5001 W Florida Ave #223 · Hemet, CA 92545

$85,000

2 bd · 2.0 ba · 1,152 sqft · Manufactured public records · 44 Days on market

Built 1974 $74/sqft · 44% above area Est $59k · 44% 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 +3.4/5.0
• 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

Great Turn key home in The desirable community of The Lakes at Hemet West. 55+ Community. It features 2 bedrooms, 2 bathrooms and an office, roof is 1 1/2 years old, cooler in living room is 6 months old, new laminated flooring in bedrooms, living room and hallway, tile in kitchen and bathrooms, condenser 1 yr. old.

Key facts

• Tile in bathrooms
• Tile in kitchen
• Turn key home

Tags

• TURN KEY HOME
• NEW LAMINATED FLOORING
• TILE IN KITCHEN
• TILE IN BATHROOMS

Property features AI

Finance

• Other: Living area and lot info sourced from assessor
• Financial info: Land lease of $985 monthly (seller provided)
• HOA & community: Part of an association; Senior community; Community features include golf course and lake; Located in The Lakes at Hemet West park; Manager approval required

Exterior

• Parking: 2-car garage; 2-car carport; Total of 4 parking spaces
• Security: 24-hour security (community)
• Utilities: District/public water; Public sewer; Natural gas connected; Electricity connected; Cable connected; 220V available in laundry
• Home design: Mobile home (Somerset model, 24' x 48'); Single-story; Entry level 1; Mobile home remains on site; Turnkey condition
• Construction: Shingle roof; Year built source: assessor
• Exterior features: Association pool; Shingle roof; One shed on property; 0–1 unit per acre lot characteristic; Private / access road frontage; Paved road surface

Interior

• Kitchen: Kitchen details not provided
• Bedrooms: Bedrooms info not provided
• Flooring: Laminate flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central furnace heating; Central and evaporative cooling
• Interior features: Front entry; One-level home; Bonus room; 24-hour security; Association spa
• Laundry & utility: In-closet laundry with 220V dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $85k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• Recommended offer: $82k (3.0% below list) — sets the bar for market timing.
• Cap rate 21.2% 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; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 9,195 units permitted in Riverside County in 2024 (1,512 in 5+ unit buildings).
• This rent runs 37% 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 $588 of loan paydown is wiped out by about $3k 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 $24k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($82k) 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 $82,450 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 2.31% ✓
• Cap rate: 21.19%
• Cash-on-cash: 53.19%
• DSCR: 3.37
• GRM: 3.6

CMA / ARV

• ARV (median comp): $59,000
• List price: $85,000
• Delta: 44.07%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5001 W Florida Ave #230	0.00mi	2/2.0	1,152 (0%)	6mo	$45,000	$39	95
5001 W Florida #476	0.00mi	2/2.0	1,120 (-3%)	2mo	$45,000	$40	94
5001 W Florida Ave #665	0.00mi	2/2.0	1,248 (+8%)	6mo	$40,000	$32	81
5001 Florida Ave #663	0.00mi	2/2.0	1,243 (+8%)	10mo	$74,900	$60	79
5001 W Florida Ave #545	0.00mi	2/2.0	1,248 (+8%)	9mo	$45,000	$36	79
5001 W Florida Ave #723	0.00mi	2/2.0	1,248 (+8%)	9mo	$42,000	$34	78
5001 W Florida #695	0.10mi	2/2.0	1,248 (+8%)	5mo	$45,000	$36	77
5001 W Florida Ave #175	0.00mi	3/2.0 (+1)	1,248 (+8%)	6mo	$90,000	$72	76
5001 W Florida Ave #122	0.10mi	2/2.0	1,296 (+12%)	0mo	$52,500	$41	74
4400 W FLORIDA Ave #254	0.54mi	2/2.0	1,152 (0%)	9mo	$88,000	$76	68
5001 W Florida Ave #22	0.17mi	3/2.0 (+1)	1,248 (+8%)	12mo	$95,000	$76	63
4400 W Florida #215	0.54mi	2/2.0	1,076 (-7%)	2mo	$70,000	$65	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: 52.0%
• Equity multiple: 3.31×
• Total profit: $54,867
• Equity at exit: $12,674

10-year hold

• IRR: 57.6%
• Equity multiple: 6.90×
• Total profit: $140,330
• Equity at exit: $7,349

Cash invested: $23,800 (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 92545

• Home prices YoY: -24.6%
• Rents YoY: 3.7%
• Active inventory: 290
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $1,964 high
• Mortgage (P&I): −$446
• Tax from tax record: −$16 /mo · $187/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$412
• Net cashflow: $1,055

Break-even live

Break-even rent $629

Max offer price $85,000

Occupancy floor 41%

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 5 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	$2,055	$2.52	1d	8	1.07mi
3030 W Acacia Ave Hemet, CA	1.0–3.0	1.0–2.0	892	$1,895	$2.12	1d	10	1.25mi
3471 Dublin Ct Hemet, CA	3.0	2.0	1276	$2,895	$2.27	4d	1	1.39mi

Listing history 14 events

1. 2026-06-18
   days on market $85,000 Active 44 DOM
2. 2026-06-17
   days on market $85,000 Active 43 DOM
3. 2026-06-16
   days on market $85,000 Active 42 DOM
4. 2026-06-15
   days on market $85,000 Active 41 DOM
5. 2026-06-13
   days on market $85,000 Active 39 DOM
6. 2026-06-09
   days on market $85,000 Active 35 DOM
7. 2026-06-08
   days on market $85,000 Active 34 DOM
8. 2026-06-07
   days on market $85,000 Active 33 DOM
9. 2026-06-04
   days on market $85,000 Active 30 DOM
10. 2026-06-03
    days on market $85,000 Active 29 DOM
11. 2026-06-02
    days on market $85,000 Active 28 DOM
12. 2026-06-01
    days on market $85,000 Active 27 DOM
13. 2026-05-31
    days on market $85,000 Active 26 DOM
14. 2026-05-05
    listed $85,000 Active 317-char remark

ⓘ 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: $187 · $16/mo
• Projected year-2 tax: $646 · $54/mo
• Expected delta: +$459/yr (+$38/mo · 246.2%)

ⓘ 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: $23,570
• − Mortgage interest: −$4,761
• − Property taxes: −$187
• − Insurance: −$425
• − Repairs & maintenance: −$1,886
• − Management: −$1,886
• − Depreciation: −$2,473
• Taxable income: $11,953
• Est. tax owed @ 24.0%: −$2,869
• After-tax cash flow: $9,791/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

• 2026-05-05 Listed $85,000 CRMLS

Property tax history

+0.4%/yr

Latest (2025): $187 · +14.4% YoY. Source: county tax records.