1536 S State St #48 · Hemet, CA 92543

$75,000

2 bd · 2.0 ba · 1,120 sqft · Manufactured public records · 144 Days on market

Built 1966 $67/sqft · 17% below area Est $90k · 17% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

If you’ve been waiting for the right LOCATION with real POTENTIAL, this is it. Board and batten, Shiplap, and classic wall paneling are making a BOLD comeback so use this blank canvas to bring this fixer back to life. Set in one of the best spots within this desirable all-ages community, this home offers unobstructed city-light views, a covered patio, ample parking, and a rare, usable yard—a setting that’s hard to find and easy to love. The home features great bones and original charm and is ready for updates, making it a smart value-add opportunity for investors or buyers looking to personalize and build equity. This is a place where homeownership is still attainable and affordable, giving you the chance to CREATE your dream home without the price tag found elsewhere. Community highlights include newly paved roads, a welcoming clubhouse with regular events, a pool and spa to enjoy the California sunshine, plus a half-court basketball area, horseshoe pits, barbecue grills, playground, and dog park. The Echo Hills Golf Course sits just outside the back gate, while elementary and middle schools are directly across the street, with shopping and dining just minutes away. Bring your vision, take advantage of the great price and timing, and schedule your private showing today—opportunities like this don’t last. * Community Requires a minimum credit score of 650.

Key facts

• 3 parking spots
• Community pool
• Built 1966

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $75k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Recommended offer: $66k (12.0% below list) — sets the bar for market timing.
• Cap rate 22.7% vs local median 4.8% 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); 270 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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 $1,957/mo this rent would consume 48% 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 $519 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 $21k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 144 days — a 12% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y 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 $40k; list at $75k implies a 88% gain — meaningful room to come down on a strong offer.

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 $66,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 144 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 2.61% ✓
• Cap rate: 22.73%
• Cash-on-cash: 58.71%
• DSCR: 3.61
• GRM: 3.2

CMA / ARV

• ARV (median comp): $90,147
• List price: $75,000
• Delta: -16.80%
• Verdict: UNDERPRICED
• Comps: 19 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	0.09mi	2/2.0	1,152 (+3%)	6mo	$125,000	$109	86
1536 S STATE St #14	0.12mi	2/2.0	1,080 (-4%)	11mo	$91,500	$85	79
1536 State St #75	0.09mi	2/2.0	1,080 (-4%)	12mo	$52,500	$49	79
1536 S State St #219	0.09mi	2/2.0	1,248 (+11%)	0mo	$135,000	$108	76
1536 S State St #134	0.09mi	3/2.0 (+1)	1,058 (-6%)	9mo	$122,500	$116	74
1455 S State St #111	0.33mi	2/2.0	1,040 (-7%)	3mo	$102,000	$98	70
1700 S State St #76	0.23mi	3/2.0 (+1)	1,056 (-6%)	10mo	$50,000	$47	67
1536 S State St #80	0.07mi	3/2.0 (+1)	1,232 (+10%)	10mo	$203,900	$166	66
725 W Thornton Ave #22	0.55mi	2/2.0	1,092 (-2%)	10mo	$43,000	$39	62
1536 S State St #92	0.11mi	2/2.0	957 (-15%)	11mo	$65,000	$68	62
725 W Thornton Ave #97	0.55mi	2/2.0	960 (-14%)	4mo	$25,200	$26	47
725 W Thornton Ave #14	0.55mi	2/2.0	1,248 (+11%)	11mo	$68,000	$54	46

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: 55.9%
• Equity multiple: 3.42×
• Total profit: $50,898
• Equity at exit: $11,183

10-year hold

• IRR: 60.5%
• Equity multiple: 6.67×
• Total profit: $119,046
• Equity at exit: $6,485

Cash invested: $21,000 (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: 270
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $1,957 high
• Mortgage (P&I): −$393
• Tax est. 1.5%: −$94 /mo · $1,125/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$411
• Net cashflow: $1,027

Break-even live

Break-even rent $656

Max offer price $75,000

Occupancy floor 42%

Sensitivity live

Price	-10% $1,079	-5% $1,053	+0% $1,027	+5% $1,001	+10% $976
Rent	-10% $873	-5% $950	+0% $1,027	+5% $1,105	+10% $1,182
Rate	-1.0pp $1,065	-0.5pp $1,046	base $1,027	+0.5pp $1,008	+1.0pp $988

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
409 E Thornton Ave Hemet, CA	2.0	1.0	970	$1,925	$1.98	0d	1	0.25mi
640 Vista del Monte Hemet, CA	3.0	2.0	1480	$2,650	$1.79	44d	1	0.62mi
390 Magnolia Cir Hemet, CA	2.0	2.0	1038	$2,400	$2.31	5d	1	0.62mi
390 Magnolia Cir Hemet, CA	2.0	2.0	1038	$2,400	$2.31	0d	1	0.62mi
678 Monterey Pl Hemet, CA	2.0	2.0	1047	$1,995	$1.91	44d	1	0.77mi
1025 S Gilbert St Hemet, CA	1.0–2.0	1.0–2.0	890	$2,320	$2.61	3d	8	0.84mi
576 Montecito Ave Unit C Hemet, CA	2.0	2.0	861	$1,850	$2.15	17d	1	0.85mi
1005 S Gilbert St Hemet, CA	2.0	1.5	975	$1,825	$1.87	25d	2	0.89mi
860 Douglas Ct Hemet, CA	2.0	2.0	1114	$1,850	$1.66	19d	1	0.95mi
853 Douglas Ct Hemet, CA	2.0	2.0	1148	$1,850	$1.61	5d	1	0.96mi
700 Johnston Ave Unit 708 Hemet, CA	2.0	1.0	1000	$1,600	$1.60	8d	1	0.97mi
893 S Palm Ave Hemet, CA	2.0	2.0	720	$1,375	$1.91	6d	1	1.10mi
716 Robert Dr Hemet, CA	3.0	2.0	1450	$2,300	$1.59	6d	1	1.12mi
750 Santa Clara Cir Hemet, CA	2.0	2.0	800	$1,400	$1.75	16d	1	1.13mi
1711 Pepper Tree Dr Hemet, CA	2.0	2.0	864	$1,675	$1.94	23d	1	1.14mi
735 S Gilbert St Hemet, CA	3.0	2.0	1202	$2,400	$2.00	44d	1	1.16mi
733 S San Jacinto St Unit B Hemet, CA	2.0	1.0	1000	$1,500	$1.50	25d	1	1.23mi
876 W Whittier Ave Unit 878 Hemet, CA	2.0	2.0	1127	$2,150	$1.91	25d	1	1.29mi
120 Santa Lucia Dr Hemet, CA	2.0	2.0	1197	$1,600	$1.34	44d	1	1.35mi
26454 S San Jacinto St Hemet, CA	3.0	1.0	800	$1,795	$2.24	4d	1	1.36mi
26452 S San Jacinto St Hemet, CA	3.0	1.0	800	$1,795	$2.24	4d	1	1.36mi
26450 San Jacinto St Hemet, CA	3.0	2.0	1250	$2,295	$1.84	4d	1	1.37mi
101 San Mateo Cir Hemet, CA	2.0	2.0	1152	$1,790	$1.55	0d	1	1.37mi
1287 Olive Tree Ln Unit D Hemet, CA	2.0	1.0	995	$1,599	$1.61	44d	1	1.39mi
1287 Olive Tree Ln Unit C Hemet, CA	2.0	1.0	995	$1,495	$1.50	25d	1	1.39mi
26416 S San Jacinto St Unit 26416 Hemet, CA	2.0	1.0	900	$1,675	$1.86	25d	1	1.41mi
611 S Palm Ave Unit K Hemet, CA	2.0	2.0	1254	$1,895	$1.51	8d	1	1.43mi
1005 Lilac St Hemet, CA	2.0	1.0	894	$2,100	$2.35	0d	1	1.48mi
1955 Silver Oak Way Hemet, CA	3.0	2.0	1318	$2,250	$1.71	44d	1	1.50mi

Listing history 23 events

1. 2026-06-21
   days on market $75,000 Active 144 DOM
2. 2026-06-18
   days on market $75,000 Active 141 DOM
3. 2026-06-17
   days on market $75,000 Active 140 DOM
4. 2026-06-16
   days on market $75,000 Active 139 DOM
5. 2026-06-15
   days on market $75,000 Active 138 DOM
6. 2026-06-13
   days on market $75,000 Active 136 DOM
7. 2026-06-09
   days on market $75,000 Active 132 DOM
8. 2026-06-08
   days on market $75,000 Active 131 DOM
9. 2026-06-07
   days on market $75,000 Active 130 DOM
10. 2026-06-04
    days on market $75,000 Active 127 DOM
11. 2026-06-03
    days on market $75,000 Active 126 DOM
12. 2026-06-02
    days on market $75,000 Active 125 DOM
13. 2026-06-01
    days on market $75,000 Active 124 DOM
14. 2026-05-31
    days on market $75,000 Active 123 DOM
15. 2026-01-28
    listed $75,000 Active 1408-char remark

    Show marketing remark (1408 chars)

    If you’ve been waiting for the right LOCATION with real POTENTIAL, this is it. Board and batten, Shiplap, and classic wall paneling are making a BOLD comeback so use this blank canvas to bring this fixer back to life. Set in one of the best spots within this desirable all-ages community, this home offers unobstructed city-light views, a covered patio, ample parking, and a rare, usable yard—a setting that’s hard to find and easy to love. The home features great bones and original charm and is ready for updates, making it a smart value-add opportunity for investors or buyers looking to personalize and build equity. This is a place where homeownership is still attainable and affordable, giving you the chance to CREATE your dream home without the price tag found elsewhere. Community highlights include newly paved roads, a welcoming clubhouse with regular events, a pool and spa to enjoy the California sunshine, plus a half-court basketball area, horseshoe pits, barbecue grills, playground, and dog park. The Echo Hills Golf Course sits just outside the back gate, while elementary and middle schools are directly across the street, with shopping and dining just minutes away. Bring your vision, take advantage of the great price and timing, and schedule your private showing today—opportunities like this don’t last. * Community Requires a minimum credit score of 650.

16. 2018-04-18
    soldstatus $39,900 Closed Sale 869-char remark

    Show marketing remark (869 chars)

    Beautiful mountain views and peaceful surroundings of the Gate Guarded Saddleback Estates! Newly upgraded and move in ready 3 Bedroom, 2 Bathroom home! The inside features a beautiful Kitchen with an island and plenty of pantry space. There is a large formal Living Room with a separate Dining Room to entertain. There is also a dedicated Laundry Room. In the front of the house there are large boulders that provide a large open space to the East of home that gives you a nice private yard. There is also a great view of the valley from the rear patio with fruit trees. You will enjoy many hours at the Community Clubhouse which has a Pool, Spa, Billiards Room, Kitchen, Dance Floor, Library and More. You will love the location, close to Restaurants, Shopping, Medical, Fishing, and more! 80% of homes are for 55+ and 20% of homes will be sold to families. See TODAY!

17. 2018-03-27
    status Pending Sale 869-char remark

    Show marketing remark (869 chars)

    Beautiful mountain views and peaceful surroundings of the Gate Guarded Saddleback Estates! Newly upgraded and move in ready 3 Bedroom, 2 Bathroom home! The inside features a beautiful Kitchen with an island and plenty of pantry space. There is a large formal Living Room with a separate Dining Room to entertain. There is also a dedicated Laundry Room. In the front of the house there are large boulders that provide a large open space to the East of home that gives you a nice private yard. There is also a great view of the valley from the rear patio with fruit trees. You will enjoy many hours at the Community Clubhouse which has a Pool, Spa, Billiards Room, Kitchen, Dance Floor, Library and More. You will love the location, close to Restaurants, Shopping, Medical, Fishing, and more! 80% of homes are for 55+ and 20% of homes will be sold to families. See TODAY!

18. 2018-03-05
    price $39,900 869-char remark

    Show marketing remark (869 chars)

    Beautiful mountain views and peaceful surroundings of the Gate Guarded Saddleback Estates! Newly upgraded and move in ready 3 Bedroom, 2 Bathroom home! The inside features a beautiful Kitchen with an island and plenty of pantry space. There is a large formal Living Room with a separate Dining Room to entertain. There is also a dedicated Laundry Room. In the front of the house there are large boulders that provide a large open space to the East of home that gives you a nice private yard. There is also a great view of the valley from the rear patio with fruit trees. You will enjoy many hours at the Community Clubhouse which has a Pool, Spa, Billiards Room, Kitchen, Dance Floor, Library and More. You will love the location, close to Restaurants, Shopping, Medical, Fishing, and more! 80% of homes are for 55+ and 20% of homes will be sold to families. See TODAY!

19. 2018-02-14
    listed $45,000 Active 869-char remark

    Show marketing remark (869 chars)

    Beautiful mountain views and peaceful surroundings of the Gate Guarded Saddleback Estates! Newly upgraded and move in ready 3 Bedroom, 2 Bathroom home! The inside features a beautiful Kitchen with an island and plenty of pantry space. There is a large formal Living Room with a separate Dining Room to entertain. There is also a dedicated Laundry Room. In the front of the house there are large boulders that provide a large open space to the East of home that gives you a nice private yard. There is also a great view of the valley from the rear patio with fruit trees. You will enjoy many hours at the Community Clubhouse which has a Pool, Spa, Billiards Room, Kitchen, Dance Floor, Library and More. You will love the location, close to Restaurants, Shopping, Medical, Fishing, and more! 80% of homes are for 55+ and 20% of homes will be sold to families. See TODAY!

20. 2018-01-16
    historical
21. 2017-12-16
    price $49,500
22. 2017-10-23
    price $45,900
23. 2017-10-10
    listed $49,500 Active

ⓘ 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: $23,479
• − Mortgage interest: −$4,201
• − Property taxes: −$1,125
• − Insurance: −$375
• − Repairs & maintenance: −$1,878
• − Management: −$1,878
• − Depreciation: −$2,182
• Taxable income: $11,839
• Est. tax owed @ 24.0%: −$2,841
• After-tax cash flow: $9,487/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

+51.5% since first listed

9 events — show timeline

• 2026-01-28 Listed $75,000 CRMLS
• 2018-04-18 Sold (MLS) $39,900 CRMLS
• 2018-03-27 Pending — CRMLS
• 2018-03-05 Price Changed $39,900 CRMLS
• 2018-02-14 Listed $45,000 CRMLS
• 2018-01-16 Listing Removed — CRMLS
• 2017-12-16 Price Changed $49,500 CRMLS
• 2017-10-23 Price Changed $45,900 CRMLS
• 2017-10-10 Listed $49,500 CRMLS

Property tax history

+3.6%/yr

Latest (2025): $127 · +16.3% YoY. Source: county tax records.