5001 W Florida #464 · Hemet, CA 92545

$43,000

3 bd · 2.0 ba · 1,464 sqft · Manufactured public records · 22 Days on market

Built 1978 Est $69k · 38% under

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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 +15.0/30.0
• ARV discount +15.0/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +3.4/5.0
• Livability +2.6/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

LOCATION! LOCATION! LOCATION! Welcome home to this LAKEFRONT property located in the 55+ luxury golf resort community of The Lakes at Hemet West. This cutie is a 2-bedroom, 2-bath home with a front-row seat to lake life. Perfectly situated on the west end of one of five lakes, this home boasts spectacular lake, waterfall, and fountain views. Enjoy the vibrant wildlife with seasonal ducks, geese, and impressive cranes all at your doorstep — and indeed, your new neighbors. This waterfront home comes equipped with a wraparound porch, giving you every opportunity to enjoy outdoor living. Set up a BBQ or cozy porch chairs and enjoy it all with the sound of cascading waterfalls and rushing

Key facts

• Gated community
• Lakefront property
• Waterfall views

Tags

• LAKEFRONT PROPERTY
• WRAPAROUND PORCH
• WATERFALL VIEWS
• INDOOR LAUNDRY
• OVERSIZED WORKSHOP SHED
• GATED COMMUNITY

Property features AI

Finance

• Other: Park name: The Lakes at Hemet West; Private road with maintained, paved surface; Community features: lake, fishing, biking paths, street lighting
• Financial info: Land lease amount applies (park-managed, paid monthly)
• HOA & community: Senior community with on-site property management; Community amenities include clubhouse, pool and spa, gym/exercise room, tennis, pickleball, sport court, golf, dog park, outdoor cooking and barbecue areas, picnic area, meeting/banquet/party rooms, card/billiard rooms, storage area, common RV parking, maintenance of grounds, controlled access and security; Some pet rules apply; pets permitted (contact management); Land lease (park) monthly

Exterior

• Parking: Covered paved parking; Attached carport; Carport
• Security: Gated community with automatic gate, guarded entry and attendant; Controlled access
• Utilities: Private water; Private sewer
• Home design: Single-story property; Mobile home remains on site; Has lakefront/pond access and lake rights; fishing in community; water view
• Construction: Shingle roof; Year built source: Assessor
• Exterior features: Shingle roof; Awning and rain gutters; Front and rear porches, wrap-around porch, and deck; Patio; Community heated in-ground pool

Interior

• Kitchen: Gas cooktop; Range with hood; Dishwasher; Garbage disposal; Refrigerator; Water heater unit (gas)
• Bedrooms: Primary bedroom on main floor; All bedrooms on ground level
• Flooring: Carpet
• Bathrooms: Two full bathrooms; Master bath with double sinks, vanity area, soaking tub and separate tub and shower
• Heating & cooling: Central heating (furnace); Central cooling
• Interior features: One-level home with front entry; Community heated in-ground spa; Card/code access and gated community with attendant/guard
• Laundry & utility: Inside laundry room; Washer and dryer included; Washer hookup and gas dryer hookup; Individual laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $43k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $43k).
• Recommended offer: $42k (1.5% below list) — sets the bar for market timing.
• Cap rate 51.0% vs local median 4.9% 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 (+3.7%/yr); 290 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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 ($64k/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 $297 of loan paydown is wiped out by about $1k 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 + 3.7% rent growth), your $12k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($42k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk; extreme-heat days projected 3→9/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $42,355 (1.5% below list)

Questions for the listing agent

1. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
6. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
7. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
8. 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.
9. 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.
10. 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: 5.50% ✓
• Cap rate: 50.98%
• Cash-on-cash: 159.59%
• DSCR: 8.10
• GRM: 1.5

CMA / ARV

• ARV (on-the-fly): $68,808
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5001 W Florida #171	0.00mi	2/2.0 (-1)	1,440 (-2%)	1mo	$67,000	$47	92
5001 FLORIDA #311	0.00mi	2/2.0 (-1)	1,440 (-2%)	1mo	$73,990	$51	91
5001 W Florida Ave #305	0.00mi	2/2.0 (-1)	1,440 (-2%)	2mo	$91,000	$63	90
5001 W Florida #661	0.00mi	2/2.0 (-1)	1,440 (-2%)	3mo	$97,000	$67	90
5001 W Florida #524	0.00mi	2/2.0 (-1)	1,488 (+2%)	3mo	$62,000	$42	90
5001 W Florida Ave #482	0.00mi	2/2.0 (-1)	1,440 (-2%)	4mo	$55,000	$38	89
5001 W Florida Ave #135	0.10mi	2/2.0 (-1)	1,504 (+3%)	5mo	$55,000	$37	81
5001 W Florida Ave #139	0.00mi	2/2.0 (-1)	1,560 (+7%)	5mo	$105,000	$67	80
5001 W Florida #618	0.00mi	2/2.0 (-1)	1,344 (-8%)	4mo	$70,000	$52	78
5001 W Florida Ave W #728	0.00mi	2/2.0 (-1)	1,344 (-8%)	4mo	$56,000	$42	78
5001 W Florida Ave #122	0.10mi	2/2.0 (-1)	1,296 (-12%)	0mo	$52,500	$41	71
5001 W Florida #695	0.10mi	2/2.0 (-1)	1,248 (-15%)	5mo	$45,000	$36	62

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 · 3.74% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 9.04×
• Total profit: $96,805
• Equity at exit: $6,411

10-year hold

• IRR: —
• Equity multiple: 19.53×
• Total profit: $223,066
• Equity at exit: $3,718

Cash invested: $12,040 (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 92545

• Home prices YoY: -24.6%
• Rents YoY: 3.7%
• Active inventory: 290
• Price-to-rent: 1.5×

Monthly cashflow live

• Estimated rent: $2,363 high
• Mortgage (P&I): −$225
• Tax from tax record: −$22 /mo · $264/yr
• Insurance: −$18
• HOA: −$0
• Vacancy / Maint / Mgmt: −$496
• Net cashflow: $1,601

Break-even live

Break-even rent $336

Max offer price $43,000

Occupancy floor 27%

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: $10,750
• Closing costs: $1,290
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4400 W Florida Ave Spc 26 Hemet, CA	3.0	2.0	1193	$1,699	$1.42	14d	1	0.51mi
4400 W Florida Ave Unit 86 Hemet, CA	3.0	2.0	1310	$1,800	$1.37	43d	1	0.54mi
3800 W Devonshire Ave Hemet, CA	3.0	1.0–2.0	816	$2,160	$2.65	1d	8	1.07mi
3080 Hampton Ave Hemet, CA	4.0	2.0	1552	$2,695	$1.74	7d	1	1.22mi
3030 W Acacia Ave Hemet, CA	1.0–3.0	1.0–2.0	892	$2,195	$2.46	1d	10	1.25mi
2971 Pembroke Ave Hemet, CA	3.0	2.0	1572	$3,000	$1.91	18d	1	1.29mi
3471 Dublin Ct Hemet, CA	3.0	2.0	1276	$2,895	$2.27	3d	1	1.39mi
1610 Stoneside Dr Hemet, CA	4.0	2.0	1760	$3,100	$1.76	43d	1	1.41mi

Listing history 14 events

1. 2026-06-18
   days on market $43,000 Active 22 DOM
2. 2026-06-17
   days on market $43,000 Active 21 DOM
3. 2026-06-16
   days on market $43,000 Active 20 DOM
4. 2026-06-15
   days on market $43,000 Active 19 DOM
5. 2026-06-13
   days on market $43,000 Active 17 DOM
6. 2026-06-09
   days on market $43,000 Active 13 DOM
7. 2026-06-08
   days on market $43,000 Active 12 DOM
8. 2026-06-07
   days on market $43,000 Active 11 DOM
9. 2026-06-04
   days on market $43,000 Active 8 DOM
10. 2026-06-03
    days on market $43,000 Active 7 DOM
11. 2026-06-02
    days on market $43,000 Active 6 DOM
12. 2026-06-01
    days on market $43,000 Active 5 DOM
13. 2026-05-31
    days on market $43,000 Active 4 DOM
14. 2026-05-27
    listed $43,000 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: $264 · $22/mo
• Projected year-2 tax: $327 · $27/mo
• Expected delta: +$63/yr (+$5/mo · 23.8%)

ⓘ 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 7/10 Severe
• 🌡 Heat 7/10 Severe 3 d/yr ≥105°F today · 9 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: $28,354
• − Mortgage interest: −$2,409
• − Property taxes: −$264
• − Insurance: −$215
• − Repairs & maintenance: −$2,268
• − Management: −$2,268
• − Depreciation: −$1,251
• Taxable income: $19,679
• Est. tax owed @ 24.0%: −$4,723
• After-tax cash flow: $14,492/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): 45,982
• Household income: $63,770
• Rent vs Own: 28.8% rent · 71.2% own
• Severe rent burden: 1813.0

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 46% White 35% Two or more races 17% Black 8% Asian 5% Native American 1%
• Hispanic origin (detail): Mexican 40%
• Common ancestry: Slovak 2% Lithuanian 2% Portuguese 1%
• Foreign-born: 19% · Canada, Vietnam, Jamaica
• Languages at home: 69% English-only · Spanish 27% Tagalog/Filipino 1% Other Indo-European 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: ▼ -116.25%
• Current HPI: 356.9414
• Rent YoY: ▲ 3.74%
• 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

1 event — show timeline

• 2026-05-27 Listed $43,000 CRMLS

Property tax history

-5.5%/yr

Latest (2025): $264 · +6.6% YoY. Source: county tax records.