1536 S State St #36 · Hemet, CA 92543

$174,900

3 bd · 2.0 ba · 1,056 sqft · Manufactured · 113 Days on market

Built 2022 Good condition $166/sqft · 90% above area ↓ 3% since listing

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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 +27.3/30.0
• DSCR +9.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• Condition / age +3.8/5.0
• Rent growth +2.9/5.0
• Livability +2.6/5.0
• Schools +2.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to Saddleback Mobile Home Estates, a gated all-age community in Hemet. This 2022-built manufactured home offers 3 bedrooms, 2 bathrooms, and 1,056 sq ft with a bright open floor plan connecting the living, dining, and kitchen areas. The primary bedroom includes a private en-suite bath, and two additional bedrooms provide space for guests, family, or a home office. Newer construction offers energy efficiency and low-maintenance living. Community amenities include a gated entrance, pool and spa, clubhouse, playground, basketball court, billiards room, library, BBQ and outdoor dining areas, plus RV and boat storage. Pet-friendly community. Conveniently located near schools, shopping, dining, and quick access to Domenigoni Pkwy.

Key facts

• Gated community
• Community amenities
• Quick access

Tags

• GATED COMMUNITY
• ENERGY EFFICIENCY
• LOW MAINTENANCE LIVING
• COMMUNITY AMENITIES
• PET FRIENDLY COMMUNITY
• QUICK ACCESS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $175k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $505 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $159k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.8% 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; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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 $2,051/mo this rent would consume 50% 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 $5k 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 113 days — a 9% lower offer ($159k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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: 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 $159,159 (9.0% below list)

Questions for the listing agent

1. It's been on market 113 days. Have you received any prior offers? Is the seller open to a 9% 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: 1.17% ✓
• Cap rate: 9.76%
• Cash-on-cash: 12.38%
• DSCR: 1.55
• GRM: 7.1

CMA / ARV

• ARV (median comp): $92,073
• List price: $174,900
• Delta: 89.96%
• Verdict: OVERPRICED
• Comps: 16 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 #134	0.00mi	3/2.0	1,058 (+0%)	9mo	$122,500	$116	92
1536 State St #75	0.00mi	2/2.0 (-1)	1,080 (+2%)	12mo	$52,500	$49	81
1700 S State St #76	0.25mi	3/2.0	1,056 (0%)	10mo	$50,000	$47	80
1536 STATE #129	0.00mi	2/1.0 (-1)	1,050 (-1%)	13mo	$53,000	$50	80
1536 S STATE St #14	0.11mi	2/2.0 (-1)	1,080 (+2%)	11mo	$91,500	$85	77
1536 S State St #139	0.00mi	2/2.0 (-1)	1,100 (+4%)	14mo	$70,000	$64	77
1536 S State St #58	0.00mi	2/2.0 (-1)	1,152 (+9%)	6mo	$125,000	$109	75
1455 S State St #111	0.33mi	2/2.0 (-1)	1,040 (-2%)	3mo	$102,000	$98	75
1536 S State St #92	0.03mi	2/2.0 (-1)	957 (-9%)	11mo	$65,000	$68	69
1536 S State St #229	0.15mi	2/2.0 (-1)	960 (-9%)	14mo	$130,000	$135	62
725 W Thornton Ave #22	0.57mi	2/2.0 (-1)	1,092 (+3%)	10mo	$43,000	$39	54
725 W Thornton Ave #97	0.57mi	2/2.0 (-1)	960 (-9%)	4mo	$25,200	$26	50

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: 0.7%
• Equity multiple: 1.03×
• Total profit: $1,284
• Equity at exit: $26,078

10-year hold

• IRR: 9.1%
• Equity multiple: 1.66×
• Total profit: $32,329
• Equity at exit: $15,122

Cash invested: $48,972 (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: 7.1×

Monthly cashflow live

• Estimated rent: $2,051 high
• Mortgage (P&I): −$917
• Tax from tax record: −$125 /mo · $1,500/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$431
• Net cashflow: $505

Break-even live

Break-even rent $1,411

Max offer price $174,900

Occupancy floor 70%

Sensitivity live

Price	-10% $604	-5% $555	+0% $505	+5% $456	+10% $406
Rent	-10% $343	-5% $424	+0% $505	+5% $586	+10% $667
Rate	-1.0pp $593	-0.5pp $550	base $505	+0.5pp $460	+1.0pp $414

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: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
409 E Thornton Ave Hemet, CA	2.0	1.0	970	$1,912	$1.97	3d	2	0.19mi
640 Vista del Monte Hemet, CA	3.0	2.0	1480	$2,650	$1.79	44d	1	0.53mi
390 Magnolia Cir Hemet, CA	2.0	2.0	1038	$2,400	$2.31	0d	1	0.54mi
390 Magnolia Cir Hemet, CA	2.0	2.0	1038	$2,400	$2.31	4d	1	0.54mi
678 Monterey Pl Hemet, CA	2.0	2.0	1047	$1,995	$1.91	44d	1	0.68mi
576 Montecito Ave Unit C Hemet, CA	2.0	2.0	861	$1,850	$2.15	17d	1	0.77mi
1025 S Gilbert St Hemet, CA	1.0–2.0	1.0–2.0	890	$2,320	$2.61	2d	8	0.81mi
1005 S Gilbert St Hemet, CA	2.0	1.5	975	$1,825	$1.87	25d	2	0.85mi
860 Douglas Ct Hemet, CA	2.0	2.0	1114	$1,850	$1.66	19d	1	0.88mi
700 Johnston Ave Unit 708 Hemet, CA	2.0	1.0	1000	$1,600	$1.60	8d	1	0.89mi
853 Douglas Ct Hemet, CA	2.0	2.0	1148	$1,850	$1.61	4d	1	0.89mi
716 Robert Dr Hemet, CA	3.0	2.0	1450	$2,300	$1.59	6d	1	1.06mi
893 S Palm Ave Hemet, CA	2.0	2.0	720	$1,375	$1.91	5d	1	1.08mi
750 Santa Clara Cir Hemet, CA	2.0	2.0	800	$1,400	$1.75	15d	1	1.11mi
735 S Gilbert St Hemet, CA	3.0	2.0	1202	$2,400	$2.00	44d	1	1.11mi
733 S San Jacinto St Unit B Hemet, CA	2.0	1.0	1000	$1,500	$1.50	25d	1	1.15mi
1711 Pepper Tree Dr Hemet, CA	2.0	2.0	864	$1,675	$1.94	22d	1	1.20mi
876 W Whittier Ave Unit 878 Hemet, CA	2.0	2.0	1127	$2,150	$1.91	25d	1	1.26mi
26454 S San Jacinto St Hemet, CA	3.0	1.0	800	$1,795	$2.24	3d	1	1.28mi
26452 S San Jacinto St Hemet, CA	3.0	1.0	800	$1,795	$2.24	3d	1	1.28mi
26450 San Jacinto St Hemet, CA	3.0	2.0	1250	$2,295	$1.84	3d	1	1.28mi
1287 Olive Tree Ln Unit C Hemet, CA	2.0	1.0	995	$1,495	$1.50	25d	1	1.30mi
1287 Olive Tree Ln Unit D Hemet, CA	2.0	1.0	995	$1,599	$1.61	44d	1	1.30mi
26416 S San Jacinto St Unit 26416 Hemet, CA	2.0	1.0	900	$1,675	$1.86	25d	1	1.32mi
120 Santa Lucia Dr Hemet, CA	2.0	2.0	1197	$1,600	$1.34	44d	1	1.35mi
101 San Mateo Cir Hemet, CA	2.0	2.0	1152	$1,790	$1.55	0d	1	1.36mi
611 S Palm Ave Unit K Hemet, CA	2.0	2.0	1254	$1,895	$1.51	8d	1	1.40mi
471 S Simpson Ave Unit D Hemet, CA	2.0	2.0	900	$1,750	$1.94	44d	1	1.49mi

Listing history 19 events

1. 2026-06-18
   days on market $174,900 Active 113 DOM
2. 2026-06-17
   days on market $174,900 Active 112 DOM
3. 2026-06-16
   days on market $174,900 Active 111 DOM
4. 2026-06-15
   days on market $174,900 Active 110 DOM
5. 2026-06-13
   days on market $174,900 Active 108 DOM
6. 2026-06-09
   days on market $174,900 Active 104 DOM
7. 2026-06-08
   days on market $174,900 Active 103 DOM
8. 2026-06-07
   days on market $174,900 Active 102 DOM
9. 2026-06-04
   days on market $174,900 Active 99 DOM
10. 2026-06-03
    days on market $174,900 Active 98 DOM
11. 2026-06-02
    days on market $174,900 Active 97 DOM
12. 2026-06-01
    days on market $174,900 Active 96 DOM
13. 2026-05-31
    days on market $174,900 Active 95 DOM
14. 2026-04-08
    price $174,900 742-char remark

    Show marketing remark (742 chars)

    Welcome to Saddleback Mobile Home Estates, a gated all-age community in Hemet. This 2022-built manufactured home offers 3 bedrooms, 2 bathrooms, and 1,056 sq ft with a bright open floor plan connecting the living, dining, and kitchen areas. The primary bedroom includes a private en-suite bath, and two additional bedrooms provide space for guests, family, or a home office. Newer construction offers energy efficiency and low-maintenance living. Community amenities include a gated entrance, pool and spa, clubhouse, playground, basketball court, billiards room, library, BBQ and outdoor dining areas, plus RV and boat storage. Pet-friendly community. Conveniently located near schools, shopping, dining, and quick access to Domenigoni Pkwy.

15. 2026-02-25
    listed $179,900 Active 742-char remark

    Show marketing remark (742 chars)

    Welcome to Saddleback Mobile Home Estates, a gated all-age community in Hemet. This 2022-built manufactured home offers 3 bedrooms, 2 bathrooms, and 1,056 sq ft with a bright open floor plan connecting the living, dining, and kitchen areas. The primary bedroom includes a private en-suite bath, and two additional bedrooms provide space for guests, family, or a home office. Newer construction offers energy efficiency and low-maintenance living. Community amenities include a gated entrance, pool and spa, clubhouse, playground, basketball court, billiards room, library, BBQ and outdoor dining areas, plus RV and boat storage. Pet-friendly community. Conveniently located near schools, shopping, dining, and quick access to Domenigoni Pkwy.

16. 2023-06-21
    soldstatus $174,900 Closed Sale 755-char remark

    Show marketing remark (755 chars)

    Brand new elegant mobile home located in the beautiful Saddleback Mobile Home Estates Park. A Beautiful family Mobile home park great for raising a family. Home features 3 bedrooms and 2 bathrooms. Once filled with the natural light, this home is sure to brighten your spirits after a long day. The kitchen has an island and pantry and has an open floor plan which is inviting for the whole family. All bedrooms come complete with spacious closets. The home is close to restaurants, schools, shopping centers and much more. This move in ready home is available with a space rent under $1,000.00. The park also offers various amenities which include billiards, pool, spa and a jacuzzi. This Home is listed at a great price, come and see it before it goes!

17. 2023-05-08
    status Pending Sale 755-char remark

    Show marketing remark (755 chars)

    Brand new elegant mobile home located in the beautiful Saddleback Mobile Home Estates Park. A Beautiful family Mobile home park great for raising a family. Home features 3 bedrooms and 2 bathrooms. Once filled with the natural light, this home is sure to brighten your spirits after a long day. The kitchen has an island and pantry and has an open floor plan which is inviting for the whole family. All bedrooms come complete with spacious closets. The home is close to restaurants, schools, shopping centers and much more. This move in ready home is available with a space rent under $1,000.00. The park also offers various amenities which include billiards, pool, spa and a jacuzzi. This Home is listed at a great price, come and see it before it goes!

18. 2023-04-21
    price $174,900 755-char remark

    Show marketing remark (755 chars)

    Brand new elegant mobile home located in the beautiful Saddleback Mobile Home Estates Park. A Beautiful family Mobile home park great for raising a family. Home features 3 bedrooms and 2 bathrooms. Once filled with the natural light, this home is sure to brighten your spirits after a long day. The kitchen has an island and pantry and has an open floor plan which is inviting for the whole family. All bedrooms come complete with spacious closets. The home is close to restaurants, schools, shopping centers and much more. This move in ready home is available with a space rent under $1,000.00. The park also offers various amenities which include billiards, pool, spa and a jacuzzi. This Home is listed at a great price, come and see it before it goes!

19. 2023-03-15
    listed $179,900 Active 755-char remark

    Show marketing remark (755 chars)

    Brand new elegant mobile home located in the beautiful Saddleback Mobile Home Estates Park. A Beautiful family Mobile home park great for raising a family. Home features 3 bedrooms and 2 bathrooms. Once filled with the natural light, this home is sure to brighten your spirits after a long day. The kitchen has an island and pantry and has an open floor plan which is inviting for the whole family. All bedrooms come complete with spacious closets. The home is close to restaurants, schools, shopping centers and much more. This move in ready home is available with a space rent under $1,000.00. The park also offers various amenities which include billiards, pool, spa and a jacuzzi. This Home is listed at a great price, come and see it before it goes!

ⓘ 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: $1,500 · $125/mo
• Projected year-2 tax: $1,500 · $125/mo
• Expected delta: $0/yr ($0/mo · -0.0%)

ⓘ 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 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: $24,612
• − Mortgage interest: −$9,797
• − Property taxes: −$1,500
• − Insurance: −$874
• − Repairs & maintenance: −$1,969
• − Management: −$1,969
• − Depreciation: −$5,088
• Taxable income: $3,415
• Est. tax owed @ 24.0%: −$820
• After-tax cash flow: $5,243/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

Good 75/100 Cosmetic rehab

This move-in ready manufactured home in Saddleback Mobile Home Estates Park is in good condition with minimal repairs needed. It offers a bright and open floor plan with modern updates and a great location.

Value-add opportunities

• Both paint exterior — enhances curb appeal and value
• Both landscape — improves curb appeal and value
• Both update flooring — modernizes the home and improves value
• Both update kitchen cabinets — modernizes the home and improves value

Renovation cost estimate screening

Value-add ROI direction

• Both paint exterior — enhances curb appeal and value ↑
• Both landscape — improves curb appeal and value ↑
• Both update flooring — modernizes the home and improves value ↑
• Both update kitchen cabinets — modernizes the home and improves value ↑

ⓘ 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

-2.8% since first listed

6 events — show timeline

• 2026-04-08 Price Changed $174,900 CRMLS
• 2026-02-25 Listed $179,900 CRMLS
• 2023-06-21 Sold (MLS) $174,900 CRMLS
• 2023-05-08 Pending — CRMLS
• 2023-04-21 Price Changed $174,900 CRMLS
• 2023-03-15 Listed $179,900 CRMLS

Property tax history

+2.0%/yr

Latest (2025): $1,500 · +2.0% YoY. Source: county tax records.