350 E San Jacinto #38

Perris, CA 92571

$199,900B-

3 bd · 2.0 ba · 1,176 sqft · Built 2004 · Manufactured · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,668/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$215
• HOA: −$0
• Vac / Maint / Mgmt: −$560
• Net cashflow: $845/mo
• Annual: $10,137/yr
• Cap rate: 11.36%
• Cash-on-cash: 18.11%
• DSCR: 1.81
• 1% rule: 1.33%
• Cash to close: $55,972

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $200k.
• At list price, monthly cash flow is $845 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• Location reads 67/100 on livability (#322 in CA) — a middle-class / working-renter tenant base. Strengths: housing A+, commute B; Watch: crime C-, health & safety D, schools F.
• Perris Union High (suburban): math 21% / reading 48% proficiency, ranked #282 of 517 in CA (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+7.7%/yr); 136 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 9,195 units permitted in Riverside County in 2024 (1,512 in 5+ unit buildings).
• 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 + 7.7% rent growth), your $56k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 11.4% vs local median 3.7% in Perris — 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.
• This rent runs 35% of the median local income ($92k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.