2315 Henderson Cyn · Borrego Springs, CA 92004

$475,000

3 bd · 2.0 ba · 1,682 sqft · MultiFamily public records · 52 Days on market

Built 1949 4.72 ac lot $282/sqft · 43% below area Est $837k · 43% under

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Why this score? — see what drove the C- 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 +18.4/30.0
• ARV discount +15.0/15.0
• DSCR +5.8/10.0
• 1% rule +3.7/10.0
• Livability +2.9/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Two Homes on Nearly Five Fully Fenced Acres with Expansive Desert Views. A rare opportunity to own two homes on almost five fully fenced acres, complete with a private well, wide-open desert vistas, and exceptional space and privacy. This setup would work well for an artist retreat or launching point for your unique desert experience. The main house offers 2 bedrooms (one currently configured as a den with a wet bar) and 1 bathroom, plus an indoor laundry room. Saltillo tile flooring enhances the kitchen, laundry room, hallway, and bathroom, while a cozy carpet inset warms the living room. The guest house features a comfortable 1-bedroom, 1-bathroom layout with an inviting open-concept livi

Key facts

• 4.72 acre lot
• 2 garage spots
• Built 1949

Property features AI

Finance

• HOA & community: Rural community with nearby hiking

Exterior

• Parking: Attached garage; 2 garage spaces; Additional parking: driveway (including unpaved) and detached carport
• Utilities: Septic tank sewer; Well water
• Home design: House; Single-story; Property includes an ADU (1 accessory unit); Has a view
• Construction: No common walls
• Exterior features: Wrap-around porch; Has a patio; No pool

Interior

• Bedrooms: 3 bedrooms on main level
• Flooring: Tile flooring; Carpet flooring
• Bathrooms: 2 full bathrooms; Shower-in-tub combos
• Heating & cooling: Wall/window cooling; Evaporative cooling
• Interior features: Level entry; One story; All bedrooms on main level; Main level has 3 bedrooms and 2 bathrooms
• Laundry & utility: Indoor laundry in a dedicated room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $475k.

Deal economics

• At list price, monthly cash flow is $446 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $413k (13.1% below list).
• Recommended offer: $413k (13.1% below list) — sets the bar for 1% rule.
• Cap rate 7.4% vs local median 6.0% in Borrego Springs — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 58/100 on livability (#712 in CA) — a working-class tenant base; expect higher turnover. Strengths: crime A+, employment A+, housing A+; Watch: schools F, amenities F, commute F.
• Borrego Springs Unified (rural): math 20% / reading 35% proficiency, ranked #1,120 of 1,400 in CA (top 80%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 174 active listings in the ZIP; 11,759 units permitted in San Diego County in 2024 (7,244 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• San Diego County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($461k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $412,900 (13.1% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
2. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.87% ✗
• Cap rate: 7.42%
• Cash-on-cash: 4.03%
• DSCR: 1.18
• GRM: 9.6

CMA / ARV

• ARV (median comp): $836,542
• List price: $475,000
• Delta: -43.22%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -10.0%
• Equity multiple: 0.63×
• Total profit: $-48,758
• Equity at exit: $70,824

10-year hold

• IRR: -0.7%
• Equity multiple: 0.95×
• Total profit: $-6,753
• Equity at exit: $41,069

Cash invested: $133,000 (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 92004

• Home prices YoY: -18.4%
• Active inventory: 174
• Price-to-rent: 18.2×

Monthly cashflow live

• Estimated rent: $4,129 medium
• Mortgage (P&I): −$2,491
• Tax from tax record: −$127 /mo · $1,519/yr
• Insurance: −$198
• HOA: −$0
• Vacancy / Maint / Mgmt: −$867
• Net cashflow: $446

Break-even live

Break-even rent $3,564

Max offer price $475,000

Occupancy floor 84%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$2,178
1× unit	1	1	$1,951
Total (2 units)			$4,129

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: $118,750
• Closing costs: $14,250
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   days on market $475,000 Active 52 DOM
2. 2026-06-18
   days on market $475,000 Active 51 DOM
3. 2026-06-17
   days on market $475,000 Active 50 DOM
4. 2026-06-16
   days on market $475,000 Active 49 DOM
5. 2026-06-15
   days on market $475,000 Active 48 DOM
6. 2026-06-14
   days on market $475,000 Active 46 DOM
7. 2026-06-12
   days on market $475,000 Active 45 DOM
8. 2026-06-09
   days on market $475,000 Active 42 DOM
9. 2026-06-08
   days on market $475,000 Active 41 DOM
10. 2026-06-07
    days on market $475,000 Active 40 DOM
11. 2026-06-07
    days on market $475,000 Active 39 DOM
12. 2026-06-04
    days on market $475,000 Active 36 DOM
13. 2026-06-02
    days on market $475,000 Active 35 DOM
14. 2026-06-01
    days on market $475,000 Active 34 DOM
15. 2026-05-31
    days on market $475,000 Active 33 DOM
16. 2026-05-31
    days on market $475,000 Active 32 DOM
17. 2026-04-28
    listed $475,000 Active 1402-char remark
18. 2024-06-20
    historical
19. 2024-04-23
    historical Contingent
20. 2024-01-28
    price $299,900
21. 2024-01-19
    listed $329,900 Active

ⓘ 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: $1,519 · $127/mo
• Projected year-2 tax: $3,610 · $301/mo
• Expected delta: +$2,091/yr (+$174/mo · 137.7%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥111°F today · 22 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $49,548
• − Mortgage interest: −$26,607
• − Property taxes: −$1,519
• − Insurance: −$2,375
• − Repairs & maintenance: −$3,964
• − Management: −$3,964
• − Depreciation: −$13,818
• Taxable loss: −$2,699
• Est. tax savings @ 24.0%: +$648
• After-tax cash flow: $6,006/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: Borrego Springs Unified
• NCES district ID: 0605700
• Math proficiency: 20% ▼ -6.00%
• Reading proficiency: 35% ▼ -6.00%
• Median HH income: $42,330
• Composite: 26.31/100
• National rank: #12684
• State rank: #1120 of 1400 in CA

Livability — Borrego Springs

• Score: 58/100
• State rank: #712
• US rank: #21334

Category grades

Amenities F Commute F Cost of living F Crime A+ Employment A+ Housing A+ Health & safety F User ratings C

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 3,030

Population outlook (San Diego County) Hauer SSP2

• Today (2025): 3,678,185 people
• By 2030: 3,856,546 · +4.8%
• By 2040: 4,171,407 · +13.4%
• By 2050: 4,421,607 · +20.2%
• By 2075: 4,831,599 · +31.4%
• By 2100: 4,832,502 · +31.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (66%)
• Race & ethnicity: White 66% Hispanic / Latino 33% Two or more races 24%
• Hispanic origin (detail): Mexican 29%
• Common ancestry: Lithuanian 10% Slovak 5% Scotch-Irish 1%
• Foreign-born: 27% · Canada
• Languages at home: 70% English-only · Spanish 30%

Political lean MEDSL · San Diego

• 2024 margin: D (+16.8) · D 56.9% · R 40.1% · Other 2.9%
• 2008→2024 swing: +6.6pp toward D · 2008: 10.2pp · 2024: 16.8pp
• All cycles: 2024: D+16.8 2020: D+22.8 2016: D+17.8 2012: D+5.1 2008: D+10.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -50.39%
• Current HPI: 222.8196
• Rent YoY: —
• Metro: —
• 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

+44.0% since first listed

5 events — show timeline

• 2026-04-28 Listed $475,000 CRMLS
• 2024-06-20 Listing Removed — SDMLS
• 2024-04-23 Contingent — SDMLS
• 2024-01-28 Price Changed $299,900 SDMLS
• 2024-01-19 Listed $329,900 SDMLS

Property tax history

+1.9%/yr

Latest (2025): $1,519 · +2.2% YoY. Source: county tax records.