1536 S State St #148 · Hemet, CA 92543

$185,000

3 bd · 2.0 ba · 1,416 sqft · Manufactured public records · 146 Days on market

Built 2007 $131/sqft · 46% above area Est $129k · 43% over ↓ 1% since listing

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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 +27.6/30.0
• DSCR +9.7/10.0
• 1% rule +6.5/10.0
• Rent growth +2.9/5.0
• Livability +2.6/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

This beautiful 3 bedroom 2 bath, corner lot in Family gated park, this home has ceiling fans throughout, kitchen opens up into the living room and dining room huge side patio with a nice grass corner backyard! A shed for extra storage outside and nice wide carport, home is a corner lot right across from the pool and clubhouse. Don’t miss out on this home. Make your appointment today to see this beautiful home!!

Key facts

• Ceiling fans
• Gated park
• Kitchen opens

Tags

• CORNER LOT
• GATED PARK
• CEILING FANS
• KITCHEN OPENS
• SIDE PATIO
• GRASS CORNER BACKYARD

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $185k.

Deal economics

• At list price, monthly cash flow is $553 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Recommended offer: $163k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.9% 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 (+1.8%/yr); 264 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $2,135/mo this rent would consume 52% 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 $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• It's been on market 146 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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: major wildfire risk; extreme-heat days projected 6→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $162,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 146 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.15% ✓
• Cap rate: 9.88%
• Cash-on-cash: 12.81%
• DSCR: 1.57
• GRM: 7.2

CMA / ARV

• ARV (median comp): $129,076
• List price: $185,000
• Delta: 43.33%
• Verdict: OVERPRICED
• Comps: 18 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1536 S State St #28	0.03mi	3/2.0	1,344 (-5%)	12mo	$198,900	$148	80
1536 S state St #147	0.03mi	3/2.0	1,500 (+6%)	11mo	$175,000	$117	79
1536 S State St #185	0.03mi	2/2.0 (-1)	1,344 (-5%)	10mo	$140,000	$104	77
601 Bermuda	0.45mi	3/2.0	1,440 (+2%)	0mo	$300,000	$208	76
1536 S State St #219	0.00mi	2/2.0 (-1)	1,248 (-12%)	0mo	$135,000	$108	75
1536 S State St #180	0.09mi	3/2.0	1,542 (+9%)	12mo	$200,000	$130	71
1536 S State St #80	0.06mi	3/2.0	1,232 (-13%)	10mo	$203,900	$166	67
725 W Thornton Ave #109	0.53mi	2/2.0 (-1)	1,440 (+2%)	2mo	$23,900	$17	66
1455 S State St #200	0.40mi	2/2.0 (-1)	1,440 (+2%)	13mo	$72,500	$50	63
725 W Thornton Ave #35	0.52mi	2/2.0 (-1)	1,440 (+2%)	6mo	$77,500	$54	62
725 Thornton #124	0.68mi	2/2.0 (-1)	1,344 (-5%)	14mo	$48,000	$36	43
725 W Thornton Ave #14	0.57mi	2/2.0 (-1)	1,248 (-12%)	11mo	$68,000	$54	40

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: 1.3%
• Equity multiple: 1.05×
• Total profit: $2,565
• Equity at exit: $27,584

10-year hold

• IRR: 9.7%
• Equity multiple: 1.71×
• Total profit: $36,836
• Equity at exit: $15,995

Cash invested: $51,800 (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 92543

• Home prices YoY: -26.7%
• Rents YoY: 1.8%
• Active inventory: 264
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $2,135 high
• Mortgage (P&I): −$970
• Tax from tax record: −$86 /mo · $1,036/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$448
• Net cashflow: $553

Break-even live

Break-even rent $1,435

Max offer price $185,000

Occupancy floor 69%

Sensitivity live

Price	-10% $658	-5% $606	+0% $553	+5% $501	+10% $448
Rent	-10% $384	-5% $469	+0% $553	+5% $638	+10% $722
Rate	-1.0pp $646	-0.5pp $600	base $553	+0.5pp $505	+1.0pp $456

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
409 E Thornton Ave Hemet, CA	2.0	1.0	970	$1,912	$1.97	2d	2	0.19mi
640 Vista del Monte Hemet, CA	3.0	2.0	1480	$2,650	$1.79	44d	1	0.53mi
390 Magnolia Cir Hemet, CA	2.0	2.0	1038	$2,400	$2.31	4d	1	0.54mi
678 Monterey Pl Hemet, CA	2.0	2.0	1047	$1,995	$1.91	44d	1	0.68mi
795 Cameo Ave Hemet, CA	4.0	2.0	1600	$2,900	$1.81	15d	1	0.71mi
1025 S Gilbert St Hemet, CA	1.0–2.0	1.0–2.0	890	$2,320	$2.61	2d	8	0.81mi
1005 S Gilbert St Hemet, CA	2.0	1.5	975	$1,825	$1.87	24d	2	0.85mi
860 Douglas Ct Hemet, CA	2.0	2.0	1114	$1,850	$1.66	19d	1	0.88mi
700 Johnston Ave Unit 708 Hemet, CA	2.0	1.0	1000	$1,600	$1.60	8d	1	0.89mi
853 Douglas Ct Hemet, CA	2.0	2.0	1148	$1,850	$1.61	4d	1	0.89mi
716 Robert Dr Hemet, CA	3.0	2.0	1450	$2,300	$1.59	5d	1	1.06mi
735 S Gilbert St Hemet, CA	3.0	2.0	1202	$2,400	$2.00	44d	1	1.11mi
733 S San Jacinto St Unit B Hemet, CA	2.0	1.0	1000	$1,500	$1.50	24d	1	1.15mi
876 W Whittier Ave Unit 878 Hemet, CA	2.0	2.0	1127	$2,150	$1.91	24d	1	1.26mi
26450 San Jacinto St Hemet, CA	3.0	2.0	1250	$2,295	$1.84	3d	1	1.28mi
1287 Olive Tree Ln Unit D Hemet, CA	2.0	1.0	995	$1,599	$1.61	44d	1	1.30mi
1287 Olive Tree Ln Unit C Hemet, CA	2.0	1.0	995	$1,495	$1.50	24d	1	1.30mi
26416 S San Jacinto St Unit 26416 Hemet, CA	2.0	1.0	900	$1,675	$1.86	24d	1	1.32mi
120 Santa Lucia Dr Hemet, CA	2.0	2.0	1197	$1,600	$1.34	44d	1	1.35mi
101 San Mateo Cir Hemet, CA	2.0	2.0	1152	$1,725	$1.50	17d	1	1.36mi
611 S Palm Ave Unit K Hemet, CA	2.0	2.0	1254	$1,895	$1.51	8d	1	1.40mi
1241 Sandlewood Dr Hemet, CA	2.0	1.5	1504	$2,000	$1.33	44d	1	1.45mi
471 S Simpson Ave Unit D Hemet, CA	2.0	2.0	900	$1,750	$1.94	44d	1	1.49mi

Listing history 18 events

1. 2026-06-18
   days on market $185,000 Active 146 DOM
2. 2026-06-17
   days on market $185,000 Active 145 DOM
3. 2026-06-16
   days on market $185,000 Active 144 DOM
4. 2026-06-15
   days on market $185,000 Active 143 DOM
5. 2026-06-13
   days on market $185,000 Active 141 DOM
6. 2026-06-09
   days on market $185,000 Active 137 DOM
7. 2026-06-08
   days on market $185,000 Active 136 DOM
8. 2026-06-07
   days on market $185,000 Active 135 DOM
9. 2026-06-04
   days on market $185,000 Active 132 DOM
10. 2026-06-03
    days on market $185,000 Active 131 DOM
11. 2026-06-02
    days on market $185,000 Active 130 DOM
12. 2026-06-01
    days on market $185,000 Active 129 DOM
13. 2026-05-31
    days on market $185,000 Active 128 DOM
14. 2026-04-14
    price $185,000 420-char remark

    Show marketing remark (420 chars)

    This beautiful 3 bedroom 2 bath, corner lot in Family gated park, this home has ceiling fans throughout, kitchen opens up into the living room and dining room huge side patio with a nice grass corner backyard! A shed for extra storage outside and nice wide carport, home is a corner lot right across from the pool and clubhouse. Don’t miss out on this home. Make your appointment today to see this beautiful home!!

15. 2026-01-23
    listed $189,999 Active 420-char remark

    Show marketing remark (420 chars)

    This beautiful 3 bedroom 2 bath, corner lot in Family gated park, this home has ceiling fans throughout, kitchen opens up into the living room and dining room huge side patio with a nice grass corner backyard! A shed for extra storage outside and nice wide carport, home is a corner lot right across from the pool and clubhouse. Don’t miss out on this home. Make your appointment today to see this beautiful home!!

16. 2024-12-03
    soldstatus $187,000 Closed Sale 420-char remark

    Show marketing remark (420 chars)

    This beautiful 3 bedroom 2 bath, corner lot in Family gated park, this home has ceiling fans throughout, kitchen opens up into the living room and dining room huge side patio with a nice grass corner backyard! A shed for extra storage outside and nice wide carport, home is a corner lot right across from the pool and clubhouse. Don’t miss out on this home. Make your appointment today to see this beautiful home!!

17. 2024-10-07
    status Pending Sale 420-char remark

    Show marketing remark (420 chars)

    This beautiful 3 bedroom 2 bath, corner lot in Family gated park, this home has ceiling fans throughout, kitchen opens up into the living room and dining room huge side patio with a nice grass corner backyard! A shed for extra storage outside and nice wide carport, home is a corner lot right across from the pool and clubhouse. Don’t miss out on this home. Make your appointment today to see this beautiful home!!

18. 2024-07-23
    listed $187,000 Active 420-char remark

    Show marketing remark (420 chars)

    This beautiful 3 bedroom 2 bath, corner lot in Family gated park, this home has ceiling fans throughout, kitchen opens up into the living room and dining room huge side patio with a nice grass corner backyard! A shed for extra storage outside and nice wide carport, home is a corner lot right across from the pool and clubhouse. Don’t miss out on this home. Make your appointment today to see this beautiful home!!

ⓘ 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: $1,036 · $86/mo
• Projected year-2 tax: $1,406 · $117/mo
• Expected delta: +$370/yr (+$31/mo · 35.7%)

ⓘ 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 7/10 Severe
• 🌡 Heat 7/10 Severe 6 d/yr ≥102°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: $25,622
• − Mortgage interest: −$10,363
• − Property taxes: −$1,036
• − Insurance: −$925
• − Repairs & maintenance: −$2,050
• − Management: −$2,050
• − Depreciation: −$5,382
• Taxable income: $3,816
• Est. tax owed @ 24.0%: −$916
• After-tax cash flow: $5,722/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

-1.1% since first listed

5 events — show timeline

• 2026-04-14 Price Changed $185,000 CRMLS
• 2026-01-23 Listed $189,999 CRMLS
• 2024-12-03 Sold (MLS) $187,000 CRMLS
• 2024-10-07 Pending — CRMLS
• 2024-07-23 Listed $187,000 CRMLS

Property tax history

-0.8%/yr

Latest (2025): $1,036 · +10.1% YoY. Source: county tax records.