3400 S Ironwood Dr #359 · Apache Junction, AZ 85120

$69,500

2 bd · 2.0 ba · 1,568 sqft · Manufactured · 97 Days on market

Built 1991 Average condition Est $122k · 43% under ↓ 7% since listing

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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
• Livability +3.3/5.0
• Condition / age +2.8/5.0
• Rent growth +1.6/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks

Nestled in a vibrant 55+ community, this beautifully maintained manufactured home blends comfort, convenience, and charm in all the right ways. Whether you love hosting guests or simply enjoy having extra space to unwind, this home offers two full master bedrooms, each designed for privacy and relaxation. Both suites feature generous layouts and easy access to their own bathrooms--perfect for comfort and flexibility. You'll enjoy a bright, open living area that flows effortlessly into the kitchen and dining spaces. Outside, the property includes two storage sheds, giving you plenty of room for tools, hobbies, or seasonal decor, This welcoming 55+ community offers a lifestyle that feels like

Key facts

• Open living area
• Two storage sheds
• 2 parking spots

Tags

• TWO STORAGE SHEDS
• OPEN LIVING AREA
• KITCHEN AND DINING SPACES

Property features AI

Finance

• Other: Directions available from US 60 to Ironwood Drive; ask guard for directions to the house
• HOA & community: No association fees; Monthly land lease of $875; Community amenities include pool, pickleball, lake, tennis courts, and fitness center

Exterior

• Parking: 2 covered parking spaces; 2 carport spaces
• Security: Gated community; Guarded entry
• Utilities: City water; Public sewer
• Home design: Manufactured/mobile home; Leasehold ownership; Property listed as fixer
• Construction: Wood siding; Wood frame construction; Composition roof; Building area per builder
• Exterior features: Shed(s); Gravel/stone front yard; Gravel/stone backyard; Heated spa

Interior

• Kitchen: Refrigerator
• Bedrooms: 2 bedrooms (including 2 possible/master bedrooms)
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air; Heating present
• Interior features: Eat-in kitchen; Vaulted ceilings; Two master bathrooms; Full bathroom in master bedroom

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $70k. Condition is rated average.

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 $70k).
• Recommended offer: $63k (9.0% below list) — sets the bar for market timing.
• Cap rate 25.4% vs local median 3.5% in Apache Junction — 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 (#70 in AZ) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D+, amenities F, commute F.
• Apache Junction Unified District (4443) (suburban): math 15% / reading 20% proficiency, ranked #195 of 249 in AZ (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Cactus Canyon Junior High (math 14% / reading 19%, grade F, #151 of 218 statewide, top 70%, 702 students, 50% FRL); Apache Junction High School (math 12% / reading 17%, grade F, #267 of 381 statewide, top 72%, 999 students, 48% FRL).
• Market conditions: Rents falling (-3.5%/yr); 468 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 9,504 units permitted in Pinal County in 2024 (776 in 5+ unit buildings).
• This rent runs 42% of the median local income ($58k/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 $481 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $19k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $6k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 5→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $63,245 (9.0% below list)

Questions for the listing agent

1. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 2.89% ✓
• Cap rate: 25.44%
• Cash-on-cash: 68.37%
• DSCR: 4.04
• GRM: 2.9

CMA / ARV

• ARV (on-the-fly): $122,304
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2208 W Baseline Ave #146	0.47mi	2/2.0	1,568 (0%)	13mo	$125,500	$80	67
3700 S Ironwood Dr Lot 134	0.24mi	3/2.0 (+1)	1,484 (-5%)	10mo	$40,000	$27	67
2208 W Baseline Ave #153	0.47mi	3/2.0 (+1)	1,568 (0%)	16mo	$115,000	$73	60
3700 S Ironwood Dr #196	0.24mi	2/2.0	1,456 (-7%)	22mo	$95,000	$65	59
2208 W Baseline Ave #94	0.47mi	2/2.0	1,680 (+7%)	9mo	$122,500	$73	59
2208 W Baseline Ave #115	0.47mi	3/2.0 (+1)	1,540 (-2%)	23mo	$70,000	$45	51
2208 W Baseline Ave #190	0.47mi	2/2.0	1,400 (-11%)	12mo	$105,000	$75	50
2208 W Baseline Ave #21	0.47mi	3/2.0 (+1)	1,680 (+7%)	15mo	$154,900	$92	49
2208 W Baseline Ave #87	0.47mi	2/2.0	1,344 (-14%)	8mo	$105,000	$78	47
2208 W Baseline Ave	0.39mi	2/2.0	1,344 (-14%)	21mo	$110,000	$82	41
3700 S Ironwood Dr #152	0.24mi	3/2.0 (+1)	1,344 (-14%)	24mo	$125,000	$93	40
2208 W Baseline Ave #88	0.49mi	2/2.0	1,374 (-12%)	23mo	$140,000	$102	37

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 64.4%
• Equity multiple: 3.75×
• Total profit: $53,490
• Equity at exit: $10,363

10-year hold

• IRR: 67.8%
• Equity multiple: 6.90×
• Total profit: $114,851
• Equity at exit: $6,009

Cash invested: $19,460 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Arizona: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

5-day pay-or-quit; AZ courts known for speed; no state rent control; cities preempted by state law.

Methodology + full state rankings →

ZIP-level market 85120

• Home prices YoY: -29.0%
• Rents YoY: -3.5%
• Active inventory: 468
• Price-to-rent: 2.9×

Monthly cashflow live

• Estimated rent: $2,011 high
• Mortgage (P&I): −$364
• Tax est. 1.5%: −$87 /mo · $1,042/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$422
• Net cashflow: $1,109

Break-even live

Break-even rent $608

Max offer price $69,500

Occupancy floor 40%

Sensitivity live

Price	-10% $1,157	-5% $1,133	+0% $1,109	+5% $1,085	+10% $1,061
Rent	-10% $950	-5% $1,029	+0% $1,109	+5% $1,188	+10% $1,268
Rate	-1.0pp $1,144	-0.5pp $1,126	base $1,109	+0.5pp $1,091	+1.0pp $1,072

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: $17,375
• Closing costs: $2,085
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2611 W Gypsum Ave Apache Junction, AZ	2.0	2.5	2001	$2,235	$1.12	3d	1	0.54mi
3454 S Warner Dr Apache Junction, AZ	3.0	2.0	1300	$2,500	$1.92	25d	1	0.62mi
2043 S Thunderbird Dr Apache Junction, AZ	3.0	2.0	1348	$1,925	$1.43	25d	1	0.91mi
2065 W 20th Ave Apache Junction, AZ	3.0	2.0	1110	$1,800	$1.62	0d	1	0.93mi
1446 S Palo Verde Dr Unit apache Apache Junction, AZ	2.0	2.0	1210	$1,700	$1.40	25d	1	1.25mi
2101 S Yellow Wood #60 Mesa, AZ	2.0	2.0	1371	$2,600	$1.90	0d	1	1.27mi
2101 S Yellow Wood #45 Mesa, AZ	2.0	2.0	1081	$1,649	$1.53	45d	1	1.27mi

Listing history 18 events

1. 2026-06-21
   days on market $69,500 Active 97 DOM
2. 2026-06-18
   days on market $69,500 Active 94 DOM
3. 2026-06-17
   days on market $69,500 Active 93 DOM
4. 2026-06-16
   days on market $69,500 Active 92 DOM
5. 2026-06-15
   days on market $69,500 Active 91 DOM
6. 2026-06-13
   days on market $69,500 Active 89 DOM
7. 2026-06-09
   days on market $69,500 Active 85 DOM
8. 2026-06-08
   days on market $69,500 Active 84 DOM
9. 2026-06-07
   days on market $69,500 Active 83 DOM
10. 2026-06-04
    days on market $69,500 Active 80 DOM
11. 2026-06-03
    days on market $69,500 Active 79 DOM
12. 2026-06-02
    days on market $69,500 Active 78 DOM
13. 2026-06-01
    days on market $69,500 Active 77 DOM
14. 2026-05-31
    days on market $69,500 Active 76 DOM
15. 2026-05-13
    price $69,500
16. 2026-05-12
    status Active
17. 2026-05-08
    historical Under Contract Accepting Backups
18. 2026-03-09
    listed $75,000 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 5/10 Major
• 🌡 Heat 9/10 Extreme 5 d/yr ≥111°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,137
• − Mortgage interest: −$3,893
• − Property taxes: −$1,042
• − Insurance: −$348
• − Repairs & maintenance: −$1,931
• − Management: −$1,931
• − Depreciation: −$2,022
• Taxable income: $12,971
• Est. tax owed @ 24.0%: −$3,113
• After-tax cash flow: $10,192/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.

Condition & rehab AI · 12 photos

Average 55/100 Cosmetic rehab

This 55+ manufactured home is in average condition with some cosmetic repairs and maintenance needed. Upgrades to the interior and HVAC system would significantly increase its value.

Repairs flagged

• Minor exterior siding — light discoloration
• Minor interior walls — some peeling
• Minor landscaping — some shrubs need trimming

Value-add opportunities

• Both paint interior walls — enhances curb appeal and interior aesthetics
• Both replace carpet with hardwood flooring — increases both resale and rental value
• Both update bathrooms with modern fixtures — enhances both resale and rental value
• Both upgrade HVAC system — improves comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · light discoloration	Minor	$500–3,000
interior walls · some peeling	Minor	$500–3,000
landscaping · some shrubs need trimming	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both paint interior walls — enhances curb appeal and interior aesthetics ↑
• Both replace carpet with hardwood flooring — increases both resale and rental value ↑
• Both update bathrooms with modern fixtures — enhances both resale and rental value ↑
• Both upgrade HVAC system — improves comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Apache Junction Unified District (4443)
• NCES district ID: 0400790
• Math proficiency: 15% ▼ -17.00%
• Reading proficiency: 20% ▼ -13.00%
• Median HH income: $44,930
• Composite: 15.34/100
• National rank: #9325
• State rank: #195 of 249 in AZ

Livability — Apache Junction

• Score: 66/100
• State rank: #70
• US rank: #11242

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Pinal County · 399,947 people
• City population: 56,611
• Metro: Phoenix-Mesa-Chandler, AZ
• Population (ZIP): 31,191
• Household income: $57,786
• Rent vs Own: 17.8% rent · 82.2% own
• Severe rent burden: 686.0

Population outlook (Pinal County) Hauer SSP2

• Today (2025): 437,574 people
• By 2030: 446,903 · +2.1%
• By 2040: 452,589 · +3.4%
• By 2050: 444,126 · +1.5%
• By 2075: 430,300 · -1.7%
• By 2100: 393,536 · -10.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Hispanic / Latino 16% Two or more races 10% Asian 1%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Romanian 3% Lithuanian 3% Portuguese 3%
• Foreign-born: 7% · Canada
• Languages at home: 89% English-only · Spanish 8% Tagalog/Filipino 1%

Political lean MEDSL · Pinal

• 2024 margin: Strong R (+22.1) · D 38.5% · R 60.6%
• 2008→2024 swing: -7.6pp toward R · 2008: -14.5pp · 2024: -22.1pp
• All cycles: 2024: R+22.1 2020: R+17.3 2016: R+19.3 2012: R+17.1 2008: R+14.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -128.31%
• Current HPI: 313.4666
• Rent YoY: ▼ -3.50%
• Metro: Phoenix-Mesa-Chandler, AZ
• State GDP YoY: ▲ 4.54%
• F500 in state: 20

Industry mix (Fortune 500 HQ in AZ)

Industry	F500 HQs	Revenue
▸Technology	2	$13B
▸Mining / Metals	1	$23B
▸Environmental Services	1	$16B
▸Metals / Steel	1	$14B
▸Technology Distribution	1	$9B
▸Homebuilding	1	$8B

Price history

-7.3% since first listed

4 events — show timeline

• 2026-05-13 Price Changed $69,500 ARMLS
• 2026-05-12 Relisted — ARMLS
• 2026-05-08 Contingent — ARMLS
• 2026-03-09 Listed $75,000 ARMLS