224 Madison Ave · Prescott, AZ 86301

$174,500

4 bd · 3.0 ba · 1,296 sqft · SingleFamily public records · 66 Days on market

Built 1956 7,405 sqft lot $135/sqft · 54% below area ↓ 33% 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
• DSCR +10.0/10.0
• 1% rule +7.7/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Schools +3.3/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

HGTV called....they want their pilot episode back. This fully gutted property is down to the studs and ready for someone with vision, grit, and probably a contractor on speed dial. Zoned MF-M multi-family and already framed for a possible duplex, this project has electrical and plumbing in place and is set up for a planned layout of one 3 bedroom, 2 bath unit and one 1 bedroom, 1 bath unit. Whether you're looking to create a primary residence with separate living quarters, accommodate multi generational living, or add a unique income producing property to your portfolio, this one offers multiple paths to value. Complete the project and bring this blank slate opportunity back to life, with possible additional development in the rear, subject to buyer verification.

Key facts

• 7,405 sq ft lot
• Built 1956
• Listed 66 days

Tags

• ZONED MF-M MULTI-FAMILY
• FRAMED FOR A POSSIBLE DUPLEX

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $174k.

Deal economics

• At list price, monthly cash flow is $693 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $174k).
• Recommended offer: $164k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.1% vs local median 2.4% in Prescott — 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 73/100 on livability (#22 in AZ) — a middle-class / working-renter tenant base. Strengths: health & safety A+, amenities A, schools A-; Watch: cost of living D, commute F.
• Prescott Unified District (4466) (urban): math 34% / reading 44% proficiency, ranked #70 of 249 in AZ (top 28%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 486 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 54% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,062 units permitted in Yavapai County in 2024 (98 in 5+ unit buildings).
• This rent runs 37% of the median local income ($73k/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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Yavapai County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 0.2% rent growth), your $49k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts; this cycle's ask has dropped $25k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $164,030 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 A-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?
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: 1.27% ✓
• Cap rate: 11.06%
• Cash-on-cash: 17.03%
• DSCR: 1.76
• GRM: 6.6

CMA / ARV

• ARV (median comp): $382,290
• List price: $174,500
• Delta: -54.35%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
213 N Virginia St	0.63mi	3/2.0 (-1)	1,310 (+1%)	6mo	$460,000	$351	55
310 Jovian Dr	0.70mi	3/3.0 (-1)	1,256 (-3%)	11mo	$435,000	$346	48
535 Lincoln Ave	0.19mi	3/2.0 (-1)	1,464 (+13%)	17mo	$250,000	$171	46
734 Lincoln Ave	0.46mi	3/1.0 (-1)	1,131 (-13%)	10mo	$378,500	$335	36
516 E Virginia Pl	0.58mi	3/1.0 (-1)	1,116 (-14%)	3mo	$527,500	$473	34
211 S Pleasant St	0.75mi	3/2.0 (-1)	1,128 (-13%)	13mo	$750,000	$665	24

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 · 0.21% rent growth · sell at horizon

5-year hold

• IRR: 5.3%
• Equity multiple: 1.20×
• Total profit: $9,773
• Equity at exit: $26,019

10-year hold

• IRR: 12.2%
• Equity multiple: 1.85×
• Total profit: $41,651
• Equity at exit: $15,088

Cash invested: $48,860 (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 86301

• Home prices YoY: -21.8%
• Rents YoY: 0.2%
• Active inventory: 486
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $2,216 high
• Mortgage (P&I): −$915
• Tax from tax record: −$69 /mo · $833/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$465
• Net cashflow: $693

Break-even live

Break-even rent $1,338

Max offer price $174,500

Occupancy floor 64%

Sensitivity live

Price	-10% $792	-5% $743	+0% $693	+5% $644	+10% $595
Rent	-10% $518	-5% $606	+0% $693	+5% $781	+10% $868
Rate	-1.0pp $781	-0.5pp $738	base $693	+0.5pp $648	+1.0pp $602

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: $43,625
• Closing costs: $5,235
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
248 Vallejo St Apt B Prescott, AZ	3.0	1.0	1000	$1,795	$1.79	14d	1	0.07mi
538 Lincoln Ave Unit 1A'VACATION Prescott, AZ	3.0	2.0	1000	$2,000	$2.00	44d	1	0.23mi
823 Campbell St Prescott, AZ	3.0	2.0	1404	$1,995	$1.42	44d	1	0.47mi
202 N Pleasant St Prescott, AZ	3.0	2.0	1500	$2,700	$1.80	44d	1	0.49mi
250 Anderson Rd Prescott, AZ	3.0	2.0	1840	$2,500	$1.36	21d	1	0.81mi
525 Oak St Prescott, AZ	3.0	2.0	1750	$2,400	$1.37	21d	1	0.97mi
812 Coronado Ave Unit B Prescott, AZ	3.0	2.0	1400	$1,895	$1.35	21d	1	1.01mi
1060 Stratus Way Prescott, AZ	3.0	3.0	1363	$1,950	$1.43	44d	1	1.38mi
851 Prescott Heights Dr Prescott, AZ	3.0	2.0	1448	$2,800	$1.93	44d	1	1.44mi
355 Country Club Cir Prescott, AZ	2.0–3.0	1.5	972	$1,750	$1.80	14d	5	1.44mi
497 Robinson Dr Unit 1 Prescott, AZ	3.0	2.0	1183	$2,500	$2.11	44d	1	1.46mi
1135 Boulder Park Ave Prescott, AZ	3.0	3.5	1800	$2,150	$1.19	44d	1	1.47mi
1137 Hughes St Prescott, AZ	3.0	2.5	1385	$1,844	$1.33	14d	1	1.47mi

Listing history 38 events

1. 2026-06-18
   days on market $174,500 Active 66 DOM
2. 2026-06-17
   days on market $174,500 Active 65 DOM
3. 2026-06-16
   days on market $174,500 Active 64 DOM
4. 2026-06-15
   days on market $174,500 Active 63 DOM
5. 2026-06-14
   days on market $174,500 Active 61 DOM
6. 2026-06-13
   days on market $174,500 Active 60 DOM
7. 2026-06-10
   days on market $174,500 Active 58 DOM
8. 2026-06-09
   days on market $174,500 Active 57 DOM
9. 2026-06-08
   days on market $174,500 Active 56 DOM
10. 2026-06-07
    days on market $174,500 Active 55 DOM
11. 2026-06-05
    pricedays on market $174,500 Active 52 DOM
12. 2026-06-02
    days on market $199,900 Active 50 DOM
13. 2026-06-01
    days on market $199,900 Active 49 DOM
14. 2026-05-31
    days on market $199,900 Active 48 DOM
15. 2026-05-30
    days on market $199,900 Active 47 DOM
16. 2026-05-16
    listed $199,900 Active
17. 2026-05-14
    status Active 773-char remark

    Show marketing remark (773 chars)

    HGTV called....they want their pilot episode back. This fully gutted property is down to the studs and ready for someone with vision, grit, and probably a contractor on speed dial. Zoned MF-M multi-family and already framed for a possible duplex, this project has electrical and plumbing in place and is set up for a planned layout of one 3 bedroom, 2 bath unit and one 1 bedroom, 1 bath unit. Whether you're looking to create a primary residence with separate living quarters, accommodate multi generational living, or add a unique income producing property to your portfolio, this one offers multiple paths to value. Complete the project and bring this blank slate opportunity back to life, with possible additional development in the rear, subject to buyer verification.

18. 2026-05-12
    historical Active Under Contract 773-char remark

    Show marketing remark (773 chars)

    HGTV called....they want their pilot episode back. This fully gutted property is down to the studs and ready for someone with vision, grit, and probably a contractor on speed dial. Zoned MF-M multi-family and already framed for a possible duplex, this project has electrical and plumbing in place and is set up for a planned layout of one 3 bedroom, 2 bath unit and one 1 bedroom, 1 bath unit. Whether you're looking to create a primary residence with separate living quarters, accommodate multi generational living, or add a unique income producing property to your portfolio, this one offers multiple paths to value. Complete the project and bring this blank slate opportunity back to life, with possible additional development in the rear, subject to buyer verification.

19. 2026-05-12
    status Active 773-char remark

    Show marketing remark (773 chars)

    HGTV called....they want their pilot episode back. This fully gutted property is down to the studs and ready for someone with vision, grit, and probably a contractor on speed dial. Zoned MF-M multi-family and already framed for a possible duplex, this project has electrical and plumbing in place and is set up for a planned layout of one 3 bedroom, 2 bath unit and one 1 bedroom, 1 bath unit. Whether you're looking to create a primary residence with separate living quarters, accommodate multi generational living, or add a unique income producing property to your portfolio, this one offers multiple paths to value. Complete the project and bring this blank slate opportunity back to life, with possible additional development in the rear, subject to buyer verification.

20. 2026-05-12
    status Pending 773-char remark

    Show marketing remark (773 chars)

    HGTV called....they want their pilot episode back. This fully gutted property is down to the studs and ready for someone with vision, grit, and probably a contractor on speed dial. Zoned MF-M multi-family and already framed for a possible duplex, this project has electrical and plumbing in place and is set up for a planned layout of one 3 bedroom, 2 bath unit and one 1 bedroom, 1 bath unit. Whether you're looking to create a primary residence with separate living quarters, accommodate multi generational living, or add a unique income producing property to your portfolio, this one offers multiple paths to value. Complete the project and bring this blank slate opportunity back to life, with possible additional development in the rear, subject to buyer verification.

21. 2026-05-07
    historical Active Under Contract 773-char remark

    Show marketing remark (773 chars)

    HGTV called....they want their pilot episode back. This fully gutted property is down to the studs and ready for someone with vision, grit, and probably a contractor on speed dial. Zoned MF-M multi-family and already framed for a possible duplex, this project has electrical and plumbing in place and is set up for a planned layout of one 3 bedroom, 2 bath unit and one 1 bedroom, 1 bath unit. Whether you're looking to create a primary residence with separate living quarters, accommodate multi generational living, or add a unique income producing property to your portfolio, this one offers multiple paths to value. Complete the project and bring this blank slate opportunity back to life, with possible additional development in the rear, subject to buyer verification.

22. 2026-04-13
    listed $199,900 Active 773-char remark

    Show marketing remark (773 chars)

    HGTV called....they want their pilot episode back. This fully gutted property is down to the studs and ready for someone with vision, grit, and probably a contractor on speed dial. Zoned MF-M multi-family and already framed for a possible duplex, this project has electrical and plumbing in place and is set up for a planned layout of one 3 bedroom, 2 bath unit and one 1 bedroom, 1 bath unit. Whether you're looking to create a primary residence with separate living quarters, accommodate multi generational living, or add a unique income producing property to your portfolio, this one offers multiple paths to value. Complete the project and bring this blank slate opportunity back to life, with possible additional development in the rear, subject to buyer verification.

23. 2026-01-05
    status Active
24. 2025-11-18
    status Pending
25. 2025-11-18
    status Pending
26. 2025-11-18
    historical
27. 2025-11-18
    historical
28. 2025-11-05
    price $225,000
29. 2025-11-05
    price $225,000
30. 2025-10-27
    price $250,000
31. 2025-10-27
    price $250,000
32. 2025-10-16
    price $275,000
33. 2025-10-16
    price $275,000
34. 2025-08-30
    price $290,000
35. 2025-08-30
    price $290,000
36. 2025-08-02
    listed $300,000 Active
37. 2025-08-02
    listed $300,000 Active
38. 2025-07-31
    historical

ⓘ 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: $833 · $69/mo
• Projected year-2 tax: $1,152 · $96/mo
• Expected delta: +$319/yr (+$27/mo · 38.3%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥89°F today · 19 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: $26,590
• − Mortgage interest: −$9,775
• − Property taxes: −$833
• − Insurance: −$872
• − Repairs & maintenance: −$2,127
• − Management: −$2,127
• − Depreciation: −$5,076
• Taxable income: $5,780
• Est. tax owed @ 24.0%: −$1,387
• After-tax cash flow: $6,933/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: Prescott Unified District (4466)
• NCES district ID: 0406730
• Math proficiency: 34% ▼ -16.00%
• Reading proficiency: 44% ▼ -13.00%
• Median HH income: $48,354
• Composite: 33.47/100
• National rank: #5450
• State rank: #70 of 249 in AZ

Livability — Prescott

• Score: 73/100
• State rank: #22
• US rank: #5579

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Prescott, AZ
• County: Yavapai County · 190,406 people
• City population: 66,312
• Metro: Prescott Valley-Prescott, AZ
• Population (ZIP): 27,076
• Household income: $72,652
• Rent vs Own: 32.1% rent · 67.9% own
• Severe rent burden: 1225.0

Population outlook (Yavapai County) Hauer SSP2

• Today (2025): 241,389 people
• By 2030: 249,523 · +3.4%
• By 2040: 259,966 · +7.7%
• By 2050: 264,736 · +9.7%
• By 2075: 269,334 · +11.6%
• By 2100: 256,505 · +6.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 9% Two or more races 6% Asian 2% Native American 2%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Lithuanian 4% Slovak 4% Portuguese 3%
• Foreign-born: 6% · Canada
• Languages at home: 92% English-only · Spanish 4% Other Indo-European 1% Other Asian/Pacific 1%

Political lean MEDSL · Yavapai

• 2024 margin: Solid R (+33.9) · D 32.6% · R 66.5%
• 2008→2024 swing: -9.5pp toward R · 2008: -24.4pp · 2024: -33.9pp
• All cycles: 2024: R+33.9 2020: R+29.3 2016: R+31.4 2012: R+30.7 2008: R+24.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -97.55%
• Current HPI: 350.7591
• Rent YoY: ▲ 0.21%
• Metro: Prescott Valley-Prescott, 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

-33.4% since first listed

23 events — show timeline

• 2026-05-16 Listed $199,900 ARMLS
• 2026-05-14 Relisted — PAARMLS as Distributed by MLS Grid
• 2026-05-12 Contingent — PAARMLS as Distributed by MLS Grid
• 2026-05-12 Relisted — PAARMLS as Distributed by MLS Grid
• 2026-05-12 Pending — PAARMLS as Distributed by MLS Grid
• 2026-05-07 Contingent — PAARMLS as Distributed by MLS Grid
• 2026-04-13 Listed $199,900 PAARMLS as Distributed by MLS Grid
• 2026-01-05 Relisted — ARMLS
• 2025-11-18 Pending — ARMLS
• 2025-11-18 Pending — PAARMLS as Distributed by MLS Grid
• 2025-11-18 Listing Removed — PAARMLS as Distributed by MLS Grid
• 2025-11-18 Listing Removed — ARMLS
• 2025-11-05 Price Changed $225,000 ARMLS
• 2025-11-05 Price Changed $225,000 PAARMLS as Distributed by MLS Grid
• 2025-10-27 Price Changed $250,000 PAARMLS as Distributed by MLS Grid
• 2025-10-27 Price Changed $250,000 ARMLS
• 2025-10-16 Price Changed $275,000 PAARMLS as Distributed by MLS Grid
• 2025-10-16 Price Changed $275,000 ARMLS
• 2025-08-30 Price Changed $290,000 PAARMLS as Distributed by MLS Grid
• 2025-08-30 Price Changed $290,000 ARMLS
• 2025-08-02 Listed $300,000 ARMLS
• 2025-08-02 Listed $300,000 PAARMLS as Distributed by MLS Grid
• 2025-07-31 Coming Soon — PAARMLS as Distributed by MLS Grid

Property tax history

+3.0%/yr

Latest (2025): $833 · +26.6% YoY. Source: county tax records.