13.46% CAP RATE in CA? Why is this still on the market for 174+ days?

[Adam Ng]

OK. I'm new here, and I'm ready to drop some money. I can't for the life of me figure out why this property with a 13.46% CAP RATE (which is impressive for California) has been on the market for 174+ days but from my POV it brings in some $$$$.

I noticed it says "Please do not disturb tenants, they do not know it is for sale" - so I imagine the property hasn't been inspected.

Why's this on the market still? Any ideas?

https://www.redfin.com/CA/Palm-Springs/3775-El-Dor...

My analysis has come to:

CAP RATE: 13.46%

Purchase Price: $270,000

Down Payment: $67,500 (25%)

Monthly Mortgage: $1247.63

Monthly Gross Rent Income: $3000.00

Monthly Net Income (excludes mortgage): $2916.67

Cash Flow after mortgage: $1669.04/month

Cash on Cash Return: 29.67%

Numbers look great, so what's the catch?