5301 E Waverly Drive 140, Palm Springs, California 92264, Palm Springs, 92264 - 2 bed, 2 bath
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Palm Springs, California 92264
This Top-Floor Short-Term Rental Asset is listed at $284,900, representing a stable valuation relative to its $270,447 Fair Market Value. Holding a Condition Rating of 4, the interior is well-maintained yet offers a clear value-add opportunity through cosmetic modernization of the kitchen and bathrooms. The property’s primary appeal is its rare 5-day short-term rental eligibility, a high-demand feature in the Palm Springs market, complemented by peek-a-boo mountain views and resort amenities. Situated near Palm Springs High School, this is a strategic acquisition for Vacation Rental Investors or Seasonal Residents seeking a high-utility desert sanctuary.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 5301 E Waverly Drive 140 Subject | $284,900* List Price | 2 | 2 | 979 | $276 | - |
A 5125 E Waverly Drive B11 Sold | $265,000 | 2 | 2 | 887 | $299 | 0.2 mi |
B 5301 E Waverly Drive 222 Sold | $270,000 | 2 | 2 | 979 | $276 | 0.1 mi |
C 21 Pueblo Vista Drive Sold | $340,000 | 2 | 1 | 1,125 | $302 | 0.4 mi |
D 5994 Fairway Circle Sold | $235,000 | 1 | 2 | 951 | $247 | 0.9 mi |
E 5300 E Waverly Drive C13 Sold | $265,000 | 2 | 2 | 768 | $345 | 0.1 mi |
F 47 Portola Drive Sold | $340,000 | 2 | 2 | 1,125 | $302 | 0.5 mi |
G 5301 E Waverly Drive 172 Active Under Contract | $275,000 List Price | 2 | 2 | 979 | $281 | 0.0 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1979, the property is well-maintained and move-in ready but shows significant signs of being outdated. While the kitchen has been cosmetically refreshed with painted cabinetry and a newer dishwasher, it retains dated white tile countertops, a fluorescent light box, and an older electric coil range. The presence of mirrored walls, older-style carpet in the bedrooms, and basic bathroom fixtures align with the 'fair' criteria for a home that has had occasional updates but lacks a comprehensive modern renovation.
The property allows for short-term rentals with a low 5-day minimum, making it an excellent investment opportunity in the high-demand Palm Springs vacation market.
Being a top-floor updated condo with an open floor plan and in-unit laundry, this home offers a contemporary living experience with no neighbors above.
Centrally located near major shopping and nightlife, the complex provides a resort lifestyle with access to multiple pools, spas, and tennis courts.
Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =1307, other record lot size in square feet = 980.
The $506 monthly association fee is a significant recurring expense that may impact the debt-to-income ratio for some buyers.
With only one assigned carport space for a two-bedroom unit, parking could be a challenge for multi-car households or guests.
Top Floor Updated Condo with 2 bedrooms, and 2 bathrooms. Open Floor Plan with washer and dryer. Palm Canyon Villas is centrally located and just minutes away from restaurants, shopping, movies, and nightlife. The complex offers pools, spas, and tennis courts for your enjoyment. Short Terms Rentals are allowed with a 5-day minimum.HOA covers water, sewer, and trash. One assigned carport parking space.
No exterior & parking available.
Grades K-5 • 3.1 mi
Grades 6-8 • 4.6 mi
Grades K-12 • 2.5 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 2.0 | 2.0 | 50% |
| Baths | 2.0 | 2.0 | 50% |
| Square foot | 979 | 1,404 | 14% |
| Lot Size | 1,307 | 887 | 56% |
| Price | $284.9K | $495.0K | 13% |
| Price per sq ft | $291 | $349 | 22% |
| Built year | 1979 | 1976 | 62% |
| HOA | $506.0 | $625 | 15% |
| Days on market | 7 | 155 | 1% |
Apr 17, 2026
$284,900
Initial Listing
Nov 19, 2013
$121,000
Public Record
Jul 22, 2003
$138,000
Public Record