4000 Pierce #202 · Riverside, CA 92505

$151,000

2 bd · 2.0 ba · 1,440 sqft · Manufactured public records · 6 Days on market

Built 1971 Est $150k · at est.

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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 +7.1/15.0
• Rent growth +3.6/5.0
• Schools +3.4/10.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Riverside Meadows, a serene and highly desirable 55+ community offering comfort, convenience, and a vibrant lifestyle. This beautifully fully furnished and well maintained 2-bedroom, 2-bath manufactured home features a spacious and inviting layout designed for both relaxation and entertaining. The expansive living room is filled with natural light from large front-facing windows, creating a warm and welcoming atmosphere. The open flow connects seamlessly to the formal dining area, featuring a built-in china hutch and wet bar, adding both charm and functionality. A cozy family room sits just off the kitchen, along with an eat-in dining nook perfect for casual meals. The well-appoi

Key facts

• Wet bar
• Manufactured home
• Cozy family room

Tags

• MANUFACTURED HOME
• FORMAL DINING AREA
• BUILT-IN CHINA HUTCH
• WET BAR
• COZY FAMILY ROOM
• EAT-IN DINING NOOK

Property features AI

Finance

• Other: Park name: Riverside Meadows; Directions: Take Riverwalk to Pierce Street
• Financial info: Monthly land lease: $1,215
• HOA & community: Senior community; Manager approval required; Dog park on site; Land lease (monthly)

Exterior

• Parking: Driveway; Attached carport; Parking available in Riverside Meadows
• Utilities: Public sewer; District/public water
• Home design: Single-story mobile home (Viking model); Entry level: 1; Turnkey condition; Mobile home remains (24' x 60')
• Construction: Shingle roof
• Exterior features: Shingle roof; Porch; Patio; Shed; Community/association pool; Park nearby

Interior

• Kitchen: Formica counters; Kitchen island; Garbage disposal; Refrigerator; Gas oven; Gas water heater
• Bedrooms: Primary bedroom
• Flooring: Wood and laminated flooring; See remarks
• Bathrooms: 2 full bathrooms; Walk-in shower; Vanity area
• Heating & cooling: Central heating (furnace); Central cooling
• Interior features: Furnished; Built-ins; Ceiling fan; Open floor plan; Sliding glass doors; Mirrored closet doors; Drapes/curtains and blinds; Carbon monoxide and smoke detectors; Entry via front door; Single-story home
• Laundry & utility: Indoor laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $151k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $151k).
• Cap rate 15.7% vs local median 3.0% in Riverside — 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 66/100 on livability (#337 in CA) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A-, commute B+; Watch: schools C-, health & safety D, crime F.
• Alvord Unified (urban): math 28% / reading 42% proficiency, ranked #852 of 1,400 in CA (top 61%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+4.5%/yr); 63 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 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 40% of the median local income ($85k/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 $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.
• At projected returns (-3.0% appreciation + 4.5% rent growth), your $42k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: major flood risk; major wildfire risk; extreme-heat days projected 6→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $151,000

Questions for the listing agent

1. Built in 1971 — 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. 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?
4. 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.
5. 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.
6. 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: 1.86% ✓
• Cap rate: 15.65%
• Cash-on-cash: 33.42%
• DSCR: 2.49
• GRM: 4.5

CMA / ARV

• ARV (on-the-fly): $149,760
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4000 Pierce #282	0.04mi	2/2.0	1,440 (0%)	2mo	$139,000	$97	97
4000 Pierce #138	0.00mi	3/2.0 (+1)	1,440 (0%)	2mo	$191,000	$133	93
4000 Pierce St #220	0.00mi	3/2.0 (+1)	1,440 (0%)	7mo	$136,000	$94	89
4000 Pierce #135	0.00mi	2/2.0	1,344 (-7%)	0mo	$115,000	$86	88
4000 Pierce St #279	0.00mi	3/2.0 (+1)	1,440 (0%)	8mo	$100,000	$69	88
4000 Pierce St #353	0.09mi	2/2.0	1,344 (-7%)	8mo	$99,000	$74	78
3883 Buchanan St #88	0.42mi	2/2.0	1,464 (+2%)	8mo	$153,000	$105	71
3883 Buchanan St #28	0.36mi	3/2.0 (+1)	1,344 (-7%)	8mo	$192,000	$143	60
3663 Buchanan #112	0.63mi	3/2.0 (+1)	1,344 (-7%)	1mo	$169,000	$126	54
3663 Buchanan St #90	0.63mi	3/2.0 (+1)	1,344 (-7%)	7mo	$140,000	$104	48
3663 Buchanan St #154	0.69mi	3/2.0 (+1)	1,365 (-5%)	8mo	$145,000	$106	47
3663 Buchanan Ave #110	0.66mi	3/2.0 (+1)	1,640 (+14%)	6mo	$160,000	$98	36

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 · 4.47% rent growth · sell at horizon

5-year hold

• IRR: 30.3%
• Equity multiple: 2.30×
• Total profit: $54,789
• Equity at exit: $22,515

10-year hold

• IRR: 38.4%
• Equity multiple: 4.84×
• Total profit: $162,291
• Equity at exit: $13,056

Cash invested: $42,280 (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 92505

• Rents YoY: 4.5%
• Active inventory: 63
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $2,811 high
• Mortgage (P&I): −$792
• Tax est. 1.5%: −$189 /mo · $2,265/yr
• Insurance: −$63
• HOA: −$0
• Vacancy / Maint / Mgmt: −$590
• Net cashflow: $1,178

Break-even live

Break-even rent $1,321

Max offer price $151,000

Occupancy floor 53%

Sensitivity live

Price	-10% $1,282	-5% $1,230	+0% $1,178	+5% $1,125	+10% $1,073
Rent	-10% $955	-5% $1,066	+0% $1,178	+5% $1,289	+10% $1,400
Rate	-1.0pp $1,254	-0.5pp $1,216	base $1,178	+0.5pp $1,138	+1.0pp $1,099

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: $37,750
• Closing costs: $4,530
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3957 Pierce St Riverside, CA	1.0–2.0	1.0–2.0	845	$2,795	$3.31	0d	24	0.26mi
11711 Collett Ave Riverside, CA	1.0–3.0	1.0–2.0	1018	$3,158	$3.10	0d	22	0.36mi
4408 Ambs Dr Riverside, CA	3.0	2.0	1470	$3,040	$2.07	44d	1	0.47mi
2930 Via Milano Outside Area (Inside Ca), CA	1.0	2.0	1007	$2,500	$2.48	44d	1	0.63mi
11520 Magnolia Ave Riverside, CA	1.0–3.0	1.0–2.0	902	$3,406	$3.78	0d	7	0.71mi
11377 Brookglen Ct Riverside, CA	3.0	2.5	1532	$3,400	$2.22	25d	1	0.89mi
4259 Redstar Ct Riverside, CA	3.0	2.0	1178	$3,000	$2.55	21d	1	0.91mi
4259 Redstar Ct Riverside, CA	3.0	2.0	1178	$3,000	$2.55	25d	1	0.91mi
4259 Redstar Ct Riverside, CA	3.0	2.0	1178	$3,000	$2.55	6d	1	0.91mi
4259 Redstar Ct Riverside, CA	3.0	2.0	1178	$3,000	$2.55	15d	1	0.91mi
11309 Rasmussen Ct Riverside, CA	3.0	2.5	1535	$3,225	$2.10	18d	1	0.93mi
371 Dylan Cir Corona, CA	3.0	2.0	1625	$3,500	$2.15	5d	1	0.98mi
11331 River Trail Ct Riverside, CA	3.0	2.5	1532	$3,200	$2.09	44d	1	0.99mi
4655 Sierra Vista Ave Riverside, CA	1.0–3.0	1.0–2.0	950	$2,935	$3.09	0d	12	0.99mi
11207 Magnolia Ave Riverside, CA	2.0	2.0	1200	$2,250	$1.88	25d	1	1.00mi
545 Hamilton Dr Corona, CA	1.0	1.0	900	$1,900	$2.11	25d	1	1.00mi
4725 Sierra Vista Ave Riverside, CA	1.0–2.0	1.0–2.0	785	$2,890	$3.68	0d	9	1.00mi
3900 Fir Tree Dr Riverside, CA	1.0–2.0	1.0–2.0	789	$2,695	$3.42	0d	6	1.06mi
11282 Price Ct Riverside, CA	3.0	2.5	1646	$3,095	$1.88	44d	1	1.21mi
2365 Promenade Ave Corona, CA	1.0–2.0	1.0–2.0	892	$2,559	$2.87	0d	17	1.25mi
3850 Skofstad St Riverside, CA	1.0–2.0	1.0–2.0	880	$2,135	$2.43	25d	2	1.28mi
2361 Mary Helen St Unit 102 Corona, CA	2.0	1.5	1000	$2,395	$2.40	2d	1	1.37mi
2341 Mary Helen St Unit 104 Corona, CA	3.0	2.5	1000	$2,550	$2.55	44d	1	1.38mi
3713 Calle Curacso Riverside, CA	3.0	2.0	1300	$3,090	$2.38	17d	1	1.39mi
3713 Calle Curacso Riverside, CA	3.0	2.5	1300	$3,090	$2.38	44d	1	1.39mi
2235 Treehouse Ln Corona, CA	1.0–2.0	1.0–2.0	886	$2,779	$3.13	0d	18	1.42mi

Listing history 6 events

1. 2026-06-18
   days on market $151,000 Active 6 DOM
2. 2026-06-17
   days on market $151,000 Active 5 DOM
3. 2026-06-16
   days on market $151,000 Active 4 DOM
4. 2026-06-15
   days on market $151,000 Active 3 DOM
5. 2026-06-13
   remarks 699-char remark
6. 2026-06-13
   listed $151,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 92% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 7/10 Severe 6 d/yr ≥102°F today · 16 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: $33,737
• − Mortgage interest: −$8,458
• − Property taxes: −$2,265
• − Insurance: −$755
• − Repairs & maintenance: −$2,699
• − Management: −$2,699
• − Depreciation: −$4,393
• Taxable income: $12,468
• Est. tax owed @ 24.0%: −$2,992
• After-tax cash flow: $11,138/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: Alvord Unified
• NCES district ID: 0602430
• Math proficiency: 28% ▲ 1.00%
• Reading proficiency: 42% ▲ 2.00%
• Median HH income: $58,965
• Composite: 33.81/100
• National rank: #10383
• State rank: #852 of 1400 in CA

Livability — Riverside

• Score: 66/100
• State rank: #337
• US rank: #11613

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Riverside, CA
• County: Riverside County · 2,287,001 people
• City population: 367,890
• Metro: Riverside-San Bernardino-Ontario, CA
• Population (ZIP): 53,419
• Household income: $84,906
• Rent vs Own: 48.5% rent · 51.5% own
• Severe rent burden: 1940.0

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 60% White 20% Two or more races 17% Asian 10% Black 6% Native American 1%
• Hispanic origin (detail): Mexican 53%
• Common ancestry: Scandinavian 1% Lithuanian 1% Romanian 1%
• Foreign-born: 29% · Canada, Vietnam, South Korea
• Languages at home: 40% English-only · Spanish 47% Other Indo-European 4% Vietnamese 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: ▼ -379.14%
• Current HPI: 405.3408
• Rent YoY: ▲ 4.47%
• 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

1 event — show timeline

• 2026-06-12 Listed $151,000 CRMLS

Property tax history

+1.2%/yr

Latest (2025): $266 · +3.3% YoY. Source: county tax records.