260 N Lyon #38 · Hemet, CA 92543

$37,000

1 bd · 1.0 ba · 540 sqft · Manufactured public records · 99 Days on market

Built 1962 $69/sqft · 42% above area Est $26k · 42% over ↓ 16% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +2.9/5.0
• Livability +2.6/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to Space 38 at 260 N Lyon Avenue, located in the Devonshire Downs 55+ senior community in Hemet. This charming and affordable 2-bedroom, 1-bathroom manufactured home offers approximately 540 square feet of thoughtfully updated living space—perfect for those seeking low-maintenance comfort in a peaceful neighborhood setting. Step inside to find a bright and open layout enhanced by updated flooring throughout, creating a fresh and inviting atmosphere. The living area flows seamlessly into the dining nook and the recently updated kitchen, featuring refreshed cabinetry that adds both style and practical storage. Both bedrooms are well-sized, while the full bathroom is conveniently located and functional. Additional highlights include central heating and air conditioning and an easy single-level floor plan. The exterior offers space for a seating area or garden. Easy care yard with Astro turf. Situated just minutes from major shopping centers, restaurants, medical offices, and everyday conveniences, this home combines tranquil living with easy access to everything you need. Whether you're downsizing, retiring, or looking for a turn-key affordable home in a great location, Space 38 is a wonderful opportunity. Don’t miss your chance to enjoy relaxed senior living in Devonshire Downs!

Key facts

• Updated flooring
• Refreshed cabinetry
• Easy care yard

Tags

• UPDATED FLOORING
• REFRESHED CABINETRY
• EASY SINGLE-LEVEL FLOOR PLAN
• EASY CARE YARD

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath manufactured listed at $37k.

Deal economics

• At list price, monthly cash flow is $930 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $37k).
• Recommended offer: $34k (9.0% below list) — sets the bar for market timing.
• Cap rate 36.5% 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; 19 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); 9,195 units permitted in Riverside County in 2024 (1,512 in 5+ unit buildings).
• This rent runs 36% of the median local income ($49k/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 $256 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 + 1.8% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 99 days — a 9% lower offer ($34k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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: extreme-heat days projected 6→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $33,670 (9.0% below list)

Questions for the listing agent

1. It's been on market 99 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1962 — 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: 4.06% ✓
• Cap rate: 36.45%
• Cash-on-cash: 107.71%
• DSCR: 5.79
• GRM: 2.1

CMA / ARV

• ARV (median comp): $26,000
• List price: $37,000
• Delta: 42.31%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1380 W Florida W #52	0.13mi	1/1.0	520 (-4%)	7mo	$21,000	$40	82
1380 W Florida Ave #6	0.13mi	1/1.0	572 (+6%)	7mo	$42,000	$73	78
260 N Lyon Ave #118	0.00mi	1/1.0	600 (+11%)	14mo	$35,000	$58	70
609 Imperial Way	0.70mi	2/1.0 (+1)	600 (+11%)	18mo	$264,500	$441	29

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: —
• Equity multiple: 5.96×
• Total profit: $51,404
• Equity at exit: $5,517

10-year hold

• IRR: —
• Equity multiple: 11.98×
• Total profit: $113,715
• Equity at exit: $3,199

Cash invested: $10,360 (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: 2.1×

Monthly cashflow live

• Estimated rent: $1,501 high
• Mortgage (P&I): −$194
• Tax est. 1.5%: −$46 /mo · $555/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$315
• Net cashflow: $930

Break-even live

Break-even rent $324

Max offer price $37,000

Occupancy floor 33%

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: $9,250
• Closing costs: $1,110
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
201 N Valley View Dr Hemet, CA	1.0	1.0	552	$1,500	$2.72	43d	1	0.18mi
2098 W Acacia Ave Hemet, CA	1.0–3.0	1.0–2.0	895	$1,595	$1.78	1d	1	0.54mi
233 N Alessandro St Hemet, CA	1.0	1.0	690	$1,400	$2.03	43d	1	0.74mi
2770 W Devonshire Ave Hemet, CA	1.0–2.0	1.0–2.0	707	$1,625	$2.30	1d	11	0.79mi
199 N Inez St Apt D Hemet, CA	1.0	1.0	650	$1,300	$2.00	7d	1	0.81mi
113 E Kimball Ave Unit 2 Hemet, CA	2.0	1.0	500	$1,295	$2.59	43d	1	0.97mi
3030 W Acacia Ave Hemet, CA	1.0–3.0	1.0–2.0	892	$1,595	$1.79	1d	10	1.00mi
426 N Buena Vista St Hemet, CA	2.0	1.0	680	$1,550	$2.28	3d	1	1.17mi
426 N Buena Vista St Apt 1 Hemet, CA	2.0	1.0	680	$1,550	$2.28	7d	1	1.17mi
893 S Palm Ave Hemet, CA	2.0	2.0	720	$1,375	$1.91	4d	1	1.21mi
560 E Oakland Ave Apt P Hemet, CA	1.0	1.0	550	$1,325	$2.41	16d	1	1.22mi
526 Greystone Ln Hemet, CA	2.0	1.0	700	$1,600	$2.29	17d	1	1.24mi
526 Greystone Ln Apt 3 Hemet, CA	2.0	1.0	700	$1,650	$2.36	43d	1	1.24mi
526 Greystone Ln Hemet, CA	2.0	1.0	700	$1,600	$2.29	43d	1	1.24mi
210 N Santa Fe St Hemet, CA	1.0	1.0	600	$1,300	$2.17	3d	1	1.40mi
811 E Menlo Ave Apt 12 Hemet, CA	1.0	1.0	550	$1,300	$2.36	24d	1	1.42mi
811 E Menlo Ave Unit 02 Hemet, CA	1.0	1.0	550	$1,300	$2.36	43d	1	1.42mi
3800 W Devonshire Ave Hemet, CA	3.0	1.0–2.0	816	$1,950	$2.39	1d	8	1.44mi
1025 S Gilbert St Hemet, CA	1.0–2.0	1.0–2.0	890	$1,820	$2.04	1d	8	1.45mi

Listing history 4 events

1. 2026-05-31
   days on market $37,000 Active 99 DOM
2. 2026-02-21
   listed $37,000 Active 1317-char remark

   Show marketing remark (1317 chars)

   Welcome to Space 38 at 260 N Lyon Avenue, located in the Devonshire Downs 55+ senior community in Hemet. This charming and affordable 2-bedroom, 1-bathroom manufactured home offers approximately 540 square feet of thoughtfully updated living space—perfect for those seeking low-maintenance comfort in a peaceful neighborhood setting. Step inside to find a bright and open layout enhanced by updated flooring throughout, creating a fresh and inviting atmosphere. The living area flows seamlessly into the dining nook and the recently updated kitchen, featuring refreshed cabinetry that adds both style and practical storage. Both bedrooms are well-sized, while the full bathroom is conveniently located and functional. Additional highlights include central heating and air conditioning and an easy single-level floor plan. The exterior offers space for a seating area or garden. Easy care yard with Astro turf. Situated just minutes from major shopping centers, restaurants, medical offices, and everyday conveniences, this home combines tranquil living with easy access to everything you need. Whether you're downsizing, retiring, or looking for a turn-key affordable home in a great location, Space 38 is a wonderful opportunity. Don’t miss your chance to enjoy relaxed senior living in Devonshire Downs!

3. 2025-11-18
   historical
4. 2025-07-23
   listed $44,000 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 6 d/yr ≥104°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 12 unhealthy d/yr today · 14 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,009
• − Mortgage interest: −$2,073
• − Property taxes: −$555
• − Insurance: −$185
• − Repairs & maintenance: −$1,441
• − Management: −$1,441
• − Depreciation: −$1,076
• Taxable income: $11,239
• Est. tax owed @ 24.0%: −$2,697
• After-tax cash flow: $8,462/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): 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

-15.9% since first listed

3 events — show timeline

• 2026-02-21 Listed $37,000 CRMLS
• 2025-11-18 Listing Removed — CRMLS
• 2025-07-23 Listed $44,000 CRMLS