881 N Lake #362 · Hemet, CA 92544

$47,000

2 bd · 2.0 ba · 880 sqft · Manufactured public records · 6 Days on market

Built 1977 Est $67k · 30% 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 +3.7/5.0
• Livability +2.6/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 881 N Lake St #362, located in the desirable Casa Del Rey 55+ community in Hemet. This charming 2 bedroom, 2 bathroom home offers approximately 880 sq ft of comfortable living space with a functional layout designed for easy living and relaxation. Step inside to a welcoming living area filled with natural light, a cozy kitchen space perfect for everyday meals, and comfortable bedrooms including a primary suite with its own private bathroom. This home offers the perfect opportunity to enjoy a peaceful lifestyle in a friendly senior community. Casa Del Rey offers a wonderful active 55+ lifestyle with amenities designed for comfort, recreation, and connection. Residents enjoy access

Key facts

• Billiards
• Swimming pools
• Fitness facilities

Tags

• MULTIPLE CLUBHOUSES
• SWIMMING POOLS
• SPA AREAS
• FITNESS FACILITIES
• BILLIARDS
• CARD ROOMS

Property features AI

Finance

• Financial info: Land lease of $685 (park)
• HOA & community: Senior community; Park amenities; Park name: Casa Del Rey Mobile Home Estates; Manager approval required

Exterior

• Parking: Carport with 2 spaces
• Security: Gated community
• Utilities: Public sewer; District/Public water
• Home design: Mobile home (mobile home remains); Single-story; Entry level 1
• Construction: Year built (per public records)
• Exterior features: Community/association pool; Walkstreet lot feature; Exposure/shade (energy efficient feature)

Interior

• Kitchen: Microwave; Gas range; Gas oven
• Flooring: Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central furnace heating; Central cooling
• Interior features: One-level home; Front door entry; Located in a gated community
• Laundry & utility: Inside laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $47k.

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 $47k).
• Cap rate 34.0% vs local median 4.8% 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+, amenities F, commute 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.
• Zoned schools: Bautista Creek Elementary (math 10% / reading 50%, grade F, #849 of 1,571 statewide, top 54%, 1,001 students, 80% FRL); Acacia Middle (1,016 students, 94% FRL); Hemet High (math 21% / reading 46%, grade F, #656 of 1,170 statewide, top 57%, 2,438 students, 82% FRL) — zoned schools average 85% FRL vs 66% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.9%/yr); 329 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 53% of comp listings sitting > 30 days — soft ceiling on asking rent; 9,195 units permitted in Riverside County in 2024 (1,512 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $325 of loan paydown is wiped out by about $1k 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 $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 9 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 5→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $47,000

Questions for the listing agent

1. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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?
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: 3.67% ✓
• Cap rate: 33.97%
• Cash-on-cash: 98.85%
• DSCR: 5.40
• GRM: 2.3

CMA / ARV

• ARV (on-the-fly): $66,880
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
880 N Lake St #99	0.16mi	2/2.0	840 (-4%)	8mo	$34,800	$41	78
880 N LAKE St #59	0.16mi	2/2.0	818 (-7%)	6mo	$62,000	$76	76
880 N Lake St #82	0.16mi	3/2.0 (+1)	1,000 (+14%)	4mo	$83,500	$84	61
880 N Lake St #90	0.13mi	2/1.0	800 (-9%)	18mo	$46,000	$58	59
881 N Lake St #332	0.06mi	2/2.0	1,000 (+14%)	19mo	$78,000	$78	58

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: —
• Equity multiple: 5.92×
• Total profit: $64,791
• Equity at exit: $7,008

10-year hold

• IRR: —
• Equity multiple: 13.13×
• Total profit: $159,667
• Equity at exit: $4,064

Cash invested: $13,160 (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: 329
• Price-to-rent: 2.3×

Monthly cashflow live

• Estimated rent: $1,727 high
• Mortgage (P&I): −$246
• Tax from tax record: −$14 /mo · $166/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$363
• Net cashflow: $1,084

Break-even live

Break-even rent $354

Max offer price $47,000

Occupancy floor 32%

Sensitivity live

Price	-10% $1,111	-5% $1,097	+0% $1,084	+5% $1,071	+10% $1,057
Rent	-10% $948	-5% $1,016	+0% $1,084	+5% $1,152	+10% $1,220
Rate	-1.0pp $1,108	-0.5pp $1,096	base $1,084	+0.5pp $1,072	+1.0pp $1,060

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: $11,750
• Closing costs: $1,410
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1939 Hooper Dr San Jacinto, CA	2.0	2.0	1111	$1,950	$1.76	26d	1	0.73mi
25564 Sharp Dr Unit F Hemet, CA	1.0	1.0	832	$1,475	$1.77	45d	1	0.86mi
5475 Tangerine Ave Hemet, CA	1.0	1.5	600	$1,500	$2.50	7d	1	0.90mi
43611 Florida Ave Unit 10 Hemet, CA	2.0	2.0	850	$1,550	$1.82	45d	1	1.24mi
43601 California 74 Unit 17 Hemet, CA	2.0	2.0	840	$1,400	$1.67	25d	1	1.35mi
43601 E Florida Ave #98 Hemet, CA	2.0	2.0	840	$1,400	$1.67	26d	1	1.36mi
43601 E Florida Ave Hemet, CA	2.0	2.0	960	$1,550	$1.61	45d	1	1.36mi
43601 E Florida Ave Unit 43 Hemet, CA	2.0	2.0	960	$1,500	$1.56	45d	1	1.36mi
43601 E Florida Ave #98 Hemet, CA	2.0	2.0	800	$1,400	$1.75	45d	1	1.36mi
43601 E Florida Ave Unit 43 Hemet, CA	2.0	2.0	960	$1,450	$1.51	25d	1	1.36mi
41900 Acacia Ave Hemet, CA	2.0	1.0	850	$1,800	$2.12	45d	1	1.37mi
43816 C St Hemet, CA	2.0	2.0	1040	$2,250	$2.16	26d	1	1.38mi
26123 Anawood Pl Hemet, CA	2.0	1.0	991	$1,680	$1.70	45d	1	1.42mi
26097 Doverwood Pl Hemet, CA	2.0	1.0	1019	$1,849	$1.81	45d	1	1.45mi
41818 Acacia East Ave Hemet, CA	2.0	1.0	1000	$1,850	$1.85	16d	1	1.47mi

Listing history 5 events

1. 2026-06-21
   days on market $47,000 Active 6 DOM
2. 2026-06-18
   days on market $47,000 Active 3 DOM
3. 2026-06-17
   days on market $47,000 Active 2 DOM
4. 2026-06-15
   remarks 699-char remark
5. 2026-06-15
   listed $47,000 Active 1 DOM

ⓘ 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: $166 · $14/mo
• Projected year-2 tax: $357 · $30/mo
• Expected delta: +$191/yr (+$16/mo · 115.2%)

ⓘ 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: $20,719
• − Mortgage interest: −$2,633
• − Property taxes: −$166
• − Insurance: −$235
• − Repairs & maintenance: −$1,657
• − Management: −$1,657
• − Depreciation: −$1,367
• Taxable income: $13,003
• Est. tax owed @ 24.0%: −$3,121
• After-tax cash flow: $9,888/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

+17.5% since first listed

21 events — show timeline

• 2026-06-15 Listed $47,000 CRMLS
• 2026-03-02 Listing Removed — SDMLS
• 2025-10-14 Price Changed $54,900 SDMLS
• 2025-05-30 Listed $59,900 SDMLS
• 2025-05-28 Listing Removed — CRMLS
• 2025-03-23 Listed $59,900 CRMLS
• 2025-01-17 Listing Removed — CRMLS
• 2024-11-22 Listed $64,900 CRMLS
• 2024-09-21 Listing Removed — SDMLS
• 2024-08-20 Listed $95,000 SDMLS
• 2023-12-28 Sold (MLS) $52,000 CRMLS
• 2023-11-18 Pending — CRMLS
• 2023-10-15 Listed $53,900 CRMLS
• 2023-10-10 Listing Removed — CRMLS
• 2023-10-09 Price Changed $54,000 CRMLS
• 2023-10-08 Listed $58,300 CRMLS
• 2023-09-26 Listing Removed — CRMLS
• 2023-09-22 Listed $69,500 CRMLS
• 2023-06-16 Sold (MLS) $38,000 CRMLS
• 2023-05-10 Pending — CRMLS
• 2023-02-15 Listed $40,000 CRMLS

Property tax history

+10.5%/yr

Latest (2025): $166 · +2.0% YoY. Source: county tax records.