350 E San Jacinto #133

Perris, CA 92571

$80,888B+

2 bd · 2.0 ba · 910 sqft · Built 1981 · Manufactured · Active · 114 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,183/mo
• Mortgage (P&I): −$424
• Tax + insurance: −$135
• HOA: −$0
• Vac / Maint / Mgmt: −$458
• Net cashflow: $1,166/mo
• Annual: $13,987/yr
• Cap rate: 23.58%
• Cash-on-cash: 61.75%
• DSCR: 3.75
• 1% rule: 2.70%
• Cash to close: $22,649

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $81k.
• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $81k).
• It's been on market 114 days — a 9% lower offer ($74k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $74k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $559 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#322 in CA) — a middle-class / working-renter tenant base. Strengths: housing A+, commute B; Watch: crime C-, health & safety D, schools F.
• Perris Union High (suburban): math 21% / reading 48% proficiency, ranked #282 of 517 in CA (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+7.7%/yr); 136 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 2d 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; this cycle's ask has dropped $8k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 7.7% rent growth), your $23k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 23.6% vs local median 3.7% in Perris — 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

• It's been on market 114 days. Have you received any prior offers? Is the seller open to a 9% 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 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?
• 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.