1536 S state St #122 · Hemet, CA 92543

$204,900

3 bd · 2.0 ba · 1,512 sqft · Manufactured · 181 Days on market

Built 2025 Excellent condition $136/sqft · 26% above area Est $163k · 26% over

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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 +25.0/30.0
• DSCR +8.2/10.0
• 1% rule +6.5/10.0
• Condition / age +4.8/5.0
• Rent growth +2.9/5.0
• Livability +2.6/5.0
• Schools +2.5/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautiful brand-new 3-bedroom, 2-bath mobile home located in Hemet’s award-winning #1 all-ages family park (2024). This home features an open floor plan with a spacious kitchen, large center island, and walk-in pantry—perfect for entertaining and everyday living. The kitchen opens seamlessly to the living room, creating a bright and inviting space. Ceiling fans are installed throughout the home for added comfort. Exterior features include a storage shed, a large carport accommodating 2–3 vehicles, and a charming front porch ideal for enjoying stunning views. Enjoy the community pool and park for the kids with clubhouse and activities, Don’t miss this opportunity—schedule your private showing today!

Key facts

• Open floor plan
• Large center island
• Spacious kitchen

Tags

• OPEN FLOOR PLAN
• SPACIOUS KITCHEN
• LARGE CENTER ISLAND
• WALK-IN PANTRY
• STORAGE SHED
• LARGE CARPORT

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $205k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $447 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $205k).
• Recommended offer: $180k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.9% 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 (+1.8%/yr); 264 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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 $2,358/mo this rent would consume 57% 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 $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• It's been on market 181 days — a 12% lower offer ($180k) is reasonable based on typical stale-listing flexibility.

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 $180,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 181 days. Have you received any prior offers? Is the seller open to a 12% 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. 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?
6. 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.
7. 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.
8. 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: 1.15% ✓
• Cap rate: 8.91%
• Cash-on-cash: 9.35%
• DSCR: 1.42
• GRM: 7.2

CMA / ARV

• ARV (median comp): $162,754
• List price: $204,900
• Delta: 25.90%
• Verdict: OVERPRICED
• 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 #147	0.17mi	3/2.0	1,500 (-1%)	11mo	$175,000	$117	81
1536 S State St #180	0.20mi	3/2.0	1,542 (+2%)	12mo	$200,000	$130	78
601 Bermuda	0.33mi	3/2.0	1,440 (-5%)	0mo	$300,000	$208	76
725 W Thornton Ave #109	0.40mi	2/2.0 (-1)	1,440 (-5%)	2mo	$23,900	$17	67
1455 S State St #200	0.27mi	2/2.0 (-1)	1,440 (-5%)	13mo	$72,500	$50	64
1536 S State St #28	0.17mi	3/2.0	1,344 (-11%)	12mo	$198,900	$148	64
725 W Thornton Ave #35	0.39mi	2/2.0 (-1)	1,440 (-5%)	6mo	$77,500	$54	64
521 Bermuda Dr	0.29mi	2/2.0 (-1)	1,672 (+11%)	3mo	$285,000	$170	61
1536 S State St #185	0.17mi	2/2.0 (-1)	1,344 (-11%)	10mo	$140,000	$104	60
1456 Saint Croix Dr	0.32mi	3/2.0	1,674 (+11%)	14mo	$299,000	$179	56
1536 S State St #228	0.26mi	2/2.0 (-1)	1,344 (-11%)	14mo	$137,000	$102	52
725 Thornton #124	0.55mi	2/2.0 (-1)	1,344 (-11%)	14mo	$48,000	$36	39

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: -3.6%
• Equity multiple: 0.87×
• Total profit: $-7,606
• Equity at exit: $30,551

10-year hold

• IRR: 4.7%
• Equity multiple: 1.32×
• Total profit: $18,545
• Equity at exit: $17,716

Cash invested: $57,372 (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: 264
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $2,358 high
• Mortgage (P&I): −$1,075
• Tax est. 1.5%: −$256 /mo · $3,074/yr
• Insurance: −$85
• HOA: −$0
• Vacancy / Maint / Mgmt: −$495
• Net cashflow: $447

Break-even live

Break-even rent $1,792

Max offer price $204,900

Occupancy floor 76%

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: $51,225
• Closing costs: $6,147
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
640 Vista del Monte Hemet, CA	3.0	2.0	1480	$2,650	$1.79	44d	1	0.53mi
795 Cameo Ave Hemet, CA	4.0	2.0	1600	$2,900	$1.81	15d	1	0.57mi
1025 S Gilbert St Hemet, CA	1.0–2.0	1.0–2.0	890	$2,320	$2.61	2d	8	0.69mi
1460 Caprice Ct Hemet, CA	4.0	3.0	1898	$3,250	$1.71	24d	1	0.74mi
860 Douglas Ct Hemet, CA	2.0	2.0	1114	$1,850	$1.66	18d	1	0.82mi
853 Douglas Ct Hemet, CA	2.0	2.0	1148	$1,850	$1.61	4d	1	0.83mi
716 Robert Dr Hemet, CA	3.0	2.0	1450	$2,300	$1.59	5d	1	0.97mi
735 S Gilbert St Hemet, CA	3.0	2.0	1202	$2,400	$2.00	44d	1	1.01mi
876 W Whittier Ave Unit 878 Hemet, CA	2.0	2.0	1127	$2,150	$1.91	24d	1	1.15mi
120 Santa Lucia Dr Hemet, CA	2.0	2.0	1197	$1,600	$1.34	44d	1	1.21mi
101 San Mateo Cir Hemet, CA	2.0	2.0	1152	$1,725	$1.50	17d	1	1.23mi
611 S Palm Ave Unit K Hemet, CA	2.0	2.0	1254	$1,895	$1.51	8d	1	1.28mi
26450 San Jacinto St Hemet, CA	3.0	2.0	1250	$2,295	$1.84	3d	1	1.28mi
1241 Sandlewood Dr Hemet, CA	2.0	1.5	1504	$2,000	$1.33	44d	1	1.33mi
1521 W Westmont Ave Hemet, CA	2.0	2.0	1197	$2,000	$1.67	44d	1	1.38mi
1955 Silver Oak Way Hemet, CA	3.0	2.0	1318	$2,250	$1.71	44d	1	1.40mi
363 S Gilbert St Unit B Hemet, CA	3.0	2.0	1200	$1,900	$1.58	14d	1	1.43mi
363 S Gilbert St Hemet, CA	3.0	2.0	1200	$1,900	$1.58	4d	1	1.43mi
415 S Tahquitz Ave Hemet, CA	3.0	2.0	1766	$2,900	$1.64	18d	1	1.44mi
310 S Carmalita St Hemet, CA	3.0	2.0	2100	$3,200	$1.52	44d	1	1.48mi

Listing history 14 events

1. 2026-06-18
   days on market $204,900 Active 181 DOM
2. 2026-06-17
   days on market $204,900 Active 180 DOM
3. 2026-06-16
   days on market $204,900 Active 179 DOM
4. 2026-06-15
   days on market $204,900 Active 178 DOM
5. 2026-06-13
   days on market $204,900 Active 176 DOM
6. 2026-06-09
   days on market $204,900 Active 172 DOM
7. 2026-06-08
   days on market $204,900 Active 171 DOM
8. 2026-06-07
   days on market $204,900 Active 170 DOM
9. 2026-06-04
   days on market $204,900 Active 167 DOM
10. 2026-06-03
    days on market $204,900 Active 166 DOM
11. 2026-06-02
    days on market $204,900 Active 165 DOM
12. 2026-06-01
    days on market $204,900 Active 164 DOM
13. 2026-05-31
    days on market $204,900 Active 163 DOM
14. 2025-12-19
    listed $204,900 Active 737-char remark

    Show marketing remark (737 chars)

    Beautiful brand-new 3-bedroom, 2-bath mobile home located in Hemet’s award-winning #1 all-ages family park (2024). This home features an open floor plan with a spacious kitchen, large center island, and walk-in pantry—perfect for entertaining and everyday living. The kitchen opens seamlessly to the living room, creating a bright and inviting space. Ceiling fans are installed throughout the home for added comfort. Exterior features include a storage shed, a large carport accommodating 2–3 vehicles, and a charming front porch ideal for enjoying stunning views. Enjoy the community pool and park for the kids with clubhouse and activities, Don’t miss this opportunity—schedule your private showing today!

ⓘ 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: $28,298
• − Mortgage interest: −$11,478
• − Property taxes: −$3,074
• − Insurance: −$1,024
• − Repairs & maintenance: −$2,264
• − Management: −$2,264
• − Depreciation: −$5,961
• Taxable income: $2,234
• Est. tax owed @ 24.0%: −$536
• After-tax cash flow: $4,827/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 · 12 photos

Excellent 95/100 None rehab

This brand-new mobile home in Hemet's award-winning family park is move-in ready with excellent condition and no repairs needed. It offers a spacious kitchen, modern bathrooms, and a well-maintained exterior with a storage shed and carport. The community pool and park add significant value to the property.

Value-add opportunities

• Both Landscaping — Enhances curb appeal and adds value.
• Both Community pool access — Improves quality of life and adds value to the property.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping — Enhances curb appeal and adds value. ↑
• Both Community pool access — Improves quality of life and adds value to the property. ↑

ⓘ 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): 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

1 event — show timeline

• 2025-12-19 Listed $204,900 CRMLS