 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

A rare multifamily offering in one of Palm Springs' most sought-after locations, delivering 13 single-level units across three well-positioned structures. The unit mix is anchored by eleven oversized 2-bedroom, 2-bath residences averaging approximately 1,200 sq ft, complemented by two exceptional premium units spanning roughly 1,700 sq ft each featuring 2 bedrooms, 2 bathrooms, a den, expansive primary suites with oversized walk-in closets, and direct-entry 1-car garages with laundry hookups. Many units open onto a central pool/spa with tremendous mountain views and the rest open onto expansive central lawns. The asset has demonstrated consistent income growth, increasing from $265,440 in 2023 to $301,629 in 2025, with continued upward momentum into 2026. Current operations reflect elevated expenses of approximately 48%, presenting a clear and immediate opportunity to streamline to a more typical 35-40% range. Based on current averaged expenses and 2026 rent actuals the offering presents at an approximate 4.5% cap rate, with additional upside driven by both operational efficiencies and the underutilized premium unit mix. DO NOT ACCESS ANY PORTION OF THE PROPERTY WITHOUT LISTING AGENT PRESENT. DO NOT ENGAGE WITH TENANTS. 22 off-street parking spots and owned laundry facilities.

Key facts

• Central pool spa
• Multifamily offering
• Single-level units

Tags

• MULTIFAMILY OFFERING
• SINGLE-LEVEL UNITS
• CENTRAL POOL SPA
• MOUNTAIN VIEWS
• EXPANSIVE CENTRAL LAWNS
• OFF-STREET PARKING SPOTS

What this means for you Summary

Snapshot

• This is a 9 × 3-bed/?-bath units multifamily listed at $3.90M.

Deal economics

• At list price, monthly cash flow is $7k ($82k/yr) — positive. Per door: $763/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($40k rent vs $3.90M).
• Recommended offer: $3.66M (6.0% below list) — sets the bar for market timing.
• Cap rate 8.4% vs local median 2.7% in Palm Springs — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 66/100 on livability (#348 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+; Watch: schools C-, crime F, cost of living F.
• 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 soft (-0.4%/yr); 492 active listings in the ZIP; solid renter incomes; 9,195 units permitted in Riverside County in 2024 (1,512 in 5+ unit buildings).
• At $40,166/mo this rent would consume 620% of the median local household income ($78k/yr) (locally 1215% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $27k of loan paydown is wiped out by about $117k 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 85 days — a 6% lower offer ($3.66M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $2.20M; list at $3.90M implies a 77% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 9→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $3,661,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 85 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. 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.
9. 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.
10. 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: 1.03% ✓
• Cap rate: 8.41%
• Cash-on-cash: 7.55%
• DSCR: 1.34
• GRM: 8.1

CMA / ARV

• ARV (median comp): $3,866,431
• List price: $3,895,000
• Delta: 0.74%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -8.0%
• Equity multiple: 0.71×
• Total profit: $-312,324
• Equity at exit: $580,757

10-year hold

• IRR: -2.6%
• Equity multiple: 0.85×
• Total profit: $-166,567
• Equity at exit: $336,768

Cash invested: $1,090,600 (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 92264

• Rents YoY: -0.4%
• Active inventory: 492
• Price-to-rent: 72.7×

Monthly cashflow live

• Estimated rent: $40,166 high
• Mortgage (P&I): −$20,426
• Tax from tax record: −$2,818 /mo · $33,816/yr
• Insurance: −$1,623
• HOA: −$0
• Vacancy / Maint / Mgmt: −$8,435
• Net cashflow: $6,864

Break-even live

Break-even rent $31,477

Max offer price $3,895,000

Occupancy floor 78%

Sensitivity live

Price	-10% $9,069	-5% $7,967	+0% $6,864	+5% $5,762	+10% $4,660
Rent	-10% $3,691	-5% $5,278	+0% $6,864	+5% $8,451	+10% $10,038
Rate	-1.0pp $8,826	-0.5pp $7,855	base $6,864	+0.5pp $5,855	+1.0pp $4,828

9-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 9× units	3	—	$40,167
Total (9 units)			$40,166

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: $973,750
• Closing costs: $116,850
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $3,895,000 Active 85 DOM
2. 2026-06-17
   days on market $3,895,000 Active 84 DOM
3. 2026-06-16
   days on market $3,895,000 Active 83 DOM
4. 2026-06-15
   days on market $3,895,000 Active 82 DOM
5. 2026-06-13
   days on market $3,895,000 Active 80 DOM
6. 2026-06-13
   days on market $3,895,000 Active 79 DOM
7. 2026-06-09
   days on market $3,895,000 Active 76 DOM
8. 2026-06-08
   days on market $3,895,000 Active 75 DOM
9. 2026-06-07
   days on market $3,895,000 Active 74 DOM
10. 2026-06-04
    days on market $3,895,000 Active 71 DOM
11. 2026-06-03
    days on market $3,895,000 Active 70 DOM
12. 2026-06-02
    days on market $3,895,000 Active 69 DOM
13. 2026-06-01
    days on market $3,895,000 Active 68 DOM
14. 2026-05-31
    days on market $3,895,000 Active 67 DOM
15. 2026-03-25
    listed $3,895,000 Active 1297-char remark

    Show marketing remark (1297 chars)

    A rare multifamily offering in one of Palm Springs' most sought-after locations, delivering 13 single-level units across three well-positioned structures. The unit mix is anchored by eleven oversized 2-bedroom, 2-bath residences averaging approximately 1,200 sq ft, complemented by two exceptional premium units spanning roughly 1,700 sq ft each featuring 2 bedrooms, 2 bathrooms, a den, expansive primary suites with oversized walk-in closets, and direct-entry 1-car garages with laundry hookups. Many units open onto a central pool/spa with tremendous mountain views and the rest open onto expansive central lawns. The asset has demonstrated consistent income growth, increasing from $265,440 in 2023 to $301,629 in 2025, with continued upward momentum into 2026. Current operations reflect elevated expenses of approximately 48%, presenting a clear and immediate opportunity to streamline to a more typical 35-40% range. Based on current averaged expenses and 2026 rent actuals the offering presents at an approximate 4.5% cap rate, with additional upside driven by both operational efficiencies and the underutilized premium unit mix. DO NOT ACCESS ANY PORTION OF THE PROPERTY WITHOUT LISTING AGENT PRESENT. DO NOT ENGAGE WITH TENANTS. 22 off-street parking spots and owned laundry facilities.

16. 2016-01-21
    soldstatus $2,200,000
17. 1988-07-01
    soldstatus $975,000
18. 1988-07-01
    soldstatus $975,000

ⓘ 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: $33,816 · $2,818/mo
• Projected year-2 tax: $33,816 · $2,818/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 5/10 Major
• 🌡 Heat 9/10 Extreme 9 d/yr ≥110°F today · 26 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: $481,992
• − Mortgage interest: −$218,181
• − Property taxes: −$33,816
• − Insurance: −$19,475
• − Repairs & maintenance: −$38,559
• − Management: −$38,559
• − Depreciation: −$113,309
• Taxable income: $20,093
• Est. tax owed @ 24.0%: −$4,822
• After-tax cash flow: $77,551/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 — Palm Springs

• Score: 66/100
• State rank: #348
• US rank: #11850

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Palm Springs, CA
• County: Riverside County · 2,287,001 people
• City population: 46,786
• Metro: Riverside-San Bernardino-Ontario, CA
• Population (ZIP): 19,899
• Household income: $77,688
• Rent vs Own: 31.2% rent · 68.8% own
• Severe rent burden: 1215.0

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: Predominantly White (68%)
• Race & ethnicity: White 68% Hispanic / Latino 20% Two or more races 12% Asian 6% Black 2% Native American 1%
• Hispanic origin (detail): Mexican 16%
• Common ancestry: Lithuanian 4% Romanian 3% Slovak 3%
• Foreign-born: 16% · Canada, China, South Korea
• Languages at home: 81% English-only · Spanish 13% Tagalog/Filipino 2% 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: ▼ -489.04%
• Current HPI: 357.0969
• Rent YoY: ▼ -0.43%
• 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

+299.5% since first listed

4 events — show timeline

• 2026-03-25 Listed $3,895,000 TheMLS
• 2016-01-21 Sold (Public Records) $2,200,000 Public Records
• 1988-07-01 Sold (Public Records) $975,000 Public Records
• 1988-07-01 Sold (Public Records) $975,000 Public Records

Property tax history

+4.1%/yr

Latest (2025): $33,816 · -2.4% YoY. Source: county tax records.