5001 Florida Ave #724 · Hemet, CA 92545

$60,000

2 bd · 2.0 ba · 1,596 sqft · Manufactured public records · 73 Days on market

Built 1988 $38/sqft · 12% below area Est $72k · 17% under

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

Listing remarks MLS

Welcome to this charming 2-bedroom, 2-bath PLUS BONUS ROOM home located in the desirable 55+ community of The Lakes at West Hemet. This well-maintained residence offers great features including an oversized living room with a cozy fireplace—perfect for relaxing or entertaining. A nicely sized dining area or optional family room adds flexibility to the layout. The spacious kitchen offers a convenient breakfast bar and abundant cabinet space, ideal for everyday living. Enjoy the comfort of a large indoor laundry room complete with a built-in desk area and additional storage. The primary suite features a generously sized bedroom, walk-in closet, and an en-suite bathroom with dual vanities, a large soaking tub, and a separate walk-in shower. A versatile bonus room provides the option for a third bedroom, office, or hobby space. Outside, you’ll find a covered carport, a nicely sized storage shed, a welcoming porch, and a small yard space to enjoy the outdoors. Residents of The Lakes at West Hemet enjoy resort-style amenities including a golf course, swimming pool and spa, clubhouse with billiards and social events, walking trails, pickleball courts, and gated entry. Conveniently located near shopping centers, restaurants, and grocery shore. This home offers the perfect blend of comfort and active adult living.

Key facts

• Spacious kitchen
• Bonus room
• Cozy fireplace

Tags

• BONUS ROOM
• OVERSIZED LIVING ROOM
• COZY FIREPLACE
• SPACIOUS KITCHEN
• BREAKFAST BAR
• INDOOR LAUNDRY ROOM

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $60k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Recommended offer: $56k (6.0% below list) — sets the bar for market timing.
• Cap rate 32.3% 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; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 9,195 units permitted in Riverside County in 2024 (1,512 in 5+ unit buildings).
• This rent runs 40% 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 $415 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 + 3.7% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($56k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 17y ago; this cycle's ask has dropped $10k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk; extreme-heat days projected 3→9/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $56,400 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% 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: 3.54% ✓
• Cap rate: 32.34%
• Cash-on-cash: 93.03%
• DSCR: 5.14
• GRM: 2.4

CMA / ARV

• ARV (median comp): $72,394
• List price: $60,000
• Delta: -17.12%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5001 W Florida Ave #139	0.00mi	2/2.0	1,560 (-2%)	5mo	$105,000	$67	92
5001 W Florida Ave #400	0.00mi	2/2.0	1,660 (+4%)	8mo	$85,000	$51	87
5001 W Florida #524	0.00mi	2/2.0	1,488 (-7%)	3mo	$62,000	$42	86
5001 W Florida #171	0.00mi	2/2.0	1,440 (-10%)	1mo	$67,000	$47	83
5001 FLORIDA #311	0.00mi	2/2.0	1,440 (-10%)	1mo	$73,990	$51	83
5001 W Florida Ave #305	0.00mi	2/2.0	1,440 (-10%)	2mo	$91,000	$63	82
5001 W Florida #661	0.00mi	2/2.0	1,440 (-10%)	3mo	$97,000	$67	81
5001 W Florida Ave #135	0.10mi	2/2.0	1,504 (-6%)	5mo	$55,000	$37	81
5001 W Florida Ave #482	0.00mi	2/2.0	1,440 (-10%)	4mo	$55,000	$38	80
5001 W Florida Ave #163	0.00mi	2/2.0	1,440 (-10%)	6mo	$50,000	$35	79
5001 W Florida Ave #33	0.00mi	2/2.0	1,440 (-10%)	8mo	$72,000	$50	77
5001 W Florida Ave #250	0.00mi	2/2.0	1,368 (-14%)	7mo	$33,000	$24	70

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: 94.6%
• Equity multiple: 5.45×
• Total profit: $74,825
• Equity at exit: $8,946

10-year hold

• IRR: 97.5%
• Equity multiple: 11.63×
• Total profit: $178,625
• Equity at exit: $5,188

Cash invested: $16,800 (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: 2.4×

Monthly cashflow live

• Estimated rent: $2,122 high
• Mortgage (P&I): −$315
• Tax from tax record: −$35 /mo · $414/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$446
• Net cashflow: $1,302

Break-even live

Break-even rent $474

Max offer price $60,000

Occupancy floor 34%

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4400 W Florida Ave Spc 26 Hemet, CA	3.0	2.0	1193	$1,699	$1.42	14d	1	0.51mi
4400 W Florida Ave Unit 86 Hemet, CA	3.0	2.0	1310	$1,800	$1.37	43d	1	0.54mi
3800 W Devonshire Ave Hemet, CA	3.0	1.0–2.0	816	$2,055	$2.52	1d	8	1.07mi
3030 W Acacia Ave Hemet, CA	1.0–3.0	1.0–2.0	892	$1,895	$2.12	1d	10	1.25mi
828 Greenwich Ct Hemet, CA	3.0	3.0	1977	$2,700	$1.37	18d	1	1.27mi
2971 Pembroke Ave Hemet, CA	3.0	2.0	1572	$3,000	$1.91	18d	1	1.29mi
3471 Dublin Ct Hemet, CA	3.0	2.0	1276	$2,895	$2.27	4d	1	1.39mi

Listing history 16 events

1. 2026-06-18
   days on market $60,000 Active 73 DOM
2. 2026-06-17
   days on market $60,000 Active 72 DOM
3. 2026-06-16
   days on market $60,000 Active 71 DOM
4. 2026-06-15
   days on market $60,000 Active 70 DOM
5. 2026-06-13
   days on market $60,000 Active 68 DOM
6. 2026-06-09
   days on market $60,000 Active 64 DOM
7. 2026-06-08
   days on market $60,000 Active 63 DOM
8. 2026-06-07
   days on market $60,000 Active 62 DOM
9. 2026-06-04
   days on market $60,000 Active 59 DOM
10. 2026-06-03
    days on market $60,000 Active 58 DOM
11. 2026-06-02
    days on market $60,000 Active 57 DOM
12. 2026-06-01
    days on market $60,000 Active 56 DOM
13. 2026-05-31
    days on market $60,000 Active 55 DOM
14. 2026-04-06
    listed $70,000 Active 1339-char remark

    Show marketing remark (1339 chars)

    Welcome to this charming 2-bedroom, 2-bath PLUS BONUS ROOM home located in the desirable 55+ community of The Lakes at West Hemet. This well-maintained residence offers great features including an oversized living room with a cozy fireplace—perfect for relaxing or entertaining. A nicely sized dining area or optional family room adds flexibility to the layout. The spacious kitchen offers a convenient breakfast bar and abundant cabinet space, ideal for everyday living. Enjoy the comfort of a large indoor laundry room complete with a built-in desk area and additional storage. The primary suite features a generously sized bedroom, walk-in closet, and an en-suite bathroom with dual vanities, a large soaking tub, and a separate walk-in shower. A versatile bonus room provides the option for a third bedroom, office, or hobby space. Outside, you’ll find a covered carport, a nicely sized storage shed, a welcoming porch, and a small yard space to enjoy the outdoors. Residents of The Lakes at West Hemet enjoy resort-style amenities including a golf course, swimming pool and spa, clubhouse with billiards and social events, walking trails, pickleball courts, and gated entry. Conveniently located near shopping centers, restaurants, and grocery shore. This home offers the perfect blend of comfort and active adult living.

15. 2010-01-21
    historical
16. 2009-09-24
    listed $59,999 Active

ⓘ 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: $414 · $35/mo
• Projected year-2 tax: $456 · $38/mo
• Expected delta: +$42/yr (+$3/mo · 10.1%)

ⓘ 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 7/10 Severe
• 🌡 Heat 7/10 Severe 3 d/yr ≥105°F today · 9 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: $25,466
• − Mortgage interest: −$3,361
• − Property taxes: −$414
• − Insurance: −$300
• − Repairs & maintenance: −$2,037
• − Management: −$2,037
• − Depreciation: −$1,745
• Taxable income: $15,571
• Est. tax owed @ 24.0%: −$3,737
• After-tax cash flow: $11,891/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 — 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

+16.7% since first listed

3 events — show timeline

• 2026-04-06 Listed $70,000 CRMLS
• 2010-01-21 Listing Removed — CRMLS
• 2009-09-24 Listed $59,999 CRMLS

Property tax history

+0.8%/yr

Latest (2025): $414 · -1.5% YoY. Source: county tax records.