1536 South State St #223 · Hemet, CA 92543

$178,999

3 bd · 2.0 ba · 1,164 sqft · Manufactured public records · 77 Days on market

Built 1991 $154/sqft · 86% above area

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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 +24.6/30.0
• DSCR +7.9/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• 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 MLS

Adorable and clean 1991 mobile home in an all-age gated community park with fantastic views! This home features 3 bedrooms, 2 baths, granite-looking countertops, a kitchen island, a painted interior/exterior, an electric fireplace, ceiling fans, a gas stove, a microwave, dishwasher, washer, and dryer. The master suite has a walk-in closet, updated shower, and a barn door for privacy. The guest bathroom has been updated to include a shower, vanity, and lighting. In addition, this corner lot has panoramic views of the surrounding valley and a fantastic covered patio for outdoor entertaining. The large corner lot is located at the top of the hill and even includes a backyard, shed, and parking for 3 vehicles. Location is close to Domenigoni Parkway, schools, shopping, and easy access to Temecula, Menifee, and the freeway. The amenities include a pool, spa, playground, basketball court, clubhouse, dog run, and BBQ area.

Key facts

• Gated community park
• Backyard
• Panoramic views

Tags

• GATED COMMUNITY PARK
• PANORAMIC VIEWS
• COVERED PATIO
• CORNER LOT
• BACKYARD
• PARKING FOR 3 VEHICLES

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $179k.

Deal economics

• At list price, monthly cash flow is $371 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $179k).
• Recommended offer: $168k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.8% 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+, 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; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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 $2,035/mo this rent would consume 49% 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 $5k 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 77 days — a 6% lower offer ($168k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 20y 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.
• Current owner paid $126k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $168,259 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% 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: 1.14% ✓
• Cap rate: 8.78%
• Cash-on-cash: 8.88%
• DSCR: 1.39
• GRM: 7.3

CMA / ARV

• ARV (median comp): $96,073
• List price: $178,999
• Delta: 86.31%
• 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 #58	0.00mi	2/2.0 (-1)	1,152 (-1%)	6mo	$125,000	$109	88
1536 S State St #219	0.00mi	2/2.0 (-1)	1,248 (+7%)	0mo	$135,000	$108	83
1536 S State St #80	0.06mi	3/2.0	1,232 (+6%)	10mo	$203,900	$166	79
1536 S State St #134	0.00mi	3/2.0	1,058 (-9%)	9mo	$122,500	$116	78
1536 S State St #139	0.00mi	2/2.0 (-1)	1,100 (-6%)	14mo	$70,000	$64	74
1536 State St #75	0.00mi	2/2.0 (-1)	1,080 (-7%)	12mo	$52,500	$49	73
1536 S STATE St #14	0.11mi	2/2.0 (-1)	1,080 (-7%)	11mo	$91,500	$85	69
1700 S State St #76	0.25mi	3/2.0	1,056 (-9%)	10mo	$50,000	$47	65
1536 STATE #129	0.00mi	2/1.0 (-1)	1,050 (-10%)	13mo	$53,000	$50	64
1455 S State St #111	0.33mi	2/2.0 (-1)	1,040 (-11%)	3mo	$102,000	$98	60
725 W Thornton Ave #22	0.57mi	2/2.0 (-1)	1,092 (-6%)	10mo	$43,000	$39	49
725 W Thornton Ave #14	0.57mi	2/2.0 (-1)	1,248 (+7%)	11mo	$68,000	$54	47

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: -4.3%
• Equity multiple: 0.84×
• Total profit: $-7,870
• Equity at exit: $26,689

10-year hold

• IRR: 4.0%
• Equity multiple: 1.27×
• Total profit: $13,638
• Equity at exit: $15,477

Cash invested: $50,120 (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: 7.3×

Monthly cashflow live

• Estimated rent: $2,035 high
• Mortgage (P&I): −$939
• Tax est. 1.5%: −$224 /mo · $2,685/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$427
• Net cashflow: $371

Break-even live

Break-even rent $1,566

Max offer price $178,999

Occupancy floor 77%

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Rent comps 27 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
576 Montecito Ave Unit C Hemet, CA	2.0	2.0	861	$1,850	$2.15	17d	1	0.77mi
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	18d	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
893 S Palm Ave Hemet, CA	2.0	2.0	720	$1,375	$1.91	5d	1	1.08mi
750 Santa Clara Cir Hemet, CA	2.0	2.0	800	$1,400	$1.75	15d	1	1.11mi
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
1711 Pepper Tree Dr Hemet, CA	2.0	2.0	864	$1,675	$1.94	22d	1	1.20mi
876 W Whittier Ave Unit 878 Hemet, CA	2.0	2.0	1127	$2,150	$1.91	24d	1	1.26mi
26454 S San Jacinto St Hemet, CA	3.0	1.0	800	$1,795	$2.24	3d	1	1.28mi
26452 S San Jacinto St Hemet, CA	3.0	1.0	800	$1,795	$2.24	3d	1	1.28mi
26450 San Jacinto St Hemet, CA	3.0	2.0	1250	$2,295	$1.84	3d	1	1.28mi
1287 Olive Tree Ln Unit C Hemet, CA	2.0	1.0	995	$1,495	$1.50	24d	1	1.30mi
1287 Olive Tree Ln Unit D Hemet, CA	2.0	1.0	995	$1,599	$1.61	44d	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
471 S Simpson Ave Unit D Hemet, CA	2.0	2.0	900	$1,750	$1.94	44d	1	1.49mi

Listing history 23 events

1. 2026-06-18
   days on market $178,999 Active 77 DOM
2. 2026-06-17
   days on market $178,999 Active 76 DOM
3. 2026-06-16
   days on market $178,999 Active 75 DOM
4. 2026-06-15
   days on market $178,999 Active 74 DOM
5. 2026-06-13
   days on market $178,999 Active 72 DOM
6. 2026-06-09
   days on market $178,999 Active 68 DOM
7. 2026-06-08
   days on market $178,999 Active 67 DOM
8. 2026-06-07
   days on market $178,999 Active 66 DOM
9. 2026-06-04
   days on market $178,999 Active 63 DOM
10. 2026-06-03
    days on market $178,999 Active 62 DOM
11. 2026-06-02
    days on market $178,999 Active 61 DOM
12. 2026-06-01
    days on market $178,999 Active 60 DOM
13. 2026-05-31
    days on market $178,999 Active 59 DOM
14. 2026-04-02
    listed $179,999 Active 929-char remark

    Show marketing remark (929 chars)

    Adorable and clean 1991 mobile home in an all-age gated community park with fantastic views! This home features 3 bedrooms, 2 baths, granite-looking countertops, a kitchen island, a painted interior/exterior, an electric fireplace, ceiling fans, a gas stove, a microwave, dishwasher, washer, and dryer. The master suite has a walk-in closet, updated shower, and a barn door for privacy. The guest bathroom has been updated to include a shower, vanity, and lighting. In addition, this corner lot has panoramic views of the surrounding valley and a fantastic covered patio for outdoor entertaining. The large corner lot is located at the top of the hill and even includes a backyard, shed, and parking for 3 vehicles. Location is close to Domenigoni Parkway, schools, shopping, and easy access to Temecula, Menifee, and the freeway. The amenities include a pool, spa, playground, basketball court, clubhouse, dog run, and BBQ area.

15. 2025-09-08
    historical
16. 2025-08-21
    status Active
17. 2025-08-07
    status Pending Sale
18. 2025-05-19
    listed $160,000 Active
19. 2021-11-03
    soldstatus $126,000 Closed Sale
20. 2021-10-04
    status Pending Sale
21. 2021-09-17
    listed $129,900 Active
22. 2006-12-01
    soldstatus $43,000
23. 2006-08-24
    listed $47,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $24,422
• − Mortgage interest: −$10,027
• − Property taxes: −$2,685
• − Insurance: −$895
• − Repairs & maintenance: −$1,954
• − Management: −$1,954
• − Depreciation: −$5,207
• Taxable income: $1,700
• Est. tax owed @ 24.0%: −$408
• After-tax cash flow: $4,041/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

+283.0% since first listed

10 events — show timeline

• 2026-04-02 Listed $179,999 CRMLS
• 2025-09-08 Listing Removed — CRMLS
• 2025-08-21 Relisted — CRMLS
• 2025-08-07 Pending — CRMLS
• 2025-05-19 Listed $160,000 CRMLS
• 2021-11-03 Sold (MLS) $126,000 CRMLS
• 2021-10-04 Pending — CRMLS
• 2021-09-17 Listed $129,900 CRMLS
• 2006-12-01 Sold (MLS) $43,000 CRMLS
• 2006-08-24 Listed $47,000 CRMLS

Property tax history

-1.4%/yr

Latest (2025): $279 · +2.6% YoY. Source: county tax records.