In MoVal a decent 3 bedroom home rents for around $1300/mo to $1500/mo. Can you purchase a home for less than that? Amazingly enough in MoVal you can!
Here's a few in a decent area of the city. There are plenty of them in the scary areas of MoVal but these are in areas of the city that are fairly safe.
26463 Dracaea, Moreno Valley, CA 92555, this is a typical late 80s tract home 1322 sq/ft and 3 bedrooms, 2 baths. It's a nice looking home and is listed for $189K. a 30 year fixed at 7% with 10% down will get you into this home for about $1100 a mo. Add another $150/mo for property tax and you can probably rent this and make a few bucks.
13186 Pocono, Moreno Valley, CA 92555, Another late 80's tract home in the same area. This is another 3/2 about the same size for $180K. Again this looks like you could actually buy it and rent it without losing money.I'm certainly not recommending that anyone go on a buying spree just yet. I think in a year the choices will be far better in this price range.
25256 Sweetgrass, Moreno Valley, CA 92553, One more of the same but only 2 bedrooms on this one. It's listed for $169K. I think you could actually buy this with 10% down and have a payment UNDER $1000/mo! Of course 2 berooms only rent for around $1200/mo so as a rental you are on the edge with this one.
1075 Alderwood Perris, CA 92571, this is a newer home in Perris and is a 1663sq/ft 3 bed 3 bath. Listed as a short sale for $180K (108 sq/ft). If this home were to sell at this price that would be a 54% drop from the last sale in Jan 2006.