351 N Hermosa Dr Unit 3A1 · Palm Springs, CA 92262

$215,000

1 bd · 1.0 ba · 633 sqft · Condo public records · 33 Days on market

Built 1984 $340/mo HOA · 16% 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).

• Cash flow +13.2/30.0
• ARV discount +7.5/15.0
• 1% rule +4.7/10.0
• DSCR +4.0/10.0
• Livability +3.3/5.0
• Schools +2.7/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Sweet, adorable ground level 1 bedroom, 1 bath condo located in Case Verde in Central Palm Springs. Perfect for a first time home buyer, a weekender, a long term rental investor, or anyone looking to down size! This condo is near but still a healthy space away from the pool area. In front of the condo is a putting green/greenbelt area. Once through the outer gate in the spacious patio, turn around and note the glorious mountain views! This unit is ready to move in and adorn with your personal touches. Casa Verde is a pristine, well maintained complex. It is located a stone's through from the Convention Center, Casino and Downtown PS, The washer and dryer are located in the unit. Besides the

Key facts

• Ground level condo
• Putting green area
• Spacious patio

Tags

• GROUND LEVEL CONDO
• PUTTING GREEN AREA
• MOUNTAIN VIEWS
• SPACIOUS PATIO

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $215k.

Deal economics

• At list price, monthly cash flow is $-4 ($-46/yr) — negative.
• To cash-flow at today's rent, offer at most $214k (0.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $209k (2.7% below list).
• Recommended offer: $209k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.3% 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: crime F, cost of living F, health & safety 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.
• Zoned schools: Katherine Finchy Elementary (547 students, 92% FRL); Raymond Cree Middle (708 students, 98% FRL); Palm Springs High (math 30% / reading 51%, grade F, #508 of 1,170 statewide, top 44%, 1,584 students, 97% FRL) — zoned schools average 96% FRL vs 73% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 660 active listings in the ZIP; 30 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 35% of the median local income ($72k/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 $1k of loan paydown is wiped out by about $6k 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 33 days — a 3% lower offer ($209k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 $44k; list at $215k implies a 389% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 8→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $208,550 (3.0% 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. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 0.97% ✗
• Cap rate: 6.27%
• Cash-on-cash: -0.08%
• DSCR: 1.00
• GRM: 8.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.46% rent growth · sell at horizon

5-year hold

• IRR: -19.6%
• Equity multiple: 0.33×
• Total profit: $-40,161
• Equity at exit: $32,057

10-year hold

• IRR: -19.8%
• Equity multiple: 0.09×
• Total profit: $-55,063
• Equity at exit: $18,589

Cash invested: $60,200 (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 92262

• Rents YoY: 0.5%
• Active inventory: 660
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $2,091 high
• Mortgage (P&I): −$1,127
• Tax from tax record: −$99 /mo · $1,187/yr
• Insurance: −$90
• HOA: −$340
• Vacancy / Maint / Mgmt: −$439
• Net cashflow: $-4

Break-even live

Break-even rent $2,096

Max offer price $214,319

Occupancy floor 95%

Sensitivity live

Price	-10% $118	-5% $57	+0% $-4	+5% $-65	+10% $-126
Rent	-10% $-169	-5% $-86	+0% $-4	+5% $79	+10% $161
Rate	-1.0pp $104	-0.5pp $51	base $-4	+0.5pp $-60	+1.0pp $-116

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
353 N Hermosa Dr Unit 10A1 Palm Springs, CA	1.0	1.0	633	$2,900	$4.58	45d	1	0.08mi
353 N Hermosa Dr Unit 10A1 Palm Springs, CA	1.0	1.0	633	$2,900	$4.58	16d	1	0.08mi
1150 E Amado Rd Palm Springs, CA	1.0	1.0	633	$1,745	$2.76	12d	2	0.10mi
500 E Amado Rd Palm Springs, CA	1.0	2.0–3.0	736	$2,900	$3.94	20d	2	0.45mi
222 N Calle El Segundo #522 Palm Springs, CA	1.0	1.0	539	$2,450	$4.55	45d	1	0.48mi
311 S Sunrise Way Palm Springs, CA	2.0	1.0–2.0	688	$1,950	$2.83	25d	18	0.59mi
1057 E Buena Vista Dr Unit A Palm Springs, CA	1.0	1.0	440	$2,500	$5.68	45d	1	0.70mi
300 S Calle El Segundo Palm Springs, CA	1.0–2.0	1.0	554	$1,330	$2.40	4d	1	0.71mi
449 E Arenas Rd Palm Springs, CA	2.0	1.0–2.0	715	$1,970	$2.76	9d	1	0.73mi
2300 E Tahquitz Canyon Way Palm Springs, CA	1.0–2.0	1.0–2.0	851	$1,675	$1.97	12d	6	0.75mi
2580 E Tahquitz Canyon Way Palm Springs, CA	1.0	1.0	625	$1,550	$2.48	18d	2	0.85mi
2580 E Tahquitz Canyon Way Unit 107 Palm Springs, CA	1.0	1.0	750	$1,500	$2.00	25d	1	0.85mi
2580 E Tahquitz Canyon Way Unit 103 Palm Springs, CA	1.0	1.0	750	$1,550	$2.07	25d	1	0.85mi
2580 E Tahquitz Canyon Way Unit 314 Palm Springs, CA	—	1.0	500	$1,350	$2.70	25d	1	0.85mi
641 N Palm Canyon Dr Unit 12 Palm Springs, CA	—	1.0	432	$1,395	$3.23	25d	1	0.89mi
620 S Thornhill Rd Unit 3 Palm Springs, CA	2.0	1.0	700	$1,985	$2.84	25d	1	0.92mi
620 S Thornhill Rd Unit 6 Palm Springs, CA	1.0	1.0	656	$1,765	$2.69	25d	1	0.92mi
2720 E Tahquitz Canyon Way Palm Springs, CA	1.0–2.0	1.0–2.0	855	$1,580	$1.85	0d	9	0.97mi
594 Calle Abronia S Unit 03 Palm Springs, CA	2.0	2.0	662	$1,895	$2.86	45d	1	1.02mi
585 Calle Abronia S Unit B Palm Springs, CA	1.0	1.0	750	$2,100	$2.80	45d	1	1.03mi
788 N Riverside Dr Palm Springs, CA	1.0	1.0	725	$1,648	$2.27	45d	1	1.16mi
392 E Stevens Rd Palm Springs, CA	1.0–2.0	1.0–2.0	822	$1,700	$2.07	0d	6	1.26mi
722 E San Lorenzo Rd Palm Springs, CA	3.0	1.0–2.0	750	$1,605	$2.14	9d	3	1.28mi
685 East Vista Chino Unit C Palm Springs, CA	1.0	1.0	600	$1,595	$2.66	45d	1	1.29mi
685 East Vista Chino Unit 9 Palm Springs, CA	1.0	1.0	600	$1,595	$2.66	23d	1	1.29mi
2900 E Ramon Rd Palm Springs, CA	1.0–2.0	1.0	626	$1,699	$2.71	0d	7	1.29mi
777 E San Lorenzo Rd Unit 3 Palm Springs, CA	1.0	1.0	550	$1,765	$3.21	20d	1	1.29mi
448 E Cottonwood Rd Palm Springs, CA	1.0	1.0	550	$1,750	$3.18	0d	1	1.33mi
1889 N Cerritos Rd Palm Springs, CA	2.0	1.0	600	$1,700	$2.83	45d	1	1.42mi
1889 N Cerritos Rd Apt 7 Palm Springs, CA	2.0	1.0	600	$1,650	$2.75	25d	1	1.42mi

HOA detail condo

• Monthly dues: $340 · $4,080/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-03-16
   status Pending
2. 2026-02-25
   historical Backup Offers Accepted
3. 2026-02-22
   status Active
4. 2026-02-20
   historical Backup Offers Accepted
5. 2026-02-10
   listed $215,000 Active
6. 2025-03-14
   historical $1,800
7. 2025-03-04
   listed $1,800
8. 1998-06-05
   soldstatus $44,000

ⓘ 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: $1,187 · $99/mo
• Projected year-2 tax: $1,634 · $136/mo
• Expected delta: +$447/yr (+$37/mo · 37.7%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 8 d/yr ≥112°F today · 24 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: $25,095
• − Mortgage interest: −$12,043
• − Property taxes: −$1,187
• − Insurance: −$1,075
• − Repairs & maintenance: −$2,008
• − Management: −$2,008
• − HOA: −$4,080
• − Depreciation: −$6,255
• Taxable loss: −$3,560
• Est. tax savings @ 24.0%: +$854
• After-tax cash flow: $808/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): 26,887
• Household income: $71,672
• Rent vs Own: 35.7% rent · 64.3% own
• Severe rent burden: 1866.0

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 0.58)
• Race & ethnicity: White 58% Hispanic / Latino 27% Two or more races 13% Black 9% Asian 3%
• Hispanic origin (detail): Mexican 24%
• Common ancestry: Lithuanian 3% Slovak 3% Italian 2%
• Foreign-born: 17% · Canada, China
• Languages at home: 75% English-only · Spanish 19% French/Haitian/Cajun 1% German/W. Germanic 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: ▼ -1082.67%
• Current HPI: 434.0524
• Rent YoY: ▲ 0.46%
• 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

+388.6% since first listed

8 events — show timeline

• 2026-03-16 Pending — TheMLS
• 2026-02-25 Contingent — TheMLS
• 2026-02-22 Relisted — TheMLS
• 2026-02-20 Contingent — TheMLS
• 2026-02-10 Listed $215,000 TheMLS
• 2025-03-14 Rental Removed $1,800 CRMLS
• 2025-03-04 Listed for Rent $1,800 CRMLS
• 1998-06-05 Sold (Public Records) $44,000 Public Records

Property tax history

+2.0%/yr

Latest (2025): $1,187 · -2.1% YoY. Source: county tax records.