880 N Lake St #49 · Hemet, CA 92544

$119,900

2 bd · 2.0 ba · 1,344 sqft · Manufactured · 26 Days on market

Built 2006 Good condition Est $103k · 16% 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
• Condition / age +4.0/5.0
• Rent growth +3.7/5.0
• Livability +2.6/5.0
• Schools +2.5/10.0
• ARV discount +0.4/15.0
• Appreciation +0.0/10.0

Listing remarks

Gorgeous and move in ready. Located in the 55+ community of Casa Del Rey Mobile Home Park. This light and bright home offers comfort and style, living are dining area share an open concept with laminate flooring. The kitchen is spacious with plenty of cupboard space features stainless steel appliances and granite counter tops. Each bedroom offers ceiling fans, blinds, carpet and are ample in size with the master having a walk in closet. There is also a den that could be used as a bedroom, office or reading room. Cozy front porch to enjoy a cup of coffee or a glass of wine. All appliances stay, they are new and never been used. Home was painted inside and out, carpet and flooring were newly

Key facts

• Open concept
• Granite counter tops
• Walk in closet

Tags

• OPEN CONCEPT
• STAINLESS STEEL APPLIANCES
• GRANITE COUNTER TOPS
• WALK IN CLOSET
• COZY FRONT PORCH

Property features AI

Finance

• Other: Manager approval required; Mobile home remains on lot
• Financial info: Land lease: $689 monthly (park-managed); Sewer assessments
• HOA & community: Senior community; Association amenities: gym/exercise room, sauna, pool, barbecue, club house, outdoor cooking area; Community features: gutters, street lighting, storm drains, sidewalks; Park name: Casa Del Rey

Exterior

• Parking: Carport; On-site parking
• Security: Gated community; Carbon monoxide and smoke detectors; Smoke detectors
• Utilities: Water from district/public supply; Sewer paid
• Home design: Single-story; Entry at ground level; Mobile home (24' x 56'); Turnkey condition
• Construction: Shingle roof; Wood and drywall construction; Block wall fencing
• Exterior features: Covered front porch; Patio; Association pool; Shed; Wood skirt; Close to clubhouse; Has view

Interior

• Kitchen: Microwave; Refrigerator; Gas range; Dishwasher; Pantry; Granite counters
• Flooring: Laminate flooring
• Bathrooms: 2 full bathrooms with showers
• Heating & cooling: Central cooling; Forced air heating
• Interior features: Block walls; Ceiling fan; Pantry; Granite counters; Blinds; Gated community; Carbon monoxide and smoke detectors; Association spa
• Laundry & utility: Inside laundry room; Washer included; Dryer included; Individual laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $120k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $723 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $118k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.5% 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 fast (+4.9%/yr); 327 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 32% of the median local income ($74k/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 $829 of loan paydown is wiped out by about $4k 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 + 4.9% rent growth), your $34k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 $103k; 16% 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 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $118,101 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
4. 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.
5. 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.
6. 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: 1.64% ✓
• Cap rate: 13.52%
• Cash-on-cash: 25.83%
• DSCR: 2.15
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $103,488
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
880 N Lake St #49	0.00mi	2/2.5	1,344 (0%)	7mo	$103,000	$77	92
24600 Mountain Ave #63	0.17mi	2/2.0	1,344 (0%)	1mo	$39,000	$29	92
881 N Lake St #204	0.20mi	2/2.0	1,344 (0%)	3mo	$75,000	$56	88
24600 Mountain Ave #66	0.17mi	2/2.0	1,344 (0%)	6mo	$129,900	$97	87
24600 Mountain Ave #20	0.17mi	2/2.0	1,440 (+7%)	3mo	$130,000	$90	78
24600 Mountain #58	0.17mi	2/2.0	1,440 (+7%)	5mo	$80,000	$56	76
24600 Mountain Ave #97	0.17mi	2/2.0	1,440 (+7%)	7mo	$89,000	$62	75
24600 Mountain Ave #103	0.17mi	2/2.0	1,440 (+7%)	8mo	$90,000	$63	74
881 Lake Street Space 253	0.16mi	2/2.0	1,200 (-11%)	2mo	$80,000	$67	73
24770 Wendell Dr	0.39mi	2/2.0	1,440 (+7%)	1mo	$259,000	$180	69
43334 Ballew	0.58mi	2/2.0	1,440 (+7%)	2mo	$320,000	$222	59
43378 Nola St	0.68mi	2/2.0	1,248 (-7%)	6mo	$297,000	$238	51

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 · 4.9% rent growth · sell at horizon

5-year hold

• IRR: 21.6%
• Equity multiple: 1.91×
• Total profit: $30,445
• Equity at exit: $17,877

10-year hold

• IRR: 31.0%
• Equity multiple: 4.04×
• Total profit: $102,205
• Equity at exit: $10,367

Cash invested: $33,572 (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 92544

• Rents YoY: 4.9%
• Active inventory: 327
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $1,963 high
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,798/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$412
• Net cashflow: $723

Break-even live

Break-even rent $1,049

Max offer price $119,900

Occupancy floor 58%

Sensitivity live

Price	-10% $805	-5% $764	+0% $723	+5% $681	+10% $640
Rent	-10% $567	-5% $645	+0% $723	+5% $800	+10% $878
Rate	-1.0pp $783	-0.5pp $753	base $723	+0.5pp $691	+1.0pp $660

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1809 Rue Chenin Blanc San Jacinto, CA	3.0	2.0	1548	$2,500	$1.61	6d	1	0.67mi
43435 Nola St Hemet, CA	3.0	2.0	1500	$1,950	$1.30	25d	1	0.71mi
43170 Wall St Hemet, CA	2.0	2.0	1140	$1,895	$1.66	4d	1	0.81mi
1939 Hooper Dr San Jacinto, CA	2.0	2.0	1111	$1,950	$1.76	25d	1	0.86mi
43816 C St Hemet, CA	2.0	2.0	1040	$2,250	$2.16	25d	1	1.29mi
43601 E Florida Ave Hemet, CA	2.0	2.0	960	$1,550	$1.61	44d	1	1.33mi
43601 E Florida Ave Unit 43 Hemet, CA	2.0	2.0	960	$1,500	$1.56	44d	1	1.33mi
43601 E Florida Ave Unit 43 Hemet, CA	2.0	2.0	960	$1,450	$1.51	24d	1	1.33mi
26123 Anawood Pl Hemet, CA	2.0	1.0	991	$1,680	$1.70	44d	1	1.42mi
26097 Doverwood Pl Hemet, CA	2.0	1.0	1019	$1,849	$1.81	44d	1	1.44mi
26111 Doverwood Pl Hemet, CA	2.0	1.0	1252	$1,849	$1.48	13d	1	1.45mi

Listing history 20 events

1. 2026-06-21
   days on market $119,900 Active 26 DOM
2. 2026-06-18
   days on market $119,900 Active 23 DOM
3. 2026-06-17
   days on market $119,900 Active 22 DOM
4. 2026-06-16
   days on market $119,900 Active 21 DOM
5. 2026-06-15
   days on market $119,900 Active 20 DOM
6. 2026-06-13
   days on market $119,900 Active 18 DOM
7. 2026-06-09
   days on market $119,900 Active 14 DOM
8. 2026-06-08
   days on market $119,900 Active 13 DOM
9. 2026-06-07
   days on market $119,900 Active 12 DOM
10. 2026-06-04
    days on market $119,900 Active 9 DOM
11. 2026-06-03
    days on market $119,900 Active 8 DOM
12. 2026-06-02
    days on market $119,900 Active 7 DOM
13. 2026-06-01
    days on market $119,900 Active 6 DOM
14. 2026-05-31
    days on market $119,900 Active 5 DOM
15. 2026-05-26
    listed $119,900 Active
16. 2025-11-20
    soldstatus $103,000 Closed Sale
17. 2025-10-20
    status Pending Sale
18. 2025-10-06
    status Active
19. 2025-10-01
    listed $107,000
20. 2025-10-01
    historical

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 8/10 Severe 7 d/yr ≥103°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 11 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,562
• − Mortgage interest: −$6,716
• − Property taxes: −$1,798
• − Insurance: −$600
• − Repairs & maintenance: −$1,885
• − Management: −$1,885
• − Depreciation: −$3,488
• Taxable income: $7,190
• Est. tax owed @ 24.0%: −$1,726
• After-tax cash flow: $6,945/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This move-in ready manufactured home in Casa Del Rey Mobile Home Park offers a good condition with fresh paint, updated appliances, and a well-maintained exterior. Minor updates to the exterior and carpet would further enhance its value.

Value-add opportunities

• Both paint exterior — enhances curb appeal and resale value
• Both replace carpet in bedrooms — improves comfort and aesthetics
• Both install new blinds — increases privacy and energy efficiency

Renovation cost estimate screening

Value-add ROI direction

• Both paint exterior — enhances curb appeal and resale value ↑
• Both replace carpet in bedrooms — improves comfort and aesthetics ↑
• Both install new blinds — increases privacy and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 51,751
• Household income: $73,596
• Rent vs Own: 31.2% rent · 68.8% own
• Severe rent burden: 1518.0

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 0.59)
• Race & ethnicity: Hispanic / Latino 49% White 40% Two or more races 18% Black 5% Asian 3% Native American 2%
• Hispanic origin (detail): Mexican 43% Puerto Rican 1%
• Common ancestry: Slovak 2% Italian 2% Portuguese 2%
• Foreign-born: 15% · Canada, China
• Languages at home: 70% English-only · Spanish 27% Other Asian/Pacific 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: ▼ -219.06%
• Current HPI: 391.972
• Rent YoY: ▲ 4.90%
• 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

+12.1% since first listed

6 events — show timeline

• 2026-05-26 Listed $119,900 CRMLS
• 2025-11-20 Sold (MLS) $103,000 CRMLS
• 2025-10-20 Pending — CRMLS
• 2025-10-06 Relisted — CRMLS
• 2025-10-01 Listing Removed — CRMLS
• 2025-10-01 Listed $107,000 CRMLS