20589 E Larry Ln

Cordes Lakes, AZ 86333

$215,000D

3 bd · 2.0 ba · 1,344 sqft · Built 1972 · Manufactured · Active · 33 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,544/mo
• Mortgage (P&I): −$1,127
• Tax + insurance: −$358
• HOA: −$0
• Vac / Maint / Mgmt: −$324
• Net cashflow: $-266/mo
• Annual: $-3,190/yr
• Cap rate: 4.81%
• Cash-on-cash: -5.30%
• DSCR: 0.76
• 1% rule: 0.72%
• Cash to close: $60,200

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $215k.
• At list price, monthly cash flow is $-266 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $177k (17.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $154k (28.2% below list).
• It's been on market 33 days — a 3% lower offer ($209k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $154k (28.2% below list) — sets the bar for 1% rule.
• In year one you build about $23k of equity ($1k loan paydown + $22k appreciation (10.0% local appreciation)).
• Location reads 60/100 on livability (#181 in AZ) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: amenities F, commute F, employment F.
• Mayer Unified School District (4473) (rural): math 23% / reading 26% proficiency, ranked #165 of 249 in AZ (top 66%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 80% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Mayer Elementary School (math 26% / reading 32%, grade F, #570 of 1,109 statewide, top 52%, 373 students, 93% FRL); Mayer High School (math 5% / reading 5%, grade F, #364 of 381 statewide, top 100%, 200 students, 66% FRL) — zoned schools at 79% FRL track the district average.
• Market conditions: 244 active listings in the ZIP; 2,062 units permitted in Yavapai County in 2024 (98 in 5+ unit buildings).
• Yavapai County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 5 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.
• By year 2, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 4→11/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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 33 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
• Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.