23820 Ironwood #203 · Moreno Valley, CA 92557

$134,999

3 bd · 2.0 ba · 1,200 sqft · Manufactured public records · 40 Days on market

Built 2015 $112/sqft · 32% above area Est $102k · 32% 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
• Rent growth +3.0/5.0
• Schools +2.8/10.0
• Livability +2.8/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to resort-style living in the highly desirable 55+ gated community of Il Sorrento Mobile Home Park! Built in 2015, this beautifully maintained manufactured home offers 2 spacious bedrooms, 2 bathrooms, and a versatile office space perfect for working from home, hobbies, or a guest retreat. Step inside to an open and inviting floor plan featuring abundant natural light, a comfortable living area, and a functional kitchen with ample cabinetry and counter space. The primary suite offers privacy and comfort with its own en-suite bathroom, while the secondary bedroom and bath provide ideal accommodations for guests. Enjoy the peaceful lifestyle this gated senior community has to offer, w

Key facts

• Gated community
• Functional kitchen
• Open floor plan

Tags

• GATED COMMUNITY
• MANUFACTURED HOME
• OPEN FLOOR PLAN
• FUNCTIONAL KITCHEN
• COMMUNITY AMENITIES
• WELL MAINTAINED GROUNDS

Property features AI

Finance

• Other: Manager approval required for the park
• Financial info: Monthly land lease: $973.83; Rent/land lease may include gas, electric, trash, pool, and sewer
• HOA & community: Part of an association; Senior community; Land lease applies (monthly)

Exterior

• Parking: 2 garage spaces (2 total parking spaces); Located in the El Sorrento park
• Utilities: Public sewer; District/public water
• Home design: Single-story mobile home (double-wide); Mobile home dimensions approximately 19 ft by 60 ft; Mobile home remains on the lot; Facing information not provided
• Construction: Year built source: Assessor; Total of 1 story
• Exterior features: Association swimming pool; Close to clubhouse; Suburban community

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Central furnace heating
• Interior features: One-level home; Entry at ground level
• Laundry & utility: Laundry in an individual room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $135k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $135k).
• Recommended offer: $131k (3.0% below list) — sets the bar for market timing.
• Cap rate 17.6% vs local median 3.9% in Moreno Valley — 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 55/100 on livability (#838 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A+, employment B; Watch: schools D-, amenities F, commute F.
• Moreno Valley Unified (suburban): math 23% / reading 34% proficiency, ranked #1,050 of 1,400 in CA (top 75%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.0%/yr); 88 active listings in the ZIP; 38 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 9,195 units permitted in Riverside County in 2024 (1,512 in 5+ unit buildings).
• This rent runs 34% of the median local income ($95k/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 $933 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 + 2.0% rent growth), your $38k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 10y 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.

Risks & watch-outs

• Climate carrying-cost: severe 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 $130,949 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 2.00% ✓
• Cap rate: 17.62%
• Cash-on-cash: 40.46%
• DSCR: 2.80
• GRM: 4.2

CMA / ARV

• ARV (median comp): $102,500
• List price: $134,999
• Delta: 31.71%
• Verdict: OVERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23820 Ironwood Ave #215	0.05mi	2/2.0 (-1)	1,200 (0%)	6mo	$157,500	$131	87
23820 Ironwood Ave #43	0.07mi	2/2.0 (-1)	1,200 (0%)	11mo	$138,000	$115	83
23820 Ironwood Ave #4	0.12mi	2/2.0 (-1)	1,248 (+4%)	13mo	$70,000	$56	72
23820 Ironwood #173	0.12mi	2/2.0 (-1)	1,344 (+12%)	3mo	$76,000	$57	67
23820 Ironwood Ave #84	0.12mi	3/2.0	1,344 (+12%)	16mo	$105,000	$78	61
23820 Ironwood Ave #66	0.07mi	2/2.0 (-1)	1,344 (+12%)	14mo	$117,500	$87	60
23820 Ironwood Ave #5	0.12mi	2/2.0 (-1)	1,120 (-7%)	23mo	$98,000	$88	59
23820 Ironwood Ave #87	0.12mi	2/2.0 (-1)	1,344 (+12%)	18mo	$95,000	$71	54
23820 Ironwood Ave #122	0.12mi	2/2.0 (-1)	1,344 (+12%)	20mo	$77,000	$57	53
23820 Ironwood Ave #133	0.12mi	3/2.0	1,040 (-13%)	23mo	$115,000	$111	53

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 · 2.0% rent growth · sell at horizon

5-year hold

• IRR: 35.8%
• Equity multiple: 2.50×
• Total profit: $56,597
• Equity at exit: $20,129

10-year hold

• IRR: 42.0%
• Equity multiple: 4.78×
• Total profit: $142,954
• Equity at exit: $11,672

Cash invested: $37,800 (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 92557

• Home prices YoY: -16.7%
• Rents YoY: 2.0%
• Active inventory: 88
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $2,705 high
• Mortgage (P&I): −$708
• Tax from tax record: −$98 /mo · $1,178/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$568
• Net cashflow: $1,274

Break-even live

Break-even rent $1,092

Max offer price $134,999

Occupancy floor 48%

Sensitivity live

Price	-10% $1,351	-5% $1,313	+0% $1,274	+5% $1,236	+10% $1,198
Rent	-10% $1,061	-5% $1,168	+0% $1,274	+5% $1,381	+10% $1,488
Rate	-1.0pp $1,342	-0.5pp $1,309	base $1,274	+0.5pp $1,239	+1.0pp $1,204

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11883 Bayless St Moreno Valley, CA	3.0	2.5	1308	$2,850	$2.18	19d	1	0.19mi
23780 Hemlock Ave Moreno Valley, CA	2.0	2.0	914	$2,498	$2.73	45d	1	0.21mi
23650 Hemlock Ave Moreno Valley, CA	1.0–2.0	1.0	800	$2,150	$2.69	4d	1	0.29mi
23892 Hemlock Ave Moreno Valley, CA	2.0	1.0	800	$2,200	$2.75	45d	1	0.29mi
23892 Hemlock Ave Moreno Valley, CA	2.0	1.0	800	$2,100	$2.62	25d	1	0.29mi
23400 Hemlock Ave Moreno Valley, CA	1.0–3.0	1.0–2.0	830	$2,385	$2.87	45d	1	0.45mi
12315 Graham St Unit 30 Moreno Valley, CA	2.0	2.0	938	$1,775	$1.89	45d	1	0.48mi
12159 Calle Sombra Moreno Valley, CA	1.0–2.0	1.0–2.0	868	$2,134	$2.46	0d	22	0.61mi
12081 Marigold Ave Moreno Valley, CA	3.0	1.0	1110	$2,350	$2.12	45d	1	0.63mi
23227 Hemlock Ave Moreno Valley, CA	2.0	1.0	600	$1,850	$3.08	4d	3	0.68mi
23163 Ironwood Ave Moreno Valley, CA	2.0–3.0	2.0	900	$2,465	$2.74	45d	1	0.68mi
12080 Pigeon Pass Rd Moreno Valley, CA	1.0–2.0	1.0–2.0	805	$2,110	$2.62	45d	1	0.76mi
11146 Silver Run Moreno Valley, CA	2.0	1.0	825	$2,295	$2.78	19d	1	0.82mi
23214 Sonnet Dr Moreno Valley, CA	3.0	2.0	1375	$2,800	$2.04	6d	1	0.84mi
11413 Morning Star Ln Moreno Valley, CA	4.0	2.0	1486	$2,800	$1.88	45d	1	0.85mi
22961 Chambray Dr Moreno Valley, CA	3.0	1.5	1139	$2,850	$2.50	19d	1	0.89mi
22950 Chambray Dr Unit 1 Moreno Valley, CA	3.0	2.0	852	$2,900	$3.40	21d	1	0.89mi
22950 Chambray Dr Moreno Valley, CA	3.0	2.0	852	$2,800	$3.29	25d	1	0.89mi
23606 Parkland Ave Moreno Valley, CA	3.0	2.5	1474	$2,995	$2.03	6d	1	0.98mi
12636 Andretti St Moreno Valley, CA	3.0	2.0	1460	$3,500	$2.40	0d	1	1.02mi
23925 Eucalyptus Ave Moreno Valley, CA	2.0	1.0–1.5	650	$2,299	$3.53	0d	3	1.06mi
24519 Chippewa Trl Moreno Valley, CA	2.0	2.0	1040	$2,450	$2.36	18d	1	1.06mi
24701 Starcrest Dr Moreno Valley, CA	3.0	1.5	1012	$2,500	$2.47	45d	1	1.09mi
24460 Myers Ave Moreno Valley, CA	2.0	1.0	950	$2,195	$2.31	45d	1	1.11mi
24342 Eucalyptus Ave Moreno Valley, CA	3.0	2.0	1100	$2,750	$2.50	25d	1	1.14mi
24745 Webster Ave Unit C Moreno Valley, CA	2.0	1.0	1100	$1,650	$1.50	45d	1	1.16mi
24352 Eucalyptus Ave Moreno Valley, CA	3.0	1.5	1150	$2,650	$2.30	6d	1	1.16mi
24340 Eucalyptus Ave Moreno Valley, CA	3.0	1.5	1100	$2,550	$2.32	6d	1	1.16mi
12196 Carnation Ln Unit B Moreno Valley, CA	2.0	1.5	1037	$1,900	$1.83	45d	1	1.17mi
12196 Carnation Ln Unit A Moreno Valley, CA	3.0	2.0	1110	$2,650	$2.39	45d	1	1.17mi
12845 Frederick St Moreno Valley, CA	2.0–3.0	1.0–2.0	1146	$2,752	$2.40	0d	7	1.27mi
12780 Pan Am Blvd Moreno Valley, CA	3.0	2.0	1200	$2,750	$2.29	25d	1	1.29mi
12780 Pan Am Blvd Moreno Valley, CA	3.0	2.0	1200	$2,650	$2.21	16d	1	1.29mi
12780 Pan Am Blvd Moreno Valley, CA	3.0	2.0	1200	$2,650	$2.21	21d	1	1.29mi
12780 Pan Am Blvd Moreno Valley, CA	3.0	2.0	1200	$2,850	$2.38	45d	1	1.29mi
12790 Lambeth St #1 Moreno Valley, CA	4.0	2.0	1200	$2,500	$2.08	21d	1	1.34mi
13260 Heacock St Moreno Valley, CA	3.0	1.0–1.5	762	$2,150	$2.82	0d	3	1.35mi
13028 Oak Dell St Moreno Valley, CA	3.0	2.0	1300	$2,800	$2.15	45d	1	1.40mi

Listing history 18 events

1. 2026-06-21
   days on market $134,999 Active 40 DOM
2. 2026-06-18
   days on market $134,999 Active 37 DOM
3. 2026-06-17
   days on market $134,999 Active 36 DOM
4. 2026-06-16
   days on market $134,999 Active 35 DOM
5. 2026-06-15
   days on market $134,999 Active 34 DOM
6. 2026-06-13
   days on market $134,999 Active 32 DOM
7. 2026-06-13
   days on market $134,999 Active 31 DOM
8. 2026-06-09
   days on market $134,999 Active 28 DOM
9. 2026-06-08
   days on market $134,999 Active 27 DOM
10. 2026-06-07
    days on market $134,999 Active 26 DOM
11. 2026-06-04
    days on market $134,999 Active 23 DOM
12. 2026-06-03
    days on market $134,999 Active 22 DOM
13. 2026-06-02
    days on market $134,999 Active 21 DOM
14. 2026-06-01
    days on market $134,999 Active 20 DOM
15. 2026-05-31
    days on market $134,999 Active 19 DOM
16. 2026-05-12
    listed $134,999 Active 1039-char remark
17. 2017-02-01
    historical
18. 2016-09-03
    listed $98,200 Active

ⓘ 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: $1,178 · $98/mo
• Projected year-2 tax: $1,178 · $98/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 8/10 Severe
• 🌡 Heat 7/10 Severe 7 d/yr ≥100°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 21 unhealthy d/yr today · 25 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,458
• − Mortgage interest: −$7,562
• − Property taxes: −$1,178
• − Insurance: −$675
• − Repairs & maintenance: −$2,597
• − Management: −$2,597
• − Depreciation: −$3,927
• Taxable income: $13,922
• Est. tax owed @ 24.0%: −$3,341
• After-tax cash flow: $11,952/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: Moreno Valley Unified
• NCES district ID: 0625800
• Math proficiency: 23% ▲ 1.00%
• Reading proficiency: 34% ▲ 3.00%
• Median HH income: $55,495
• Composite: 28.36/100
• National rank: #12131
• State rank: #1050 of 1400 in CA

Livability — Moreno Valley

• Score: 55/100
• State rank: #838
• US rank: #23203

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Moreno Valley, CA
• County: Riverside County · 2,287,001 people
• City population: 212,104
• Metro: Riverside-San Bernardino-Ontario, CA
• Population (ZIP): 54,061
• Household income: $94,804
• Rent vs Own: 34.9% rent · 65.1% own
• Severe rent burden: 1627.0

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 0.65)
• Race & ethnicity: Hispanic / Latino 54% White 19% Black 17% Two or more races 15% Asian 5% Native American 1%
• Hispanic origin (detail): Mexican 46%
• Common ancestry: Slovak 1% Italian 1% Iranian 1%
• Foreign-born: 22% · Canada, China
• Languages at home: 57% English-only · Spanish 38% Other Indo-European 1% Other Asian/Pacific 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: ▼ -77.93%
• Current HPI: 388.882
• Rent YoY: ▲ 2.00%
• 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

+37.5% since first listed

3 events — show timeline

• 2026-05-12 Listed $134,999 CRMLS
• 2017-02-01 Listing Removed — CRMLS
• 2016-09-03 Listed $98,200 CRMLS

Property tax history

+1.2%/yr

Latest (2025): $1,178 · +3.5% YoY. Source: county tax records.