28773 E Portales Dr · Cathedral City, CA 92234

$320,000

2 bd · 2.0 ba · 1,285 sqft · Condo public records · 128 Days on market

Built 1989 $249/sqft · at area comps Est $324k · at est. $954/mo HOA · 24% 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 +14.6/30.0
• ARV discount +8.1/15.0
• 1% rule +7.2/10.0
• DSCR +4.4/10.0
• 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

Welcome to your desert retreat! This delightful 3-bedroom condo not only offers breathtaking views of the San Jacinto Mountains, but also a beautifully updated interior designed for comfort and style. Inside, you'll find a modern kitchen with sleek finishes, spacious bedrooms filled with natural light, and inviting living areas that open seamlessly to your private patio—perfect for enjoying morning coffee or iconic desert sunsets. Ideally located near the pool, first tee, and a short stroll to the clubhouse, this home puts resort living at your doorstep. Enjoy golf, tennis, pickleball, racquetball, basketball, and 33 pools and spas. The HOA includes a social membership with no monthly minimums, plus exterior building maintenance, insurance, landscaping with water, and 24-hour guarded security with patrol for true peace of mind. On-site amenities feature a fitness center, full-service restaurant, and an adjoining DoubleTree Hotel for visiting friends and family. Just outside the gates, world-class dining, casinos, shopping, and entertainment await. Stylish, comfortable, and perfectly located—this is desert living at its finest.

Key facts

• Fitness center
• Private patio
• Modern kitchen

Tags

• MODERN KITCHEN
• PRIVATE PATIO
• FITNESS CENTER

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $320k.

Deal economics

• At list price, monthly cash flow is $75 ($898/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $320k).
• Recommended offer: $282k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.6% vs local median 5.1% in Cathedral City — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; 9,195 units permitted in Riverside County in 2024 (1,512 in 5+ unit buildings).
• At $3,898/mo this rent would consume 64% of the median local household income ($74k/yr) (locally 1682% 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 $2k of loan paydown is wiped out by about $10k 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 128 days — a 12% lower offer ($282k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y 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 $163k; list at $320k implies a 96% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent.
• Climate carrying-cost: extreme-heat days projected 5→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $281,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 128 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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: 1.22% ✓
• Cap rate: 6.57%
• Cash-on-cash: 1.00%
• DSCR: 1.04
• GRM: 6.8

CMA / ARV

• ARV (median comp): $324,410
• List price: $320,000
• Delta: -1.36%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -14.2%
• Equity multiple: 0.49×
• Total profit: $-45,677
• Equity at exit: $47,713

10-year hold

• IRR: -4.6%
• Equity multiple: 0.69×
• Total profit: $-27,854
• Equity at exit: $27,668

Cash invested: $89,600 (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: 6.8×

Monthly cashflow live

• Estimated rent: $3,898 high
• Mortgage (P&I): −$1,678
• Tax from tax record: −$239 /mo · $2,874/yr
• Insurance: −$133
• HOA: −$954
• Vacancy / Maint / Mgmt: −$819
• Net cashflow: $75

Break-even live

Break-even rent $3,804

Max offer price $320,000

Occupancy floor 93%

Sensitivity live

Price	-10% $256	-5% $165	+0% $75	+5% $-16	+10% $-106
Rent	-10% $-233	-5% $-79	+0% $75	+5% $229	+10% $383
Rate	-1.0pp $236	-0.5pp $156	base $75	+0.5pp $-8	+1.0pp $-92

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: $80,000
• Closing costs: $9,600
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
28763 E Portales Dr Cathedral City, CA	2.0	2.0	984	$4,200	$4.27	9d	1	0.03mi
28868 Isleta Ct Unit 702 Cathedral City, CA	2.0	2.0	1285	$4,900	$3.81	25d	1	0.13mi
28868 Isleta Ct Cathedral City, CA	2.0	2.0	1285	$4,900	$3.81	45d	1	0.13mi
28827 Isleta Ct Cathedral City, CA	3.0	2.0	1285	$4,500	$3.50	45d	1	0.16mi
29199 E Portales Dr Unit 702 Cathedral City, CA	2.0	2.0	1177	$4,200	$3.57	45d	1	0.17mi
28260 Landau Blvd Unit B Cathedral City, CA	3.0	2.0	1354	$2,475	$1.83	0d	1	0.19mi
68125 Alva Ct Cathedral City, CA	3.0	2.0	1544	$3,200	$2.07	45d	1	0.27mi
28914 Desert Princess Dr Unit 702 Palm Springs, CA	2.0	2.0	1212	$4,200	$3.47	25d	1	0.29mi
28964 Desert Princess Dr Cathedral City, CA	2.0	2.0	1177	$2,700	$2.29	45d	1	0.29mi
29118 Desert Princess Dr Unit 702 Cathedral City, CA	2.0	2.0	1212	$4,200	$3.47	45d	1	0.30mi
67847 N Portales Dr Unit 288 Cathedral City, CA	2.0	2.0	1212	$4,200	$3.47	45d	1	0.33mi
28859 Desert Princess Dr Cathedral City, CA	3.0	2.0	1285	$3,700	$2.88	45d	1	0.35mi
67821 N Portales Dr Cathedral City, CA	2.0	2.0	1177	$4,000	$3.40	45d	1	0.36mi
67821 N Portales Dr Unit 251 Cathedral City, CA	2.0	2.0	1177	$4,000	$3.40	25d	1	0.36mi
28602 Taos Ct Cathedral City, CA	2.0	2.0	1212	$4,000	$3.30	45d	1	0.36mi
67665 Lagos Way Cathedral City, CA	3.0	2.0	1285	$4,500	$3.50	45d	1	0.37mi
28656 Taos Ct Cathedral City, CA	2.0	2.0	1177	$2,200	$1.87	45d	1	0.37mi
28464 Taos Ct Cathedral City, CA	2.0	2.0	1212	$2,100	$1.73	25d	1	0.37mi
29521 E Trancas Dr Cathedral City, CA	2.0	3.0	1576	$5,500	$3.49	45d	1	0.39mi
28764 Taos Ct Cathedral City, CA	2.0	2.0	1177	$4,400	$3.74	45d	1	0.39mi
67727 S Natoma Dr Cathedral City, CA	2.0	3.0	1425	$4,500	$3.16	45d	1	0.40mi
68325 Peladora Rd Cathedral City, CA	3.0	2.0	1320	$3,199	$2.42	15d	1	0.40mi
28477 Taos Ct Cathedral City, CA	2.0	2.0	1212	$4,000	$3.30	45d	1	0.41mi
67645 S Natoma Dr Cathedral City, CA	2.0	3.0	1686	$6,800	$4.03	45d	1	0.41mi
29576 Sandy Ct Cathedral City, CA	3.0	2.0	1503	$5,000	$3.33	45d	1	0.42mi
29500 Landau Blvd Unit B Cathedral City, CA	3.0	3.0	1800	$1,300	$0.72	0d	1	0.42mi
67595 Lagos Way Cathedral City, CA	3.0	3.0	1285	$3,500	$2.72	45d	1	0.45mi
67646 S Natoma Dr Cathedral City, CA	2.0	3.0	1686	$6,000	$3.56	45d	1	0.45mi
67659 S Natoma Dr Cathedral City, CA	2.0	2.5	1684	$6,800	$4.04	45d	1	0.46mi
67552 N Natoma Dr Cathedral City, CA	2.0	2.0	1177	$4,200	$3.57	45d	1	0.47mi
28920 W Natoma Dr Cathedral City, CA	2.0	2.0	1177	$4,000	$3.40	45d	1	0.48mi
67636 S Natoma Dr Cathedral City, CA	2.0	2.5	1533	$5,000	$3.26	45d	1	0.48mi
29756 Sandy Ct Cathedral City, CA	3.0	3.0	1732	$4,900	$2.83	45d	1	0.49mi
67683 S Laguna Dr Cathedral City, CA	2.0	3.0	1825	$5,000	$2.74	45d	1	0.51mi
67553 N Portales Dr Unit 288 Cathedral City, CA	2.0	2.0	1212	$4,200	$3.47	25d	1	0.52mi
67553 N Portales Dr Cathedral City, CA	2.0	2.0	1212	$4,200	$3.47	45d	1	0.52mi
29017 W Natoma Dr Cathedral City, CA	2.0	2.0	1177	$2,395	$2.03	45d	1	0.52mi
29777 Sandy Ct Cathedral City, CA	3.0	3.0	1841	$5,000	$2.72	45d	1	0.53mi
29631 W Trancas Dr Cathedral City, CA	2.0	2.5	1533	$6,300	$4.11	45d	1	0.53mi
67765 Ovante Rd Cathedral City, CA	3.0	2.0	1446	$2,699	$1.87	15d	1	0.54mi

HOA detail condo

• Monthly dues: $954 · $11,448/yr
• Likely covers: waterlandscapingpoolgymsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-21
   days on market $320,000 Active 128 DOM
2. 2026-06-18
   days on market $320,000 Active 125 DOM
3. 2026-06-17
   days on market $320,000 Active 124 DOM
4. 2026-06-16
   days on market $320,000 Active 123 DOM
5. 2026-06-15
   days on market $320,000 Active 122 DOM
6. 2026-06-13
   days on market $320,000 Active 120 DOM
7. 2026-06-13
   days on market $320,000 Active 119 DOM
8. 2026-06-09
   days on market $320,000 Active 116 DOM
9. 2026-06-08
   days on market $320,000 Active 115 DOM
10. 2026-06-07
    days on market $320,000 Active 114 DOM
11. 2026-06-04
    days on market $320,000 Active 111 DOM
12. 2026-06-03
    days on market $320,000 Active 110 DOM
13. 2026-06-02
    days on market $320,000 Active 109 DOM
14. 2026-06-01
    days on market $320,000 Active 108 DOM
15. 2026-05-31
    days on market $320,000 Active 107 DOM
16. 2025-08-28
    historical Active Under Contract
17. 2025-08-18
    listed $310,000 Active

    Show marketing remark (1156 chars)

    Welcome to your desert retreat! This delightful 3-bedroom condo not only offers breathtaking views of the San Jacinto Mountains, but also a beautifully updated interior designed for comfort and style. Inside, you'll find a modern kitchen with sleek finishes, spacious bedrooms filled with natural light, and inviting living areas that open seamlessly to your private patio—perfect for enjoying morning coffee or iconic desert sunsets. Ideally located near the pool, first tee, and a short stroll to the clubhouse, this home puts resort living at your doorstep. Enjoy golf, tennis, pickleball, racquetball, basketball, and 33 pools and spas. The HOA includes a social membership with no monthly minimums, plus exterior building maintenance, insurance, landscaping with water, and 24-hour guarded security with patrol for true peace of mind. On-site amenities feature a fitness center, full-service restaurant, and an adjoining DoubleTree Hotel for visiting friends and family. Just outside the gates, world-class dining, casinos, shopping, and entertainment await. Stylish, comfortable, and perfectly located—this is desert living at its finest.

18. 2025-08-18
    listed $320,000 Active 1156-char remark

    Show marketing remark (1156 chars)

    Welcome to your desert retreat! This delightful 3-bedroom condo not only offers breathtaking views of the San Jacinto Mountains, but also a beautifully updated interior designed for comfort and style. Inside, you'll find a modern kitchen with sleek finishes, spacious bedrooms filled with natural light, and inviting living areas that open seamlessly to your private patio—perfect for enjoying morning coffee or iconic desert sunsets. Ideally located near the pool, first tee, and a short stroll to the clubhouse, this home puts resort living at your doorstep. Enjoy golf, tennis, pickleball, racquetball, basketball, and 33 pools and spas. The HOA includes a social membership with no monthly minimums, plus exterior building maintenance, insurance, landscaping with water, and 24-hour guarded security with patrol for true peace of mind. On-site amenities feature a fitness center, full-service restaurant, and an adjoining DoubleTree Hotel for visiting friends and family. Just outside the gates, world-class dining, casinos, shopping, and entertainment await. Stylish, comfortable, and perfectly located—this is desert living at its finest.

19. 2018-04-12
    soldstatus $163,000 Sold
20. 2018-04-12
    soldstatus $163,000
21. 2018-04-07
    status Pending
22. 2018-02-12
    historical Contingent
23. 2018-01-12
    listed $169,000 Active
24. 1992-11-10
    soldstatus $240,000

ⓘ 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: $2,874 · $239/mo
• Projected year-2 tax: $2,874 · $239/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 5 d/yr ≥112°F today · 14 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: $46,781
• − Mortgage interest: −$17,925
• − Property taxes: −$2,874
• − Insurance: −$1,600
• − Repairs & maintenance: −$3,742
• − Management: −$3,742
• − HOA: −$11,448
• − Depreciation: −$9,309
• Taxable loss: −$3,860
• Est. tax savings @ 24.0%: +$926
• After-tax cash flow: $1,824/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

+33.3% since first listed

9 events — show timeline

• 2025-08-28 Contingent — GPSMLS
• 2025-08-18 Listed $320,000 GPSMLS
• 2025-08-18 Listed $310,000 GPSMLS
• 2018-04-12 Sold (Public Records) $163,000 Public Records
• 2018-04-12 Sold (MLS) $163,000 GPSMLS
• 2018-04-07 Pending — GPSMLS
• 2018-02-12 Contingent — GPSMLS
• 2018-01-12 Listed $169,000 GPSMLS
• 1992-11-10 Sold (Public Records) $240,000 Public Records

Property tax history

+3.5%/yr

Latest (2025): $2,874 · +0.2% YoY. Source: county tax records.