28854 Via Playa Del Rey · Murrieta, CA 92563

$269,900

2 bd · 2.0 ba · 1,488 sqft · Manufactured public records · 22 Days on market

Built 1973 4,356 sqft lot Est $375k · 28% under $87/mo HOA · 3% of rent

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Why this score? — see what drove the B- 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 +25.4/30.0
• ARV discount +15.0/15.0
• DSCR +8.4/10.0
• 1% rule +6.0/10.0
• Schools +5.3/10.0
• Livability +3.4/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to the desirable 55+ Spring Knolls community in Murrieta! Located at 28854 Via Playa Del Rey, this spacious manufactured home offers approximately 1,488 sq ft of comfortable living space with a functional layout and abundant natural light. MH Lot with MH on ILT. OWN-THE-LAND! Enjoy a quiet, low-maintenance lifestyle close to shopping, dining, golf courses, medical facilities, wineries, and freeway access. Golf Knolls offers great community amenities and an active adult atmosphere in the heart of Murrieta. Seller is open to exploring seller financing options, creating added flexibility for potential buyers. Don’t miss this opportunity to own in one of Murrieta’s most est

Key facts

• Own-the-land
• Community amenities
• Permanent foundation

Tags

• PERMANENT FOUNDATION
• OWN-THE-LAND
• COMMUNITY AMENITIES

Property features AI

Finance

• HOA & community: Homeowners association membership; Annual HOA fee of $1,044 (about $87/month); Senior community; Community name: Spring Knolls

Exterior

• Parking: 2 parking spaces
• Utilities: Public water; Sewer connected
• Home design: Manufactured home; Single-story
• Construction: Composition roof
• Exterior features: Partial fencing; Community pool

Interior

• Kitchen: Built-in range; Garbage disposal
• Bedrooms: Space for 2 bedrooms (possible)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating; Natural gas heating
• Interior features: Disposal; Built-in range

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $270k.

Deal economics

• At list price, monthly cash flow is $624 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $270k).
• Recommended offer: $266k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 3.0% in Murrieta — 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 68/100 on livability (#279 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, employment A+, housing A+; Watch: health & safety D+, commute F, cost of living F.
• Murrieta Valley Unified (suburban): math 51% / reading 64% proficiency, ranked #255 of 1,400 in CA (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.0%/yr); 242 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($266k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $125k; list at $270k implies a 116% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $265,851 (1.5% below list)

Questions for the listing agent

1. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.10% ✓
• Cap rate: 9.07%
• Cash-on-cash: 9.90%
• DSCR: 1.44
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $374,976
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
38212 Via La Colina	0.22mi	2/2.0	1,440 (-3%)	1mo	$345,000	$240	84
28925 Calle Alta	0.26mi	2/2.0	1,440 (-3%)	2mo	$255,550	$177	81
38195 Via Taffia	0.07mi	2/2.0	1,368 (-8%)	2mo	$345,000	$252	81
38190 Camino Cinife	0.33mi	2/2.0	1,512 (+2%)	2mo	$500,000	$331	80
38069 Calle De Amor	0.26mi	2/2.0	1,560 (+5%)	3mo	$205,000	$131	77
38171 Via La Colina	0.26mi	2/2.0	1,392 (-6%)	0mo	$138,000	$99	77
37967 Via La Colina	0.45mi	3/2.0 (+1)	1,512 (+2%)	0mo	$439,250	$291	71
38350 Via Taffia	0.14mi	3/2.0 (+1)	1,680 (+13%)	2mo	$380,000	$226	66
28698 Via Princesa	0.22mi	3/2.0 (+1)	1,296 (-13%)	2mo	$278,215	$215	62
38619 Calle De La Siesta	0.34mi	3/2.0 (+1)	1,344 (-10%)	3mo	$390,000	$290	61
38141 Via La Colina	0.28mi	3/2.0 (+1)	1,664 (+12%)	2mo	$479,800	$288	60
38262 Via Oruga	0.29mi	3/2.0 (+1)	1,684 (+13%)	3mo	$436,000	$259	57

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 · 1.01% rent growth · sell at horizon

5-year hold

• IRR: -3.6%
• Equity multiple: 0.87×
• Total profit: $-9,873
• Equity at exit: $40,243

10-year hold

• IRR: 3.9%
• Equity multiple: 1.26×
• Total profit: $19,440
• Equity at exit: $23,336

Cash invested: $75,572 (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 92563

• Home prices YoY: -17.8%
• Rents YoY: 1.0%
• Active inventory: 242
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $2,961 high
• Mortgage (P&I): −$1,415
• Tax from tax record: −$100 /mo · $1,204/yr
• Insurance: −$112
• HOA: −$87
• Vacancy / Maint / Mgmt: −$622
• Net cashflow: $624

Break-even live

Break-even rent $2,171

Max offer price $269,900

Occupancy floor 74%

Sensitivity live

Price	-10% $776	-5% $700	+0% $624	+5% $547	+10% $471
Rent	-10% $390	-5% $507	+0% $624	+5% $741	+10% $858
Rate	-1.0pp $760	-0.5pp $692	base $624	+0.5pp $554	+1.0pp $483

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: $67,475
• Closing costs: $8,097
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
39484 Via Montalvo Murrieta, CA	3.0	2.5	1808	$6,500	$3.60	44d	1	0.52mi
39656 Columbia Union Dr Unit C Murrieta, CA	3.0	2.0	1408	$2,925	$2.08	25d	1	0.61mi
39668 Princeton Way Unit C Murrieta, CA	3.0	2.0	1408	$2,900	$2.06	5d	1	0.65mi
28221 Via Princesa Unit 4 Murrieta, CA	2.0	2.0	1000	$1,950	$1.95	44d	1	0.67mi
29324 Calle Gaviota Murrieta, CA	3.0	3.0	1854	$3,150	$1.70	44d	1	0.74mi
26137 Oakcreek Union Dr Unit C Murrieta, CA	3.0	2.0	1408	$2,950	$2.10	0d	1	0.75mi
28611 Calle del Lago Murrieta, CA	2.0	2.0	900	$1,975	$2.19	25d	1	0.79mi
26133 Williams Way Murrieta, CA	3.0	2.0	1408	$3,100	$2.20	44d	1	0.79mi
28611 Calle Del Lago Unit c Murrieta, CA	2.0	1.5	900	$1,975	$2.19	25d	1	0.79mi
39875 Alpine Union St Unit B Murrieta, CA	3.0	2.5	1654	$2,795	$1.69	44d	1	0.82mi
39930 Whitewood Rd Murrieta, CA	2.0	2.0	1015	$2,413	$2.38	0d	11	0.83mi
39930 Alpine Union St Murrieta, CA	3.0	2.5	1654	$2,795	$1.69	0d	1	0.88mi
29677 Woodlands Ave Murrieta, CA	3.0	2.0	1143	$2,700	$2.36	25d	1	0.90mi
38245 Murrieta Hot Springs Rd Murrieta, CA	1.0–3.0	1.0–2.0	1020	$2,828	$2.77	0d	24	1.01mi
26900 Winchester Creek Ave Murrieta, CA	1.0–3.0	1.0–2.0	1315	$2,510	$1.91	44d	1	1.12mi
25295 Shadescale Dr Murrieta, CA	3.0	2.0	1368	$2,950	$2.16	25d	1	1.16mi
40213 Calle Real Unit 40213 Murrieta, CA	3.0	2.5	1427	$2,795	$1.96	5d	1	1.17mi
39261 Delhaven St Murrieta, CA	1.0–3.0	1.0–2.0	859	$2,694	$3.14	0d	18	1.18mi
40319 Calle Real Murrieta, CA	3.0	2.5	1427	$2,900	$2.03	25d	1	1.32mi
40324 Calle Real Murrieta, CA	2.0	2.5	1336	$2,495	$1.87	5d	1	1.33mi
40358 Calle Real Murrieta, CA	3.0	3.0	1427	$2,795	$1.96	44d	1	1.35mi
39585 Oak Cliff Dr Temecula, CA	3.0	2.0	1052	$3,100	$2.95	0d	1	1.36mi
40419 Calle Real Murrieta, CA	3.0	2.5	1427	$2,750	$1.93	5d	1	1.42mi
40444 Calle Real Murrieta, CA	3.0	2.5	1574	$3,000	$1.91	44d	1	1.42mi

HOA detail

• Monthly dues: $87 · $1,044/yr

Listing history 15 events

1. 2026-06-18
   days on market $269,900 Active 22 DOM
2. 2026-06-17
   days on market $269,900 Active 21 DOM
3. 2026-06-16
   days on market $269,900 Active 20 DOM
4. 2026-06-15
   days on market $269,900 Active 19 DOM
5. 2026-06-13
   days on market $269,900 Active 17 DOM
6. 2026-06-09
   days on market $269,900 Active 13 DOM
7. 2026-06-08
   days on market $269,900 Active 12 DOM
8. 2026-06-07
   days on market $269,900 Active 11 DOM
9. 2026-06-04
   days on market $269,900 Active 8 DOM
10. 2026-06-03
    days on market $269,900 Active 7 DOM
11. 2026-06-02
    days on market $269,900 Active 6 DOM
12. 2026-06-01
    days on market $269,900 Active 5 DOM
13. 2026-05-31
    days on market $269,900 Active 4 DOM
14. 2026-05-27
    listed $269,900 Active
15. 2004-09-17
    soldstatus $125,000

ⓘ 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: $1,204 · $100/mo
• Projected year-2 tax: $2,051 · $171/mo
• Expected delta: +$847/yr (+$71/mo · 70.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone D · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 7/10 Severe 7 d/yr ≥103°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 7 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,527
• − Mortgage interest: −$15,119
• − Property taxes: −$1,204
• − Insurance: −$1,350
• − Repairs & maintenance: −$2,842
• − Management: −$2,842
• − HOA: −$1,044
• − Depreciation: −$7,852
• Taxable income: $3,275
• Est. tax owed @ 24.0%: −$786
• After-tax cash flow: $6,698/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: Murrieta Valley Unified
• NCES district ID: 0600029
• Math proficiency: 51% ▲ 3.00%
• Reading proficiency: 64% ▲ 4.00%
• Median HH income: $78,615
• Composite: 53.42/100
• National rank: #3152
• State rank: #255 of 1400 in CA

Livability — Murrieta

• Score: 68/100
• State rank: #279
• US rank: #9348

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Murrieta, CA
• County: Riverside County · 2,287,001 people
• City population: 145,160
• Metro: Riverside-San Bernardino-Ontario, CA
• Population (ZIP): 80,379
• Household income: $125,397
• Rent vs Own: 25.2% rent · 74.8% own
• Severe rent burden: 1075.0

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: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: White 41% Hispanic / Latino 32% Two or more races 17% Asian 13% Black 6%
• Hispanic origin (detail): Mexican 25%
• Common ancestry: Lithuanian 2% Slovak 2% Italian 2%
• Foreign-born: 18% · Canada, Vietnam, South Korea
• Languages at home: 71% English-only · Spanish 17% Tagalog/Filipino 5% Other Indo-European 2%

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: ▼ -73.79%
• Current HPI: 341.728
• Rent YoY: ▲ 1.01%
• 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

+115.9% since first listed

2 events — show timeline

• 2026-05-27 Listed $269,900 SDMLS
• 2004-09-17 Sold (Public Records) $125,000 Public Records

Property tax history

+1.4%/yr

Latest (2025): $1,204 · +1.8% YoY. Source: county tax records.