35099 W Florida Ave Unit B6 · Hemet, CA 92545

$45,000

2 bd · 1.0 ba · 715 sqft · Manufactured · 198 Days on market

Built 1969 Good condition $63/sqft · at area comps Est $46k · at est. $573/mo HOA · 32% of rent ↓ 6% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +8.8/15.0
• Condition / age +3.8/5.0
• Rent growth +3.4/5.0
• Livability +2.6/5.0
• Schools +2.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this well maintained and cozy mobile home located at Santiago Palm Vista, a 55+ community in the city of Hemet. This home features two bedrooms, one bathroom, a screened-in patio, plus a 168 sq. ft. enclosed office/workshop. The spacious kitchen has plenty of light with lots of storage cabinets. Both bedrooms are good size with good sized closets. It has a 10x7 storage shed. Conveniently located between Hemet and Winchester, just minutes to all major shopping, very close to Diamond Valley Lake and 30 Minutes to Temecula's award winning wineries. Home has a new furnace and electrical panel. No HOA, and space rent is $573.

Key facts

• New furnace
• Screened-in patio
• Storage shed

Tags

• SCREENED-IN PATIO
• ENCLOSED OFFICE/WORKSHOP
• STORAGE SHED
• NEW FURNACE
• NEW ELECTRICAL PANEL
• CLOSE TO DIAMOND VALLEY LAKE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $45k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $553 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $45k).
• Recommended offer: $40k (12.0% below list) — sets the bar for market timing.
• Cap rate 21.0% 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 (+3.7%/yr); 290 active listings in the ZIP; 9,195 units permitted in Riverside County in 2024 (1,512 in 5+ unit buildings).
• This rent runs 34% of the median local income ($64k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $311 of loan paydown is wiped out by about $1k 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 + 3.7% rent growth), your $13k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 198 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 3y ago; this cycle's ask has dropped $3k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $35k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 32% of rent.

Recommended offer $39,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 198 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 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 4.04% ✓
• Cap rate: 21.04%
• Cash-on-cash: 52.66%
• DSCR: 3.34
• GRM: 2.1

CMA / ARV

• ARV (median comp): $46,307
• List price: $45,000
• Delta: -2.82%
• Verdict: FAIR
• Comps: 3 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
35099 State Highway 74 Unit G1	0.10mi	1/1.0 (-1)	720 (+1%)	19mo	$28,000	$39	73
35099 Hwy 74 Unit G10	0.10mi	2/1.0	620 (-13%)	23mo	$47,000	$76	54

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 · 3.74% rent growth · sell at horizon

5-year hold

• IRR: 52.4%
• Equity multiple: 3.35×
• Total profit: $29,669
• Equity at exit: $6,710

10-year hold

• IRR: 58.3%
• Equity multiple: 7.22×
• Total profit: $78,407
• Equity at exit: $3,891

Cash invested: $12,600 (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 92545

• Home prices YoY: -24.6%
• Rents YoY: 3.7%
• Active inventory: 290
• Price-to-rent: 2.1×

Monthly cashflow live

• Estimated rent: $1,819 medium
• Mortgage (P&I): −$236
• Tax est. 1.5%: −$56 /mo · $675/yr
• Insurance: −$19
• HOA: −$573
• Vacancy / Maint / Mgmt: −$382
• Net cashflow: $553

Break-even live

Break-even rent $1,119

Max offer price $45,000

Occupancy floor 65%

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $573 · $6,876/yr
• Likely covers: electric

Listing history 27 events

1. 2026-06-18
   days on market $45,000 Active 198 DOM
2. 2026-06-17
   days on market $45,000 Active 197 DOM
3. 2026-06-16
   days on market $45,000 Active 196 DOM
4. 2026-06-15
   days on market $45,000 Active 195 DOM
5. 2026-06-13
   days on market $45,000 Active 193 DOM
6. 2026-06-09
   days on market $45,000 Active 189 DOM
7. 2026-06-08
   days on market $45,000 Active 188 DOM
8. 2026-06-07
   days on market $45,000 Active 187 DOM
9. 2026-06-04
   days on market $45,000 Active 184 DOM
10. 2026-06-03
    days on market $45,000 Active 183 DOM
11. 2026-06-02
    days on market $45,000 Active 182 DOM
12. 2026-06-01
    days on market $45,000 Active 181 DOM
13. 2026-05-31
    days on market $45,000 Active 180 DOM
14. 2026-04-30
    price $45,000 639-char remark

    Show marketing remark (639 chars)

    Welcome to this well maintained and cozy mobile home located at Santiago Palm Vista, a 55+ community in the city of Hemet. This home features two bedrooms, one bathroom, a screened-in patio, plus a 168 sq. ft. enclosed office/workshop. The spacious kitchen has plenty of light with lots of storage cabinets. Both bedrooms are good size with good sized closets. It has a 10x7 storage shed. Conveniently located between Hemet and Winchester, just minutes to all major shopping, very close to Diamond Valley Lake and 30 Minutes to Temecula's award winning wineries. Home has a new furnace and electrical panel. No HOA, and space rent is $573.

15. 2025-12-02
    listed $48,000 Active 639-char remark

    Show marketing remark (639 chars)

    Welcome to this well maintained and cozy mobile home located at Santiago Palm Vista, a 55+ community in the city of Hemet. This home features two bedrooms, one bathroom, a screened-in patio, plus a 168 sq. ft. enclosed office/workshop. The spacious kitchen has plenty of light with lots of storage cabinets. Both bedrooms are good size with good sized closets. It has a 10x7 storage shed. Conveniently located between Hemet and Winchester, just minutes to all major shopping, very close to Diamond Valley Lake and 30 Minutes to Temecula's award winning wineries. Home has a new furnace and electrical panel. No HOA, and space rent is $573.

16. 2025-05-22
    status Active
17. 2025-04-18
    historical Backup Offers Accepted
18. 2025-03-04
    price
19. 2025-03-04
    status Active
20. 2024-09-09
    status Active
21. 2024-08-03
    historical Backup Offers Accepted
22. 2024-05-17
    listed Active
23. 2023-06-19
    soldstatus $35,000 Closed Sale
24. 2023-06-05
    status Pending Sale
25. 2023-04-10
    price $39,900
26. 2023-02-21
    price $45,000
27. 2023-01-28
    listed $48,000 Active

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

Taxation est. · year 1

• Rental income: $21,827
• − Mortgage interest: −$2,521
• − Property taxes: −$675
• − Insurance: −$225
• − Repairs & maintenance: −$1,746
• − Management: −$1,746
• − HOA: −$6,876
• − Depreciation: −$1,309
• Taxable income: $6,729
• Est. tax owed @ 24.0%: −$1,615
• After-tax cash flow: $5,020/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

This mobile home is in good condition with minor repairs needed. Painting the exterior siding and replacing the backsplash and shower curtain can significantly increase its value.

Repairs flagged

• Minor Kitchen backsplash — The backsplash appears to have some minor stains and discoloration.
• Minor Bathroom shower curtain — The shower curtain appears to be slightly worn and could benefit from replacement.

Value-add opportunities

• Both Paint exterior siding — Painting the exterior siding can improve the curb appeal and increase the home's value.
• Both Replace kitchen backsplash — Replacing the backsplash can improve the kitchen's appearance and functionality.
• Both Replace bathroom shower curtain — Replacing the shower curtain can improve the bathroom's appearance and functionality.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen backsplash · The backsplash appears to have some minor stains and discoloration.	Minor	$500–3,000
Bathroom shower curtain · The shower curtain appears to be slightly worn and could benefit from replacement.	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Paint exterior siding — Painting the exterior siding can improve the curb appeal and increase the home's value. ↑
• Both Replace kitchen backsplash — Replacing the backsplash can improve the kitchen's appearance and functionality. ↑
• Both Replace bathroom shower curtain — Replacing the shower curtain can improve the bathroom's appearance and functionality. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 45,982
• Household income: $63,770
• Rent vs Own: 28.8% rent · 71.2% own
• Severe rent burden: 1813.0

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 0.65)
• Race & ethnicity: Hispanic / Latino 46% White 35% Two or more races 17% Black 8% Asian 5% Native American 1%
• Hispanic origin (detail): Mexican 40%
• Common ancestry: Slovak 2% Lithuanian 2% Portuguese 1%
• Foreign-born: 19% · Canada, Vietnam, Jamaica
• Languages at home: 69% English-only · Spanish 27% Tagalog/Filipino 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: ▼ -116.25%
• Current HPI: 356.9414
• Rent YoY: ▲ 3.74%
• 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

-6.2% since first listed

14 events — show timeline

• 2026-04-30 Price Changed $45,000 TheMLS
• 2025-12-02 Listed $48,000 TheMLS
• 2025-05-22 Relisted — TheMLS
• 2025-04-18 Contingent — TheMLS
• 2025-03-04 Price Changed — TheMLS
• 2025-03-04 Relisted — TheMLS
• 2024-09-09 Relisted — TheMLS
• 2024-08-03 Contingent — TheMLS
• 2024-05-17 Listed — TheMLS
• 2023-06-19 Sold (MLS) $35,000 CRMLS
• 2023-06-05 Pending — CRMLS
• 2023-04-10 Price Changed $39,900 CRMLS
• 2023-02-21 Price Changed $45,000 CRMLS
• 2023-01-28 Listed $48,000 CRMLS