1655 E Palm Canyon Dr #307 · Palm Springs, CA 92264

$199,000

1 bd · 1.0 ba · 755 sqft · Condo public records · 138 Days on market

Built 1974 $264/sqft · 16% below area Est $238k · 16% under $317/mo HOA · 15% of rent

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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 +16.7/30.0
• ARV discount +14.9/15.0
• 1% rule +5.5/10.0
• DSCR +5.2/10.0
• 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

Listing remarks

SELLER ASSISTED FINANCING AVAILABLE!! Incredible opportunity to own this condominium in the heart of South Palm Springs at the well known Smoketree Racquet Club. Known for its perfect location, tennis and pickleball facilities, as well as beautiful community pool and spa, this highly sought after development has everything for the full-time resident or seasonal vacationer seeking that perfect getaway place. This freshly painted and freshened up exterior 1BR/1BA condo offers some of the most incredible unobstructed mountain views and is close to shopping, hiking, golf. .. you name it, and is the lowest priced unit in the entire complex. Don't miss out on this wonderful opportunity.

Key facts

• $317 HOA
• Garage
• Community pool

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $199k.

Deal economics

• At list price, monthly cash flow is $125 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $199k).
• Recommended offer: $175k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.0% 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; 38 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 9,195 units permitted in Riverside County in 2024 (1,512 in 5+ unit buildings).
• This rent runs 32% of the median local income ($78k/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 138 days — a 12% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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 $30k; list at $199k implies a 575% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $175,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 138 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 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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: 1.05% ✓
• Cap rate: 7.05%
• Cash-on-cash: 2.69%
• DSCR: 1.12
• GRM: 7.9

CMA / ARV

• ARV (median comp): $237,881
• List price: $199,000
• Delta: -16.34%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -15.8%
• Equity multiple: 0.46×
• Total profit: $-30,300
• Equity at exit: $29,672

10-year hold

• IRR: -14.5%
• Equity multiple: 0.29×
• Total profit: $-39,359
• Equity at exit: $17,206

Cash invested: $55,720 (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: 7.9×

Monthly cashflow live

• Estimated rent: $2,097 high
• Mortgage (P&I): −$1,044
• Tax from tax record: −$88 /mo · $1,055/yr
• Insurance: −$83
• HOA: −$317
• Vacancy / Maint / Mgmt: −$440
• Net cashflow: $125

Break-even live

Break-even rent $1,939

Max offer price $199,000

Occupancy floor 89%

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1655 E Palm Canyon Dr Palm Springs, CA	1.0	1.0	755	$2,000	$2.65	7d	3	0.04mi
1655 E Palm Canyon Dr Palm Springs, CA	1.0	1.0	755	$2,122	$2.81	43d	3	0.04mi
1655 E Palm Canyon Dr Palm Springs, CA	1.0	1.0	755	$2,350	$3.11	24d	2	0.04mi
1530 E Palm Canyon Dr Unit 209 Palm Springs, CA	2.0	2.0	740	$2,595	$3.51	3d	1	0.06mi
1400 E Palm Canyon Dr Unit 113 Palm Springs, CA	1.0	1.0	800	$1,995	$2.49	43d	1	0.10mi
1111 E Palm Canyon Dr Palm Springs, CA	1.0	1.0	525	$2,525	$4.81	24d	2	0.39mi
1428 S Camino Real Palm Springs, CA	2.0	2.0	1054	$2,300	$2.18	43d	1	0.56mi
1674 Via Salida Unit 3 Palm Springs, CA	1.0	1.0	550	$1,650	$3.00	15d	1	0.75mi
777 E San Lorenzo Rd Unit 3 Palm Springs, CA	1.0	1.0	550	$1,765	$3.21	18d	1	0.81mi
120 Pali Dr Palm Springs, CA	2.0	2.0	835	$2,200	$2.63	22d	1	0.83mi
722 E San Lorenzo Rd Palm Springs, CA	3.0	1.0–2.0	750	$1,605	$2.14	7d	3	0.86mi
1425 Via Soledad Unit 1 Palm Springs, CA	2.0	2.0	1050	$2,500	$2.38	24d	1	0.86mi
1425 Via Soledad Unit 1 Palm Springs, CA	2.0	2.0	1050	$2,500	$2.38	43d	1	0.86mi
1900 S Palm Canyon Dr #42 Palm Springs, CA	2.0	2.0	1024	$2,500	$2.44	43d	1	0.87mi
788 N Riverside Dr Palm Springs, CA	1.0	1.0	725	$1,648	$2.27	43d	1	0.88mi
620 S Thornhill Rd Unit 3 Palm Springs, CA	2.0	1.0	700	$1,985	$2.84	24d	1	0.89mi
620 S Thornhill Rd Unit 6 Palm Springs, CA	1.0	1.0	656	$1,765	$2.69	24d	1	0.89mi
671 S Riverside Dr Unit 6 Palm Springs, CA	2.0	2.0	900	$1,985	$2.21	24d	1	0.90mi
1950 S Palm Canyon Dr Palm Springs, CA	1.0–2.0	1.0–2.0	902	$2,095	$2.32	43d	2	0.93mi
1950 S Palm Canyon Dr Palm Springs, CA	1.0–2.0	1.0–2.0	902	$1,999	$2.22	2d	3	0.93mi
1700 S Araby Dr Palm Springs, CA	1.0–2.0	1.0–2.0	871	$2,217	$2.54	1d	3	0.98mi
505 S Farrell Dr Palm Springs, CA	1.0–2.0	1.0–2.0	986	$1,700	$1.72	2d	4	1.03mi
1111 E Ramon Rd Palm Springs, CA	2.0–3.0	2.0	1191	$2,800	$2.35	16d	2	1.04mi
1111 E Ramon Rd Palm Springs, CA	2.0–3.0	2.0	1191	$2,000	$1.68	24d	2	1.04mi
1333 S Belardo Rd Palm Springs, CA	1.0	1.0	687	$1,925	$2.80	2d	8	1.13mi
2540 S Araby Dr Palm Springs, CA	1.0	1.0	678	$2,900	$4.28	43d	1	1.13mi
594 Calle Abronia S Unit 03 Palm Springs, CA	2.0	2.0	662	$1,895	$2.86	43d	1	1.13mi
585 Calle Abronia S Unit B Palm Springs, CA	1.0	1.0	750	$2,100	$2.80	43d	1	1.16mi
583 Calle Abronia S Unit A Palm Springs, CA	2.0	1.0	760	$2,299	$3.02	43d	1	1.16mi
500 S Farrell Dr Palm Springs, CA	1.0–2.0	1.0–2.0	986	$2,800	$2.84	43d	3	1.21mi
311 S Sunrise Way Palm Springs, CA	2.0	1.0–2.0	688	$1,950	$2.83	24d	18	1.26mi
900 E Saturnino Rd Palm Springs, CA	1.0–3.0	1.0–2.0	1020	$1,870	$1.83	1d	6	1.35mi
280 S Avenida Caballeros #129 Palm Springs, CA	1.0	1.5	767	$1,699	$2.22	24d	1	1.35mi
1745 E Arenas Rd Unit 11 Palm Springs, CA	2.0	2.0	900	$1,975	$2.19	43d	1	1.39mi
2900 E Ramon Rd Palm Springs, CA	1.0–2.0	1.0	626	$1,699	$2.71	2d	6	1.40mi
300 S Calle El Segundo Palm Springs, CA	1.0–2.0	1.0	554	$1,330	$2.40	3d	1	1.42mi
557 El Cielo Rd Unit 16 Palm Springs, CA	2.0	2.0	845	$1,800	$2.13	43d	1	1.48mi
550 El Cielo Rd Unit 12 Palm Springs, CA	1.0	1.0	600	$1,350	$2.25	24d	1	1.48mi

HOA detail condo

• Monthly dues: $317 · $3,804/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-06-13
   statusdays on market $199,000 Pending 138 DOM
2. 2026-06-13
   days on market $199,000 Active 137 DOM
3. 2026-06-09
   days on market $199,000 Active 134 DOM
4. 2026-06-08
   days on market $199,000 Active 133 DOM
5. 2026-06-07
   days on market $199,000 Active 132 DOM
6. 2026-06-04
   statusdays on market $199,000 Active 129 DOM
7. 2026-05-13
   historical
8. 2026-04-03
   price $199,000
9. 2026-01-05
   listed $209,000 Active
10. 2025-12-29
    historical
11. 2024-11-11
    listed Active
12. 1998-08-07
    soldstatus $29,500

ⓘ 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: $1,055 · $88/mo
• Projected year-2 tax: $1,512 · $126/mo
• Expected delta: +$457/yr (+$38/mo · 43.3%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X · 67% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 9/10 Extreme 8 d/yr ≥110°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: $25,162
• − Mortgage interest: −$11,147
• − Property taxes: −$1,055
• − Insurance: −$995
• − Repairs & maintenance: −$2,013
• − Management: −$2,013
• − HOA: −$3,804
• − Depreciation: −$5,789
• Taxable loss: −$1,655
• Est. tax savings @ 24.0%: +$397
• After-tax cash flow: $1,898/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

+574.6% since first listed

6 events — show timeline

• 2026-05-13 Listing Removed — GPSMLS
• 2026-04-03 Price Changed $199,000 GPSMLS
• 2026-01-05 Listed $209,000 GPSMLS
• 2025-12-29 Coming Soon — GPSMLS
• 2024-11-11 Listed — TheMLS
• 1998-08-07 Sold (Public Records) $29,500 Public Records

Property tax history

+2.0%/yr

Latest (2025): $1,055 · -2.1% YoY. Source: county tax records.