220 S Elk #37 · Hemet, CA 92543

$69,900

2 bd · 2.0 ba · 1,080 sqft · Manufactured public records · 7 Days on market

Built 2005 Est $99k · 30% under

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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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +2.9/5.0
• Livability +2.6/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Unlock the potential in this 3-bedroom, 2-bath manufactured home located in Hemet's Mirage Estates community! Offering a functional layout and plenty of opportunity to make it your own, this property is ideal for buyers seeking an affordable place to call home, those looking for a renovation project, or investors searching for their next opportunity. Conveniently located near shopping, dining, and everyday essentials. Property is being sold in present condition. Space rent approximately $810/month; buyer to verify with park management. Park approval required for owner occupancy.

Key facts

• 2 garage spots
• Community pool
• Built 2005

Property features AI

Finance

• Other: Lease considered
• Financial info: Land lease amount applies
• HOA & community: Association amenities include pool, outdoor cooking area and picnic area; Land lease applies

Exterior

• Parking: Two covered carport spaces (attached); Two garage spaces (total parking for four vehicles)
• Security: Gated community; Resident manager
• Utilities: Public sewer; Electricity available
• Home design: Manufactured house; Attached property with one common wall; Single-story; Front entry
• Construction: Year built per assessor; Built on typical manufactured-home foundation
• Exterior features: Community pool; Community offers outdoor cooking area and picnic area; Curbs, street lighting and sidewalks in the neighborhood; Suburban setting; 0–1 unit/acre lot character

Interior

• Kitchen: Gas oven
• Bedrooms: Three main-level bedrooms
• Bathrooms: Two full bathrooms with bathtub
• Heating & cooling: Central cooling
• Interior features: One-level home with front entry; Located in a gated community with a resident manager; All bedrooms on the main level; Fixer condition
• Laundry & utility: Indoor laundry area; Gas dryer hookup

🏷️ Possibly a rental listed for sale. The $69,900 price doesn't fit this home's estimated sale value (~$99,360) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $70k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• Cap rate 23.5% vs local median 4.8% 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 (+1.8%/yr); 270 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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 44% of the median local income ($49k/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 $483 of loan paydown is wiped out by about $2k 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 + 1.8% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 19y ago; this cycle's ask is 43% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $43k; list at $70k implies a 61% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $69,900

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: 2.61% ✓
• Cap rate: 23.53%
• Cash-on-cash: 61.58%
• DSCR: 3.74
• GRM: 3.2

CMA / ARV

• ARV (on-the-fly): $99,360
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1445 W Florida Ave #85	0.20mi	2/2.0	1,040 (-4%)	2mo	$96,000	$92	84
1895 W Devonshire Ave #27	0.56mi	2/2.0	1,040 (-4%)	3mo	$45,000	$43	65
360 Santa Clara Cir	0.61mi	2/2.0	1,120 (+4%)	3mo	$224,000	$200	63
190 Santa Lucia	0.69mi	2/2.0	1,040 (-4%)	4mo	$179,000	$172	59
220 San Carlos Dr	0.64mi	2/1.0	1,020 (-6%)	2mo	$127,000	$125	55
1380 Cabrillo	0.70mi	2/2.0	1,152 (+7%)	2mo	$260,000	$226	54
431 San Mateo Cir	0.70mi	3/2.0 (+1)	1,040 (-4%)	3mo	$118,000	$113	53
770 S Lyon	0.73mi	2/2.0	1,152 (+7%)	3mo	$78,900	$68	52
430 N Palm #102	0.60mi	2/1.5	1,200 (+11%)	2mo	$45,000	$38	50
575 S Lyon #110	0.57mi	2/2.0	940 (-13%)	2mo	$52,500	$56	50
675 W Oakland Ave Unit G15	0.73mi	2/2.0	960 (-11%)	0mo	$70,000	$73	47
460 San Mateo Cir	0.71mi	2/1.0	940 (-13%)	3mo	$85,000	$90	38

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 · 1.76% rent growth · sell at horizon

5-year hold

• IRR: 59.1%
• Equity multiple: 3.57×
• Total profit: $50,387
• Equity at exit: $10,422

10-year hold

• IRR: 63.4%
• Equity multiple: 6.99×
• Total profit: $117,231
• Equity at exit: $6,044

Cash invested: $19,572 (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 92543

• Home prices YoY: -26.7%
• Rents YoY: 1.8%
• Active inventory: 270
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $1,827 high
• Mortgage (P&I): −$367
• Tax from tax record: −$44 /mo · $522/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$384
• Net cashflow: $1,004

Break-even live

Break-even rent $556

Max offer price $69,900

Occupancy floor 40%

Sensitivity live

Price	-10% $1,044	-5% $1,024	+0% $1,004	+5% $985	+10% $965
Rent	-10% $860	-5% $932	+0% $1,004	+5% $1,076	+10% $1,149
Rate	-1.0pp $1,040	-0.5pp $1,022	base $1,004	+0.5pp $986	+1.0pp $968

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1315 W Latham Ave Hemet, CA	3.0	2.5	1340	$2,550	$1.90	45d	1	0.26mi
165 N Hamilton Ave Unit 4 Hemet, CA	1.0	1.0	768	$1,525	$1.99	23d	1	0.28mi
165 N Hamilton Ave Unit 3 Hemet, CA	1.0	1.0	768	$1,450	$1.89	6d	1	0.28mi
250 N Elk St Hemet, CA	2.0	1.0	900	$1,625	$1.81	15d	1	0.36mi
1850 Amberwood Dr Hemet, CA	2.0	2.0	1170	$1,561	$1.33	45d	1	0.36mi
1461 W Mayberry Ave Hemet, CA	2.0	2.0	1044	$1,750	$1.68	45d	1	0.38mi
471 S Simpson Ave Unit D Hemet, CA	2.0	2.0	900	$1,750	$1.94	45d	1	0.39mi
471 Whitney Dr Hemet, CA	2.0	2.0	1085	$1,800	$1.66	6d	1	0.40mi
363 S Gilbert St Hemet, CA	3.0	2.0	1200	$1,900	$1.58	5d	1	0.48mi
363 S Gilbert St Unit B Hemet, CA	3.0	2.0	1200	$1,900	$1.58	15d	1	0.48mi
611 S Palm Ave Unit K Hemet, CA	2.0	2.0	1254	$1,895	$1.51	9d	1	0.49mi
2098 W Acacia Ave Hemet, CA	1.0–3.0	1.0–2.0	895	$2,035	$2.27	0d	1	0.54mi
1270 Rosalia Ave Unit 1 Hemet, CA	2.0	1.0	900	$1,800	$2.00	45d	1	0.56mi
1521 W Westmont Ave Hemet, CA	2.0	2.0	1197	$2,000	$1.67	45d	1	0.58mi
876 W Whittier Ave Unit 878 Hemet, CA	2.0	2.0	1127	$2,150	$1.91	25d	1	0.61mi
446 N Elk St Unit D Hemet, CA	2.0	1.0	980	$1,675	$1.71	25d	1	0.63mi
1887 Calle Amargosa Hemet, CA	2.0	1.0	827	$1,545	$1.87	25d	1	0.68mi
101 San Mateo Cir Hemet, CA	2.0	2.0	1152	$1,790	$1.55	0d	1	0.70mi
341 Calle Nogales Hemet, CA	2.0	1.0	827	$1,395	$1.69	45d	1	0.71mi
120 Santa Lucia Dr Hemet, CA	2.0	2.0	1197	$1,600	$1.34	45d	1	0.73mi
2403 W Acacia Ave Hemet, CA	2.0	2.0	910	$1,995	$2.19	9d	1	0.74mi
2469 W Acacia Ave Hemet, CA	2.0	2.0	910	$1,750	$1.92	25d	1	0.76mi
1862 Pueblo Dr Hemet, CA	2.0	2.0	977	$1,900	$1.94	45d	1	0.76mi
1862 Pueblo Dr Unit 1862 Hemet, CA	2.0	2.0	977	$1,750	$1.79	25d	1	0.76mi
735 S Gilbert St Hemet, CA	3.0	2.0	1202	$2,400	$2.00	45d	1	0.77mi
2054 Avenida Olivos Hemet, CA	2.0	1.0	820	$1,500	$1.83	45d	1	0.79mi
750 Santa Clara Cir Hemet, CA	2.0	2.0	800	$1,400	$1.75	16d	1	0.82mi
663 Mariposa Dr Hemet, CA	2.0	2.0	1440	$1,500	$1.04	25d	1	0.82mi
1964 W Oakland Ave Hemet, CA	2.0	2.0	977	$1,695	$1.73	19d	1	0.82mi
893 S Palm Ave Hemet, CA	2.0	2.0	720	$1,375	$1.91	6d	1	0.83mi
2120 San Bernardo Ave Hemet, CA	2.0	1.0	827	$2,100	$2.54	45d	1	0.84mi
716 Robert Dr Hemet, CA	3.0	2.0	1450	$2,300	$1.59	6d	1	0.85mi
601 Corona St Hemet, CA	2.0	2.0	882	$1,700	$1.93	0d	1	0.85mi
627 Solano Dr Hemet, CA	2.0	2.0	882	$1,800	$2.04	19d	1	0.86mi
2269 San Bernardo Ave Hemet, CA	2.0	1.0	827	$1,650	$2.00	45d	1	0.90mi
683 Jonquil St Hemet, CA	3.0	2.0	1150	$2,448	$2.13	25d	1	0.94mi
528 San Marino St Hemet, CA	2.0	1.0	827	$1,900	$2.30	45d	1	0.96mi
1931 Nuevo St Hemet, CA	2.0	1.0	820	$1,600	$1.95	45d	1	0.96mi
1933 Nuevo St Hemet, CA	2.0	1.0	827	$1,700	$2.06	25d	1	0.97mi
1005 S Gilbert St Hemet, CA	2.0	1.5	975	$1,825	$1.87	25d	2	1.01mi

Listing history 30 events

1. 2026-06-21
   status $69,900 Pending Sale 7 DOM
2. 2026-06-18
   days on market $69,900 Active 7 DOM
3. 2026-06-17
   days on market $69,900 Active 6 DOM
4. 2026-06-16
   days on market $69,900 Active 5 DOM
5. 2026-06-15
   days on market $69,900 Active 4 DOM
6. 2026-06-13
   statusdays on market $69,900 Active 2 DOM
7. 2026-06-09
   days on market $69,900 Coming Soon 7 DOM
8. 2026-06-08
   days on market $69,900 Coming Soon 6 DOM
9. 2026-06-07
   days on market $69,900 Coming Soon 5 DOM
10. 2026-06-04
    days on marketlisting id $69,900 Coming Soon 2 DOM
11. 2026-06-03
    days on market $69,900 Coming Soon 7 DOM
12. 2026-06-02
    days on market $69,900 Coming Soon 6 DOM
13. 2026-06-01
    days on market $69,900 Coming Soon 5 DOM
14. 2026-05-31
    days on market $69,900 Coming Soon 4 DOM
15. 2026-05-28
    historical $69,900
16. 2018-11-30
    historical
17. 2018-09-10
    listed $49,000 Active
18. 2018-09-05
    historical
19. 2018-07-10
    price $49,000
20. 2018-05-17
    listed $54,000 Active
21. 2009-12-03
    historical
22. 2009-05-31
    price $52,500
23. 2009-03-19
    listed $60,000
24. 2008-01-06
    soldstatus $43,400
25. 2007-11-20
    historical
26. 2007-11-01
    historical
27. 2007-10-24
    price $43,400
28. 2007-10-13
    price $47,400
29. 2007-10-02
    listed $49,900
30. 2007-09-07
    listed $43,400

ⓘ 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: $522 · $44/mo
• Projected year-2 tax: $531 · $44/mo
• Expected delta: +$9/yr (+$1/mo · 1.7%)

ⓘ 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 2/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥104°F today · 19 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: $21,927
• − Mortgage interest: −$3,915
• − Property taxes: −$522
• − Insurance: −$350
• − Repairs & maintenance: −$1,754
• − Management: −$1,754
• − Depreciation: −$2,033
• Taxable income: $11,598
• Est. tax owed @ 24.0%: −$2,783
• After-tax cash flow: $9,268/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): 39,937
• Household income: $49,396
• Rent vs Own: 42.8% rent · 57.2% own
• Severe rent burden: 2144.0

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 0.61)
• Race & ethnicity: Hispanic / Latino 54% White 30% Two or more races 18% Black 10% Native American 2% Asian 2%
• Hispanic origin (detail): Mexican 48% Puerto Rican 1%
• Common ancestry: Slovak 1% Romanian 1% Portuguese 1%
• Foreign-born: 21% · Canada
• Languages at home: 59% English-only · Spanish 38% Arabic 1% Tagalog/Filipino 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: ▼ -147.46%
• Current HPI: 405.1277
• Rent YoY: ▲ 1.76%
• 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

+61.1% since first listed

16 events — show timeline

• 2026-05-28 Coming Soon $69,900 CRMLS
• 2018-11-30 Listing Removed — CRMLS
• 2018-09-10 Listed $49,000 CRMLS
• 2018-09-05 Listing Removed — CRMLS
• 2018-07-10 Price Changed $49,000 CRMLS
• 2018-05-17 Listed $54,000 CRMLS
• 2009-12-03 Listing Removed — CRMLS
• 2009-05-31 Price Changed $52,500 CRMLS
• 2009-03-19 Listed $60,000 CRMLS
• 2008-01-06 Sold (MLS) $43,400 CRMLS
• 2007-11-20 Listing Removed — CRMLS
• 2007-11-01 Listing Removed — CRMLS
• 2007-10-24 Price Changed $43,400 CRMLS
• 2007-10-13 Price Changed $47,400 CRMLS
• 2007-10-02 Listed $49,900 CRMLS
• 2007-09-07 Listed $43,400 CRMLS

Property tax history

-0.5%/yr

Latest (2025): $522 · +2.0% YoY. Source: county tax records.