39175 Boulder Dr · Anza, CA 92539

$228,000

3 bd · 2.0 ba · 1,824 sqft · Manufactured public records · 103 Days on market

Built 1983 4.30 ac lot $125/sqft · at area comps Est $236k · at est.

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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 +18.5/30.0
• Appreciation +10.0/10.0
• ARV discount +9.1/15.0
• DSCR +5.8/10.0
• 1% rule +4.8/10.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Livability +2.2/5.0

Listing remarks MLS

3 bed 2 bath manufactured home 1824 square feet on 4.30 acres of usable land with good access in Anza. This home is in need of significant repair. There is some fire damage in one corner of the home. This property has great views and lots of potential, perfect for contractors or flippers. There is some fencing. Great mountain views and close to paved road.

Key facts

• Good access
• Fencing
• Close to paved road

Tags

• USABLE LAND
• GOOD ACCESS
• FENCING
• MOUNTAIN VIEWS
• CLOSE TO PAVED ROAD

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $228k.

Deal economics

• At list price, monthly cash flow is $219 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $224k (1.7% below list).
• Recommended offer: $207k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.4% vs local median 3.5% in Anza — 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 45/100 on livability (#1,301 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A-, crime B; Watch: schools F, 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.
• Market conditions: 155 active listings in the ZIP; 9,195 units permitted in Riverside County in 2024 (1,512 in 5+ unit buildings).

Forward outlook

• In year one you build about $24k of equity ($2k loan paydown + $23k appreciation (10.0% local appreciation)).
• Riverside County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $64k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 103 days — a 9% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 15y 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: severe wildfire risk; extreme-heat days projected 8→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $207,480 (9.0% below list)

Questions for the listing agent

1. It's been on market 103 days. Have you received any prior offers? Is the seller open to a 9% 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. 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.
6. 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.
7. 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: 0.98% ✗
• Cap rate: 7.45%
• Cash-on-cash: 4.12%
• DSCR: 1.18
• GRM: 8.5

CMA / ARV

• ARV (median comp): $236,450
• List price: $228,000
• Delta: -3.57%
• Verdict: FAIR
• Comps: 7 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
39630 Howard	0.74mi	3/2.0	1,632 (-10%)	5mo	$350,000	$214	44
53258 Denny Ln	0.72mi	2/2.0 (-1)	1,767 (-3%)	21mo	$334,000	$189	39

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 27.3%
• Equity multiple: 3.16×
• Total profit: $138,144
• Equity at exit: $205,400

10-year hold

• IRR: 23.8%
• Equity multiple: 7.20×
• Total profit: $395,877
• Equity at exit: $442,954

Cash invested: $63,840 (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 92539

• Home prices YoY: 16.5%
• Active inventory: 155
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $2,241 medium
• Mortgage (P&I): −$1,196
• Tax from tax record: −$260 /mo · $3,124/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$471
• Net cashflow: $219

Break-even live

Break-even rent $1,963

Max offer price $228,000

Occupancy floor 85%

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: $57,000
• Closing costs: $6,840
• Reserves months: —
• Total cash needed: —

Listing history 41 events

1. 2026-06-18
   days on market $228,000 Active 103 DOM
2. 2026-06-17
   days on market $228,000 Active 102 DOM
3. 2026-06-16
   days on market $228,000 Active 101 DOM
4. 2026-06-15
   days on market $228,000 Active 100 DOM
5. 2026-06-13
   days on market $228,000 Active 98 DOM
6. 2026-06-09
   days on market $228,000 Active 94 DOM
7. 2026-06-08
   days on market $228,000 Active 93 DOM
8. 2026-06-07
   days on market $228,000 Active 92 DOM
9. 2026-06-04
   days on market $228,000 Active 89 DOM
10. 2026-06-03
    days on market $228,000 Active 88 DOM
11. 2026-06-02
    days on market $228,000 Active 87 DOM
12. 2026-06-01
    days on market $228,000 Active 86 DOM
13. 2026-05-31
    days on market $228,000 Active 85 DOM
14. 2026-03-07
    listed $228,000 Active 358-char remark

    Show marketing remark (358 chars)

    3 bed 2 bath manufactured home 1824 square feet on 4.30 acres of usable land with good access in Anza. This home is in need of significant repair. There is some fire damage in one corner of the home. This property has great views and lots of potential, perfect for contractors or flippers. There is some fencing. Great mountain views and close to paved road.

15. 2025-02-28
    historical
16. 2025-01-14
    listed $250,000 Active
17. 2023-06-24
    historical
18. 2022-06-24
    listed $398,000 Active
19. 2018-11-16
    soldstatus $230,000 Closed Sale
20. 2018-11-16
    soldstatus $230,000
21. 2018-10-23
    status Pending Sale
22. 2018-10-09
    price $230,000
23. 2018-09-21
    price $229,000
24. 2018-08-04
    status Active
25. 2018-07-13
    status Pending Sale
26. 2018-06-04
    price $240,000
27. 2018-05-02
    listed $252,000 Active
28. 2012-08-30
    historical
29. 2012-08-30
    soldstatus $80,000 Closed
30. 2012-08-30
    soldstatus $80,000
31. 2012-07-06
    status Pending
32. 2012-06-29
    listed $79,900 Active
33. 2011-12-01
    historical Hold
34. 2011-11-14
    price $69,900
35. 2011-11-11
    status Active
36. 2011-11-10
    historical Hold
37. 2011-11-10
    status Active
38. 2011-10-21
    status Pending
39. 2011-10-16
    listed $72,307 Active
40. 1997-11-24
    soldstatus $90,000
41. 1982-05-01
    soldstatus $47,000

ⓘ 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: $3,124 · $260/mo
• Projected year-2 tax: $3,124 · $260/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 10/10 Extreme
• 🌡 Heat 5/10 Major 8 d/yr ≥95°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 7 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,886
• − Mortgage interest: −$12,772
• − Property taxes: −$3,124
• − Insurance: −$1,140
• − Repairs & maintenance: −$2,151
• − Management: −$2,151
• − Depreciation: −$6,633
• Taxable loss: −$1,084
• Est. tax savings @ 24.0%: +$260
• After-tax cash flow: $2,888/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 — Anza

• Score: 45/100
• State rank: #1301
• US rank: #26600

Category grades

Amenities F Commute F Cost of living F Crime B Employment D- Housing A- Health & safety F User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Anza, CA
• Population (ZIP): 3,480

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 0.57)
• Race & ethnicity: White 54% Hispanic / Latino 36% Two or more races 16% Asian 8% Native American 4%
• Hispanic origin (detail): Mexican 34%
• Common ancestry: Italian 6% Lithuanian 4% Slovak 3%
• Foreign-born: 12% · Canada, South Korea, China
• Languages at home: 66% English-only · Spanish 26% Korean 4% Chinese 2%

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: ▲ 46.58%
• Current HPI: 329.4083
• Rent YoY: —
• Metro: —
• 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

+385.1% since first listed

28 events — show timeline

• 2026-03-07 Listed $228,000 CRMLS
• 2025-02-28 Listing Removed — CRMLS
• 2025-01-14 Listed $250,000 CRMLS
• 2023-06-24 Listing Removed — CRMLS
• 2022-06-24 Listed $398,000 CRMLS
• 2018-11-16 Sold (Public Records) $230,000 Public Records
• 2018-11-16 Sold (MLS) $230,000 CRMLS
• 2018-10-23 Pending — CRMLS
• 2018-10-09 Price Changed $230,000 CRMLS
• 2018-09-21 Price Changed $229,000 CRMLS
• 2018-08-04 Relisted — CRMLS
• 2018-07-13 Pending — CRMLS
• 2018-06-04 Price Changed $240,000 CRMLS
• 2018-05-02 Listed $252,000 CRMLS
• 2012-08-30 Listing Removed — CRMLS
• 2012-08-30 Sold (Public Records) $80,000 Public Records
• 2012-08-30 Sold (MLS) $80,000 CRMLS
• 2012-07-06 Pending — CRMLS
• 2012-06-29 Listed $79,900 CRMLS
• 2011-12-01 Delisted — CRMLS
• 2011-11-14 Price Changed $69,900 CRMLS
• 2011-11-11 Relisted — CRMLS
• 2011-11-10 Delisted — CRMLS
• 2011-11-10 Relisted — CRMLS
• 2011-10-21 Pending — CRMLS
• 2011-10-16 Listed $72,307 CRMLS
• 1997-11-24 Sold (Public Records) $90,000 Public Records
• 1982-05-01 Sold (Public Records) $47,000 Public Records

Property tax history

+5.7%/yr

Latest (2025): $3,124 · +2.8% YoY. Source: county tax records.