881 N Lake N #301 · Hemet, CA 92544

$78,000

2 bd · 2.0 ba · 1,344 sqft · Manufactured public records · 217 Days on market

Built 1978 $58/sqft · 14% below area Est $91k · 14% under ↓ 8% 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
• ARV discount +14.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.7/5.0
• Livability +2.6/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Step into this beautifully maintained turn-key 2 bedroom, 2 bath home, perfectly situated in a desirable 55+ community. Move-in ready and thoughtfully cared for, this property offers comfort, convenience, and peace of mind. Enjoy a whole-house water purification system. The interior and carpet have been professionally cleaned, ensuring a fresh and welcoming atmosphere from day one. Major components have been updated as well, including a water heater that’s approximately 2 years old. In the past two years, the stove, oven, refrigerator, and dishwasher have all been replaced with new appliances, adding value and modern efficiency. Additionally, new cable lines have been installed within the last several years for reliable connectivity. Outside, the carport features two oversized storage units with built-in shelving—perfect for additional storage, hobby space, or special projects. This home truly reflects pride of ownership and is ready for its next chapter.

Key facts

• New appliances
• Built-in shelving
• Community pool

Tags

• NEW APPLIANCES
• OVERSIZED STORAGE UNITS
• BUILT-IN SHELVING

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $78k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $78k).
• Recommended offer: $69k (12.0% below list) — sets the bar for market timing.
• Cap rate 23.2% 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 fast (+4.9%/yr); 323 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 32% of the median local income ($74k/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 $539 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 + 4.9% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 217 days — a 12% lower offer ($69k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $19k (20%) 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 5→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $68,640 (12.0% below list)

Questions for the listing agent

1. It's been on market 217 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 1978 — 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 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?
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: 2.53% ✓
• Cap rate: 23.22%
• Cash-on-cash: 60.44%
• DSCR: 3.69
• GRM: 3.3

CMA / ARV

• ARV (median comp): $91,132
• List price: $78,000
• Delta: -14.41%
• 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
881 N Lake St #204	0.08mi	2/2.0	1,344 (0%)	3mo	$75,000	$56	94
24600 Mountain Ave #63	0.18mi	2/2.0	1,344 (0%)	1mo	$39,000	$29	91
880 Lake St N #81	0.10mi	2/2.0	1,344 (0%)	8mo	$98,000	$73	88
24600 Mountain Ave #66	0.18mi	2/2.0	1,344 (0%)	6mo	$129,900	$97	86
880 N Lake St #49	0.16mi	2/2.5	1,344 (0%)	7mo	$103,000	$77	85
881 Lake Street Space 253	0.00mi	2/2.0	1,200 (-11%)	2mo	$80,000	$67	80
24600 Mountain Ave #20	0.18mi	2/2.0	1,440 (+7%)	3mo	$130,000	$90	77
24600 Mountain #58	0.18mi	2/2.0	1,440 (+7%)	5mo	$80,000	$56	75
24600 Mountain Ave #97	0.18mi	2/2.0	1,440 (+7%)	7mo	$89,000	$62	74
24600 Mountain Ave #103	0.18mi	2/2.0	1,440 (+7%)	8mo	$90,000	$63	73
24770 Wendell Dr	0.55mi	2/2.0	1,440 (+7%)	1mo	$259,000	$180	62
43334 Ballew	0.71mi	2/2.0	1,440 (+7%)	2mo	$320,000	$222	53

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 · 4.9% rent growth · sell at horizon

5-year hold

• IRR: 61.2%
• Equity multiple: 3.80×
• Total profit: $61,247
• Equity at exit: $11,630

10-year hold

• IRR: 66.5%
• Equity multiple: 8.32×
• Total profit: $159,862
• Equity at exit: $6,744

Cash invested: $21,840 (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 92544

• Rents YoY: 4.9%
• Active inventory: 323
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $1,973 high
• Mortgage (P&I): −$409
• Tax from tax record: −$17 /mo · $200/yr
• Insurance: −$32
• HOA: −$0
• Vacancy / Maint / Mgmt: −$414
• Net cashflow: $1,100

Break-even live

Break-even rent $580

Max offer price $78,000

Occupancy floor 39%

Sensitivity live

Price	-10% $1,144	-5% $1,122	+0% $1,100	+5% $1,078	+10% $1,056
Rent	-10% $944	-5% $1,022	+0% $1,100	+5% $1,178	+10% $1,256
Rate	-1.0pp $1,139	-0.5pp $1,120	base $1,100	+0.5pp $1,080	+1.0pp $1,059

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: $19,500
• Closing costs: $2,340
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1809 Rue Chenin Blanc San Jacinto, CA	3.0	2.0	1548	$2,500	$1.61	5d	1	0.56mi
1939 Hooper Dr San Jacinto, CA	2.0	2.0	1111	$1,950	$1.76	25d	1	0.73mi
43435 Nola St Hemet, CA	3.0	2.0	1500	$1,950	$1.30	25d	1	0.82mi
43170 Wall St Hemet, CA	2.0	2.0	1140	$1,895	$1.66	3d	1	0.83mi
43601 E Florida Ave Unit 43 Hemet, CA	2.0	2.0	960	$1,500	$1.56	44d	1	1.36mi
43601 E Florida Ave Hemet, CA	2.0	2.0	960	$1,550	$1.61	44d	1	1.36mi
43601 E Florida Ave Unit 43 Hemet, CA	2.0	2.0	960	$1,450	$1.51	24d	1	1.36mi
43816 C St Hemet, CA	2.0	2.0	1040	$2,250	$2.16	25d	1	1.38mi
26123 Anawood Pl Hemet, CA	2.0	1.0	991	$1,680	$1.70	44d	1	1.42mi
26097 Doverwood Pl Hemet, CA	2.0	1.0	1019	$1,849	$1.81	44d	1	1.45mi
26111 Doverwood Pl Hemet, CA	2.0	1.0	1252	$1,849	$1.48	12d	1	1.46mi
41818 Acacia East Ave Hemet, CA	2.0	1.0	1000	$1,850	$1.85	15d	1	1.47mi

Listing history 21 events

1. 2026-06-18
   days on market $78,000 Active 217 DOM
2. 2026-06-17
   days on market $78,000 Active 216 DOM
3. 2026-06-16
   days on market $78,000 Active 215 DOM
4. 2026-06-15
   days on market $78,000 Active 214 DOM
5. 2026-06-13
   days on market $78,000 Active 212 DOM
6. 2026-06-09
   days on market $78,000 Active 208 DOM
7. 2026-06-08
   days on market $78,000 Active 207 DOM
8. 2026-06-07
   days on market $78,000 Active 206 DOM
9. 2026-06-04
   days on market $78,000 Active 203 DOM
10. 2026-06-03
    days on market $78,000 Active 202 DOM
11. 2026-06-02
    days on market $78,000 Active 201 DOM
12. 2026-06-01
    days on market $78,000 Active 200 DOM
13. 2026-05-31
    days on market $78,000 Active 199 DOM
14. 2026-05-18
    price $78,000 981-char remark

    Show marketing remark (981 chars)

    Step into this beautifully maintained turn-key 2 bedroom, 2 bath home, perfectly situated in a desirable 55+ community. Move-in ready and thoughtfully cared for, this property offers comfort, convenience, and peace of mind. Enjoy a whole-house water purification system. The interior and carpet have been professionally cleaned, ensuring a fresh and welcoming atmosphere from day one. Major components have been updated as well, including a water heater that’s approximately 2 years old. In the past two years, the stove, oven, refrigerator, and dishwasher have all been replaced with new appliances, adding value and modern efficiency. Additionally, new cable lines have been installed within the last several years for reliable connectivity. Outside, the carport features two oversized storage units with built-in shelving—perfect for additional storage, hobby space, or special projects. This home truly reflects pride of ownership and is ready for its next chapter.

15. 2026-04-01
    price $85,000 981-char remark

    Show marketing remark (981 chars)

    Step into this beautifully maintained turn-key 2 bedroom, 2 bath home, perfectly situated in a desirable 55+ community. Move-in ready and thoughtfully cared for, this property offers comfort, convenience, and peace of mind. Enjoy a whole-house water purification system. The interior and carpet have been professionally cleaned, ensuring a fresh and welcoming atmosphere from day one. Major components have been updated as well, including a water heater that’s approximately 2 years old. In the past two years, the stove, oven, refrigerator, and dishwasher have all been replaced with new appliances, adding value and modern efficiency. Additionally, new cable lines have been installed within the last several years for reliable connectivity. Outside, the carport features two oversized storage units with built-in shelving—perfect for additional storage, hobby space, or special projects. This home truly reflects pride of ownership and is ready for its next chapter.

16. 2026-02-19
    price $89,900 981-char remark

    Show marketing remark (981 chars)

    Step into this beautifully maintained turn-key 2 bedroom, 2 bath home, perfectly situated in a desirable 55+ community. Move-in ready and thoughtfully cared for, this property offers comfort, convenience, and peace of mind. Enjoy a whole-house water purification system. The interior and carpet have been professionally cleaned, ensuring a fresh and welcoming atmosphere from day one. Major components have been updated as well, including a water heater that’s approximately 2 years old. In the past two years, the stove, oven, refrigerator, and dishwasher have all been replaced with new appliances, adding value and modern efficiency. Additionally, new cable lines have been installed within the last several years for reliable connectivity. Outside, the carport features two oversized storage units with built-in shelving—perfect for additional storage, hobby space, or special projects. This home truly reflects pride of ownership and is ready for its next chapter.

17. 2026-02-10
    price $92,000 981-char remark

    Show marketing remark (981 chars)

    Step into this beautifully maintained turn-key 2 bedroom, 2 bath home, perfectly situated in a desirable 55+ community. Move-in ready and thoughtfully cared for, this property offers comfort, convenience, and peace of mind. Enjoy a whole-house water purification system. The interior and carpet have been professionally cleaned, ensuring a fresh and welcoming atmosphere from day one. Major components have been updated as well, including a water heater that’s approximately 2 years old. In the past two years, the stove, oven, refrigerator, and dishwasher have all been replaced with new appliances, adding value and modern efficiency. Additionally, new cable lines have been installed within the last several years for reliable connectivity. Outside, the carport features two oversized storage units with built-in shelving—perfect for additional storage, hobby space, or special projects. This home truly reflects pride of ownership and is ready for its next chapter.

18. 2025-11-13
    listed $97,000 Active 981-char remark

    Show marketing remark (981 chars)

    Step into this beautifully maintained turn-key 2 bedroom, 2 bath home, perfectly situated in a desirable 55+ community. Move-in ready and thoughtfully cared for, this property offers comfort, convenience, and peace of mind. Enjoy a whole-house water purification system. The interior and carpet have been professionally cleaned, ensuring a fresh and welcoming atmosphere from day one. Major components have been updated as well, including a water heater that’s approximately 2 years old. In the past two years, the stove, oven, refrigerator, and dishwasher have all been replaced with new appliances, adding value and modern efficiency. Additionally, new cable lines have been installed within the last several years for reliable connectivity. Outside, the carport features two oversized storage units with built-in shelving—perfect for additional storage, hobby space, or special projects. This home truly reflects pride of ownership and is ready for its next chapter.

19. 2023-12-13
    soldstatus $83,000 Closed Sale 532-char remark

    Show marketing remark (532 chars)

    In this 55 + community we will find this turn key, ready to move in 2 bedroom 2 bath home. It offers an excellent water purification system through out the home and has been continuously serviced and maintained. All new paint through out, carpet has been professional cleaned, water heater is brand new and has been replaced in the last 3 months, new cable lines have been installed within the last couple of years. Also included 2 extra large storage units in carport for storage with multiple shelving and or for special projects.

20. 2023-11-10
    status Pending Sale 532-char remark

    Show marketing remark (532 chars)

    In this 55 + community we will find this turn key, ready to move in 2 bedroom 2 bath home. It offers an excellent water purification system through out the home and has been continuously serviced and maintained. All new paint through out, carpet has been professional cleaned, water heater is brand new and has been replaced in the last 3 months, new cable lines have been installed within the last couple of years. Also included 2 extra large storage units in carport for storage with multiple shelving and or for special projects.

21. 2023-09-08
    listed $85,000 Active 532-char remark

    Show marketing remark (532 chars)

    In this 55 + community we will find this turn key, ready to move in 2 bedroom 2 bath home. It offers an excellent water purification system through out the home and has been continuously serviced and maintained. All new paint through out, carpet has been professional cleaned, water heater is brand new and has been replaced in the last 3 months, new cable lines have been installed within the last couple of years. Also included 2 extra large storage units in carport for storage with multiple shelving and or for special projects.

ⓘ 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: $200 · $17/mo
• Projected year-2 tax: $593 · $49/mo
• Expected delta: +$392/yr (+$33/mo · 195.9%)

ⓘ 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 5 d/yr ≥103°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 11 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,670
• − Mortgage interest: −$4,369
• − Property taxes: −$200
• − Insurance: −$390
• − Repairs & maintenance: −$1,894
• − Management: −$1,894
• − Depreciation: −$2,269
• Taxable income: $12,655
• Est. tax owed @ 24.0%: −$3,037
• After-tax cash flow: $10,164/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): 51,751
• Household income: $73,596
• Rent vs Own: 31.2% rent · 68.8% own
• Severe rent burden: 1518.0

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 0.59)
• Race & ethnicity: Hispanic / Latino 49% White 40% Two or more races 18% Black 5% Asian 3% Native American 2%
• Hispanic origin (detail): Mexican 43% Puerto Rican 1%
• Common ancestry: Slovak 2% Italian 2% Portuguese 2%
• Foreign-born: 15% · Canada, China
• Languages at home: 70% English-only · Spanish 27% Other Asian/Pacific 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: ▼ -219.06%
• Current HPI: 391.972
• Rent YoY: ▲ 4.90%
• 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

-8.2% since first listed

8 events — show timeline

• 2026-05-18 Price Changed $78,000 CRMLS
• 2026-04-01 Price Changed $85,000 CRMLS
• 2026-02-19 Price Changed $89,900 CRMLS
• 2026-02-10 Price Changed $92,000 CRMLS
• 2025-11-13 Listed $97,000 CRMLS
• 2023-12-13 Sold (MLS) $83,000 CRMLS
• 2023-11-10 Pending — CRMLS
• 2023-09-08 Listed $85,000 CRMLS

Property tax history

+1.6%/yr

Latest (2025): $200 · +2.0% YoY. Source: county tax records.