44980 Olympic Ct

Indian Wells, CA 92210

$670,000F

2 bd · 3.0 ba · 2,345 sqft · Built 1991 · Condo · Active · 189 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,445/mo
• Mortgage (P&I): −$3,514
• Tax + insurance: −$1,237
• HOA: −$2,148
• Vac / Maint / Mgmt: −$933
• Net cashflow: $-3,388/mo
• Annual: $-40,652/yr
• Cap rate: 0.23%
• Cash-on-cash: -21.67%
• DSCR: 0.04
• 1% rule: 0.66%
• Cash to close: $187,600

Investor read

• This is a 2-bed/3.0-bath condo listed at $670k.
• At list price, monthly cash flow is $-3k ($-41k/yr) — negative.
• To cash-flow at today's rent, offer at most $197k (70.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $444k (33.7% below list).
• It's been on market 189 days — a 12% lower offer ($590k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $197k (70.6% below list) — sets the bar for cash-flow.
• In year one you build about $30k of equity ($5k loan paydown + $25k appreciation (3.8% local appreciation)).
• Location reads 53/100 on livability (#968 in CA) — a working-class tenant base; expect higher turnover. Strengths: employment A+, schools B+, crime B+; Watch: amenities F, commute F, cost of living F.
• Desert Sands Unified (suburban): math 31% / reading 56% proficiency, ranked #199 of 517 in CA (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 48% of rent.
• Market conditions: 150 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); 70% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 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.
• 11 sale attempts since 24y ago; this cycle's ask has dropped $79k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $325k; list at $670k implies a 106% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$48k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 0.2% vs local median 1.5% in Indian Wells — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• This rent runs 33% of the median local income ($163k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 189 days. Have you received any prior offers? Is the seller open to a 71% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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?