5001 W Florida #588 · Hemet, CA 92545

$97,000

2 bd · 2.0 ba · 1,824 sqft · Manufactured public records · 56 Days on market

Built 1984 $53/sqft · 38% above area Est $70k · 38% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.4/5.0
• Livability +2.6/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Spacious triple-wide manufactured home offering approximately 1,824 sq ft in the desirable 55+ gated community of The Lakes at Hemet West. One of the larger homes in the community, this 2-bedroom, 2-bath residence features vaulted ceilings, expansive living areas, and a functional layout ideal for comfortable living and entertaining. The kitchen includes a center island with bar seating, double oven, gas cooktop, and ample cabinetry, opening to generous dining and living spaces. The primary suite features a double sink vanity along with a separate tub and shower, providing a spacious and practical layout. A laundry room is located as you enter the side of the home. Situated toward the perim

Key facts

• Gas cooktop
• Double oven
• Double sink vanity

Tags

• TRIPLE-WIDE MANUFACTURED HOME
• CENTER ISLAND WITH BAR SEATING
• DOUBLE OVEN
• GAS COOKTOP
• SEPARATE LAUNDRY ROOM
• DOUBLE SINK VANITY

Property features AI

Finance

• Other: Lot density: 0-1 unit per acre; Elevation measured in feet; Manager approval required for sale
• Financial info: Monthly land lease approximately $1,043 (seller-provided)
• HOA & community: Senior community; Land lease community

Exterior

• Parking: Located in The Lakes park
• Security: Gated with attendant
• Utilities: Public sewer; District/public water
• Home design: Single-story mobile home; Custom Golden model; Entry on level 1
• Construction: Mobile home remains on site; Mobile dimensions approximately 34 ft wide by 160 ft long; Year built reported by seller
• Exterior features: Community pool; Park in the community

Interior

• Flooring: Carpet flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central furnace heating; Central air conditioning
• Interior features: Gated community with attendant; Single-level home; Side entry
• Laundry & utility: Private laundry room

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 ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $97k).
• Recommended offer: $94k (3.0% below list) — sets the bar for market timing.
• Cap rate 21.7% vs local median 4.9% in Hemet — 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 51/100 on livability (#1,056 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A+; Watch: crime D+, schools F, amenities F.
• Hemet Unified (suburban): math 19% / reading 41% proficiency, ranked #360 of 517 in CA (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.7%/yr); 291 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 9,195 units permitted in Riverside County in 2024 (1,512 in 5+ unit buildings).
• This rent runs 43% of the median local income ($64k/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 + 3.7% rent growth), your $27k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($94k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 20y 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 $75k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk; extreme-heat days projected 3→9/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $94,090 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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 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: 2.38% ✓
• Cap rate: 21.67%
• Cash-on-cash: 54.93%
• DSCR: 3.44
• GRM: 3.5

CMA / ARV

• ARV (median comp): $70,449
• List price: $97,000
• Delta: 37.69%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5001 W Florida #161	0.00mi	2/2.0	1,850 (+1%)	5mo	$107,777	$58	93
5001 W Florida Ave #389	0.00mi	2/2.0	1,840 (+1%)	11mo	$81,000	$44	89
5001 W Florida Ave #368	0.00mi	3/2.0 (+1)	1,920 (+5%)	8mo	$89,900	$47	79
5001 W Florida Ave #339	0.00mi	2/2.0	1,920 (+5%)	14mo	$54,900	$29	79
5001 W Florida #463	0.00mi	2/2.0	2,052 (+12%)	0mo	$103,000	$50	79
5001 W Florida Ave #400	0.00mi	2/2.0	1,660 (-9%)	8mo	$85,000	$51	78
5001 W Florida Ave #423	0.00mi	2/2.0	1,760 (-4%)	24mo	$44,900	$26	74
5001 W Florida Ave #139	0.00mi	2/2.0	1,560 (-14%)	5mo	$105,000	$67	71
5001 W Florida Ave #16	0.06mi	2/2.0	1,560 (-14%)	12mo	$67,000	$43	62
5001 W Florida Ave #484	0.00mi	3/2.0 (+1)	1,560 (-14%)	12mo	$139,000	$89	61

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 · 3.74% rent growth · sell at horizon

5-year hold

• IRR: 54.0%
• Equity multiple: 3.40×
• Total profit: $65,170
• Equity at exit: $14,463

10-year hold

• IRR: 59.4%
• Equity multiple: 7.11×
• Total profit: $165,815
• 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 92545

• Home prices YoY: -24.6%
• Rents YoY: 3.7%
• Active inventory: 291
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $2,304 medium
• Mortgage (P&I): −$509
• Tax from tax record: −$28 /mo · $333/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$484
• Net cashflow: $1,243

Break-even live

Break-even rent $730

Max offer price $97,000

Occupancy floor 41%

Sensitivity live

Price	-10% $1,298	-5% $1,271	+0% $1,243	+5% $1,216	+10% $1,188
Rent	-10% $1,061	-5% $1,152	+0% $1,243	+5% $1,334	+10% $1,425
Rate	-1.0pp $1,292	-0.5pp $1,268	base $1,243	+0.5pp $1,218	+1.0pp $1,193

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 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4400 W Florida Ave Unit 86 Hemet, CA	3.0	2.0	1310	$1,800	$1.37	44d	1	0.54mi
828 Greenwich Ct Hemet, CA	3.0	3.0	1977	$2,700	$1.37	19d	1	1.27mi
2971 Pembroke Ave Hemet, CA	3.0	2.0	1572	$3,000	$1.91	19d	1	1.29mi
3471 Dublin Ct Hemet, CA	3.0	2.0	1276	$2,895	$2.27	5d	1	1.39mi

Listing history 25 events

1. 2026-06-21
   days on market $97,000 Active 56 DOM
2. 2026-06-18
   days on market $97,000 Active 53 DOM
3. 2026-06-17
   days on market $97,000 Active 52 DOM
4. 2026-06-16
   days on market $97,000 Active 51 DOM
5. 2026-06-15
   days on market $97,000 Active 50 DOM
6. 2026-06-13
   days on market $97,000 Active 48 DOM
7. 2026-06-09
   days on market $97,000 Active 44 DOM
8. 2026-06-08
   days on market $97,000 Active 43 DOM
9. 2026-06-07
   days on market $97,000 Active 42 DOM
10. 2026-06-04
    days on market $97,000 Active 39 DOM
11. 2026-06-03
    days on market $97,000 Active 38 DOM
12. 2026-06-02
    days on market $97,000 Active 37 DOM
13. 2026-06-01
    days on market $97,000 Active 36 DOM
14. 2026-05-31
    days on market $97,000 Active 35 DOM
15. 2026-04-26
    listed $97,000 Active 1216-char remark
16. 2025-11-10
    historical
17. 2025-11-05
    status Active
18. 2025-10-21
    status Pending Sale
19. 2025-08-20
    listed $59,900 Active
20. 2025-05-13
    price $59,900
21. 2025-04-10
    price $74,900
22. 2025-03-25
    price $85,000
23. 2025-02-25
    listed $99,500 Active
24. 2006-10-09
    soldstatus $75,000
25. 2006-06-15
    listed $79,900

ⓘ 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: $333 · $28/mo
• Projected year-2 tax: $737 · $61/mo
• Expected delta: +$404/yr (+$34/mo · 121.4%)

ⓘ 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 7/10 Severe
• 🌡 Heat 7/10 Severe 3 d/yr ≥105°F today · 9 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 9 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,647
• − Mortgage interest: −$5,434
• − Property taxes: −$333
• − Insurance: −$485
• − Repairs & maintenance: −$2,212
• − Management: −$2,212
• − Depreciation: −$2,822
• Taxable income: $14,150
• Est. tax owed @ 24.0%: −$3,396
• After-tax cash flow: $11,523/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: Hemet Unified
• NCES district ID: 0616920
• Math proficiency: 19% ▼ -3.00%
• Reading proficiency: 41% ▲ 4.00%
• Median HH income: $39,962
• Composite: 25.16/100
• National rank: #7517
• State rank: #360 of 517 in CA

Livability — Hemet

• Score: 51/100
• State rank: #1056
• US rank: #25208

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hemet, CA
• County: Riverside County · 2,287,001 people
• City population: 137,670
• Metro: Riverside-San Bernardino-Ontario, CA
• Population (ZIP): 45,982
• Household income: $63,770
• Rent vs Own: 28.8% rent · 71.2% own
• Severe rent burden: 1813.0

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 0.65)
• Race & ethnicity: Hispanic / Latino 46% White 35% Two or more races 17% Black 8% Asian 5% Native American 1%
• Hispanic origin (detail): Mexican 40%
• Common ancestry: Slovak 2% Lithuanian 2% Portuguese 1%
• Foreign-born: 19% · Canada, Vietnam, Jamaica
• Languages at home: 69% English-only · Spanish 27% Tagalog/Filipino 1% Other Indo-European 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: ▼ -116.25%
• Current HPI: 356.9414
• Rent YoY: ▲ 3.74%
• 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

+21.4% since first listed

11 events — show timeline

• 2026-04-26 Listed $97,000 CRMLS
• 2025-11-10 Listing Removed — CRMLS
• 2025-11-05 Relisted — CRMLS
• 2025-10-21 Pending — CRMLS
• 2025-08-20 Listed $59,900 CRMLS
• 2025-05-13 Price Changed $59,900 CRMLS
• 2025-04-10 Price Changed $74,900 CRMLS
• 2025-03-25 Price Changed $85,000 CRMLS
• 2025-02-25 Listed $99,500 CRMLS
• 2006-10-09 Sold (MLS) $75,000 CRMLS
• 2006-06-15 Listed $79,900 CRMLS

Property tax history

-4.2%/yr

Latest (2025): $333 · +6.2% YoY. Source: county tax records.