19400 N Westbrook Pkwy -- #220

Peoria, AZ 85382

$164,999D

1 bd · 2.0 ba · 839 sqft · Built 1989 · Condo · Active · 89 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,609/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$148
• HOA: −$441
• Vac / Maint / Mgmt: −$338
• Net cashflow: $-183/mo
• Annual: $-2,198/yr
• Cap rate: 4.96%
• Cash-on-cash: -4.76%
• DSCR: 0.79
• 1% rule: 0.97%
• Cash to close: $46,200

Investor read

• This is a 1-bed/2.0-bath condo listed at $165k.
• At list price, monthly cash flow is $-183 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $133k (19.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $161k (2.5% below list).
• It's been on market 89 days — a 6% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $133k (19.6% below list) — sets the bar for cash-flow.
• 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.
• Location reads 76/100 on livability (#14 in AZ, #3,603 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, commute A, employment A; Watch: cost of living C-, amenities D, health & safety F.
• Peoria Unified School District (4237) (suburban): math 36% / reading 42% proficiency, ranked #64 of 249 in AZ (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Apache Elementary School (math 51% / reading 49%, grade D+, #263 of 1,109 statewide, top 24%, 732 students, 37% FRL); Sunrise Mountain High School (math 43% / reading 41%, grade F, #67 of 381 statewide, top 17%, 2,018 students, 15% FRL).
• Watch-outs: HOA is 27% of rent.
• Market conditions: Rents soft (-0.8%/yr); 281 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 36,011 units permitted in Maricopa County in 2024 (12,801 in 5+ unit buildings).
• Maricopa County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 8 sale attempts since 8y ago 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.
• Cap rate 5.0% vs local median 3.4% in Peoria — 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.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 89 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?