15500 Bubbling Wells Rd #234 · Garnet, CA 92240

$36,000

2 bd · 2.0 ba · 804 sqft · Manufactured · 40 Days on market

Built 1975 Good condition $45/sqft · 18% below area Est $44k · 18% under $877/mo HOA · 39% 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 +15.0/30.0
• ARV discount +15.0/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Condition / age +4.0/5.0
• Rent growth +3.4/5.0
• Schools +2.7/10.0
• Livability +2.7/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Hidden Springs Country Club. This 2 bedroom, 2 bath home furnished located in a 55+ and gated community. Enjoy the beautiful mountain views, sunrises, and sunsets from the back patio. The Country Club highlights the club house, pools, spas, a sauna, a golf course, tennis courts, pickleball courts, billiard and ping pong tables, laundry, a gym, card room, RV parking, dog park, and a BBQ area. The space rent is $689 per month. Includes trash. Unlimited golf package from $900 per year. Buyer to verify all information directly with the management office in charge.

Key facts

• Remodeled kitchen
• Newer a c system
• Modern countertops

Tags

• REMODELED KITCHEN
• STAINLESS STEEL APPLIANCES
• MODERN COUNTERTOPS
• SLEEK RANGE HOOD
• UPDATED FLOORING
• NEWER A C SYSTEM

Property features AI

Finance

• Other: Included in sale: appliances and furniture; Listing terms: cash or other; Short-term rentals not allowed; Will not consider lease
• Financial info: Land is leasehold (land lease); Land lease amount listed (approximately $876.75 annually stated in one field; association fee listed monthly)
• HOA & community: Monthly association fee (approximately $876–877); Association amenities include golf course, fitness center, recreation room, billiard room, sauna, bocce ball court, sport/other courts; pet rules apply; Senior community

Exterior

• Parking: Driveway; 2 total parking spaces; 2 carport spaces
• Security: Gated community access
• Utilities: Sewer: Unknown; PUD: No
• Home design: Single-wide manufactured home; One level / single-story; Unit located in a park (Hidden Springs)
• Construction: Manufactured by Fleetwood Inc. (manufacture date listed as 01/01/1975); 12 ft width, 67 ft length
• Exterior features: Gated community; Community pool and in-ground community spa; Street lights; Views of golf course and mountains; Leisure-facing south; Detached property

Interior

• Kitchen: Appliances included with sale (appliances not listed individually)
• Bedrooms: Living Room (listed as a room)
• Flooring: Laminate flooring; Tile flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heating: Other; Air conditioning and additional cooling features
• Interior features: Furnished; Drapes on windows; Living room entry
• Laundry & utility: Laundry area located in the kitchen

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $36k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $510 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $36k).
• Recommended offer: $35k (3.0% below list) — sets the bar for market timing.
• Cap rate 27.4% vs local median 6.0% in Garnet — 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 53/100 on livability (#971 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A+; Watch: cost of living D, schools F, crime 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 rising (+3.7%/yr); 515 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 9,195 units permitted in Riverside County in 2024 (1,512 in 5+ unit buildings).
• At $2,225/mo this rent would consume 49% of the median local household income ($54k/yr) (locally 2095% 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 $249 of loan paydown is wiped out by about $1k 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 + 3.7% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($35k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y ago; this cycle's ask has dropped $2k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $19k; list at $36k implies a 89% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $122/mo; HOA is 39% of rent.
• Climate carrying-cost: in FEMA flood zone AO (mandatory federal flood insurance); moderate wildfire risk; extreme-heat days projected 2→6/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $34,920 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 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: 6.18% ✓
• Cap rate: 27.36%
• Cash-on-cash: 75.23%
• DSCR: 4.35
• GRM: 1.3

CMA / ARV

• ARV (median comp): $43,680
• List price: $36,000
• Delta: -17.58%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15500 Bubbling Wells Rd #231	0.02mi	2/1.5	792 (-2%)	13mo	$30,000	$38	83
15500 Bubbling Wls #50	0.02mi	2/2.0	800 (-0%)	22mo	$55,000	$69	79
15500 Bubbling Wells Rd #159	0.02mi	2/1.0	784 (-2%)	19mo	$29,000	$37	75
15500 Bubbling Wells Rd #2	0.02mi	2/1.0	840 (+4%)	16mo	$24,900	$30	74
15500 Bubbling Wells Rd #216	0.00mi	2/2.0	744 (-8%)	21mo	$35,000	$47	70
15500 Bubbling Wls #210	0.15mi	2/1.0	720 (-10%)	3mo	$34,500	$48	69
15500 Bubbling Wells Road Rd #6	0.14mi	2/1.0	728 (-10%)	11mo	$18,000	$25	64
15500 Bubbling Wells Rd #81	0.02mi	2/2.0	900 (+12%)	18mo	$55,000	$61	64
15500 Bubbling Wells Rd #273	0.15mi	2/2.0	868 (+8%)	22mo	$67,900	$78	62

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 · 3.66% rent growth · sell at horizon

5-year hold

• IRR: 61.9%
• Equity multiple: 3.85×
• Total profit: $28,762
• Equity at exit: $5,368

10-year hold

• IRR: 67.2%
• Equity multiple: 8.51×
• Total profit: $75,659
• Equity at exit: $3,113

Cash invested: $10,080 (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 92240

• Home prices YoY: -19.6%
• Rents YoY: 3.7%
• Active inventory: 515
• Price-to-rent: 1.3×

Monthly cashflow live

• Estimated rent: $2,225 high
• Mortgage (P&I): −$189
• Tax est. 1.5%: −$45 /mo · $540/yr
• Insurance: −$15
• Flood insurance flood zone: −$122 /mo · $1,468/yr
• HOA: −$877
• Vacancy / Maint / Mgmt: −$467
• Net cashflow: $510

Break-even live

Break-even rent $1,580

Max offer price $36,000

Occupancy floor 72%

Sensitivity live

Price	-10% $535	-5% $522	+0% $510	+5% $497	+10% $485
Rent	-10% $334	-5% $422	+0% $510	+5% $598	+10% $685
Rate	-1.0pp $528	-0.5pp $519	base $510	+0.5pp $500	+1.0pp $491

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: $9,000
• Closing costs: $1,080
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15490 Avenue Rambla Unit NA Desert Hot Springs, CA	3.0	2.0	1088	$2,600	$2.39	25d	1	0.13mi
15490 Avenida Rambla Desert Hot Springs, CA	3.0	2.0	1088	$2,600	$2.39	44d	1	0.13mi
13895 Luis Dr Desert Hot Springs, CA	2.0	1.0	814	$1,800	$2.21	44d	1	1.06mi
13440 Quinta Way Unit 2 Desert Hot Springs, CA	2.0	2.0	1032	$2,000	$1.94	44d	1	1.18mi
15935 Mary Cir Desert Hot Springs, CA	1.0	1.0	550	$1,350	$2.45	18d	1	1.26mi
13079 Eliseo Rd Apt 4 Desert Hot Springs, CA	2.0	1.0	648	$1,500	$2.31	22d	1	1.28mi
13079 Eliseo Rd Unit 2 Desert Hot Springs, CA	2.0	1.0	648	$1,495	$2.31	22d	1	1.28mi
13848 Scenic Crest Cir Unit 2 Desert Hot Springs, CA	2.0	1.0	700	$1,800	$2.57	25d	1	1.34mi
66590 Joseph Way Unit B Desert Hot Springs, CA	2.0	1.0	785	$2,295	$2.92	25d	1	1.40mi
12920 Inaja St Unit C Desert Hot Springs, CA	2.0	2.0	1000	$1,895	$1.90	44d	1	1.40mi
13405 Ocotillo Rd Desert Hot Springs, CA	2.0	1.0	864	$1,750	$2.03	2d	1	1.45mi

HOA detail

• Monthly dues: $877 · $10,524/yr
• Likely covers: trashpoolgymsecurity

Listing history 20 events

1. 2026-06-18
   days on market $36,000 Active 40 DOM
2. 2026-06-17
   pricedays on market $36,000 Active 39 DOM
3. 2026-06-16
   days on market $38,000 Active 38 DOM
4. 2026-06-15
   days on market $38,000 Active 37 DOM
5. 2026-06-13
   days on market $38,000 Active 35 DOM
6. 2026-06-13
   days on market $38,000 Active 34 DOM
7. 2026-06-09
   days on market $38,000 Active 31 DOM
8. 2026-06-08
   days on market $38,000 Active 30 DOM
9. 2026-06-07
   days on market $38,000 Active 29 DOM
10. 2026-06-04
    days on market $38,000 Active 26 DOM
11. 2026-06-03
    days on market $38,000 Active 25 DOM
12. 2026-06-02
    days on market $38,000 Active 24 DOM
13. 2026-06-01
    days on market $38,000 Active 23 DOM
14. 2026-05-31
    days on market $38,000 Active 22 DOM
15. 2026-05-08
    listed $38,000 Active 915-char remark
16. 2021-04-13
    soldstatus $19,000 Closed 566-char remark

    Show marketing remark (566 chars)

    Hidden Springs Country Club. This 2 bedroom, 2 bath home furnished located in a 55+ and gated community. Enjoy the beautiful mountain views, sunrises, and sunsets from the back patio. The Country Club highlights the club house, pools, spas, a sauna, a golf course, tennis courts, pickleball courts, billiard and ping pong tables, laundry, a gym, card room, RV parking, dog park, and a BBQ area. The space rent is $689 per month. Includes trash. Unlimited golf package from $900 per year. Buyer to verify all information directly with the management office in charge.

17. 2021-03-28
    historical Active Under Contract 566-char remark

    Show marketing remark (566 chars)

    Hidden Springs Country Club. This 2 bedroom, 2 bath home furnished located in a 55+ and gated community. Enjoy the beautiful mountain views, sunrises, and sunsets from the back patio. The Country Club highlights the club house, pools, spas, a sauna, a golf course, tennis courts, pickleball courts, billiard and ping pong tables, laundry, a gym, card room, RV parking, dog park, and a BBQ area. The space rent is $689 per month. Includes trash. Unlimited golf package from $900 per year. Buyer to verify all information directly with the management office in charge.

18. 2021-03-20
    historical
19. 2021-03-19
    listed $19,900 Active

    Show marketing remark (566 chars)

    Hidden Springs Country Club. This 2 bedroom, 2 bath home furnished located in a 55+ and gated community. Enjoy the beautiful mountain views, sunrises, and sunsets from the back patio. The Country Club highlights the club house, pools, spas, a sauna, a golf course, tennis courts, pickleball courts, billiard and ping pong tables, laundry, a gym, card room, RV parking, dog park, and a BBQ area. The space rent is $689 per month. Includes trash. Unlimited golf package from $900 per year. Buyer to verify all information directly with the management office in charge.

20. 2021-03-19
    listed $19,900 Active 566-char remark

    Show marketing remark (566 chars)

    Hidden Springs Country Club. This 2 bedroom, 2 bath home furnished located in a 55+ and gated community. Enjoy the beautiful mountain views, sunrises, and sunsets from the back patio. The Country Club highlights the club house, pools, spas, a sauna, a golf course, tennis courts, pickleball courts, billiard and ping pong tables, laundry, a gym, card room, RV parking, dog park, and a BBQ area. The space rent is $689 per month. Includes trash. Unlimited golf package from $900 per year. Buyer to verify all information directly with the management office in charge.

ⓘ 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 AO · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 8/10 Severe 2 d/yr ≥111°F today · 6 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 8 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,700
• − Mortgage interest: −$2,017
• − Property taxes: −$540
• − Insurance: −$1,648
• − Repairs & maintenance: −$2,136
• − Management: −$2,136
• − HOA: −$10,524
• − Depreciation: −$1,047
• Taxable income: $6,652
• Est. tax owed @ 24.0%: −$1,597
• After-tax cash flow: $4,519/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This beautifully remodeled home in a 55+ golf community offers modern updates and a desirable location. It is move-in ready with a good condition score and minimal repairs needed.

Value-add opportunities

• Both landscaping improvements — enhances curb appeal and adds value
• Both pool maintenance equipment — improves functionality and adds value
• Both landscaping and pool area lighting — enhances safety and adds value

Renovation cost estimate screening

Value-add ROI direction

• Both landscaping improvements — enhances curb appeal and adds value ↑
• Both pool maintenance equipment — improves functionality and adds value ↑
• Both landscaping and pool area lighting — enhances safety and adds value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Garnet

• Score: 53/100
• State rank: #971
• US rank: #24574

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Garnet, CA
• County: Riverside County · 2,287,001 people
• City population: 41,615
• Metro: Riverside-San Bernardino-Ontario, CA
• Population (ZIP): 41,615
• Household income: $54,023
• Rent vs Own: 43.2% rent · 56.8% own
• Severe rent burden: 2095.0

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: Majority Hispanic (64%)
• Race & ethnicity: Hispanic / Latino 64% Two or more races 27% White 23% Black 7% Native American 2% Asian 2%
• Hispanic origin (detail): Mexican 53%
• Common ancestry: Lithuanian 1% Romanian 1% Italian 1%
• Foreign-born: 27% · Canada, Vietnam
• Languages at home: 47% English-only · Spanish 50% Russian/Polish/Slavic 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: ▼ -102.10%
• Current HPI: 418.4691
• Rent YoY: ▲ 3.66%
• 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

+80.9% since first listed

7 events — show timeline

• 2026-06-17 Price Changed $36,000 GPSMLS
• 2026-05-08 Listed $38,000 GPSMLS
• 2021-04-13 Sold (MLS) $19,000 GPSMLS
• 2021-03-28 Contingent — GPSMLS
• 2021-03-20 Listing Removed — GPSMLS
• 2021-03-19 Listed $19,900 GPSMLS
• 2021-03-19 Listed $19,900 GPSMLS