33460 Westchester Dr

Thousand Palms, CA 92276

$189,900F

2 bd · 2.0 ba · 1,344 sqft · Built 1974 · Manufactured · Pending · 184 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,647/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$384
• HOA: −$328
• Vac / Maint / Mgmt: −$346
• Net cashflow: $-407/mo
• Annual: $-4,887/yr
• Cap rate: 4.49%
• Cash-on-cash: -6.43%
• DSCR: 0.71
• 1% rule: 0.87%
• Cash to close: $53,172

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $190k.
• At list price, monthly cash flow is $-407 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $118k (37.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $165k (13.3% below list).
• It's been on market 184 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $118k (37.9% below list) — sets the bar for cash-flow.
• 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.
• Location reads 53/100 on livability (#950 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A+; Watch: cost of living D, crime F, amenities 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: Della S. Lindley Elementary (584 students, 96% FRL); Nellie N. Coffman Middle (953 students, 98% FRL); Rancho Mirage High (math 15% / reading 38%, grade F, #804 of 1,170 statewide, top 69%, 1,491 students, 97% FRL) — zoned schools average 97% FRL vs 73% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $122/mo.
• Market conditions: 101 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% 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).
• Riverside County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 22y 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 $116k; list at $190k implies a 63% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: in FEMA flood zone AO (mandatory federal flood insurance); moderate wildfire risk; extreme-heat days projected 4→11/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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?
• It's been on market 184 days. Have you received any prior offers? Is the seller open to a 38% concession, seller financing, or rate buy-down credit?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?