140 San Carlos Dr · Hemet, CA 92543

$55,000

2 bd · 2.0 ba · 1,080 sqft · Manufactured public records · 8 Days on market

Built 1969 5,227 sqft lot $185/mo HOA · 10% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Fixer-As Is-Cash only (no hard money loan). Buyer to inspect property to buyer's satisfaction. No repairs to be made. Appliances as is. Inspect property before making an offer. 55+ housing-HOA fee for orientation prior to close is $350. For buyer-3rd bedroom may be add on and may not be permitted. Hot water heater not connected. Carport enclosure may not be permitted. Ceiling water leak in master bedroom.

Key facts

• 5,227 sq ft lot
• Garage
• Community pool

Property features AI

Finance

• Other: Urban community setting
• Financial info: Special assessments
• HOA & community: Part of Sierra Dawn Estates association; Monthly association fee of $185; Association amenities include a pool; Senior community

Exterior

• Parking: Attached garage with front entry; Single-car garage
• Utilities: Natural gas connected; Electricity connected; Water connected (District/Public); Sewer or septic unknown
• Home design: Single-story property; No shared/common walls; Fixer condition
• Construction: Year built per assessor; Manufactured construction; Metal roof
• Exterior features: Manufactured house; Metal roof; Wood fencing; Shed on property; Association pool

Interior

• Kitchen: Gas cooktop; Gas water heater
• Bedrooms: Three bedrooms on the main level
• Flooring: Vinyl flooring; Carpet
• Bathrooms: Two full bathrooms; Bathtub with shower
• Heating & cooling: Central furnace heating; Wall/window cooling units
• Interior features: One-level home; Entry on main level; Skylights; Living room and family room; Fireplace with wood-burning insert in family room
• Laundry & utility: Laundry area located in the garage

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $55k.

Deal economics

• At list price, monthly cash flow is $940 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $55k).
• Cap rate 26.8% 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+, amenities F, commute 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.
• Zoned schools: Hemet High (math 21% / reading 46%, grade F, #656 of 1,170 statewide, top 57%, 2,438 students, 82% FRL) — zoned schools average 82% FRL vs 66% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.8%/yr); 264 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 9,195 units permitted in Riverside County in 2024 (1,512 in 5+ unit buildings).
• At $1,879/mo this rent would consume 46% of the median local household income ($49k/yr) (locally 2144% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $380 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 $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk; extreme-heat days projected 6→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $55,000

Questions for the listing agent

1. Built in 1969 — 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 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?
5. 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?
6. 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.
7. 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.
8. 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: 3.42% ✓
• Cap rate: 26.79%
• Cash-on-cash: 73.21%
• DSCR: 4.26
• GRM: 2.4

CMA / ARV

• ARV (on-the-fly): $126,360
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
360 Santa Clara Cir	0.11mi	2/2.0	1,120 (+4%)	3mo	$224,000	$200	86
220 San Carlos Dr	0.07mi	2/1.0	1,020 (-6%)	2mo	$127,000	$125	81
190 Santa Lucia	0.24mi	2/2.0	1,040 (-4%)	4mo	$179,000	$172	80
1111 W Johnston Ave	0.22mi	2/2.0	1,200 (+11%)	0mo	$135,000	$113	71
1167 Via Del Mesa	0.39mi	2/2.0	1,152 (+7%)	1mo	$135,000	$117	70
711 San Mateo Cir	0.34mi	2/1.5	1,140 (+6%)	4mo	$93,500	$82	70
431 San Mateo Cir	0.37mi	3/2.0 (+1)	1,040 (-4%)	3mo	$118,000	$113	69
770 S Lyon	0.41mi	2/2.0	1,152 (+7%)	3mo	$78,900	$68	67
1083 Via Del Mesa	0.38mi	2/2.0	1,200 (+11%)	3mo	$149,900	$125	61
995 Santa Teresa Way	0.62mi	3/2.0 (+1)	1,056 (-2%)	3mo	$185,000	$175	60
460 San Mateo Cir	0.39mi	2/1.0	940 (-13%)	3mo	$85,000	$90	54
575 S Lyon #110	0.51mi	2/2.0	940 (-13%)	2mo	$52,500	$56	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 · 1.76% rent growth · sell at horizon

5-year hold

• IRR: 71.5%
• Equity multiple: 4.17×
• Total profit: $48,742
• Equity at exit: $8,201

10-year hold

• IRR: 75.0%
• Equity multiple: 8.19×
• Total profit: $110,756
• Equity at exit: $4,755

Cash invested: $15,400 (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: 264
• Price-to-rent: 2.4×

Monthly cashflow live

• Estimated rent: $1,879 high
• Mortgage (P&I): −$288
• Tax from tax record: −$48 /mo · $578/yr
• Insurance: −$23
• HOA: −$185
• Vacancy / Maint / Mgmt: −$395
• Net cashflow: $940

Break-even live

Break-even rent $689

Max offer price $55,000

Occupancy floor 45%

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
876 W Whittier Ave Unit 878 Hemet, CA	2.0	2.0	1127	$2,150	$1.91	24d	1	0.12mi
611 S Palm Ave Unit K Hemet, CA	2.0	2.0	1254	$1,895	$1.51	8d	1	0.15mi
750 Santa Clara Cir Hemet, CA	2.0	2.0	800	$1,400	$1.75	15d	1	0.19mi
893 S Palm Ave Hemet, CA	2.0	2.0	720	$1,375	$1.91	5d	1	0.21mi
101 San Mateo Cir Hemet, CA	2.0	2.0	1152	$1,725	$1.50	17d	1	0.22mi
120 Santa Lucia Dr Hemet, CA	2.0	2.0	1197	$1,600	$1.34	44d	1	0.25mi
1521 W Westmont Ave Hemet, CA	2.0	2.0	1197	$2,000	$1.67	44d	1	0.30mi
735 S Gilbert St Hemet, CA	3.0	2.0	1202	$2,400	$2.00	44d	1	0.33mi
471 S Simpson Ave Unit D Hemet, CA	2.0	2.0	900	$1,750	$1.94	44d	1	0.35mi
1461 W Mayberry Ave Hemet, CA	2.0	2.0	1044	$1,750	$1.68	44d	1	0.39mi
1005 S Gilbert St Hemet, CA	2.0	1.5	975	$1,825	$1.87	24d	2	0.43mi
716 Robert Dr Hemet, CA	3.0	2.0	1450	$2,300	$1.59	5d	1	0.45mi
1025 S Gilbert St Hemet, CA	1.0–2.0	1.0–2.0	890	$2,320	$2.61	2d	8	0.47mi
471 Whitney Dr Hemet, CA	2.0	2.0	1085	$1,800	$1.66	5d	1	0.50mi
1850 Amberwood Dr Hemet, CA	2.0	2.0	1170	$1,561	$1.33	44d	1	0.51mi
363 S Gilbert St Hemet, CA	3.0	2.0	1200	$1,900	$1.58	4d	1	0.55mi
363 S Gilbert St Unit B Hemet, CA	3.0	2.0	1200	$1,900	$1.58	14d	1	0.55mi
853 Douglas Ct Hemet, CA	2.0	2.0	1148	$1,850	$1.61	4d	1	0.77mi
860 Douglas Ct Hemet, CA	2.0	2.0	1114	$1,850	$1.66	18d	1	0.81mi
2098 W Acacia Ave Hemet, CA	1.0–3.0	1.0–2.0	895	$2,035	$2.27	2d	1	0.86mi
1315 W Latham Ave Hemet, CA	3.0	2.5	1340	$2,550	$1.90	44d	1	0.89mi
165 N Hamilton Ave Unit 4 Hemet, CA	1.0	1.0	768	$1,525	$1.99	22d	1	0.89mi
165 N Hamilton Ave Unit 3 Hemet, CA	1.0	1.0	768	$1,450	$1.89	5d	1	0.89mi
683 Jonquil St Hemet, CA	3.0	2.0	1150	$2,448	$2.13	24d	1	0.89mi
390 Magnolia Cir Hemet, CA	2.0	2.0	1038	$2,400	$2.31	4d	1	0.92mi
1955 Silver Oak Way Hemet, CA	3.0	2.0	1318	$2,250	$1.71	44d	1	0.93mi
576 Montecito Ave Unit C Hemet, CA	2.0	2.0	861	$1,850	$2.15	17d	1	0.93mi
250 N Elk St Hemet, CA	2.0	1.0	900	$1,625	$1.81	14d	1	0.99mi
2403 W Acacia Ave Hemet, CA	2.0	2.0	910	$1,995	$2.19	8d	1	0.99mi
2469 W Acacia Ave Hemet, CA	2.0	2.0	910	$1,750	$1.92	24d	1	1.01mi
700 Johnston Ave Unit 708 Hemet, CA	2.0	1.0	1000	$1,600	$1.60	8d	1	1.01mi
678 Monterey Pl Hemet, CA	2.0	2.0	1047	$1,995	$1.91	44d	1	1.03mi
640 Vista del Monte Hemet, CA	3.0	2.0	1480	$2,650	$1.79	44d	1	1.08mi
1711 Pepper Tree Dr Hemet, CA	2.0	2.0	864	$1,675	$1.94	22d	1	1.11mi
409 E Thornton Ave Hemet, CA	2.0	1.0	970	$1,912	$1.97	2d	2	1.11mi
1270 Rosalia Ave Unit 1 Hemet, CA	2.0	1.0	900	$1,800	$2.00	44d	1	1.19mi
446 N Elk St Unit D Hemet, CA	2.0	1.0	980	$1,675	$1.71	24d	1	1.26mi
341 Calle Nogales Hemet, CA	2.0	1.0	827	$1,395	$1.69	44d	1	1.26mi
529 E Latham Ave Hemet, CA	3.0	1.0	1226	$1,950	$1.59	20d	1	1.27mi
1887 Calle Amargosa Hemet, CA	2.0	1.0	827	$1,545	$1.87	24d	1	1.28mi

HOA detail

• Monthly dues: $185 · $2,220/yr
• Likely covers: water

Listing history 6 events

1. 2026-06-18
   days on market $55,000 Active 8 DOM
2. 2026-06-17
   days on market $55,000 Active 7 DOM
3. 2026-06-16
   days on market $55,000 Active 6 DOM
4. 2026-06-15
   days on market $55,000 Active 5 DOM
5. 2026-06-13
   remarks 408-char remark
6. 2026-06-13
   listed $55,000 Active 3 DOM

ⓘ 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: $578 · $48/mo
• Projected year-2 tax: $578 · $48/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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 7/10 Severe 6 d/yr ≥104°F today · 17 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: $22,543
• − Mortgage interest: −$3,081
• − Property taxes: −$578
• − Insurance: −$275
• − Repairs & maintenance: −$1,803
• − Management: −$1,803
• − HOA: −$2,220
• − Depreciation: −$1,600
• Taxable income: $11,182
• Est. tax owed @ 24.0%: −$2,684
• After-tax cash flow: $8,591/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

-64.5% since first listed

2 events — show timeline

• 2026-06-10 Price Changed $55,000 CRMLS
• 2026-06-10 Listed $155,000 CRMLS

Property tax history

-0.9%/yr

Latest (2025): $578 · +2.0% YoY. Source: county tax records.