202 Pointing Rock Dr #6 · Borrego Springs, CA 92004

$289,900

2 bd · 2.0 ba · 2,072 sqft · Condo public records · 223 Days on market

Built 1979 $140/sqft · at area comps Est $298k · at est. $758/mo HOA · 19% of rent

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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 +23.6/30.0
• 1% rule +9.0/10.0
• ARV discount +8.8/15.0
• DSCR +7.6/10.0
• 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

Listing remarks MLS

Beautiful Vista Villas with 2 bedrooms, den/optional bedroom with closet, and 2 baths. Kitchen offers custom cabinetry and granite counter tops. Windows and sliders have been updated throughout and patios are tiled and great for entertaining. Master bedroom has a sitting area and bath has dual vanities, soaking tub, separate shower, and large walk in closet. 2 car attached garage with separate laundry room. Complex amenities include pool, spa, tennis, and pickle ball.

Key facts

• Custom cabinetry
• Dual vanities
• Updated windows

Tags

• CUSTOM CABINETRY
• GRANITE COUNTER TOPS
• UPDATED WINDOWS
• TILED PATIOS
• DUAL VANITIES
• SOAKING TUB

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $290k.

Deal economics

• At list price, monthly cash flow is $423 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $290k).
• Recommended offer: $255k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 6.0% in Borrego Springs — 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 58/100 on livability (#712 in CA) — a working-class tenant base; expect higher turnover. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living 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.
• Zoned schools: Borrego Springs Elementary (math 24% / reading 24%, grade F, #973 of 1,571 statewide, top 73%, 154 students, 84% FRL); Borrego Springs Middle (math 12% / reading 32%, grade F, #388 of 498 statewide, top 80%, 80 students, 92% FRL); Borrego Springs High (math 30% / reading 50%, grade F, #520 of 1,170 statewide, top 45%, 124 students, 87% FRL) — zoned schools average 88% FRL vs 72% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 172 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $2k of loan paydown is wiped out by about $9k 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 223 days — a 12% lower offer ($255k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 20y ago; this cycle's ask has dropped $20k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $122/mo.
• Climate carrying-cost: in FEMA flood zone AO (mandatory federal flood insurance); extreme-heat days projected 10→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $255,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 223 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 1.40% ✓
• Cap rate: 8.55%
• Cash-on-cash: 8.06%
• DSCR: 1.36
• GRM: 5.9

CMA / ARV

• ARV (median comp): $298,266
• List price: $289,900
• Delta: -2.80%
• Verdict: FAIR
• Comps: 10 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -6.5%
• Equity multiple: 0.76×
• Total profit: $-19,486
• Equity at exit: $43,225

10-year hold

• IRR: 3.4%
• Equity multiple: 1.25×
• Total profit: $19,940
• Equity at exit: $25,065

Cash invested: $81,172 (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: 172
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $4,066 medium
• Mortgage (P&I): −$1,520
• Tax from tax record: −$268 /mo · $3,216/yr
• Insurance: −$121
• Flood insurance flood zone: −$122 /mo · $1,468/yr
• HOA: −$758
• Vacancy / Maint / Mgmt: −$854
• Net cashflow: $423

Break-even live

Break-even rent $3,531

Max offer price $289,900

Occupancy floor 85%

Sensitivity live

Price	-10% $587	-5% $505	+0% $423	+5% $341	+10% $259
Rent	-10% $102	-5% $262	+0% $423	+5% $584	+10% $744
Rate	-1.0pp $569	-0.5pp $497	base $423	+0.5pp $348	+1.0pp $272

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: $72,475
• Closing costs: $8,697
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1586 De Anza Dr Borrego Springs, CA	2.0	2.0	2236	$5,000	$2.24	0d	1	0.52mi
344 Velite Dr Borrego Springs, CA	3.0	2.0	2005	$2,500	$1.25	0d	1	0.91mi

HOA detail condo

• Monthly dues: $758 · $9,096/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 37 events

1. 2026-06-21
   days on market $289,900 Active 223 DOM
2. 2026-06-19
   days on market $289,900 Active 221 DOM
3. 2026-06-18
   days on market $289,900 Active 220 DOM
4. 2026-06-17
   days on market $289,900 Active 219 DOM
5. 2026-06-16
   days on market $289,900 Active 218 DOM
6. 2026-06-15
   days on market $289,900 Active 217 DOM
7. 2026-06-14
   days on market $289,900 Active 215 DOM
8. 2026-06-12
   days on market $289,900 Active 214 DOM
9. 2026-06-09
   days on market $289,900 Active 211 DOM
10. 2026-06-08
    days on market $289,900 Active 210 DOM
11. 2026-06-07
    days on market $289,900 Active 209 DOM
12. 2026-06-07
    days on market $289,900 Active 208 DOM
13. 2026-06-04
    days on market $289,900 Active 205 DOM
14. 2026-06-02
    days on market $289,900 Active 204 DOM
15. 2026-06-01
    days on market $289,900 Active 203 DOM
16. 2026-05-31
    days on market $289,900 Active 202 DOM
17. 2026-05-31
    days on market $289,900 Active 201 DOM
18. 2026-05-07
    price $289,900 472-char remark

    Show marketing remark (472 chars)

    Beautiful Vista Villas with 2 bedrooms, den/optional bedroom with closet, and 2 baths. Kitchen offers custom cabinetry and granite counter tops. Windows and sliders have been updated throughout and patios are tiled and great for entertaining. Master bedroom has a sitting area and bath has dual vanities, soaking tub, separate shower, and large walk in closet. 2 car attached garage with separate laundry room. Complex amenities include pool, spa, tennis, and pickle ball.

19. 2026-03-21
    price $299,900 472-char remark

    Show marketing remark (472 chars)

    Beautiful Vista Villas with 2 bedrooms, den/optional bedroom with closet, and 2 baths. Kitchen offers custom cabinetry and granite counter tops. Windows and sliders have been updated throughout and patios are tiled and great for entertaining. Master bedroom has a sitting area and bath has dual vanities, soaking tub, separate shower, and large walk in closet. 2 car attached garage with separate laundry room. Complex amenities include pool, spa, tennis, and pickle ball.

20. 2025-11-10
    listed $310,000 Active 472-char remark

    Show marketing remark (472 chars)

    Beautiful Vista Villas with 2 bedrooms, den/optional bedroom with closet, and 2 baths. Kitchen offers custom cabinetry and granite counter tops. Windows and sliders have been updated throughout and patios are tiled and great for entertaining. Master bedroom has a sitting area and bath has dual vanities, soaking tub, separate shower, and large walk in closet. 2 car attached garage with separate laundry room. Complex amenities include pool, spa, tennis, and pickle ball.

21. 2025-08-04
    historical
22. 2025-02-19
    listed $329,000 Active
23. 2018-04-01
    historical
24. 2018-03-31
    historical
25. 2017-12-07
    listed $255,000 Active
26. 2017-12-07
    listed $255,000
27. 2017-06-02
    historical
28. 2017-06-01
    historical
29. 2017-03-11
    listed $255,000 Active
30. 2017-03-10
    listed $255,000
31. 2007-03-23
    soldstatus $308,000
32. 2007-02-15
    historical
33. 2007-02-15
    historical
34. 2006-11-27
    listed $329,000
35. 2006-11-27
    listed $329,000
36. 2004-04-27
    soldstatus $265,000
37. 1988-06-29
    soldstatus $230,500

ⓘ 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: $3,216 · $268/mo
• Projected year-2 tax: $3,216 · $268/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone AO · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 9/10 Extreme 10 d/yr ≥112°F today · 28 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $48,797
• − Mortgage interest: −$16,239
• − Property taxes: −$3,216
• − Insurance: −$2,917
• − Repairs & maintenance: −$3,904
• − Management: −$3,904
• − HOA: −$9,096
• − Depreciation: −$8,433
• Taxable income: $1,088
• Est. tax owed @ 24.0%: −$261
• After-tax cash flow: $4,816/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

• Census place: Borrego Springs, CA
• 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

+25.8% since first listed

20 events — show timeline

• 2026-05-07 Price Changed $289,900 CRMLS
• 2026-03-21 Price Changed $299,900 CRMLS
• 2025-11-10 Listed $310,000 CRMLS
• 2025-08-04 Listing Removed — CRMLS
• 2025-02-19 Listed $329,000 CRMLS
• 2018-04-01 Listing Removed — SDMLS
• 2018-03-31 Listing Removed — CRMLS
• 2017-12-07 Listed $255,000 CRMLS
• 2017-12-07 Listed $255,000 SDMLS
• 2017-06-02 Listing Removed — SDMLS
• 2017-06-01 Listing Removed — CRMLS
• 2017-03-11 Listed $255,000 SDMLS
• 2017-03-10 Listed $255,000 CRMLS
• 2007-03-23 Sold (Public Records) $308,000 Public Records
• 2007-02-15 Listing Removed — SDMLS
• 2007-02-15 Listing Removed — CRMLS
• 2006-11-27 Listed $329,000 SDMLS
• 2006-11-27 Listed $329,000 CRMLS
• 2004-04-27 Sold (Public Records) $265,000 Public Records
• 1988-06-29 Sold (Public Records) $230,500 Public Records

Property tax history

+0.0%/yr

Latest (2025): $3,216 · +0.2% YoY. Source: county tax records.