2140 E Michigan Ave #31 · Phoenix, AZ 85022

$139,999

3 bd · 2.0 ba · 1,680 sqft · Manufactured · 33 Days on market

Built 1998 Good condition 4,650 sqft lot $83/sqft · at area comps Est $138k · at est. ↓ 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +6.8/15.0
• Condition / age +4.0/5.0
• Schools +3.8/10.0
• Livability +3.8/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to Buffalo Ridge Mobile Home Park in North Phoenix. Stylish, affordable living meets an unbeatable location near Desert Ridge, shopping, dining, and major freeways. This beautifully remodeled 3-bedroom, 2-bath Cavco double-wide offers 1,680 sq ft of bright open living space with updated flooring, new carpet, black appliances, newer A/C, and a newer roof. The split floor plan and spacious living areas are perfect for entertaining or everyday comfort. Enjoy resort-style community amenities including a pool, playground, basketball court, and dog park. Move-in ready with modern upgrades, spacious living, and incredible value in a sought-after community!

Key facts

• 4,650 sq ft lot
• 2 parking spots
• Community pool

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $140k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $696 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $136k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.3% vs local median 3.3% in Phoenix — 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 75/100 on livability (#16 in AZ, #3,924 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: health & safety C-, crime F.
• Paradise Valley Unified District (4241) (urban): math 39% / reading 46% proficiency, ranked #56 of 249 in AZ (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-1.2%/yr); 282 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 36,011 units permitted in Maricopa County in 2024 (12,801 in 5+ unit buildings).
• This rent runs 36% of the median local income ($70k/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 $968 of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $39k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y 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.

Recommended offer $135,799 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Crime grade is F 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: 1.50% ✓
• Cap rate: 12.26%
• Cash-on-cash: 21.32%
• DSCR: 1.95
• GRM: 5.5

CMA / ARV

• ARV (median comp): $137,864
• List price: $139,999
• Delta: 5.18%
• 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
2087 E Michelle Dr	0.22mi	3/2.0	1,643 (-2%)	0mo	$302,000	$184	86
18240 N 21st St #100	0.07mi	3/2.0	1,568 (-7%)	7mo	$145,000	$92	80
2120 E Bluefield Ave #123	0.14mi	4/2.0 (+1)	1,664 (-1%)	12mo	$135,000	$81	77
2140 E Michigan Ave #5	0.00mi	3/2.0	1,456 (-13%)	9mo	$111,200	$76	70
2028 E Libby St	0.32mi	3/2.0	1,764 (+5%)	12mo	$285,000	$162	67
1955 E Grovers Ave #10	0.46mi	3/2.0	1,568 (-7%)	4mo	$55,500	$35	64
1634 E Michelle Dr	0.67mi	3/2.0	1,568 (-7%)	1mo	$75,000	$48	57
18002 N 20th Pl N	0.29mi	3/2.0	1,457 (-13%)	12mo	$275,000	$189	54
1820 E Grovers Ave	0.53mi	3/2.0	1,440 (-14%)	3mo	$284,000	$197	49
1955 E Grovers Ave #8	0.48mi	3/2.0	1,456 (-13%)	12mo	$124,000	$85	46
17844 N 17th Pl	0.64mi	2/2.0 (-1)	1,456 (-13%)	3mo	$96,000	$66	40
1624 E Villa Rita Dr	0.67mi	2/2.0 (-1)	1,456 (-13%)	13mo	$120,000	$82	31

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: 10.4%
• Equity multiple: 1.40×
• Total profit: $15,532
• Equity at exit: $20,874

10-year hold

• IRR: 16.9%
• Equity multiple: 2.20×
• Total profit: $46,917
• Equity at exit: $12,105

Cash invested: $39,200 (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 85022

• Rents YoY: -1.2%
• Active inventory: 282
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $2,106 high
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,100/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$442
• Net cashflow: $696

Break-even live

Break-even rent $1,225

Max offer price $139,999

Occupancy floor 62%

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2221 E Union Hills Dr #158 Phoenix, AZ	3.0	2.0	1332	$2,100	$1.58	18d	1	0.09mi
18611 N 22nd St Phoenix, AZ	3.0	3.0	1851	$2,200	$1.19	13d	1	0.26mi
18611 N 22nd St #72 Phoenix, AZ	3.0	2.5	1851	$2,200	$1.19	15d	1	0.26mi
18660 N Cave Creek Rd Phoenix, AZ	1.0–3.0	1.0–2.0	961	$1,955	$2.03	2d	11	0.33mi
2239 E Morrow Dr Phoenix, AZ	3.0	3.0	1545	$2,199	$1.42	3d	1	0.37mi
1717 E Union Hills Dr Phoenix, AZ	2.0–3.0	2.0	1169	$4,000	$3.42	3d	3	0.42mi
1717 E Union Hills Dr Phoenix, AZ	2.0–3.0	2.0	1245	$4,000	$3.21	22d	4	0.42mi
1717 E Union Hills Dr #1052 Phoenix, AZ	2.0	2.0	1160	$4,000	$3.45	44d	1	0.51mi
2554 E Villa Rita Dr Phoenix, AZ	2.0	1.0	1118	$2,750	$2.46	24d	1	0.58mi
1702 E Michelle Dr Phoenix, AZ	2.0	2.0	1300	$2,200	$1.69	5d	1	0.61mi
17833 N 26th St Phoenix, AZ	4.0	2.0	1220	$2,397	$1.96	1d	1	0.63mi
2602 E Charleston Ave Phoenix, AZ	3.0	2.0	1426	$2,100	$1.47	24d	1	0.64mi
2335 E Utopia Rd Unit 16 Phoenix, AZ	3.0	2.5	1426	$2,550	$1.79	18d	1	0.70mi
17150 N 23rd St #135 Phoenix, AZ	2.0	2.5	1186	$1,900	$1.60	15d	1	0.71mi
17606 N 17th Pl Phoenix, AZ	2.0–3.0	2.0–2.5	1463	$2,300	$1.57	2d	3	0.71mi
17606 N 17th Pl Phoenix, AZ	2.0–3.0	2.5	1472	$2,300	$1.56	13d	3	0.71mi
2336 E Utopia Rd Phoenix, AZ	2.0–3.0	2.5	1327	$2,395	$1.80	5d	1	0.73mi
2150 E Bell Rd #1102 Phoenix, AZ	3.0	2.5	1462	$1,945	$1.33	15d	1	0.75mi
2719 E Charleston Ave Phoenix, AZ	3.0	1.5	1670	$1,891	$1.13	22d	1	0.76mi
1814 E Bell Rd Phoenix, AZ	1.0–2.0	1.0–2.0	1003	$1,637	$1.63	2d	12	0.76mi
17365 N Cave Creek Rd #124 Phoenix, AZ	3.0	2.5	1468	$2,299	$1.57	15d	1	0.77mi
2755 E Michigan Ave Phoenix, AZ	3.0	2.0	1316	$2,700	$2.05	17d	1	0.77mi
17223 N Cave Creek Rd #7 Phoenix, AZ	3.0	3.0	1550	$1,645	$1.06	22d	1	0.79mi
17223 N Cave Creek Rd #7 Phoenix, AZ	3.0	3.0	1550	$1,745	$1.13	24d	1	0.79mi
17150 N 23rd St Phoenix, AZ	2.0	2.0–2.5	1172	$1,712	$1.46	4d	2	0.79mi
17150 N 23rd St Phoenix, AZ	2.0	2.0–2.5	1172	$1,712	$1.46	5d	2	0.79mi
18633 N 15th St Phoenix, AZ	3.0	2.0	1240	$2,249	$1.81	8d	1	0.82mi
17435 N 16th Pl Phoenix, AZ	3.0	2.5	1614	$2,280	$1.41	20d	1	0.84mi
1506 E Wescott Dr Phoenix, AZ	3.0	2.0	1136	$2,045	$1.80	5d	1	0.87mi
1440 E Renee Dr Phoenix, AZ	3.0	2.0	1632	$2,200	$1.35	24d	1	0.88mi
1510 E Taro Ln Phoenix, AZ	3.0	2.0	1136	$2,149	$1.89	24d	1	0.89mi
1920 E Bell Rd Phoenix, AZ	2.0–3.0	2.0–2.5	1391	$2,149	$1.54	14d	5	0.90mi
1920 E Bell Rd Phoenix, AZ	2.0–3.0	2.0–2.5	1391	$2,089	$1.50	8d	4	0.90mi
1920 E Bell Rd Phoenix, AZ	2.0–3.0	2.0–2.5	1391	$2,039	$1.47	3d	3	0.90mi
2104 E Behrend Dr Phoenix, AZ	4.0	2.5	2070	$2,975	$1.44	3d	1	0.91mi
18626 N 29th Pl Phoenix, AZ	4.0	2.0	1600	$2,995	$1.87	8d	1	0.98mi
19635 N Cave Creek Rd Phoenix, AZ	3.0	1.0–2.0	999	$1,933	$1.93	2d	22	0.98mi
2030 E Wahalla Ln Phoenix, AZ	3.0	2.0	1400	$2,115	$1.51	3d	1	0.98mi
1420 E Topeka Dr Phoenix, AZ	3.0	2.5	1464	$2,215	$1.51	8d	1	1.00mi
19460 N 27th Pl Phoenix, AZ	4.0	2.0	1598	$3,300	$2.07	44d	1	1.00mi

Listing history 24 events

1. 2026-06-18
   days on market $139,999 Active 33 DOM
2. 2026-06-17
   days on market $139,999 Active 32 DOM
3. 2026-06-16
   days on market $139,999 Active 31 DOM
4. 2026-06-15
   days on market $139,999 Active 30 DOM
5. 2026-06-13
   days on market $139,999 Active 28 DOM
6. 2026-06-13
   days on market $139,999 Active 27 DOM
7. 2026-06-09
   days on market $139,999 Active 24 DOM
8. 2026-06-08
   days on market $139,999 Active 23 DOM
9. 2026-06-07
   days on market $139,999 Active 22 DOM
10. 2026-06-04
    days on market $139,999 Active 19 DOM
11. 2026-06-03
    days on market $139,999 Active 18 DOM
12. 2026-06-02
    days on market $139,999 Active 17 DOM
13. 2026-06-01
    days on market $139,999 Active 16 DOM
14. 2026-05-31
    days on market $139,999 Active 15 DOM
15. 2026-05-16
    listed $139,999 Active 665-char remark

    Show marketing remark (665 chars)

    Welcome to Buffalo Ridge Mobile Home Park in North Phoenix. Stylish, affordable living meets an unbeatable location near Desert Ridge, shopping, dining, and major freeways. This beautifully remodeled 3-bedroom, 2-bath Cavco double-wide offers 1,680 sq ft of bright open living space with updated flooring, new carpet, black appliances, newer A/C, and a newer roof. The split floor plan and spacious living areas are perfect for entertaining or everyday comfort. Enjoy resort-style community amenities including a pool, playground, basketball court, and dog park. Move-in ready with modern upgrades, spacious living, and incredible value in a sought-after community!

16. 2026-05-12
    historical
17. 2026-03-05
    listed $145,000 Active
18. 2023-06-22
    soldstatus $135,000 Closed
19. 2023-06-11
    status Pending
20. 2023-05-28
    historical Contract Contingent on Buyer Sale
21. 2023-04-28
    status Active
22. 2023-04-20
    historical Under Contract Accepting Backups
23. 2023-04-06
    price $135,000
24. 2023-03-16
    listed $150,000 Active

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

Taxation est. · year 1

• Rental income: $25,275
• − Mortgage interest: −$7,842
• − Property taxes: −$2,100
• − Insurance: −$700
• − Repairs & maintenance: −$2,022
• − Management: −$2,022
• − Depreciation: −$4,073
• Taxable income: $6,517
• Est. tax owed @ 24.0%: −$1,564
• After-tax cash flow: $6,794/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

Good 80/100 Cosmetic rehab

This beautifully remodeled Cavco double-wide in Buffalo Ridge Mobile Home Park offers 1,680 sq ft of bright open living space with updated flooring, black appliances, and a newer roof. The split floor plan and spacious living areas are perfect for entertaining or everyday comfort. Enjoy resort-style community amenities including a pool, playground, basketball court, and dog park.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Replace ceiling fans with modern ones — Modernizes the space and improves airflow
• Both Add smart home features — Enhances convenience and adds value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Replace ceiling fans with modern ones — Modernizes the space and improves airflow ↑
• Both Add smart home features — Enhances convenience and adds value ↑

ⓘ 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: Paradise Valley Unified District (4241)
• NCES district ID: 0405930
• Math proficiency: 39% ▼ -11.00%
• Reading proficiency: 46% ▼ -7.00%
• Median HH income: $64,106
• Composite: 37.89/100
• National rank: #4316
• State rank: #56 of 249 in AZ

Livability — Phoenix

• Score: 75/100
• State rank: #16
• US rank: #3924

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Phoenix, AZ
• County: Maricopa County · 4,537,380 people
• City population: 1,500,198
• Metro: Phoenix-Mesa-Chandler, AZ
• Population (ZIP): 53,811
• Household income: $69,927
• Rent vs Own: 47.7% rent · 52.3% own
• Severe rent burden: 2976.0

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: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 59% Hispanic / Latino 22% Two or more races 11% Black 10% Asian 3% Native American 3%
• Hispanic origin (detail): Mexican 18%
• Common ancestry: Romanian 3% Lithuanian 2% Italian 1%
• Foreign-born: 14% · Canada, China, Vietnam
• Languages at home: 79% English-only · Spanish 13% Other Indo-European 2% Russian/Polish/Slavic 1%

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: ▼ -329.75%
• Current HPI: 313.5085
• Rent YoY: ▼ -1.21%
• 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

-6.7% since first listed

10 events — show timeline

• 2026-05-16 Listed $139,999 ARMLS
• 2026-05-12 Listing Removed — ARMLS
• 2026-03-05 Listed $145,000 ARMLS
• 2023-06-22 Sold (MLS) $135,000 ARMLS
• 2023-06-11 Pending — ARMLS
• 2023-05-28 Contingent — ARMLS
• 2023-04-28 Relisted — ARMLS
• 2023-04-20 Contingent — ARMLS
• 2023-04-06 Price Changed $135,000 ARMLS
• 2023-03-16 Listed $150,000 ARMLS