777 S Temescal St #53

Corona, CA 92879

$207,500B

2 bd · 2.0 ba · 1,456 sqft · Built 1989 · Manufactured · Active · 87 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,905/mo
• Mortgage (P&I): −$1,088
• Tax + insurance: −$123
• HOA: −$0
• Vac / Maint / Mgmt: −$610
• Net cashflow: $1,083/mo
• Annual: $13,000/yr
• Cap rate: 12.56%
• Cash-on-cash: 22.37%
• DSCR: 2.00
• 1% rule: 1.40%
• Cash to close: $58,100

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $208k.
• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $208k).
• It's been on market 87 days — a 6% lower offer ($195k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $195k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#461 in CA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A-; Watch: commute C-, health & safety D, amenities F.
• Corona-Norco Unified (suburban): math 46% / reading 61% proficiency, ranked #312 of 1,400 in CA (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+2.8%/yr); 85 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 9,195 units permitted in Riverside County in 2024 (1,512 in 5+ unit buildings).
• Riverside County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 24y ago; this cycle's ask has dropped $22k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $55k; list at $208k implies a 277% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 2.8% rent growth), your $58k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 4→10/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 12.6% vs local median 2.9% in Corona — 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.
• This rent runs 38% of the median local income ($92k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 87 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.
• 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.
• 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.