32600 State HWY 74 CA #51 · Homeland, CA 92545

$55,500

2 bd · 2.0 ba · 1,440 sqft · Manufactured · 381 Days on market

Built 1973 ↓ 15% 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 +7.5/15.0
• Schools +3.7/10.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Livability +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome To Panorama Cove Charming Hilly Serene 55+ Community close to Homeland. This 1,440 Sqft Home offers 2 Beds / 2 Baths / Living Room / Dining Room / Family Room / Laundry Area / Covered Porch / New A/C / New Furnance / New Water Heater / Carport & Shed @ a price point that will not disappoint! This place would be great to call your new home. Community only has 152 Homes, Large Clubhouse / Pool & AMAZING Views! Space Fee Includes: Water, Sewer & Trash! Come CHECK out this Home today.

Key facts

• Covered porch
• New furnace
• New water heater

Tags

• LARGE CLUBHOUSE
• POOL
• COVERED PORCH
• NEW A/C
• NEW FURNACE
• NEW WATER HEATER

Property features AI

Finance

• Other: Body type: Double (multi-unit); Property condition: Repairs cosmetic
• Financial info: Land lease of $885 monthly (park); Rent includes trash, water and sewer
• HOA & community: Senior community; Park name: Panorama Cove; Manager approval required; Pets allowed: call

Exterior

• Parking: Carport (2 carport spaces, total 2 parking spaces); Has parking
• Security: Smoke detector
• Utilities: District/Public water; Public sewer; Standard electric; Sewer, electricity and water connected
• Home design: Single-story mobile home (Newport model); One total story; Mobile home remains; Entrance on level 1; Access via city streets; Paved road frontage
• Construction: Metal construction materials; Pier jacks foundation
• Exterior features: Covered patio/porch; Shed; Community pool; Steel skirt; Lot-level/flat; 0–1 unit per acre; Street lighting; Has view; 2+ access exits

Interior

• Kitchen: Refrigerator; Dishwasher; Water heater unit; Laminate counters
• Bedrooms: Primary bedroom (main level)
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms; Shower in tub; Shower
• Heating & cooling: Central furnace heating; Central cooling
• Interior features: Panel doors; Laminate counters; Blinds; Smoke detector; Level entry
• Laundry & utility: Laundry in its own room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $56k.

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 $56k).
• Recommended offer: $49k (12.0% below list) — sets the bar for market timing.
• Cap rate 35.3% vs local median 6.0% in Homeland — 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 45/100 on livability (#1,297 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A+; Watch: cost of living C-, health & safety C-, employment D.
• Romoland Elementary (suburban): math 35% / reading 44% proficiency, ranked #699 of 1,400 in CA (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Harvest Valley Elementary (775 students, 89% FRL); Ethan A Chase Middle (1,368 students, 73% FRL) — zoned schools average 81% FRL vs 58% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.7%/yr); 292 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 9,195 units permitted in Riverside County in 2024 (1,512 in 5+ unit buildings).
• This rent runs 41% 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 $384 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 $16k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 381 days — a 12% lower offer ($49k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $48,840 (12.0% below list)

Questions for the listing agent

1. It's been on market 381 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 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 3.93% ✓
• Cap rate: 35.28%
• Cash-on-cash: 103.51%
• DSCR: 5.61
• GRM: 2.1

CMA / ARV

• ARV (on-the-fly): $161,280
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
32600 State Highway 74 #42	0.09mi	2/2.0	1,400 (-3%)	24mo	$48,000	$34	71
32600 Highway 74 #93	0.08mi	3/2.0 (+1)	1,333 (-7%)	9mo	$118,500	$89	71
32600 State Highway 74 #35	0.08mi	2/2.0	1,246 (-14%)	4mo	$62,000	$50	70
32600 State Highway 74 #122	0.08mi	3/2.0 (+1)	1,344 (-7%)	14mo	$149,900	$112	69
26350-26350 Cortrite	0.27mi	3/2.0 (+1)	1,248 (-13%)	4mo	$425,000	$341	57
26484 Green Ave	0.42mi	3/2.0 (+1)	1,493 (+4%)	24mo	$490,000	$328	49
33040 Catlin Ave	0.44mi	3/2.0 (+1)	1,570 (+9%)	19mo	$470,000	$299	43

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: —
• Equity multiple: 6.02×
• Total profit: $78,049
• Equity at exit: $8,275

10-year hold

• IRR: —
• Equity multiple: 12.89×
• Total profit: $184,848
• Equity at exit: $4,799

Cash invested: $15,540 (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: 292
• Price-to-rent: 2.1×

Monthly cashflow live

• Estimated rent: $2,182 medium
• Mortgage (P&I): −$291
• Tax est. 1.5%: −$69 /mo · $832/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$458
• Net cashflow: $1,340

Break-even live

Break-even rent $486

Max offer price $55,500

Occupancy floor 34%

Sensitivity live

Price	-10% $1,379	-5% $1,360	+0% $1,340	+5% $1,321	+10% $1,302
Rent	-10% $1,168	-5% $1,254	+0% $1,340	+5% $1,427	+10% $1,513
Rate	-1.0pp $1,368	-0.5pp $1,355	base $1,340	+0.5pp $1,326	+1.0pp $1,311

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: $13,875
• Closing costs: $1,665
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
33099 Old State Hwy Hemet, CA	3.0	2.0	1440	$2,300	$1.60	0d	1	0.42mi
180 Lehman Way Hemet, CA	3.0	2.0	1861	$2,500	$1.34	17d	1	1.42mi

Listing history 19 events

1. 2026-06-21
   days on market $55,500 Active 381 DOM
2. 2026-06-18
   days on market $55,500 Active 378 DOM
3. 2026-06-17
   days on market $55,500 Active 377 DOM
4. 2026-06-16
   days on market $55,500 Active 376 DOM
5. 2026-06-15
   days on market $55,500 Active 375 DOM
6. 2026-06-13
   days on market $55,500 Active 373 DOM
7. 2026-06-09
   days on market $55,500 Active 369 DOM
8. 2026-06-08
   days on market $55,500 Active 368 DOM
9. 2026-06-07
   days on market $55,500 Active 367 DOM
10. 2026-06-04
    days on market $55,500 Active 364 DOM
11. 2026-06-03
    days on market $55,500 Active 363 DOM
12. 2026-06-02
    days on market $55,500 Active 362 DOM
13. 2026-06-01
    days on market $55,500 Active 361 DOM
14. 2026-05-31
    days on market $55,500 Active 360 DOM
15. 2026-04-01
    price $58,500
16. 2026-02-02
    price $61,500
17. 2025-08-19
    price $63,500
18. 2025-07-20
    price $66,500
19. 2025-06-05
    listed $69,000 Active

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 8/10 Severe
• 🌡 Heat 7/10 Severe 7 d/yr ≥104°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 10 unhealthy d/yr today · 14 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,187
• − Mortgage interest: −$3,109
• − Property taxes: −$832
• − Insurance: −$278
• − Repairs & maintenance: −$2,095
• − Management: −$2,095
• − Depreciation: −$1,615
• Taxable income: $16,164
• Est. tax owed @ 24.0%: −$3,879
• After-tax cash flow: $12,206/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: Romoland Elementary
• NCES district ID: 0633390
• Math proficiency: 35% ▲ 2.00%
• Reading proficiency: 44% ▲ 1.00%
• Median HH income: $58,935
• Composite: 37.36/100
• National rank: #8931
• State rank: #699 of 1400 in CA

Livability — Homeland

• Score: 45/100
• State rank: #1297
• US rank: #26584

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Homeland, CA
• County: Riverside County · 2,287,001 people
• 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

-15.2% since first listed

5 events — show timeline

• 2026-04-01 Price Changed $58,500 CRMLS
• 2026-02-02 Price Changed $61,500 CRMLS
• 2025-08-19 Price Changed $63,500 CRMLS
• 2025-07-20 Price Changed $66,500 CRMLS
• 2025-06-05 Listed $69,000 CRMLS