1536 S State St · Hemet, CA 92543

$200,000

3 bd · 2.0 ba · 1,456 sqft · Manufactured public records · 10 Days on market

Built 1991 $137/sqft · 51% above area

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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 +26.1/30.0
• DSCR +8.8/10.0
• ARV discount +7.5/15.0
• 1% rule +5.8/10.0
• Rent growth +2.9/5.0
• Livability +2.6/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Step into this Move-In Ready Gem with Custom Outdoor Living Space at Saddleback Mobile Home Estates, a premier all-age, gated community in Hemet. Experience this meticulously maintained 1991 double-wide manufactured home that offers 1,344 sq ft of living space with 3 bedrooms, 2 bathrooms, and a host of thoughtful upgrades. Every detail of this turn-key home has been professionally refreshed with the following New Features: LVP Flooring, Insulated Windows with UV Tint, Plantation Shutters and Fresh Paint, complemented by Fully Upgraded Kitchen with Quartz Countertops and Baths with modern finishes. Essential System Upgrades: AC, Water Heater & Bath Venting- plus updated outlets &

Key facts

• Community pool
• Built 1991
• Listed 10 days

Property features AI

Finance

• Financial info: Land lease (monthly) — may require manager approval for occupancy
• HOA & community: Land lease: $881 monthly; Park amenities include community pool and spa; Mountainous community setting

Exterior

• Parking: Carport; Has parking; Located in Saddleback Mobile Home Estates (park-managed, manager approval required)
• Security: Gated community
• Utilities: Public sewer; District/public water
• Home design: Single-story home; Entry at front door; One-level (entry level 1); Mobile home remains on site (12' x 56'); Turnkey condition
• Construction: One-story construction; Number of sheds: 1; Living area measured per public records; Year built source: public records
• Exterior features: Covered patio; In-ground community pool; Shed; Landscaped yard with lawn; Vinyl fencing; Has view

Interior

• Kitchen: Water heater unit; Microwave; Range/stove hood; Gas oven
• Bedrooms: Primary bedroom with walk-in closet
• Flooring: Vinyl flooring
• Bathrooms: 2 full bathrooms; Master bath with double sinks and walk-in shower; Exhaust fan(s); Quartz counters
• Heating & cooling: Fireplace heating; Central cooling
• Interior features: Bar; High ceilings (9 feet+); Ceiling fan; Recessed lighting; Shutters; Double-pane windows; Tinted windows; Gated community; Community spa
• Laundry & utility: Inside laundry in a separate room; Washer/dryer connections (appliances included: laundry listed as present)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $200k.

Deal economics

• At list price, monthly cash flow is $504 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Cap rate 9.3% 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); 270 active listings in the ZIP; 24 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).
• At $2,157/mo this rent would consume 52% 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 $6k 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

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.

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 $200,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
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: 1.08% ✓
• Cap rate: 9.32%
• Cash-on-cash: 10.81%
• DSCR: 1.48
• GRM: 7.7

CMA / ARV

• ARV (median comp): $121,857
• List price: $200,000
• Delta: 64.13%
• Verdict: OVERPRICED
• Comps: 20 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 #147	0.03mi	3/2.0	1,500 (+3%)	11mo	$175,000	$117	84
601 Bermuda	0.45mi	3/2.0	1,440 (-1%)	0mo	$300,000	$208	77
1536 S State St #180	0.09mi	3/2.0	1,542 (+6%)	12mo	$200,000	$130	76
1536 S State St #28	0.03mi	3/2.0	1,344 (-8%)	12mo	$198,900	$148	76
1536 S State St #185	0.03mi	2/2.0 (-1)	1,344 (-8%)	10mo	$140,000	$104	72
1536 S State St #219	0.00mi	2/2.0 (-1)	1,248 (-14%)	0mo	$135,000	$108	71
725 W Thornton Ave #109	0.53mi	2/2.0 (-1)	1,440 (-1%)	2mo	$23,900	$17	67
1455 S State St #200	0.40mi	2/2.0 (-1)	1,440 (-1%)	13mo	$72,500	$50	64
725 W Thornton Ave #35	0.52mi	2/2.0 (-1)	1,440 (-1%)	6mo	$77,500	$54	63
521 Bermuda Dr	0.41mi	2/2.0 (-1)	1,672 (+15%)	3mo	$285,000	$170	48
1456 Saint Croix Dr	0.45mi	3/2.0	1,674 (+15%)	14mo	$299,000	$179	43
725 W Thornton Ave #14	0.57mi	2/2.0 (-1)	1,248 (-14%)	11mo	$68,000	$54	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 · 1.76% rent growth · sell at horizon

5-year hold

• IRR: -1.4%
• Equity multiple: 0.95×
• Total profit: $-3,027
• Equity at exit: $29,821

10-year hold

• IRR: 7.0%
• Equity multiple: 1.50×
• Total profit: $27,761
• Equity at exit: $17,292

Cash invested: $56,000 (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: 270
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $2,157 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$67 /mo · $808/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$453
• Net cashflow: $504

Break-even live

Break-even rent $1,518

Max offer price $200,000

Occupancy floor 72%

Sensitivity live

Price	-10% $618	-5% $561	+0% $504	+5% $448	+10% $391
Rent	-10% $334	-5% $419	+0% $504	+5% $589	+10% $675
Rate	-1.0pp $605	-0.5pp $555	base $504	+0.5pp $452	+1.0pp $400

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 24 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	5d	1	0.54mi
678 Monterey Pl Hemet, CA	2.0	2.0	1047	$1,995	$1.91	44d	1	0.68mi
795 Cameo Ave Hemet, CA	4.0	2.0	1600	$2,900	$1.81	15d	1	0.71mi
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	5d	1	0.89mi
716 Robert Dr Hemet, CA	3.0	2.0	1450	$2,300	$1.59	6d	1	1.06mi
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
876 W Whittier Ave Unit 878 Hemet, CA	2.0	2.0	1127	$2,150	$1.91	25d	1	1.26mi
26450 San Jacinto St Hemet, CA	3.0	2.0	1250	$2,295	$1.84	4d	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
1241 Sandlewood Dr Hemet, CA	2.0	1.5	1504	$2,000	$1.33	44d	1	1.45mi
471 S Simpson Ave Unit D Hemet, CA	2.0	2.0	900	$1,750	$1.94	44d	1	1.49mi

Listing history 4 events

1. 2026-05-16
   listed $200,000 Active 1410-char remark
2. 2026-05-09
   historical $200,000 1410-char remark
3. 2012-01-07
   historical
4. 2011-10-29
   listed $39,900 Active

ⓘ 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: $808 · $67/mo
• Projected year-2 tax: $1,520 · $127/mo
• Expected delta: +$712/yr (+$59/mo · 88.1%)

ⓘ 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: $25,881
• − Mortgage interest: −$11,203
• − Property taxes: −$808
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,070
• − Management: −$2,070
• − Depreciation: −$5,818
• Taxable income: $2,910
• Est. tax owed @ 24.0%: −$698
• After-tax cash flow: $5,353/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

2 events — show timeline

• 2012-01-07 Listing Removed — CRMLS
• 2011-10-29 Listed $39,900 CRMLS

Property tax history

-0.6%/yr

Latest (2025): $808 · -3.8% YoY. Source: county tax records.