881 N Lake St #69 · Hemet, CA 92544

$64,200

2 bd · 2.0 ba · 1,056 sqft · Manufactured · 88 Days on market

Manufactured home 55+ age-restricted Built 1978 Good condition $61/sqft · 17% below area Est $78k · 17% under

---

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 +22.5/30.0
• ARV discount +15.0/15.0
• 1% rule +7.5/10.0
• DSCR +7.5/10.0
• Condition / age +3.8/5.0
• Rent growth +3.7/5.0
• Schools +3.2/10.0
• Livability +2.6/5.0
• Appreciation +2.5/10.0
• Manufactured-home adj. -5.5

Listing remarks

Welcome to Casa Del Rey Park, a desirable 55+ gated community offering comfort, convenience, and an active lifestyle. This turnkey 2-bedroom, 2-bath home is move-in ready and features fresh interior paint, new carpeting, and new appliances. Enjoy the peace and privacy of this secure community while being conveniently located near Highway 74, shopping, dining, and everyday amenities. Residents have access to outstanding amenities, including two clubhouses, swimming pools, an enclosed jacuzzi, fitness center, billiards room, library, TV room, conference room, and barbecue area.

Key facts

• Gated community
• New carpeting
• Swimming pools

Tags

• GATED COMMUNITY
• FRESH INTERIOR PAINT
• NEW CARPETING
• NEW APPLIANCES
• TWO CLUBHOUSES
• SWIMMING POOLS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $64k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $721 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $64k).
• Recommended offer: $60k (6.0% below list) — sets the bar for market timing.
• Cap rate 19.8% vs local median 4.4% 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+, amenities F, commute 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.
• Zoned schools: Bautista Creek Elementary (math 10% / reading 50%, grade F, #849 of 1,571 statewide, top 54%, 1,001 students, 80% FRL); Acacia Middle (1,016 students, 94% FRL); Hemet High (math 21% / reading 46%, grade F, #656 of 1,170 statewide, top 57%, 2,438 students, 82% FRL) — zoned schools average 85% FRL vs 66% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.9%/yr); 399 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals lingering (median 80d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% 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 $444 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 $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 88 days — a 6% lower offer ($60k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe 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 $60,348 (6.0% below list)

Questions for the listing agent

1. It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — 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: 2.30% ✓
• Cap rate: 19.77%
• Cash-on-cash: 48.13%
• DSCR: 3.14
• GRM: 3.6

CMA / ARV

• ARV (median comp): $77,500
• List price: $64,200
• Delta: -17.16%
• Verdict: UNDERPRICED
• Comps: 14 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
881 N Lake St #357	0.00mi	2/1.0	1,100 (+4%)	4mo	$45,999	$42	86
880 N Lake St #82	0.20mi	3/2.0 (+1)	1,000 (-5%)	8mo	$83,500	$84	71
881 Lake Street Space 253	0.08mi	2/2.0	1,200 (+14%)	5mo	$80,000	$67	69
881 N Lake St #332	0.10mi	2/2.0	1,000 (-5%)	22mo	$78,000	$78	68
880 N LAKE St #111	0.20mi	3/2.0 (+1)	1,188 (+12%)	14mo	$112,000	$94	54
24600 Mountain Ave #136	0.26mi	3/2.0 (+1)	1,152 (+9%)	17mo	$93,500	$81	53

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: 47.8%
• Equity multiple: 3.14×
• Total profit: $38,412
• Equity at exit: $9,572

10-year hold

• IRR: 54.2%
• Equity multiple: 6.84×
• Total profit: $104,921
• Equity at exit: $5,551

Cash invested: $17,976 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 18 active · 6 under contract
• Months of supply: 27.0 mo (4%/mo absorbed)
• Median asking: $77,000 ($68/sqft)
• Median days on market: 71 d
• This list price: 22% of active listings are priced below it
• ARV vs active asking: +7.3% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 92544

• Rents YoY: 4.9%
• Active inventory: 399
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $1,474 high
• Mortgage (P&I): −$337
• Tax est. 1.5%: −$80 /mo · $963/yr
• Insurance: −$27
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$310
• Net cashflow: $721

Break-even live

Break-even rent $562

Max offer price $64,200

Occupancy floor 46%

Sensitivity live

Price	-10% $765	-5% $743	+0% $721	+5% $699	+10% $677
Rent	-10% $605	-5% $663	+0% $721	+5% $779	+10% $837
Rate	-1.0pp $753	-0.5pp $737	base $721	+0.5pp $704	+1.0pp $687

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: $16,050
• Closing costs: $1,926
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
25060 Steiner Dr Hemet, CA	3.0	2.0	1133	$2,500	$2.21	6d	1	0.36mi
1939 Hooper Dr San Jacinto, CA	2.0	2.0	1111	$1,950	$1.76	120d	1	0.77mi
43170 Wall St Hemet, CA	2.0	2.0	1140	$1,795	$1.57	87d	1	0.78mi
43435 Nola St Hemet, CA	3.0	2.0	1500	$1,900	$1.27	6d	1	0.79mi
25564 Sharp Dr Unit F Hemet, CA	1.0	1.0	832	$1,475	$1.77	139d	1	0.81mi
43205 Andrade Ave Unit C Hemet, CA	2.0	2.0	1384	$2,200	$1.59	7d	1	0.85mi
43676 Brendan Ct Hemet, CA	2.0	2.0	1152	$1,995	$1.73	6d	1	1.07mi
43611 Florida Ave Unit 10 Hemet, CA	2.0	2.0	850	$1,550	$1.82	139d	1	1.19mi
41987 Briarwood Ave Unit 41989 Hemet, CA	2.0	2.0	1100	$1,850	$1.68	79d	1	1.24mi
43601 California 74 Unit 17 Hemet, CA	2.0	2.0	840	$1,400	$1.67	119d	1	1.29mi
41893 Briarwood Ave Unit 41895 Hemet, CA	2.0	2.0	1120	$1,700	$1.52	89d	1	1.30mi
43601 E Florida Ave #98 Hemet, CA	2.0	2.0	800	$1,400	$1.75	139d	1	1.30mi
43601 E Florida Ave Unit 43 Hemet, CA	2.0	2.0	960	$1,500	$1.56	139d	1	1.30mi
43601 E Florida Ave Hemet, CA	2.0	2.0	960	$1,550	$1.61	139d	1	1.30mi
43601 E Florida Ave Unit 43 Hemet, CA	2.0	2.0	960	$1,500	$1.56	0d	1	1.30mi
43601 E Florida Ave #98 Hemet, CA	2.0	2.0	840	$1,400	$1.67	5d	1	1.30mi
41900 Acacia Ave Hemet, CA	2.0	1.0	850	$1,800	$2.12	139d	1	1.31mi
41869 Briarwood Ave Hemet, CA	2.0	2.0	1120	$1,950	$1.74	70d	1	1.32mi
41820 Briarwood Ave Hemet, CA	2.0	2.0	1120	$1,850	$1.65	18d	1	1.32mi
43816 C St Hemet, CA	2.0	2.0	1040	$2,250	$2.16	120d	1	1.34mi
43841 Nathan Dr Hemet, CA	3.0	2.0	1192	$2,500	$2.10	46d	1	1.35mi
43464 Briercliff Dr Hemet, CA	2.0	2.0	1073	$1,399	$1.30	54d	1	1.35mi
43480 Briercliff Dr Hemet, CA	2.0	1.0	1019	$1,800	$1.77	84d	1	1.36mi
26123 Anawood Pl Hemet, CA	2.0	1.0	991	$1,680	$1.70	70d	1	1.36mi
41672 Marine Dr Unit 41672 Hemet, CA	2.0	2.0	1000	$1,775	$1.77	89d	1	1.39mi
41861 Acacia East Ave Hemet, CA	3.0	2.0	1300	$2,249	$1.73	4d	1	1.39mi
41861 Acacia East Ave Hemet, CA	3.0	2.0	1300	$2,249	$1.73	27d	1	1.39mi
26097 Doverwood Pl Hemet, CA	2.0	1.0	1019	$1,849	$1.81	139d	1	1.39mi
26111 Doverwood Pl Hemet, CA	2.0	1.0	1252	$1,799	$1.44	6d	1	1.40mi
41818 Acacia East Ave Hemet, CA	2.0	1.0	1000	$1,800	$1.80	44d	1	1.41mi
41599 Marine Dr Hemet, CA	2.0	2.0	1050	$1,950	$1.86	18d	1	1.45mi
41611 Marine Dr Hemet, CA	2.0	1.0	1050	$1,700	$1.62	108d	1	1.46mi
41541 Marine Dr Hemet, CA	2.0	1.0	1000	$1,700	$1.70	108d	1	1.50mi

Property features AI

Finance

• Other: Lot described as 0-1 Unit/AcreElevation measured in feet
• Financial info: Land lease of $700 monthly (seller provided)
• HOA & community: Senior communityPark name: Casa Del ReyManager approval requiredPets: contact manager

Exterior

• Parking: Located in Casa Del Rey park
• Utilities: Public sewerDistrict/Public water
• Home design: Mobile home (Whittier model)Double-wide bodySingle story
• Construction: Mobile home remains on lotMobile dimensions approximately 24 ft wide by 44 ft long
• Exterior features: Community poolSidewalks

Interior

• Bedrooms: Entry level: 1
• Flooring: Vinyl flooring
• Bathrooms: 2 full bathrooms with bathtub and shower
• Interior features: One-level home with entry on the left sideCommunity spa
• Laundry & utility: Community laundry

Listing history 50 events

1. 2026-09-04
   days on market $64,200 Active 88 DOM
2. 2026-09-03
   days on market $64,200 Active 87 DOM
3. 2026-08-28
   days on market $64,200 Active 86 DOM
4. 2026-08-27
   days on market $64,200 Active 85 DOM
5. 2026-08-26
   days on market $64,200 Active 84 DOM
6. 2026-08-25
   days on market $64,200 Active 83 DOM
7. 2026-08-24
   days on market $64,200 Active 82 DOM
8. 2026-08-23
   days on market $64,200 Active 81 DOM
9. 2026-08-22
   days on market $64,200 Active 80 DOM
10. 2026-08-21
    days on market $64,200 Active 79 DOM
11. 2026-08-20
    days on market $64,200 Active 78 DOM
12. 2026-08-19
    days on market $64,200 Active 77 DOM
13. 2026-08-18
    days on market $64,200 Active 76 DOM
14. 2026-08-17
    days on market $64,200 Active 75 DOM
15. 2026-08-16
    days on market $64,200 Active 74 DOM
16. 2026-08-15
    days on market $64,200 Active 73 DOM
17. 2026-08-14
    days on market $64,200 Active 72 DOM
18. 2026-08-13
    days on market $64,200 Active 71 DOM
19. 2026-08-12
    days on market $64,200 Active 70 DOM
20. 2026-08-11
    days on market $64,200 Active 69 DOM
21. 2026-08-10
    days on market $64,200 Active 68 DOM
22. 2026-08-09
    days on market $64,200 Active 67 DOM
23. 2026-08-08
    days on market $64,200 Active 66 DOM
24. 2026-08-06
    days on market $64,200 Active 64 DOM
25. 2026-08-05
    days on market $64,200 Active 63 DOM
26. 2026-08-04
    days on market $64,200 Active 62 DOM
27. 2026-08-03
    days on market $64,200 Active 61 DOM
28. 2026-07-31
    days on market $64,200 Active 58 DOM
29. 2026-07-30
    days on market $64,200 Active 57 DOM
30. 2026-07-30
    days on market $64,200 Active 56 DOM
31. 2026-07-28
    pricedays on market $64,200 Active 55 DOM
32. 2026-07-26
    days on market $76,200 Active 53 DOM
33. 2026-07-24
    days on market $76,200 Active 51 DOM
34. 2026-07-23
    days on market $76,200 Active 50 DOM
35. 2026-07-22
    days on market $76,200 Active 49 DOM
36. 2026-07-21
    days on market $76,200 Active 48 DOM
37. 2026-07-20
    days on market $76,200 Active 47 DOM
38. 2026-07-18
    days on market $76,200 Active 45 DOM
39. 2026-07-18
    days on market $76,200 Active 44 DOM
40. 2026-07-16
    days on market $76,200 Active 43 DOM
41. 2026-07-15
    days on market $76,200 Active 42 DOM
42. 2026-07-14
    days on market $76,200 Active 41 DOM
43. 2026-07-13
    days on market $76,200 Active 40 DOM
44. 2026-07-13
    days on market $76,200 Active 39 DOM
45. 2026-07-11
    days on market $76,200 Active 38 DOM
46. 2026-07-10
    days on market $76,200 Active 37 DOM
47. 2026-07-09
    days on market $76,200 Active 36 DOM
48. 2026-07-07
    days on market $76,200 Active 34 DOM
49. 2026-07-06
    days on market $76,200 Active 33 DOM
50. 2026-07-06
    days on market $76,200 Active 32 DOM

ⓘ 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 8/10 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: $17,691
• − Mortgage interest: −$3,596
• − Property taxes: −$963
• − Insurance: −$321
• − Repairs & maintenance: −$1,415
• − Management: −$1,415
• − Depreciation: −$1,868
• Taxable income: $8,113
• Est. tax owed @ 24.0%: −$1,947
• After-tax cash flow: $6,705/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.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab Est. rehab $5,280–$15,840 screening

This manufactured home is in good condition with minimal repairs needed. It is move-in ready and has a good curb appeal. Painting the exterior siding and replacing the HVAC system would significantly increase its resale and rental value.

Value-add opportunities

• Resale Paint the exterior siding — Painting the exterior siding can enhance the home's curb appeal and make it more attractive to potential buyers. ↑
• Rental Replace the HVAC system — A new HVAC system can improve the comfort and energy efficiency of the home, making it more appealing to renters. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 32/100

Zoned Schools

Elementary Bautista Creek Elementary F CA #849/1,571 Nat'l #26,646/41,679 Middle Acacia Middle High Hazard High School F KY #76/254 Nat'l #9,639/17,239

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

D Composite livability gradescore 51/100

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 · 2,664,475 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: 11% of renters

---

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

Property features AI

Finance

• Other: Lot described as 0-1 Unit/AcreElevation measured in feet
• Financial info: Land lease of $700 monthly (seller provided)
• HOA & community: Senior communityPark name: Casa Del ReyManager approval requiredPets: contact manager

Exterior

• Parking: Located in Casa Del Rey park
• Utilities: Public sewerDistrict/Public water
• Home design: Mobile home (Whittier model)Double-wide bodySingle story
• Construction: Mobile home remains on lotMobile dimensions approximately 24 ft wide by 44 ft long
• Exterior features: Community poolSidewalks

Interior

• Bedrooms: Entry level: 1
• Flooring: Vinyl flooring
• Bathrooms: 2 full bathrooms with bathtub and shower
• Interior features: One-level home with entry on the left sideCommunity spa
• Laundry & utility: Community laundry

Price history

1 event — show timeline

• 2026-06-03 Listed $76,200 CRMLS