1550 Rimpau Ave #132

Corona, CA 92881

$229,900C+

2 bd · 2.0 ba · 1,533 sqft · Built 1981 · Manufactured · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,955/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$134
• HOA: −$0
• Vac / Maint / Mgmt: −$621
• Net cashflow: $994/mo
• Annual: $11,931/yr
• Cap rate: 11.48%
• Cash-on-cash: 18.54%
• DSCR: 1.82
• 1% rule: 1.29%
• Cash to close: $64,372

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $230k.
• At list price, monthly cash flow is $994 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $230k).
• It's been on market 17 days — a 2% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $226k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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.
• Zoned schools: John Stallings Elementary (506 students, 84% FRL); El Cerrito Middle (1,188 students, 61% FRL); Centennial High (3,037 students, 79% FRL) — zoned schools average 75% FRL vs 35% district-wide (40 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.2%/yr); 76 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 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.
• 3 sale attempts since 21y 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.
• At projected returns (-3.0% appreciation + 6.2% rent growth), your $64k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 11.5% 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.

Questions for listing agent

• 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.