351 N Meridian Rd #122 · Apache Junction, AZ 85120

$90,000

2 bd · 2.0 ba · 1,248 sqft · Manufactured · 163 Days on market

Built 2016 2,000 sqft lot ↓ 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Rent growth +1.6/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to your own personal oasis in the desert! Located on a corner lot with amazing views of the Superstition mountains from rear patio, this home comes partially furnished and is waiting for a new owner. Enjoy cooking in the spacious kitchen. Large living area is perfect for entertaining. Living area opens up to a light and airy office/craft room. The large master suite is the perfect place to relax at the end of the day. Outside you will find a shed with electric, and partially screened carport. Don't miss this amazing opportunity to own a small piece of heaven.

Key facts

• Cooking area
• Corner lot
• 2,000 sq ft lot

Tags

• CORNER LOT
• VIEWS OF THE MOUNTAIN
• COOKING AREA
• GREAT ROOM STYLE INTERIOR

Property features AI

Finance

• Other: Lot size listed as 2,000 (source: owner)
• HOA & community: Land lease (monthly); Land lease fee of $665 per month; Association covers sewer, water, and grounds maintenance; Community amenities: pool, gated community, community spa (heated), community media room, biking/walking paths, fitness center

Exterior

• Parking: 2 uncovered parking spaces; 2 covered parking spaces; 2 carport spaces
• Utilities: Private water company service; Public sewer; 220 volts in kitchen
• Home design: Manufactured/mobile home; Leasehold ownership; Asphalt road access
• Construction: Wood siding and wood frame construction; Composition and metal roofing (see remarks)
• Exterior features: Screened-in patio; Shed(s); Gravel/stone front yard; Gravel/stone backyard

Interior

• Kitchen: Built-in microwave; 220-volt outlet in kitchen; Walk-in pantry; Refrigerator; Dishwasher; Garbage disposal
• Bedrooms: Up to 3 bedrooms
• Flooring: Vinyl flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating (electric); Central air conditioning
• Interior features: Vaulted ceilings; Kitchen island; Full bath in master bedroom
• Laundry & utility: Indoor laundry area; Washer/dryer hookups (washer/dryer not included)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $90k.

Deal economics

• At list price, monthly cash flow is $675 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.3% 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+, schools F, amenities 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.
• Market conditions: Rents falling (-3.5%/yr); 455 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 34% 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 $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $25k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 163 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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.

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 $79,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 163 days. Have you received any prior offers? Is the seller open to a 12% 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: 1.82% ✓
• Cap rate: 15.29%
• Cash-on-cash: 32.14%
• DSCR: 2.43
• GRM: 4.6

CMA / ARV

• ARV (on-the-fly): $285,792
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
478 N Pinal Dr	0.09mi	2/2.0	1,152 (-8%)	0mo	$279,000	$242	83
318 N Pinal Dr	0.10mi	3/2.0 (+1)	1,300 (+4%)	8mo	$298,000	$229	77
340 N Pinal Dr	0.10mi	2/2.0	1,300 (+4%)	16mo	$306,000	$235	75
2853 W Ohio St	0.17mi	3/2.0 (+1)	1,200 (-4%)	11mo	$218,000	$182	72
2975 W Manzanita St	0.53mi	3/2.0 (+1)	1,248 (0%)	0mo	$325,000	$260	70
2764 W Virginia St	0.17mi	2/2.0	1,153 (-8%)	18mo	$241,200	$209	64
2787 W Cactus Wren St	0.17mi	3/2.0 (+1)	1,121 (-10%)	15mo	$295,000	$263	58
2900 W Superstition #98 Blvd #98	0.32mi	2/2.0	1,344 (+8%)	20mo	$80,000	$60	55
2625 W Cholla St	0.32mi	2/2.0	1,080 (-14%)	15mo	$170,000	$157	50
520 N Ocotillo Dr	0.54mi	3/2.0 (+1)	1,145 (-8%)	14mo	$230,000	$201	44
2641 W Mockingbird St	0.47mi	3/2.0 (+1)	1,432 (+15%)	12mo	$269,000	$188	38
689 S Pinal Dr	0.71mi	3/1.5 (+1)	1,100 (-12%)	20mo	$306,000	$278	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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 23.7%
• Equity multiple: 1.94×
• Total profit: $23,615
• Equity at exit: $13,419

10-year hold

• IRR: 29.6%
• Equity multiple: 3.28×
• Total profit: $57,423
• Equity at exit: $7,782

Cash invested: $25,200 (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 85120

• Home prices YoY: -29.0%
• Rents YoY: -3.5%
• Active inventory: 455
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,642 high
• Mortgage (P&I): −$472
• Tax est. 1.5%: −$112 /mo · $1,350/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$345
• Net cashflow: $675

Break-even live

Break-even rent $787

Max offer price $90,000

Occupancy floor 54%

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
455 N Delaware Dr Unit 7 Apache Junction, AZ	2.0	2.0	1060	$1,900	$1.79	24d	1	0.42mi
2185 W Ohio St Apache Junction, AZ	2.0	1.0	1000	$1,295	$1.29	4d	1	0.51mi
561 S Meridian Rd Unit 2 Apache Junction, AZ	3.0	2.0	1000	$1,395	$1.40	17d	1	0.63mi
561 S Meridian Rd Unit 1 Apache Junction, AZ	2.0	1.0	700	$1,099	$1.57	24d	1	0.63mi
455 S Delaware Dr Unit 179 Apache Junction, AZ	2.0	2.0	1060	$2,395	$2.26	24d	1	0.72mi
455 S Delaware Dr Apache Junction, AZ	2.0	2.0	1060	$2,048	$1.93	20d	2	0.72mi
135 N Palo Verde Dr Apache Junction, AZ	1.0	1.0	750	$915	$1.22	20d	1	0.75mi
135 N Palo Verde Dr Unit 8 Apache Junction, AZ	1.0	1.0	750	$925	$1.23	24d	1	0.75mi
1877 W Overland St Apache Junction, AZ	3.0	2.0	1420	$1,999	$1.41	17d	1	0.84mi
1446 S Palo Verde Dr Unit apache Apache Junction, AZ	2.0	2.0	1210	$1,700	$1.40	24d	1	1.34mi
2292 N Ironwood Dr Apache Junction, AZ	2.0	2.0	1152	$1,475	$1.28	24d	1	1.40mi

Listing history 28 events

1. 2026-06-18
   days on market $90,000 Active 163 DOM
2. 2026-06-17
   days on market $90,000 Active 162 DOM
3. 2026-06-16
   days on market $90,000 Active 161 DOM
4. 2026-06-15
   days on market $90,000 Active 160 DOM
5. 2026-06-13
   days on market $90,000 Active 158 DOM
6. 2026-06-09
   days on market $90,000 Active 154 DOM
7. 2026-06-08
   days on market $90,000 Active 153 DOM
8. 2026-06-07
   days on market $90,000 Active 152 DOM
9. 2026-06-04
   days on market $90,000 Active 149 DOM
10. 2026-06-03
    days on market $90,000 Active 148 DOM
11. 2026-06-02
    days on market $90,000 Active 147 DOM
12. 2026-06-01
    days on market $90,000 Active 146 DOM
13. 2026-05-31
    days on market $90,000 Active 145 DOM
14. 2026-04-17
    price $90,000
15. 2026-03-02
    price $91,500
16. 2026-01-06
    listed $93,000 Active
17. 2026-01-01
    historical
18. 2025-11-06
    price $98,000
19. 2025-10-17
    price $103,000
20. 2025-09-11
    price $105,000
21. 2025-06-12
    price $112,000
22. 2025-06-05
    price $115,000
23. 2025-05-28
    price $120,000
24. 2025-05-08
    listed $130,000 Active
25. 2025-02-16
    historical
26. 2024-11-27
    price $129,000
27. 2024-10-11
    price $132,000
28. 2024-08-21
    listed $135,000 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 3/10 Moderate FEMA zone X (shaded) · 10% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 8/10 Severe 4 d/yr ≥111°F today · 11 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: $19,699
• − Mortgage interest: −$5,041
• − Property taxes: −$1,350
• − Insurance: −$450
• − Repairs & maintenance: −$1,576
• − Management: −$1,576
• − Depreciation: −$2,618
• Taxable income: $7,088
• Est. tax owed @ 24.0%: −$1,701
• After-tax cash flow: $6,398/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: 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

• Census place: Apache Junction, AZ
• 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

-33.3% since first listed

15 events — show timeline

• 2026-04-17 Price Changed $90,000 ARMLS
• 2026-03-02 Price Changed $91,500 ARMLS
• 2026-01-06 Listed $93,000 ARMLS
• 2026-01-01 Listing Removed — ARMLS
• 2025-11-06 Price Changed $98,000 ARMLS
• 2025-10-17 Price Changed $103,000 ARMLS
• 2025-09-11 Price Changed $105,000 ARMLS
• 2025-06-12 Price Changed $112,000 ARMLS
• 2025-06-05 Price Changed $115,000 ARMLS
• 2025-05-28 Price Changed $120,000 ARMLS
• 2025-05-08 Listed $130,000 ARMLS
• 2025-02-16 Listing Removed — ARMLS
• 2024-11-27 Price Changed $129,000 ARMLS
• 2024-10-11 Price Changed $132,000 ARMLS
• 2024-08-21 Listed $135,000 ARMLS