535 Cerritos Way · Cathedral City, CA 92234

$97,000

2 bd · 2.0 ba · 1,200 sqft · Manufactured · 73 Days on market

Built 1975 $81/sqft · 6% above area Est $91k · 6% over

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +4.7/15.0
• 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

One of the easiest homes to own in Date Palm Country Club - clean, updated, and ready for immediate desert living. This move-in ready 2BD/2BA home is the perfect low-maintenance retreat. At 1200 sq. ft. , it offers comfortable living without the upkeep of a larger home-ideal for seasonal owners or anyone looking to simplify. Major updates are already done, including dual-pane windows and sliding doors, replaced front and back doors, updated kitchen appliances, newer exterior paint, and a fully painted interior. The home was leveled in 2021, with some electrical and plumbing improvements completed as well. HVAC and water heater are less than 10 years old. The medium sized backyard is partially fenced with privacy hedges and offers a great blank canvas for landscaping or could easily be finished as a dog run. Located in the back of the community with convenient access to the Rancho Mirage gate. Clean, well-maintained, and ready for it's next owner. Unfurnished. Some furnishings available outside of escrow. Motivated seller. Resort style living here at this 55+ community with several pools, fitness rooms, dog park, an on-site restaurant, pickleball & tennis courts, a social clubhouse and an Executive 18 Hole Golf Course.

Key facts

• Garage
• Community pool
• Built 1975

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $97k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $97k).
• Recommended offer: $91k (6.0% below list) — sets the bar for market timing.
• Cap rate 23.4% vs local median 5.1% in Cathedral City — 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 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); 525 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 42% 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).
• This rent runs 42% of the median local income ($74k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $671 of loan paydown is wiped out by about $3k 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 + 3.2% rent growth), your $27k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($91k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y 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 $55k; list at $97k implies a 76% 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 $91,180 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 2.68% ✓
• Cap rate: 23.41%
• Cash-on-cash: 61.14%
• DSCR: 3.72
• GRM: 3.1

CMA / ARV

• ARV (median comp): $91,305
• List price: $97,000
• Delta: 6.24%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
521 Calle Madrigal	0.02mi	2/2.0	1,152 (-4%)	4mo	$83,999	$73	89
364 Avenida Andorra	0.17mi	3/2.0 (+1)	1,152 (-4%)	10mo	$212,000	$184	72
246 S Paseo Laredo	0.22mi	3/2.0 (+1)	1,104 (-8%)	2mo	$65,000	$59	70
490 Calle Madrigal	0.02mi	3/2.0 (+1)	1,296 (+8%)	18mo	$105,000	$81	66
478 Calle Madrigal	0.07mi	2/2.0	1,344 (+12%)	14mo	$184,000	$137	65
354 Andorra Way	0.13mi	2/2.0	1,344 (+12%)	13mo	$240,000	$179	63
33 Belmont	0.42mi	2/2.0	1,152 (-4%)	19mo	$89,000	$77	58
80 Santa Anita St	0.45mi	3/2.0 (+1)	1,176 (-2%)	17mo	$198,000	$168	57
7 Via Valverde	0.72mi	2/2.0	1,168 (-3%)	8mo	$45,000	$39	55
30 Paseo Laredo North	0.65mi	2/2.0	1,368 (+14%)	6mo	$75,000	$55	41
2 Via Valverde	0.73mi	2/2.0	1,344 (+12%)	12mo	$94,000	$70	36
169 Avenida Orontes	0.68mi	2/2.0	1,380 (+15%)	9mo	$160,000	$116	36

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 · 3.22% rent growth · sell at horizon

5-year hold

• IRR: 60.2%
• Equity multiple: 3.69×
• Total profit: $73,032
• Equity at exit: $14,463

10-year hold

• IRR: 65.0%
• Equity multiple: 7.61×
• Total profit: $179,618
• Equity at exit: $8,387

Cash invested: $27,160 (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: 525
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $2,600 high
• Mortgage (P&I): −$509
• Tax est. 1.5%: −$121 /mo · $1,455/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$546
• Net cashflow: $1,384

Break-even live

Break-even rent $849

Max offer price $97,000

Occupancy floor 42%

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: $24,250
• Closing costs: $2,910
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
251 S Paseo Laredo Cathedral City, CA	2.0	2.0	1440	$2,400	$1.67	43d	1	0.18mi
251 S Paseo Laredo Unit 251 Cathedral City, CA	1.0	2.0	1440	$2,550	$1.77	24d	1	0.18mi
37800 Da Vall Dr #12 Rancho Mirage, CA	2.0	2.0	1387	$2,400	$1.73	43d	1	0.46mi
70170 Sun Valley Dr Rancho Mirage, CA	2.0	2.0	1368	$3,800	$2.78	4d	1	0.49mi
36040 Avenida de las Montanas Unit E Cathedral City, CA	2.0	2.0	1220	$3,200	$2.62	43d	1	0.63mi
152 Estrada Way #152 Cathedral City, CA	2.0	2.0	1500	$2,200	$1.47	43d	1	0.79mi
38 Mission Ct Rancho Mirage, CA	3.0	3.0	1382	$3,500	$2.53	43d	1	0.94mi
35 Mission Ct Rancho Mirage, CA	3.0	2.0	1382	$4,125	$2.98	43d	1	0.95mi
68695 F St Cathedral City, CA	3.0	2.5	896	$2,500	$2.79	43d	1	1.02mi
35615 Paseo Circulo E Cathedral City, CA	1.0	2.0	1029	$2,250	$2.19	43d	1	1.07mi
35054 Mission Hills Dr Rancho Mirage, CA	2.0	2.0	1396	$2,549	$1.83	4d	1	1.08mi
69200 Nilda Dr Cathedral City, CA	3.0	2.0	1330	$2,495	$1.88	21d	1	1.14mi
68859 Paseo Real Cathedral City, CA	2.0	2.0	1406	$3,960	$2.82	43d	1	1.25mi
68859 Paseo Real Cathedral City, CA	2.0	2.0	1406	$3,960	$2.82	15d	1	1.25mi
34750 Marcia Rd Unit 02 Cathedral City, CA	3.0	2.0	1325	$2,000	$1.51	18d	1	1.31mi
39905 Estates Rd Unit 3 Rancho Mirage, CA	2.0	2.0	1000	$1,800	$1.80	24d	1	1.34mi
70260 California 111 #24 Rancho Mirage, CA	2.0	1.0	836	$1,550	$1.85	43d	1	1.35mi
39955 Estates Rd Apt 11 Rancho Mirage, CA	2.0	2.0	1000	$2,395	$2.40	5d	1	1.39mi
36947 Melrose Dr Unit 4 Cathedral City, CA	1.0	1.0	700	$1,595	$2.28	24d	1	1.39mi
36947 Melrose Dr Unit 4 Cathedral City, CA	1.0	1.0	700	$1,595	$2.28	3d	1	1.39mi
36947 Melrose Dr Unit D Cathedral City, CA	1.0	1.0	700	$1,595	$2.28	21d	1	1.39mi
69646 Antonia Way Rancho Mirage, CA	2.0	2.0	966	$2,450	$2.54	18d	1	1.40mi
36957 Melrose Dr Unit 7 Cathedral City, CA	1.0	1.0	700	$1,495	$2.14	21d	1	1.40mi
36957 Melrose Dr Unit C Cathedral City, CA	1.0	1.0	700	$1,495	$2.14	24d	1	1.40mi
35200 Cathedral Canyon Dr Unit H64 Cathedral City, CA	2.0	2.0	1375	$2,500	$1.82	43d	1	1.43mi
34361 Denise Way Rancho Mirage, CA	3.0	2.0	1400	$2,800	$2.00	43d	1	1.45mi
69603 Heather Way Rancho Mirage, CA	3.0	2.0	1218	$2,300	$1.89	43d	1	1.45mi
36953 Bankside Dr Unit 10 Cathedral City, CA	1.0	1.0	700	$1,495	$2.14	21d	1	1.45mi
36953 Bankside Dr Unit A Cathedral City, CA	1.0	1.0	700	$1,495	$2.14	24d	1	1.45mi
36953 Bankside Dr Unit 5 Cathedral City, CA	1.0	1.0	700	$1,595	$2.28	2d	1	1.45mi
69180 Victoria Dr #8 Cathedral City, CA	3.0	2.0	1230	$1,995	$1.62	3d	1	1.50mi

Listing history 25 events

1. 2026-06-18
   days on market $97,000 Active 73 DOM
2. 2026-06-17
   days on market $97,000 Active 72 DOM
3. 2026-06-16
   days on market $97,000 Active 71 DOM
4. 2026-06-15
   days on market $97,000 Active 70 DOM
5. 2026-06-13
   days on market $97,000 Active 68 DOM
6. 2026-06-13
   days on market $97,000 Active 67 DOM
7. 2026-06-09
   days on market $97,000 Active 64 DOM
8. 2026-06-08
   days on market $97,000 Active 63 DOM
9. 2026-06-07
   days on market $97,000 Active 62 DOM
10. 2026-06-04
    days on market $97,000 Active 59 DOM
11. 2026-06-03
    days on market $97,000 Active 58 DOM
12. 2026-06-02
    days on market $97,000 Active 57 DOM
13. 2026-06-01
    days on market $97,000 Active 56 DOM
14. 2026-05-31
    days on market $97,000 Active 55 DOM
15. 2026-04-01
    listed $97,000 Active 1243-char remark

    Show marketing remark (1243 chars)

    One of the easiest homes to own in Date Palm Country Club - clean, updated, and ready for immediate desert living. This move-in ready 2BD/2BA home is the perfect low-maintenance retreat. At 1200 sq. ft. , it offers comfortable living without the upkeep of a larger home-ideal for seasonal owners or anyone looking to simplify. Major updates are already done, including dual-pane windows and sliding doors, replaced front and back doors, updated kitchen appliances, newer exterior paint, and a fully painted interior. The home was leveled in 2021, with some electrical and plumbing improvements completed as well. HVAC and water heater are less than 10 years old. The medium sized backyard is partially fenced with privacy hedges and offers a great blank canvas for landscaping or could easily be finished as a dog run. Located in the back of the community with convenient access to the Rancho Mirage gate. Clean, well-maintained, and ready for it's next owner. Unfurnished. Some furnishings available outside of escrow. Motivated seller. Resort style living here at this 55+ community with several pools, fitness rooms, dog park, an on-site restaurant, pickleball & tennis courts, a social clubhouse and an Executive 18 Hole Golf Course.

16. 2023-05-25
    price
17. 2023-05-13
    price
18. 2023-04-21
    listed Active
19. 2020-12-21
    soldstatus $55,000 Sold
20. 2020-11-25
    historical Backup Offers Accepted
21. 2020-07-07
    listed $57,900 Active
22. 2020-07-03
    historical
23. 2020-06-26
    price $57,900
24. 2020-06-02
    price $58,900
25. 2020-03-09
    listed $59,000 Active

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥113°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,202
• − Mortgage interest: −$5,434
• − Property taxes: −$1,455
• − Insurance: −$485
• − Repairs & maintenance: −$2,496
• − Management: −$2,496
• − Depreciation: −$2,822
• Taxable income: $16,014
• Est. tax owed @ 24.0%: −$3,843
• After-tax cash flow: $12,762/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

+64.4% since first listed

11 events — show timeline

• 2026-04-01 Listed $97,000 GPSMLS
• 2023-05-25 Price Changed — TheMLS
• 2023-05-13 Price Changed — TheMLS
• 2023-04-21 Listed — TheMLS
• 2020-12-21 Sold (MLS) $55,000 TheMLS
• 2020-11-25 Contingent — TheMLS
• 2020-07-07 Listed $57,900 TheMLS
• 2020-07-03 Listing Removed — GPSMLS
• 2020-06-26 Price Changed $57,900 GPSMLS
• 2020-06-02 Price Changed $58,900 GPSMLS
• 2020-03-09 Listed $59,000 GPSMLS