8905 E Indiana Ave · Sun Lakes, AZ 85248

$220,000

2 bd · 2.0 ba · 1,152 sqft · Manufactured public records · 252 Days on market

Built 1983 7,349 sqft lot $191/sqft · at area comps Est $229k · at est. $153/mo HOA · 7% of rent

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Why this score? — see what drove the D+ 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 +17.0/30.0
• ARV discount +9.2/15.0
• DSCR +5.3/10.0
• Schools +4.8/10.0
• 1% rule +4.5/10.0
• Livability +3.1/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

PRICE REDUCED!! Welcome to this tastefully updated manufactured home located in the vibrant adult community of Sun Lakes. This charming 2-bedroom, 2-bath residence offers the perfect blend of comfort, style, and convenience--ideal for year-round living or a winter getaway. This home has all drywall ceiling and walls! NO PANELING!. Additional highlights include an indoor laundry room, covered carport, storage shed, and a large covered patio--perfect for enjoying Arizona's beautiful weather. Located in a golf cart-friendly community with access to resort-style amenities including golf courses, swimming pools, tennis and pickleball courts, fitness centers, and countless clubs and social activities.

Key facts

• 7,349 sq ft lot
• 4 parking spots
• Built 1983

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $220k.

Deal economics

• At list price, monthly cash flow is $150 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $209k (4.9% below list).
• Recommended offer: $194k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.1% vs local median 3.8% in Sun Lakes — 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 62/100 on livability (#135 in AZ) — a middle-class / working-renter tenant base. Strengths: crime A+, housing B+; Watch: health & safety C-, schools D+, cost of living D.
• Chandler Unified District #80 (4242) (suburban): math 49% / reading 57% proficiency, ranked #31 of 249 in AZ (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.4%/yr); 346 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Maricopa County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 252 days — a 12% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $74k; list at $220k implies a 195% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 4→11/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $193,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 252 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 D-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. 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?
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: 0.95% ✗
• Cap rate: 7.11%
• Cash-on-cash: 2.92%
• DSCR: 1.13
• GRM: 8.8

CMA / ARV

• ARV (median comp): $228,706
• List price: $220,000
• Delta: -3.81%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8905 E Indiana Ave	0.00mi	2/2.0	1,152 (0%)	1mo	$222,500	$193	100
25847 S Montana Ave	0.23mi	2/2.0	1,248 (+8%)	3mo	$260,000	$208	73
25636 S Montana Ave	0.13mi	2/2.0	1,248 (+8%)	10mo	$246,000	$197	72
25839 S Illinois Ave	0.25mi	2/2.0	1,248 (+8%)	4mo	$160,000	$128	71
9109 E Country Club Dr	0.60mi	2/2.0	1,162 (+1%)	4mo	$198,000	$170	68
25807 S Country Club Dr	0.47mi	2/2.0	1,177 (+2%)	10mo	$223,000	$189	66
9026 E Citrus Ln S	0.73mi	2/2.0	1,154 (+0%)	5mo	$250,000	$217	61
9108 E Citrus Ln N	0.48mi	2/2.0	1,052 (-9%)	8mo	$190,000	$181	56
8921 E Sun Lakes Blvd S	0.70mi	2/2.0	1,248 (+8%)	8mo	$243,000	$195	46
8929 E Sun Lakes Blvd S	0.73mi	2/2.0	1,272 (+10%)	4mo	$250,000	$197	45
26240 S Cholla Ct	0.72mi	2/2.0	1,249 (+8%)	11mo	$220,000	$176	43
9030 E Citrus Ln S	0.74mi	2/2.0	1,272 (+10%)	10mo	$300,000	$236	40

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 · 1.4% rent growth · sell at horizon

5-year hold

• IRR: -13.5%
• Equity multiple: 0.52×
• Total profit: $-29,401
• Equity at exit: $32,803

10-year hold

• IRR: -7.3%
• Equity multiple: 0.57×
• Total profit: $-26,402
• Equity at exit: $19,022

Cash invested: $61,600 (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 85248

• Home prices YoY: -23.0%
• Rents YoY: 1.4%
• Active inventory: 346
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $2,092 high
• Mortgage (P&I): −$1,154
• Tax from tax record: −$105 /mo · $1,256/yr
• Insurance: −$92
• HOA: −$153
• Vacancy / Maint / Mgmt: −$439
• Net cashflow: $150

Break-even live

Break-even rent $1,903

Max offer price $220,000

Occupancy floor 88%

Sensitivity live

Price	-10% $274	-5% $212	+0% $150	+5% $88	+10% $25
Rent	-10% $-15	-5% $67	+0% $150	+5% $232	+10% $315
Rate	-1.0pp $261	-0.5pp $206	base $150	+0.5pp $93	+1.0pp $35

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8934 E Minnesota Ave Sun Lakes, AZ	2.0	2.0	970	$1,950	$2.01	5d	1	0.11mi
8931 E Copper Valley Ln Sun Lakes, AZ	2.0	2.0	1012	$1,650	$1.63	44d	1	0.14mi
9107 E Fairway Blvd Sun Lakes, AZ	2.0	2.0	1313	$3,900	$2.97	2d	1	0.30mi
9111 E Olive Ln N Sun Lakes, AZ	2.0	2.0	1251	$1,200	$0.96	25d	1	0.44mi
9348 E Sun Lakes Blvd N Sun Lakes, AZ	2.0	2.0	1480	$2,000	$1.35	15d	1	0.57mi
9334 E Sun Lakes Blvd N Sun Lakes, AZ	2.0	2.0	1236	$2,000	$1.62	5d	1	0.61mi
9022 E Citrus Ln S Sun Lakes, AZ	2.0	2.0	1162	$1,750	$1.51	19d	1	0.69mi
9119 E Citrus Ln S Sun Lakes, AZ	3.0	2.0	1440	$1,400	$0.97	13d	1	0.82mi
9554 E Fairway Blvd Sun Lakes, AZ	2.0	2.0	1348	$2,100	$1.56	25d	1	0.95mi
9647 E Palomino Pl Sun Lakes, AZ	2.0	2.0	1384	$1,900	$1.37	25d	1	1.01mi
25246 S Glenburn Dr Sun Lakes, AZ	2.0	2.0	1384	$3,200	$2.31	11d	1	1.08mi
25246 S Glenburn Dr Sun Lakes, AZ	2.0	2.0	1384	$3,000	$2.17	5d	1	1.08mi
9517 E Navajo Pl Sun Lakes, AZ	2.0	2.0	1324	$1,975	$1.49	44d	1	1.21mi

HOA detail

• Monthly dues: $153 · $1,836/yr
• Likely covers: poolgym

Listing history 11 events

1. 2026-05-16
   status Pending 705-char remark

   Show marketing remark (705 chars)

   PRICE REDUCED!! Welcome to this tastefully updated manufactured home located in the vibrant adult community of Sun Lakes. This charming 2-bedroom, 2-bath residence offers the perfect blend of comfort, style, and convenience--ideal for year-round living or a winter getaway. This home has all drywall ceiling and walls! NO PANELING!. Additional highlights include an indoor laundry room, covered carport, storage shed, and a large covered patio--perfect for enjoying Arizona's beautiful weather. Located in a golf cart-friendly community with access to resort-style amenities including golf courses, swimming pools, tennis and pickleball courts, fitness centers, and countless clubs and social activities.

2. 2026-05-05
   historical Under Contract Accepting Backups 705-char remark

   Show marketing remark (705 chars)

   PRICE REDUCED!! Welcome to this tastefully updated manufactured home located in the vibrant adult community of Sun Lakes. This charming 2-bedroom, 2-bath residence offers the perfect blend of comfort, style, and convenience--ideal for year-round living or a winter getaway. This home has all drywall ceiling and walls! NO PANELING!. Additional highlights include an indoor laundry room, covered carport, storage shed, and a large covered patio--perfect for enjoying Arizona's beautiful weather. Located in a golf cart-friendly community with access to resort-style amenities including golf courses, swimming pools, tennis and pickleball courts, fitness centers, and countless clubs and social activities.

3. 2026-04-30
   price $220,000 705-char remark

   Show marketing remark (705 chars)

   PRICE REDUCED!! Welcome to this tastefully updated manufactured home located in the vibrant adult community of Sun Lakes. This charming 2-bedroom, 2-bath residence offers the perfect blend of comfort, style, and convenience--ideal for year-round living or a winter getaway. This home has all drywall ceiling and walls! NO PANELING!. Additional highlights include an indoor laundry room, covered carport, storage shed, and a large covered patio--perfect for enjoying Arizona's beautiful weather. Located in a golf cart-friendly community with access to resort-style amenities including golf courses, swimming pools, tennis and pickleball courts, fitness centers, and countless clubs and social activities.

4. 2026-04-02
   price $239,900 705-char remark

   Show marketing remark (705 chars)

   PRICE REDUCED!! Welcome to this tastefully updated manufactured home located in the vibrant adult community of Sun Lakes. This charming 2-bedroom, 2-bath residence offers the perfect blend of comfort, style, and convenience--ideal for year-round living or a winter getaway. This home has all drywall ceiling and walls! NO PANELING!. Additional highlights include an indoor laundry room, covered carport, storage shed, and a large covered patio--perfect for enjoying Arizona's beautiful weather. Located in a golf cart-friendly community with access to resort-style amenities including golf courses, swimming pools, tennis and pickleball courts, fitness centers, and countless clubs and social activities.

5. 2026-03-07
   price $249,900 705-char remark

   Show marketing remark (705 chars)

   PRICE REDUCED!! Welcome to this tastefully updated manufactured home located in the vibrant adult community of Sun Lakes. This charming 2-bedroom, 2-bath residence offers the perfect blend of comfort, style, and convenience--ideal for year-round living or a winter getaway. This home has all drywall ceiling and walls! NO PANELING!. Additional highlights include an indoor laundry room, covered carport, storage shed, and a large covered patio--perfect for enjoying Arizona's beautiful weather. Located in a golf cart-friendly community with access to resort-style amenities including golf courses, swimming pools, tennis and pickleball courts, fitness centers, and countless clubs and social activities.

6. 2026-02-21
   price $259,900 705-char remark

   Show marketing remark (705 chars)

   PRICE REDUCED!! Welcome to this tastefully updated manufactured home located in the vibrant adult community of Sun Lakes. This charming 2-bedroom, 2-bath residence offers the perfect blend of comfort, style, and convenience--ideal for year-round living or a winter getaway. This home has all drywall ceiling and walls! NO PANELING!. Additional highlights include an indoor laundry room, covered carport, storage shed, and a large covered patio--perfect for enjoying Arizona's beautiful weather. Located in a golf cart-friendly community with access to resort-style amenities including golf courses, swimming pools, tennis and pickleball courts, fitness centers, and countless clubs and social activities.

7. 2026-01-26
   price $277,000 705-char remark

   Show marketing remark (705 chars)

   PRICE REDUCED!! Welcome to this tastefully updated manufactured home located in the vibrant adult community of Sun Lakes. This charming 2-bedroom, 2-bath residence offers the perfect blend of comfort, style, and convenience--ideal for year-round living or a winter getaway. This home has all drywall ceiling and walls! NO PANELING!. Additional highlights include an indoor laundry room, covered carport, storage shed, and a large covered patio--perfect for enjoying Arizona's beautiful weather. Located in a golf cart-friendly community with access to resort-style amenities including golf courses, swimming pools, tennis and pickleball courts, fitness centers, and countless clubs and social activities.

8. 2025-11-11
   price $289,000 705-char remark

   Show marketing remark (705 chars)

   PRICE REDUCED!! Welcome to this tastefully updated manufactured home located in the vibrant adult community of Sun Lakes. This charming 2-bedroom, 2-bath residence offers the perfect blend of comfort, style, and convenience--ideal for year-round living or a winter getaway. This home has all drywall ceiling and walls! NO PANELING!. Additional highlights include an indoor laundry room, covered carport, storage shed, and a large covered patio--perfect for enjoying Arizona's beautiful weather. Located in a golf cart-friendly community with access to resort-style amenities including golf courses, swimming pools, tennis and pickleball courts, fitness centers, and countless clubs and social activities.

9. 2025-09-06
   listed $299,900 Active 705-char remark

   Show marketing remark (705 chars)

   PRICE REDUCED!! Welcome to this tastefully updated manufactured home located in the vibrant adult community of Sun Lakes. This charming 2-bedroom, 2-bath residence offers the perfect blend of comfort, style, and convenience--ideal for year-round living or a winter getaway. This home has all drywall ceiling and walls! NO PANELING!. Additional highlights include an indoor laundry room, covered carport, storage shed, and a large covered patio--perfect for enjoying Arizona's beautiful weather. Located in a golf cart-friendly community with access to resort-style amenities including golf courses, swimming pools, tennis and pickleball courts, fitness centers, and countless clubs and social activities.

10. 2003-06-26
    soldstatus $74,500
11. 1982-06-01
    soldstatus $11,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast AZ · Resets to sale price

• Current annual tax: $1,256 · $105/mo
• Projected year-2 tax: $1,452 · $121/mo
• Expected delta: +$196/yr (+$16/mo · 15.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone D · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 9/10 Extreme 4 d/yr ≥112°F today · 11 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,106
• − Mortgage interest: −$12,323
• − Property taxes: −$1,256
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,009
• − Management: −$2,009
• − HOA: −$1,836
• − Depreciation: −$6,400
• Taxable loss: −$1,826
• Est. tax savings @ 24.0%: +$438
• After-tax cash flow: $2,236/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: Chandler Unified District #80 (4242)
• NCES district ID: 0401870
• Math proficiency: 49% ▼ -8.00%
• Reading proficiency: 57% ▼ -2.00%
• Median HH income: $74,048
• Composite: 47.54/100
• National rank: #2268
• State rank: #31 of 249 in AZ

Livability — Sun Lakes

• Score: 62/100
• State rank: #135
• US rank: #16572

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sun Lakes, AZ
• County: Maricopa County · 4,537,380 people
• City population: 37,461
• Metro: Phoenix-Mesa-Chandler, AZ
• Population (ZIP): 37,095
• Household income: $94,495
• Rent vs Own: 22.0% rent · 78.0% own
• Severe rent burden: 1107.0

Population outlook (Maricopa County) Hauer SSP2

• Today (2025): 4,979,203 people
• By 2030: 5,378,229 · +8.0%
• By 2040: 6,156,598 · +23.6%
• By 2050: 6,872,376 · +38.0%
• By 2075: 8,401,270 · +68.7%
• By 2100: 9,247,439 · +85.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Asian 13% Hispanic / Latino 8% Two or more races 7% Black 3% Native American 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Lithuanian 3% Portuguese 3% Romanian 3%
• Foreign-born: 16% · Canada, China, South Korea
• Languages at home: 83% English-only · Spanish 4% Other Asian/Pacific 3% Other Indo-European 3%

Political lean MEDSL · Maricopa

• 2024 margin: Toss-up / Even · D 47.7% · R 51.2% · Other 1.1%
• 2008→2024 swing: +7.1pp toward D · 2008: -10.6pp · 2024: -3.5pp
• All cycles: 2024: R+3.5 2020: D+2.2 2016: R+3.5 2012: R+12.0 2008: R+10.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -79.23%
• Current HPI: 265.2743
• Rent YoY: ▲ 1.40%
• 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

+1748.7% since first listed

11 events — show timeline

• 2026-05-16 Pending — ARMLS
• 2026-05-05 Contingent — ARMLS
• 2026-04-30 Price Changed $220,000 ARMLS
• 2026-04-02 Price Changed $239,900 ARMLS
• 2026-03-07 Price Changed $249,900 ARMLS
• 2026-02-21 Price Changed $259,900 ARMLS
• 2026-01-26 Price Changed $277,000 ARMLS
• 2025-11-11 Price Changed $289,000 ARMLS
• 2025-09-06 Listed $299,900 ARMLS
• 2003-06-26 Sold (Public Records) $74,500 Public Records
• 1982-06-01 Sold (Public Records) $11,900 Public Records

Property tax history

+3.3%/yr

Latest (2025): $1,256 · +1.8% YoY. Source: county tax records.