6655 N Canyon Crest Dr #11166

Catalina Foothills, AZ 85750

$249,000C

2 bd · 3.0 ba · 911 sqft · Built 1986 · Condo · Active · 82 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,227/mo
• Mortgage (P&I): −$1,306
• Tax + insurance: −$225
• HOA: −$0
• Vac / Maint / Mgmt: −$468
• Net cashflow: $229/mo
• Annual: $2,749/yr
• Cap rate: 7.40%
• Cash-on-cash: 3.94%
• DSCR: 1.18
• 1% rule: 0.89%
• Cash to close: $69,720

Investor read

• This is a 2-bed/3.0-bath condo listed at $249k.
• At list price, monthly cash flow is $229 ($3k/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 $223k (10.5% below list).
• It's been on market 82 days — a 6% lower offer ($234k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $223k (10.5% below list) — sets the bar for 1% rule.
• 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.
• Location reads 71/100 on livability (#37 in AZ) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A, crime A-; Watch: amenities F, commute F, cost of living F.
• Catalina Foothills Unified District (4410) (suburban): math 55% / reading 63% proficiency, ranked #15 of 249 in AZ (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 8% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+2.8%/yr); 213 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 5,268 units permitted in Pima County in 2024 (996 in 5+ unit buildings).
• Pima County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 7 sale attempts since 25y ago; this cycle's ask has dropped $81k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $174k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: major flood risk; moderate wildfire risk; extreme-heat days projected 9→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.4% vs local median 2.5% in Catalina Foothills — 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.

Questions for listing agent

• It's been on market 82 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?
• 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.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.