13381 Magnolia #124 · Home Gardens, CA 92879

$114,900

2 bd · 2.0 ba · 1,344 sqft · Manufactured public records · 59 Days on market

Built 1984 $85/sqft · 16% below area Est $136k · 16% 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 +14.5/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.1/10.0
• Rent growth +3.2/5.0
• Livability +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to the incredible 55+ community of Corona Palms. This 2 bedroom, 2 bathroom, 1344 square foot unit is located in a prime location of the community on a large lot with easy guest parking. Step into an open floor plan with a dining room, family room, kitchen nook and functional kitchen. The home includes 2 large bedrooms, 2 full bathrooms and a large individual laundry room. The primary suite has ample closet space and the bathroom includes a separate tub and shower and vanity. Relax under the covered patio while looking at the spacious yard with several fruit trees to enjoy. Covered parking and a shed complete this lovely home. The AC is oversized and newer and the roof has also been replaced. All of this in an active gated community with access to a swimming pool, spa, billiards, card room and clubhouse with a kitchen. Enjoy the convenience of easy access to the 15 and 91 freeways and tons of shopping and restaurants.

Key facts

• Spacious yard
• Open floor plan
• Covered parking

Tags

• OPEN FLOOR PLAN
• COVERED PATIO
• SPACIOUS YARD
• FRUIT TREES
• COVERED PARKING
• SWIMMING POOL

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $115k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $115k).
• Recommended offer: $111k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 55/100 on livability (#833 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A, employment A-; Watch: crime F, amenities F, commute F.
• Corona-Norco Unified (suburban): math 46% / reading 61% proficiency, ranked #312 of 1,400 in CA (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Home Gardens Academy (978 students, 88% FRL); Citrus Hills Intermediate (987 students, 65% FRL); Santiago High (3,460 students, 61% FRL) — zoned schools average 71% FRL vs 35% district-wide (37 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.8%/yr); 91 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals leasing fast (median 8d 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).
• This rent runs 37% of the median local income ($92k/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 $794 of loan paydown is wiped out by about $3k 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 + 2.8% rent growth), your $32k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($111k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 20y 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 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $111,453 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. Crime grade is F 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?
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: 2.45% ✓
• Cap rate: 22.33%
• Cash-on-cash: 57.26%
• DSCR: 3.55
• GRM: 3.4

CMA / ARV

• ARV (median comp): $136,149
• List price: $114,900
• Delta: -15.61%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
13381 Magnolia Ave #172	0.00mi	2/2.0	1,344 (0%)	8mo	$130,000	$97	93
13381 Magnolia Ave #121	0.00mi	3/2.0 (+1)	1,344 (0%)	9mo	$138,000	$103	88
13381 Magnolia #35	0.00mi	2/2.0	1,440 (+7%)	3mo	$131,000	$91	85
13381 Magnolia Ave #127	0.00mi	3/2.0 (+1)	1,344 (0%)	12mo	$105,000	$78	85
13381 Magnolia Ave #140	0.00mi	2/2.0	1,440 (+7%)	14mo	$150,000	$104	76
13381 Magnolia Ave #41	0.00mi	2/2.0	1,440 (+7%)	17mo	$120,000	$83	74
13381 Magnolia Ave #72	0.00mi	3/2.0 (+1)	1,440 (+7%)	12mo	$119,000	$83	73
13381 Magnolia Ave #58	0.00mi	2/2.0	1,536 (+14%)	16mo	$152,000	$99	63
13381 Magnolia Ave #153	0.00mi	2/2.0	1,152 (-14%)	18mo	$140,000	$122	61
777 S Temescal St #8	0.67mi	3/2.0 (+1)	1,440 (+7%)	1mo	$64,500	$45	51
777 S Temescal #11	0.67mi	3/2.0 (+1)	1,440 (+7%)	4mo	$140,000	$97	48
777 S Temescal St #78	0.67mi	3/2.0 (+1)	1,248 (-7%)	17mo	$175,000	$140	38

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 · 2.77% rent growth · sell at horizon

5-year hold

• IRR: 55.5%
• Equity multiple: 3.44×
• Total profit: $78,487
• Equity at exit: $17,132

10-year hold

• IRR: 60.4%
• Equity multiple: 6.95×
• Total profit: $191,505
• Equity at exit: $9,934

Cash invested: $32,172 (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 92879

• Rents YoY: 2.8%
• Active inventory: 91
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $2,817 high
• Mortgage (P&I): −$603
• Tax from tax record: −$40 /mo · $481/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$592
• Net cashflow: $1,535

Break-even live

Break-even rent $874

Max offer price $114,900

Occupancy floor 41%

Sensitivity live

Price	-10% $1,600	-5% $1,568	+0% $1,535	+5% $1,503	+10% $1,470
Rent	-10% $1,313	-5% $1,424	+0% $1,535	+5% $1,646	+10% $1,758
Rate	-1.0pp $1,593	-0.5pp $1,564	base $1,535	+0.5pp $1,505	+1.0pp $1,475

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
13370 Magnolia Ave Corona, CA	3.0	2.0	900	$2,450	$2.72	46d	1	0.13mi
3827 Grant St #54 Corona, CA	3.0	2.5	1354	$3,250	$2.40	6d	1	0.19mi
3721 N Byron St Unit 3731 Corona, CA	2.0	1.0	925	$2,150	$2.32	7d	1	0.43mi
13079 Winterpark Way Riverside, CA	3.0	3.0	1695	$3,350	$1.98	1d	1	0.46mi
3713 Calle Curacso Riverside, CA	3.0	2.0	1300	$3,090	$2.38	19d	1	0.52mi
3713 Calle Curacso Riverside, CA	3.0	2.5	1300	$3,090	$2.38	46d	1	0.52mi
2225 Collett Ave Corona, CA	1.0–3.0	1.0–2.0	1117	$2,937	$2.63	0d	33	0.62mi
451 Wellesley Dr Corona, CA	1.0–3.0	1.0–3.0	1038	$3,032	$2.92	0d	15	0.67mi
2365 Promenade Ave Corona, CA	1.0–2.0	1.0–2.0	892	$2,559	$2.87	1d	17	0.75mi
371 Dylan Cir Corona, CA	3.0	2.0	1625	$3,500	$2.15	6d	1	0.81mi
400 Yellowstone Cir Corona, CA	3.0	2.5	1594	$3,400	$2.13	26d	1	0.83mi
2178 Stoneridge Dr Corona, CA	1.0–3.0	1.0–2.0	946	$2,528	$2.67	0d	10	0.83mi
2235 Treehouse Ln Corona, CA	1.0–2.0	1.0–2.0	886	$2,779	$3.13	1d	18	0.84mi
2215 Lakeside Pl Corona, CA	2.0–3.0	1.0–2.0	1043	$2,265	$2.17	1d	25	0.88mi
501 Roosevelt St Corona, CA	3.0	2.0	1272	$3,350	$2.63	13d	1	0.93mi
545 Hamilton Dr Corona, CA	1.0	1.0	900	$1,900	$2.11	26d	1	0.93mi
2341 Mary Helen St Unit 104 Corona, CA	3.0	2.5	1000	$2,550	$2.55	46d	1	1.01mi
2361 Mary Helen St Unit 102 Corona, CA	2.0	1.5	1000	$2,395	$2.40	4d	1	1.02mi
2235 Indigo Hills Dr #6 Corona, CA	2.0	2.0	1380	$2,950	$2.14	46d	1	1.05mi
2209 Ascot St Corona, CA	3.0	2.5	1318	$2,995	$2.27	46d	1	1.12mi
2930 Via Milano Outside Area (Inside Ca), CA	1.0	2.0	1007	$2,500	$2.48	46d	1	1.14mi
2130 Almeria St Unit 102 Corona, CA	2.0	2.5	1371	$2,950	$2.15	4d	1	1.39mi
1048 Explanada St #103 Corona, CA	3.0	2.5	1524	$3,495	$2.29	20d	1	1.45mi

Listing history 16 events

1. 2026-06-22
   days on market $114,900 Active 59 DOM
2. 2026-06-21
   days on market $114,900 Active 58 DOM
3. 2026-06-18
   days on market $114,900 Active 55 DOM
4. 2026-06-17
   days on market $114,900 Active 54 DOM
5. 2026-06-16
   days on market $114,900 Active 53 DOM
6. 2026-06-15
   days on market $114,900 Active 52 DOM
7. 2026-06-13
   days on market $114,900 Active 50 DOM
8. 2026-06-13
   days on market $114,900 Active 49 DOM
9. 2026-06-09
   days on market $114,900 Active 46 DOM
10. 2026-06-08
    days on market $114,900 Active 45 DOM
11. 2026-06-07
    statusdays on market $114,900 Active 44 DOM
12. 2026-04-17
    listed $114,900 Active 939-char remark

    Show marketing remark (939 chars)

    Welcome to the incredible 55+ community of Corona Palms. This 2 bedroom, 2 bathroom, 1344 square foot unit is located in a prime location of the community on a large lot with easy guest parking. Step into an open floor plan with a dining room, family room, kitchen nook and functional kitchen. The home includes 2 large bedrooms, 2 full bathrooms and a large individual laundry room. The primary suite has ample closet space and the bathroom includes a separate tub and shower and vanity. Relax under the covered patio while looking at the spacious yard with several fruit trees to enjoy. Covered parking and a shed complete this lovely home. The AC is oversized and newer and the roof has also been replaced. All of this in an active gated community with access to a swimming pool, spa, billiards, card room and clubhouse with a kitchen. Enjoy the convenience of easy access to the 15 and 91 freeways and tons of shopping and restaurants.

13. 2026-03-27
    historical
14. 2026-03-21
    listed $179,823 Active
15. 2006-11-16
    historical
16. 2006-05-28
    listed $95,001

ⓘ 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: $481 · $40/mo
• Projected year-2 tax: $873 · $73/mo
• Expected delta: +$392/yr (+$33/mo · 81.5%)

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 8/10 Severe
• 🌡 Heat 7/10 Severe 7 d/yr ≥101°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 19 unhealthy d/yr today · 23 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,808
• − Mortgage interest: −$6,436
• − Property taxes: −$481
• − Insurance: −$574
• − Repairs & maintenance: −$2,705
• − Management: −$2,705
• − Depreciation: −$3,343
• Taxable income: $17,565
• Est. tax owed @ 24.0%: −$4,215
• After-tax cash flow: $14,207/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: Corona-Norco Unified
• NCES district ID: 0609850
• Math proficiency: 46% ▲ 1.00%
• Reading proficiency: 61% ▬ 0.00%
• Median HH income: $83,380
• Composite: 50.72/100
• National rank: #3920
• State rank: #312 of 1400 in CA

Livability — Home Gardens

• Score: 55/100
• State rank: #833
• US rank: #23168

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Home Gardens, CA
• County: Riverside County · 2,287,001 people
• Metro: Riverside-San Bernardino-Ontario, CA
• Population (ZIP): 49,317
• Household income: $92,229
• Rent vs Own: 43.4% rent · 56.6% own
• Severe rent burden: 2058.0

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 0.58)
• Race & ethnicity: Hispanic / Latino 59% White 21% Two or more races 13% Asian 13% Black 5% Native American 2%
• Hispanic origin (detail): Mexican 50%
• Common ancestry: Italian 2% Romanian 1% Armenian 1%
• Foreign-born: 30% · Canada, Vietnam, China
• Languages at home: 43% English-only · Spanish 44% Tagalog/Filipino 2% Other Indo-European 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: ▼ -395.32%
• Current HPI: 380.3129
• Rent YoY: ▲ 2.77%
• 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

+20.9% since first listed

5 events — show timeline

• 2026-04-17 Listed $114,900 CRMLS
• 2026-03-27 Listing Removed — CRMLS
• 2026-03-21 Listed $179,823 CRMLS
• 2006-11-16 Listing Removed — CRMLS
• 2006-05-28 Listed $95,001 CRMLS

Property tax history

-3.1%/yr

Latest (2025): $481 · +7.3% YoY. Source: county tax records.