22840 Sterling #193 · Palm Springs, CA 92262

$132,999

3 bd · 2.0 ba · 1,526 sqft · Manufactured public records · 156 Days on market

Built 1997 $87/sqft · 11% below area Est $150k · 11% under ↓ 11% since listing

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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 +12.7/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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 MLS

Beautiful Gated Santiago Sun Canyon Community. A great opportunity for first time buyer or investors. This is the right home you have been waiting for, just minutes from downtown Palm Spring, entertainment, nightlife, and fine dining. Spacious 3 bedroom, 2 baths, Central A/C, ample storage. Curb appeal and low-maintenance landscaping. Your new community amenities include spa, resort style pool, playground, game room, and gym. Located near the palm Spring Aerial Tramway, museums, casinos, airport, and world class resorts.

Key facts

• Near airport
• Near casinos
• Resort style pool

Tags

• RESORT STYLE POOL
• GAME ROOM
• GYM
• NEAR MUSEUMS
• NEAR CASINOS
• NEAR AIRPORT

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $133k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $133k).
• Recommended offer: $117k (12.0% below list) — sets the bar for market timing.
• Cap rate 21.5% 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 flat; 647 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 9,195 units permitted in Riverside County in 2024 (1,512 in 5+ unit buildings).
• At $3,153/mo this rent would consume 53% of the median local household income ($72k/yr) (locally 1866% 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 $919 of loan paydown is wiped out by about $4k 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 + 0.5% rent growth), your $37k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 156 days — a 12% lower offer ($117k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $125/mo.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); major wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $117,039 (12.0% below list)

Questions for the listing agent

1. It's been on market 156 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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?
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: 2.37% ✓
• Cap rate: 21.50%
• Cash-on-cash: 54.32%
• DSCR: 3.42
• GRM: 3.5

CMA / ARV

• ARV (median comp): $150,244
• List price: $132,999
• Delta: -11.48%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
22840 Sterling #110 Ave #110	0.00mi	3/2.0	1,512 (-1%)	8mo	$155,000	$103	92
22840 Sterling Ave #202	0.10mi	3/2.0	1,500 (-2%)	14mo	$169,000	$113	81
22840 Sterling Dr. Spc 24	0.10mi	3/2.0	1,519 (-0%)	17mo	$135,000	$89	81
22840 Sterling Ave #183	0.00mi	3/2.0	1,500 (-2%)	20mo	$180,000	$120	80
22840 Sterling Ave #39	0.00mi	3/2.0	1,567 (+3%)	22mo	$185,000	$118	77
22840 Sterling Ave #25	0.00mi	3/2.0	1,586 (+4%)	22mo	$185,000	$117	75
22840 Sterling Ave #8	0.00mi	2/2.0 (-1)	1,344 (-12%)	22mo	$90,000	$67	57

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 · 0.46% rent growth · sell at horizon

5-year hold

• IRR: 45.1%
• Equity multiple: 2.88×
• Total profit: $70,030
• Equity at exit: $19,831

10-year hold

• IRR: 49.9%
• Equity multiple: 5.26×
• Total profit: $158,532
• Equity at exit: $11,499

Cash invested: $37,240 (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: 647
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $3,153 medium
• Mortgage (P&I): −$697
• Tax from tax record: −$52 /mo · $624/yr
• Insurance: −$55
• Flood insurance flood zone: −$125 /mo · $1,502/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$662
• Net cashflow: $1,560

Break-even live

Break-even rent $1,177

Max offer price $132,999

Occupancy floor 46%

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: $33,250
• Closing costs: $3,990
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
22840 Sterling Ave #147 Palm Springs, CA	3.0	2.0	1188	$2,650	$2.23	1d	1	0.03mi

Listing history 16 events

1. 2026-06-18
   days on market $132,999 Active 156 DOM
2. 2026-06-17
   days on market $132,999 Active 155 DOM
3. 2026-06-16
   days on market $132,999 Active 154 DOM
4. 2026-06-15
   days on market $132,999 Active 153 DOM
5. 2026-06-13
   days on market $132,999 Active 151 DOM
6. 2026-06-13
   days on market $132,999 Active 150 DOM
7. 2026-06-09
   days on market $132,999 Active 147 DOM
8. 2026-06-08
   days on market $132,999 Active 146 DOM
9. 2026-06-07
   days on market $132,999 Active 145 DOM
10. 2026-06-04
    days on market $132,999 Active 142 DOM
11. 2026-06-03
    days on market $132,999 Active 141 DOM
12. 2026-06-02
    days on market $132,999 Active 140 DOM
13. 2026-06-01
    days on market $132,999 Active 139 DOM
14. 2026-05-31
    days on market $132,999 Active 138 DOM
15. 2026-04-04
    price $132,999 526-char remark

    Show marketing remark (526 chars)

    Beautiful Gated Santiago Sun Canyon Community. A great opportunity for first time buyer or investors. This is the right home you have been waiting for, just minutes from downtown Palm Spring, entertainment, nightlife, and fine dining. Spacious 3 bedroom, 2 baths, Central A/C, ample storage. Curb appeal and low-maintenance landscaping. Your new community amenities include spa, resort style pool, playground, game room, and gym. Located near the palm Spring Aerial Tramway, museums, casinos, airport, and world class resorts.

16. 2026-01-13
    listed $149,900 Active 526-char remark

    Show marketing remark (526 chars)

    Beautiful Gated Santiago Sun Canyon Community. A great opportunity for first time buyer or investors. This is the right home you have been waiting for, just minutes from downtown Palm Spring, entertainment, nightlife, and fine dining. Spacious 3 bedroom, 2 baths, Central A/C, ample storage. Curb appeal and low-maintenance landscaping. Your new community amenities include spa, resort style pool, playground, game room, and gym. Located near the palm Spring Aerial Tramway, museums, casinos, airport, and world class resorts.

ⓘ 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: $624 · $52/mo
• Projected year-2 tax: $1,011 · $84/mo
• Expected delta: +$387/yr (+$32/mo · 61.9%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone A · 99% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 9/10 Extreme 7 d/yr ≥103°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 8 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,831
• − Mortgage interest: −$7,450
• − Property taxes: −$624
• − Insurance: −$2,167
• − Repairs & maintenance: −$3,026
• − Management: −$3,026
• − Depreciation: −$3,869
• Taxable income: $17,667
• Est. tax owed @ 24.0%: −$4,240
• After-tax cash flow: $14,485/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

• 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

-11.3% since first listed

2 events — show timeline

• 2026-04-04 Price Changed $132,999 CRMLS
• 2026-01-13 Listed $149,900 CRMLS

Property tax history

-2.7%/yr

Latest (2025): $624 · -1.8% YoY. Source: county tax records.