881 N Lake St #280 · Hemet, CA 92544

$83,000

2 bd · 2.0 ba · 1,152 sqft · Manufactured · 128 Days on market

Built 1977 $72/sqft · 6% below area Est $88k · 6% 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 +10.1/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.7/5.0
• Livability +2.6/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this gorgeous bigger well maintained manufactured home at Casa Del Rey Mobile Home Estates. A beautiful 55+ mobile home park in the city of Hemet. Featuring a very spacious living room with a nice sized dinning area. Kitchen features custom cabinets, stainless steal appliances and a small breakfast area within the kitchen. Down the hallway you will find a nicely sized main bedroom with bathroom ensuite. In the hallway there is a full sized bathroom for guests. Down the hallway you will find a second bedroom. Newer Central AC and heating. Mobile home Park is gated for residents security.

Key facts

• Custom cabinets
• Bathroom ensuite
• Full sized bathroom

Tags

• CUSTOM CABINETS
• STAINLESS STEEL APPLIANCES
• BREAKFAST AREA
• BATHROOM ENSUITE
• FULL SIZED BATHROOM
• GATED FOR RESIDENTS SECURITY

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $83k.

Deal economics

• At list price, monthly cash flow is $846 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $83k).
• Recommended offer: $73k (12.0% below list) — sets the bar for market timing.
• Cap rate 18.5% 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 fast (+4.9%/yr); 323 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 9,195 units permitted in Riverside County in 2024 (1,512 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $574 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 + 4.9% rent growth), your $23k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 128 days — a 12% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 21y 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 5→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $73,040 (12.0% below list)

Questions for the listing agent

1. It's been on market 128 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 1977 — 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: 2.17% ✓
• Cap rate: 18.52%
• Cash-on-cash: 43.68%
• DSCR: 2.94
• GRM: 3.8

CMA / ARV

• ARV (median comp): $88,176
• List price: $83,000
• Delta: -5.87%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
881 Lake Street Space 253	0.09mi	2/2.0	1,200 (+4%)	2mo	$80,000	$67	87
881 N Lake St #357	0.03mi	2/1.0	1,100 (-4%)	1mo	$45,999	$42	86
880 N LAKE St #111	0.18mi	3/2.0 (+1)	1,188 (+3%)	10mo	$112,000	$94	73
24600 Mountain Ave #136	0.27mi	3/2.0 (+1)	1,152 (0%)	14mo	$93,500	$81	71
880 N Lake St #75	0.18mi	3/2.0 (+1)	1,104 (-4%)	21mo	$136,500	$124	62
880 N Lake St #82	0.18mi	3/2.0 (+1)	1,000 (-13%)	4mo	$83,500	$84	61
881 N Lake St #332	0.13mi	2/2.0	1,000 (-13%)	19mo	$78,000	$78	56

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 · 4.9% rent growth · sell at horizon

5-year hold

• IRR: 42.7%
• Equity multiple: 2.89×
• Total profit: $43,960
• Equity at exit: $12,376

10-year hold

• IRR: 49.7%
• Equity multiple: 6.28×
• Total profit: $122,704
• Equity at exit: $7,176

Cash invested: $23,240 (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 92544

• Rents YoY: 4.9%
• Active inventory: 323
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $1,797 high
• Mortgage (P&I): −$435
• Tax est. 1.5%: −$104 /mo · $1,245/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$377
• Net cashflow: $846

Break-even live

Break-even rent $726

Max offer price $83,000

Occupancy floor 48%

Sensitivity live

Price	-10% $903	-5% $875	+0% $846	+5% $817	+10% $789
Rent	-10% $704	-5% $775	+0% $846	+5% $917	+10% $988
Rate	-1.0pp $888	-0.5pp $867	base $846	+0.5pp $824	+1.0pp $803

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: $20,750
• Closing costs: $2,490
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1939 Hooper Dr San Jacinto, CA	2.0	2.0	1111	$1,950	$1.76	25d	1	0.77mi
43170 Wall St Hemet, CA	2.0	2.0	1140	$1,895	$1.66	3d	1	0.78mi
43435 Nola St Hemet, CA	3.0	2.0	1500	$1,950	$1.30	25d	1	0.79mi
25564 Sharp Dr Unit F Hemet, CA	1.0	1.0	832	$1,475	$1.77	44d	1	0.81mi
43611 Florida Ave Unit 10 Hemet, CA	2.0	2.0	850	$1,550	$1.82	44d	1	1.19mi
43601 California 74 Unit 17 Hemet, CA	2.0	2.0	840	$1,400	$1.67	24d	1	1.29mi
43601 E Florida Ave #98 Hemet, CA	2.0	2.0	840	$1,400	$1.67	25d	1	1.30mi
43601 E Florida Ave Hemet, CA	2.0	2.0	960	$1,550	$1.61	44d	1	1.30mi
43601 E Florida Ave Unit 43 Hemet, CA	2.0	2.0	960	$1,500	$1.56	44d	1	1.30mi
43601 E Florida Ave #98 Hemet, CA	2.0	2.0	800	$1,400	$1.75	44d	1	1.30mi
43601 E Florida Ave Unit 43 Hemet, CA	2.0	2.0	960	$1,450	$1.51	24d	1	1.30mi
41900 Acacia Ave Hemet, CA	2.0	1.0	850	$1,800	$2.12	44d	1	1.31mi
43816 C St Hemet, CA	2.0	2.0	1040	$2,250	$2.16	25d	1	1.34mi
26123 Anawood Pl Hemet, CA	2.0	1.0	991	$1,680	$1.70	44d	1	1.36mi
26097 Doverwood Pl Hemet, CA	2.0	1.0	1019	$1,849	$1.81	44d	1	1.39mi
26111 Doverwood Pl Hemet, CA	2.0	1.0	1252	$1,849	$1.48	12d	1	1.40mi
41818 Acacia East Ave Hemet, CA	2.0	1.0	1000	$1,850	$1.85	15d	1	1.41mi
41611 Marine Dr Hemet, CA	2.0	1.0	1050	$1,700	$1.62	13d	1	1.46mi
41541 Marine Dr Hemet, CA	2.0	1.0	1000	$1,700	$1.70	13d	1	1.50mi

Listing history 18 events

1. 2026-06-18
   days on market $83,000 Active 128 DOM
2. 2026-06-17
   days on market $83,000 Active 127 DOM
3. 2026-06-16
   days on market $83,000 Active 126 DOM
4. 2026-06-15
   days on market $83,000 Active 125 DOM
5. 2026-06-13
   days on market $83,000 Active 123 DOM
6. 2026-06-09
   days on market $83,000 Active 119 DOM
7. 2026-06-08
   days on market $83,000 Active 118 DOM
8. 2026-06-07
   days on market $83,000 Active 117 DOM
9. 2026-06-04
   days on market $83,000 Active 114 DOM
10. 2026-06-03
    days on market $83,000 Active 113 DOM
11. 2026-06-02
    days on market $83,000 Active 112 DOM
12. 2026-06-01
    days on market $83,000 Active 111 DOM
13. 2026-05-31
    days on market $83,000 Active 110 DOM
14. 2026-02-10
    listed $83,000 Active 604-char remark

    Show marketing remark (604 chars)

    Welcome to this gorgeous bigger well maintained manufactured home at Casa Del Rey Mobile Home Estates. A beautiful 55+ mobile home park in the city of Hemet. Featuring a very spacious living room with a nice sized dinning area. Kitchen features custom cabinets, stainless steal appliances and a small breakfast area within the kitchen. Down the hallway you will find a nicely sized main bedroom with bathroom ensuite. In the hallway there is a full sized bathroom for guests. Down the hallway you will find a second bedroom. Newer Central AC and heating. Mobile home Park is gated for residents security.

15. 2010-10-21
    historical
16. 2010-03-29
    listed $37,000 Active
17. 2006-03-19
    historical
18. 2005-12-01
    listed $27,000

ⓘ 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 5 d/yr ≥103°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 11 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,564
• − Mortgage interest: −$4,649
• − Property taxes: −$1,245
• − Insurance: −$415
• − Repairs & maintenance: −$1,725
• − Management: −$1,725
• − Depreciation: −$2,415
• Taxable income: $9,390
• Est. tax owed @ 24.0%: −$2,253
• After-tax cash flow: $7,899/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): 51,751
• Household income: $73,596
• Rent vs Own: 31.2% rent · 68.8% own
• Severe rent burden: 1518.0

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 0.59)
• Race & ethnicity: Hispanic / Latino 49% White 40% Two or more races 18% Black 5% Asian 3% Native American 2%
• Hispanic origin (detail): Mexican 43% Puerto Rican 1%
• Common ancestry: Slovak 2% Italian 2% Portuguese 2%
• Foreign-born: 15% · Canada, China
• Languages at home: 70% English-only · Spanish 27% Other Asian/Pacific 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: ▼ -219.06%
• Current HPI: 391.972
• Rent YoY: ▲ 4.90%
• 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

+207.4% since first listed

5 events — show timeline

• 2026-02-10 Listed $83,000 CRMLS
• 2010-10-21 Listing Removed — CRMLS
• 2010-03-29 Listed $37,000 CRMLS
• 2006-03-19 Listing Removed — CRMLS
• 2005-12-01 Listed $27,000 CRMLS