181 Butterfield · Cathedral City, CA 92234

$67,900

2 bd · 2.0 ba · 1,200 sqft · Manufactured · 140 Days on market

Built 1963 $57/sqft · 18% below area Est $82k · 18% under

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.3/5.0
• Livability +3.3/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

The renovated AND affordable seasonal or full-time home you've been waiting for has hit the market! Beautifully furnished & turn-key, this adorable cottage-style home features two bedrooms, one and a half updated baths, a large, contemporary eat-in kitchen, a living room AND a den/office/flex-space, drywall throughout, updated windows, combo washer/dryer, newer HVAC system, newer $6,000 "Pur Again" water purification system, covered carport, front patio, utility shed, and a private back yard - all on a corner lot at a cul-de-sac. Rest assured, this home and community are set to please. Royal Palms is a 55+ gated community with plenty of activities organized by the residents and the management. Common amenities include a clubhouse that's second to none, pickle ball courts, swimming pool, spa, high-end gym / workout-room, commercial kitchen, library, and more! Schedule your tour of 181 Butterfield today. Monthly lot rent is just $895. There's NO additional HOA fee. SELLER IS MOTIVATED!

Key facts

• Renovated
• Turn-key
• Cottage-style home

Tags

• RENOVATED
• FURNISHED
• TURN-KEY
• COTTAGE-STYLE HOME
• CONTEMPORARY EAT-IN KITCHEN
• DEN OFFICE FLEX-SPACE

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $68k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $68k).
• Recommended offer: $60k (12.0% below list) — sets the bar for market timing.
• Cap rate 35.5% vs local median 5.1% in Cathedral City — 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 (#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); 530 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 9,195 units permitted in Riverside County in 2024 (1,512 in 5+ unit buildings).
• This rent runs 44% 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 $469 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 3.2% rent growth), your $19k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 140 days — a 12% lower offer ($60k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 7y ago; this cycle's ask has dropped $12k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• 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 $59,752 (12.0% below list)

Questions for the listing agent

1. It's been on market 140 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 3.95% ✓
• Cap rate: 35.46%
• Cash-on-cash: 104.15%
• DSCR: 5.63
• GRM: 2.1

CMA / ARV

• ARV (median comp): $82,469
• List price: $67,900
• Delta: -17.67%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
264 Wolf	0.11mi	2/2.0	1,248 (+4%)	4mo	$74,000	$59	84
248 Standing Bear	0.08mi	2/2.0	1,152 (-4%)	6mo	$110,000	$95	84
355 Trading Post	0.15mi	2/2.0	1,152 (-4%)	6mo	$82,500	$72	81
32 Coble Dr	0.28mi	2/1.5	1,152 (-4%)	1mo	$155,000	$135	78
76 Dunes Cir	0.19mi	2/2.0	1,344 (+12%)	6mo	$89,000	$66	66
214 Settles	0.52mi	2/2.0	1,152 (-4%)	5mo	$132,500	$115	65
392 Standing Bear	0.21mi	2/2.0	1,368 (+14%)	2mo	$113,000	$83	65
299 Butterfield	0.05mi	3/2.0 (+1)	1,368 (+14%)	6mo	$156,000	$114	64
213 Settles Dr	0.52mi	2/2.0	1,140 (-5%)	7mo	$145,000	$127	62
493 Prairie	0.23mi	3/2.0 (+1)	1,344 (+12%)	5mo	$189,000	$141	60
293 Coble Dr	0.53mi	2/2.0	1,280 (+7%)	6mo	$132,500	$104	59
3 Sand Crk	0.13mi	1/1.0 (-1)	1,040 (-13%)	5mo	$73,000	$70	58

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 5.98×
• Total profit: $94,732
• Equity at exit: $10,124

10-year hold

• IRR: —
• Equity multiple: 12.59×
• Total profit: $220,440
• Equity at exit: $5,871

Cash invested: $19,012 (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: 530
• Price-to-rent: 2.1×

Monthly cashflow live

• Estimated rent: $2,683 high
• Mortgage (P&I): −$356
• Tax est. 1.5%: −$85 /mo · $1,018/yr
• Insurance: −$28
• HOA: −$0
• Vacancy / Maint / Mgmt: −$563
• Net cashflow: $1,650

Break-even live

Break-even rent $594

Max offer price $67,900

Occupancy floor 33%

Sensitivity live

Price	-10% $1,697	-5% $1,674	+0% $1,650	+5% $1,627	+10% $1,603
Rent	-10% $1,438	-5% $1,544	+0% $1,650	+5% $1,756	+10% $1,862
Rate	-1.0pp $1,684	-0.5pp $1,667	base $1,650	+0.5pp $1,633	+1.0pp $1,615

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: $16,975
• Closing costs: $2,037
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
68859 Paseo Real Cathedral City, CA	2.0	2.0	1406	$3,960	$2.82	44d	1	0.15mi
68859 Paseo Real Cathedral City, CA	2.0	2.0	1406	$3,960	$2.82	16d	1	0.15mi
35200 Cathedral Canyon Dr Unit H64 Cathedral City, CA	2.0	2.0	1375	$2,500	$1.82	44d	1	0.32mi
69200 Nilda Dr Cathedral City, CA	3.0	2.0	1330	$2,495	$1.88	23d	1	0.33mi
34750 Marcia Rd Unit 02 Cathedral City, CA	3.0	2.0	1325	$2,000	$1.51	19d	1	0.33mi
35615 Paseo Circulo E Cathedral City, CA	1.0	2.0	1029	$2,250	$2.19	44d	1	0.33mi
68615 Paseo Soria Cathedral City, CA	2.0	2.0	1462	$3,500	$2.39	8d	1	0.36mi
35200 Cathedral Canyon Dr Unit B10 Cathedral City, CA	2.0	2.0	1384	$2,600	$1.88	44d	1	0.37mi
69180 Victoria Dr #8 Cathedral City, CA	3.0	2.0	1230	$1,995	$1.62	4d	1	0.42mi
34197 Calle Mora Cathedral City, CA	2.0	2.0	1171	$2,300	$1.96	11d	1	0.53mi
34197 Calle Mora Cathedral City, CA	2.0	2.0	1171	$2,300	$1.96	23d	1	0.53mi
34197 Calle Mora Cathedral City, CA	2.0	2.0	1171	$2,300	$1.96	14d	1	0.53mi
69155 Dinah Shore Dr Apt 20 Cathedral City, CA	2.0	2.0	1200	$2,050	$1.71	44d	1	0.53mi
69155 Dinah Shore Dr Cathedral City, CA	2.0	2.0	1100	$1,795	$1.63	44d	1	0.54mi
68368 Calle Leon Cathedral City, CA	2.0	2.0	1406	$3,790	$2.70	16d	1	0.63mi
68368 Calle Leon Cathedral City, CA	2.0	2.0	1406	$3,790	$2.70	44d	1	0.63mi
68153 Lakeland Dr Cathedral City, CA	2.0	2.0	1255	$2,500	$1.99	25d	1	0.65mi
152 Estrada Way #152 Cathedral City, CA	2.0	2.0	1500	$2,200	$1.47	44d	1	0.67mi
36040 Avenida de las Montanas Unit E Cathedral City, CA	2.0	2.0	1220	$3,200	$2.62	44d	1	0.78mi
33892 Sky Blue Water Trl Cathedral City, CA	3.0	2.0	1352	$2,800	$2.07	5d	1	0.79mi
69603 Heather Way Rancho Mirage, CA	3.0	2.0	1218	$2,300	$1.89	44d	1	0.79mi
69646 Antonia Way Rancho Mirage, CA	2.0	2.0	966	$2,450	$2.54	19d	1	0.81mi
33255 Date Palm Dr Cathedral City, CA	2.0	2.0	1050	$1,795	$1.71	44d	1	0.84mi
34361 Denise Way Rancho Mirage, CA	3.0	2.0	1400	$2,800	$2.00	44d	1	0.84mi
34073 Emily Way Rancho Mirage, CA	2.0	2.0	966	$2,100	$2.17	19d	1	0.87mi
34073 Emily Way Rancho Mirage, CA	2.0	2.0	966	$2,100	$2.17	23d	1	0.87mi
33495 Cathedral Canyon Dr Cathedral City, CA	2.0	1.0	1100	$2,200	$2.00	44d	1	0.87mi
33495 Cathedral Canyon Dr Unit B Cathedral City, CA	2.0	1.0	1100	$2,100	$1.91	44d	1	0.87mi
34071 Denise Way Rancho Mirage, CA	3.0	2.0	1218	$2,599	$2.13	25d	1	0.90mi
33387 Shifting Sands Trl Unit 2 Cathedral City, CA	2.0	2.0	1300	$1,999	$1.54	25d	1	1.09mi
36947 Melrose Dr Unit 4 Cathedral City, CA	1.0	1.0	700	$1,595	$2.28	4d	1	1.13mi
36947 Melrose Dr Unit 4 Cathedral City, CA	1.0	1.0	700	$1,595	$2.28	25d	1	1.13mi
36947 Melrose Dr Unit D Cathedral City, CA	1.0	1.0	700	$1,595	$2.28	23d	1	1.13mi
36957 Melrose Dr Unit C Cathedral City, CA	1.0	1.0	700	$1,495	$2.14	25d	1	1.14mi
36957 Melrose Dr Unit 7 Cathedral City, CA	1.0	1.0	700	$1,495	$2.14	23d	1	1.14mi
36953 Bankside Dr Unit 10 Cathedral City, CA	1.0	1.0	700	$1,495	$2.14	23d	1	1.16mi
36953 Bankside Dr Unit A Cathedral City, CA	1.0	1.0	700	$1,495	$2.14	25d	1	1.16mi
36953 Bankside Dr Unit 5 Cathedral City, CA	1.0	1.0	700	$1,595	$2.28	3d	1	1.16mi
251 S Paseo Laredo Unit 251 Cathedral City, CA	1.0	2.0	1440	$2,550	$1.77	25d	1	1.20mi
251 S Paseo Laredo Cathedral City, CA	2.0	2.0	1440	$2,400	$1.67	44d	1	1.20mi

Listing history 30 events

1. 2026-06-21
   days on market $67,900 Active 140 DOM
2. 2026-06-18
   days on market $67,900 Active 137 DOM
3. 2026-06-17
   days on market $67,900 Active 136 DOM
4. 2026-06-16
   days on market $67,900 Active 135 DOM
5. 2026-06-15
   days on market $67,900 Active 134 DOM
6. 2026-06-13
   days on market $67,900 Active 132 DOM
7. 2026-06-13
   days on market $67,900 Active 131 DOM
8. 2026-06-09
   days on market $67,900 Active 128 DOM
9. 2026-06-08
   days on market $67,900 Active 127 DOM
10. 2026-06-07
    days on market $67,900 Active 126 DOM
11. 2026-06-04
    days on market $67,900 Active 123 DOM
12. 2026-06-03
    days on market $67,900 Active 122 DOM
13. 2026-06-02
    days on market $67,900 Active 121 DOM
14. 2026-06-02
    price $67,900 Active 120 DOM
15. 2026-06-01
    days on market $79,900 Active 120 DOM
16. 2026-05-31
    days on market $79,900 Active 119 DOM
17. 2026-02-01
    listed $79,900 Active 1016-char remark

    Show marketing remark (1016 chars)

    The renovated AND affordable seasonal or full-time home you've been waiting for has hit the market! Beautifully furnished & turn-key, this adorable cottage-style home features two bedrooms, one and a half updated baths, a large, contemporary eat-in kitchen, a living room AND a den/office/flex-space, drywall throughout, updated windows, combo washer/dryer, newer HVAC system, newer $6,000 "Pur Again" water purification system, covered carport, front patio, utility shed, and a private back yard - all on a corner lot at a cul-de-sac. Rest assured, this home and community are set to please. Royal Palms is a 55+ gated community with plenty of activities organized by the residents and the management. Common amenities include a clubhouse that's second to none, pickle ball courts, swimming pool, spa, high-end gym / workout-room, commercial kitchen, library, and more! Schedule your tour of 181 Butterfield today. Monthly lot rent is just $895. There's NO additional HOA fee. SELLER IS MOTIVATED!

18. 2024-11-13
    price
19. 2024-11-11
    price
20. 2024-07-16
    listed Active
21. 2023-08-31
    soldstatus $95,700 Sold
22. 2023-06-29
    historical Backup Offers Accepted
23. 2023-04-20
    status Active
24. 2023-04-13
    historical Backup Offers Accepted
25. 2023-04-06
    listed $99,500 Active
26. 2019-08-01
    soldstatus $46,500 Closed
27. 2019-08-01
    soldstatus $46,500 Sold
28. 2019-07-25
    status Pending
29. 2019-06-22
    historical Contingent
30. 2019-06-17
    listed $46,500 Active

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 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: $32,193
• − Mortgage interest: −$3,803
• − Property taxes: −$1,018
• − Insurance: −$340
• − Repairs & maintenance: −$2,575
• − Management: −$2,575
• − Depreciation: −$1,975
• Taxable income: $19,906
• Est. tax owed @ 24.0%: −$4,777
• After-tax cash flow: $15,024/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

+71.8% since first listed

14 events — show timeline

• 2026-02-01 Listed $79,900 TheMLS
• 2024-11-13 Price Changed — TheMLS
• 2024-11-11 Price Changed — TheMLS
• 2024-07-16 Listed — TheMLS
• 2023-08-31 Sold (MLS) $95,700 TheMLS
• 2023-06-29 Contingent — TheMLS
• 2023-04-20 Relisted — TheMLS
• 2023-04-13 Contingent — TheMLS
• 2023-04-06 Listed $99,500 TheMLS
• 2019-08-01 Sold (MLS) $46,500 GPSMLS
• 2019-08-01 Sold (MLS) $46,500 GPSMLS
• 2019-07-25 Pending — GPSMLS
• 2019-06-22 Contingent — GPSMLS
• 2019-06-17 Listed $46,500 GPSMLS