69180 Victoria Dr · Cathedral City, CA 92234

$2,949,000

30 bd · 20.0 ba · 12,300 sqft · MultiFamily · 83 Days on market

Built 1982 0.80 ac lot

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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 +13.9/30.0
• ARV discount +7.5/15.0
• DSCR +4.2/10.0
• 1% rule +3.9/10.0
• 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

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 10 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

This fully leased, ten-unit property features spacious three-bedroom, two-bath residences averaging approximately 1,230 square feet--each equipped with in-unit laundry, private patios, and covered carport parking. Residents enjoy a premier amenity package, including a resort-style pool and tennis court, all on a well-maintained 0.8-acre site. Strategically located just off the Rancho Mirage border, the property delivers central access to Palm Springs and Palm Desert, in a submarket characterized by increasing rents and enduring demand. Operations are optimized through separately metered utilities, tenant-paid water and trash, and solar-paned common areas, resulting in stable net operating income and low management intensity. Current collections reach an annualized $250,512 in rent and $254,512 effective gross income, supporting a strong in-place cap rate of 6% at the offering price of $2,949,000. Further value lies in the potential conversion of the existing rear ADU into an income-generating unit and the possibility for redevelopment of the tennis court area, pending buyer verification. This asset represents a rare blend of immediate yield and development upside--an attractive proposition for institutional and private investors seeking both stable returns and long-range growth in one of Southern California's most resilient rental markets.

Key facts

• Tennis court
• Resort style pool
• Well maintained site

Tags

• IN UNIT LAUNDRY
• PRIVATE PATIOS
• COVERED CARPORT PARKING
• RESORT STYLE POOL
• TENNIS COURT
• WELL MAINTAINED SITE

What this means for you Summary

Snapshot

• This is a 10 × 3-bed/2-bath units multifamily listed at $2.95M.

Deal economics

• At list price, monthly cash flow is $342 ($4k/yr) — positive. Per door: $34/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $2.62M (11.1% below list).
• Recommended offer: $2.62M (11.1% below list) — sets the bar for 1% rule.
• Cap rate 6.4% 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+, amenities D-, 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.
• Zoned schools: Cathedral City Elementary (math 12% / reading 24%, grade F, #1,322 of 1,571 statewide, top 85%, 653 students, 98% FRL); Nellie N. Coffman Middle (953 students, 98% FRL); Cathedral City High (math 25% / reading 61%, grade F, #460 of 1,170 statewide, top 40%, 1,395 students, 98% FRL) — zoned schools average 98% FRL vs 73% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.2%/yr); 529 active listings in the ZIP; 9,195 units permitted in Riverside County in 2024 (1,512 in 5+ unit buildings).
• At $26,230/mo this rent would consume 428% 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 $20k of loan paydown is wiped out by about $88k 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 83 days — a 6% lower offer ($2.77M) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 23y 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 $1.95M; list at $2.95M implies a 52% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $2,623,000 (11.1% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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: 0.89% ✗
• Cap rate: 6.43%
• Cash-on-cash: 0.50%
• DSCR: 1.02
• GRM: 9.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -15.2%
• Equity multiple: 0.46×
• Total profit: $-449,879
• Equity at exit: $439,705

10-year hold

• IRR: -6.3%
• Equity multiple: 0.59×
• Total profit: $-338,121
• Equity at exit: $254,976

Cash invested: $825,720 (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 92234

• Home prices YoY: -27.7%
• Rents YoY: 3.2%
• Active inventory: 529
• Price-to-rent: 93.7×

Monthly cashflow live

• Estimated rent: $26,230 high
• Mortgage (P&I): −$15,465
• Tax est. 1.5%: −$3,686 /mo · $44,235/yr
• Insurance: −$1,229
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,508
• Net cashflow: $342

Break-even live

Break-even rent $25,797

Max offer price $2,949,000

Occupancy floor 94%

Sensitivity live

Price	-10% $2,380	-5% $1,361	+0% $342	+5% $-677	+10% $-1,696
Rent	-10% $-1,730	-5% $-694	+0% $342	+5% $1,378	+10% $2,414
Rate	-1.0pp $1,827	-0.5pp $1,092	base $342	+0.5pp $-422	+1.0pp $-1,200

10-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 10× units	3	2	$26,230
Total (10 units)			$26,230

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: $737,250
• Closing costs: $88,470
• Reserves months: —
• Total cash needed: —

Listing history 33 events

1. 2026-06-09
   days on market $2,949,000 Active 83 DOM
2. 2026-06-08
   days on market $2,949,000 Active 82 DOM
3. 2026-06-07
   days on market $2,949,000 Active 81 DOM
4. 2026-06-04
   days on market $2,949,000 Active 78 DOM
5. 2026-06-03
   days on market $2,949,000 Active 77 DOM
6. 2026-06-02
   days on market $2,949,000 Active 76 DOM
7. 2026-06-01
   days on market $2,949,000 Active 75 DOM
8. 2026-05-31
   days on market $2,949,000 Active 74 DOM
9. 2026-03-18
   listed $2,949,000 Active 1361-char remark

   Show marketing remark (1361 chars)

   This fully leased, ten-unit property features spacious three-bedroom, two-bath residences averaging approximately 1,230 square feet--each equipped with in-unit laundry, private patios, and covered carport parking. Residents enjoy a premier amenity package, including a resort-style pool and tennis court, all on a well-maintained 0.8-acre site. Strategically located just off the Rancho Mirage border, the property delivers central access to Palm Springs and Palm Desert, in a submarket characterized by increasing rents and enduring demand. Operations are optimized through separately metered utilities, tenant-paid water and trash, and solar-paned common areas, resulting in stable net operating income and low management intensity. Current collections reach an annualized $250,512 in rent and $254,512 effective gross income, supporting a strong in-place cap rate of 6% at the offering price of $2,949,000. Further value lies in the potential conversion of the existing rear ADU into an income-generating unit and the possibility for redevelopment of the tennis court area, pending buyer verification. This asset represents a rare blend of immediate yield and development upside--an attractive proposition for institutional and private investors seeking both stable returns and long-range growth in one of Southern California's most resilient rental markets.

10. 2024-12-23
    historical
11. 2024-08-22
    status Active
12. 2024-08-21
    historical
13. 2024-07-27
    price $3,450,000
14. 2024-07-27
    listed $3,459,999 Active
15. 2024-06-27
    historical
16. 2024-04-15
    listed $4,000,000 Active
17. 2024-04-10
    historical $2,199
18. 2024-04-07
    historical $2,199
19. 2024-03-13
    listed $2,199
20. 2024-03-08
    price $2,199
21. 2024-02-28
    price $2,299
22. 2024-02-07
    listed $2,499
23. 2018-01-16
    soldstatus $1,945,000 Sold
24. 2018-01-16
    soldstatus $1,945,000 Closed
25. 2018-01-16
    soldstatus $1,945,000
26. 2017-11-12
    status Pending
27. 2017-10-19
    historical Contingent
28. 2016-04-26
    listed $1,950,000 Active
29. 2016-04-25
    listed $1,950,000
30. 2014-08-09
    historical
31. 2014-07-12
    listed $1,075,000 Active
32. 2004-01-10
    historical
33. 2003-10-10
    listed $1,500,000

ⓘ 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 X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥113°F today · 21 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: $314,760
• − Mortgage interest: −$165,190
• − Property taxes: −$44,235
• − Insurance: −$14,745
• − Repairs & maintenance: −$25,181
• − Management: −$25,181
• − Depreciation: −$85,789
• Taxable loss: −$45,561
• Est. tax savings @ 24.0%: +$10,935
• After-tax cash flow: $15,036/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

+96.6% since first listed

25 events — show timeline

• 2026-03-18 Listed $2,949,000 GPSMLS
• 2024-12-23 Listing Removed — CRMLS
• 2024-08-22 Relisted — CRMLS
• 2024-08-21 Listing Removed — CRMLS
• 2024-07-27 Price Changed $3,450,000 CRMLS
• 2024-07-27 Listed $3,459,999 CRMLS
• 2024-06-27 Listing Removed — GPSMLS
• 2024-04-15 Listed $4,000,000 GPSMLS
• 2024-04-10 Rental Removed $2,199 APPFOLIO
• 2024-04-07 Rental Removed $2,199 RENT.
• 2024-03-13 Listed for Rent $2,199 APPFOLIO
• 2024-03-08 Price Changed $2,199 RENT.
• 2024-02-28 Price Changed $2,299 RENT.
• 2024-02-07 Listed for Rent $2,499 RENT.
• 2018-01-16 Sold (MLS) $1,945,000 SDMLS
• 2018-01-16 Sold (MLS) $1,945,000 GPSMLS
• 2018-01-16 Sold (MLS) $1,945,000 GPSMLS
• 2017-11-12 Pending — GPSMLS
• 2017-10-19 Contingent — GPSMLS
• 2016-04-26 Listed $1,950,000 GPSMLS
• 2016-04-25 Listed $1,950,000 SDMLS
• 2014-08-09 Listing Removed — GPSMLS
• 2014-07-12 Listed $1,075,000 GPSMLS
• 2004-01-10 Listing Removed — GPSMLS
• 2003-10-10 Listed $1,500,000 GPSMLS