19602 N 32nd St #50 · Phoenix, AZ 85050

$119,900

3 bd · 2.0 ba · 1,597 sqft · Manufactured · 59 Days on market

Built 2004 Good condition $75/sqft · 20% below area Est $150k · 20% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +3.8/10.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• Rent growth +3.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This well-maintained 3-bedroom, 2-bath home offers comfort and thoughtful upgrades throughout. Enjoy natural light from skylights in the kitchen and primary bathroom, creating a bright and inviting atmosphere. The kitchen was beautifully remodeled in 2023, complemented by newer flooring installed in 2018. A newer water heater adds peace of mind. Designed with accessibility in mind, the home features a convenient ramp for easy entry. Relax on the welcoming front porch or take advantage of the insulated Tuff Shed--complete with lighting and A/C--perfect for storage, a workshop, or hobby space. All ages community. You must get pre-approved by the community.

Key facts

• Newer flooring
• Remodeled kitchen
• Newer water heater

Tags

• NATURAL LIGHT FROM SKYLIGHTS
• REMODELED KITCHEN
• NEWER FLOORING
• NEWER WATER HEATER
• WELCOMING FRONT PORCH
• INSULATED TUFF SHED

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $120k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $120k).
• Recommended offer: $116k (3.0% below list) — sets the bar for market timing.
• Cap rate 18.5% 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 rising (+2.0%/yr); 218 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 36,011 units permitted in Maricopa County in 2024 (12,801 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $829 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 + 2.0% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 6→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $116,303 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 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: 2.16% ✓
• Cap rate: 18.51%
• Cash-on-cash: 43.62%
• DSCR: 2.94
• GRM: 3.9

CMA / ARV

• ARV (median comp): $150,290
• List price: $119,900
• Delta: -20.22%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
19602 N 32nd St #35	0.00mi	3/2.0	1,586 (-1%)	9mo	$105,000	$66	91
19802 N 32nd St #98	0.14mi	3/2.0	1,614 (+1%)	5mo	$65,000	$40	88
19802 N 32nd St #144	0.15mi	2/2.0 (-1)	1,617 (+1%)	3mo	$80,000	$49	84
2956 E Sequoia Dr	0.14mi	3/2.0	1,680 (+5%)	10mo	$260,000	$155	76
19602 N 32nd St #44	0.00mi	2/2.0 (-1)	1,689 (+6%)	11mo	$133,000	$79	76
2955 E Piute Ave	0.17mi	3/2.0	1,456 (-9%)	14mo	$320,000	$220	66
19802 N 32nd St #36	0.14mi	2/2.0 (-1)	1,736 (+9%)	10mo	$125,000	$72	65
2929 E Sequoia Dr	0.21mi	3/2.0	1,821 (+14%)	5mo	$310,000	$170	63
2938 E Tonto Ln	0.19mi	3/2.0	1,362 (-15%)	4mo	$300,000	$220	63
3013 E Beardsley Rd	0.34mi	3/2.0	1,796 (+12%)	2mo	$172,500	$96	62
2801 E Wahalla Ln	0.43mi	3/2.0	1,456 (-9%)	6mo	$327,500	$225	61
2701 E Utopia Rd #208	0.45mi	2/2.0 (-1)	1,440 (-10%)	1mo	$85,000	$59	57

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 · 1.98% rent growth · sell at horizon

5-year hold

• IRR: 39.4%
• Equity multiple: 2.66×
• Total profit: $55,704
• Equity at exit: $17,877

10-year hold

• IRR: 45.3%
• Equity multiple: 5.12×
• Total profit: $138,159
• Equity at exit: $10,367

Cash invested: $33,572 (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 85050

• Home prices YoY: -21.9%
• Rents YoY: 2.0%
• Active inventory: 218
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $2,594 high
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,798/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$545
• Net cashflow: $1,220

Break-even live

Break-even rent $1,049

Max offer price $119,900

Occupancy floor 48%

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
19246 N 31st St Phoenix, AZ	4.0	2.0	1370	$2,375	$1.73	8d	1	0.22mi
3133 E Kristal Way Phoenix, AZ	3.0	2.5	1602	$2,600	$1.62	2d	1	0.27mi
3002 E Jeanette Ct Phoenix, AZ	3.0	2.0	1748	$2,700	$1.54	18d	1	0.32mi
3122 E Topeka Dr Phoenix, AZ	3.0	2.0	1272	$2,100	$1.65	22d	1	0.32mi
3220 E Kerry Ln Phoenix, AZ	3.0	2.0	1370	$2,299	$1.68	15d	1	0.36mi
3220 E Kerry Ln Phoenix, AZ	3.0	2.0	1370	$2,299	$1.68	24d	1	0.36mi
20223 N 30th St Phoenix, AZ	3.0	2.0	1467	$2,300	$1.57	1d	1	0.40mi
3056 E Siesta Ln Phoenix, AZ	3.0	2.0	1476	$2,375	$1.61	13d	1	0.40mi
19460 N 27th Pl Phoenix, AZ	4.0	2.0	1598	$3,300	$2.07	44d	1	0.40mi
3039 E Hononegh Dr Phoenix, AZ	3.0	2.0	1520	$2,075	$1.37	15d	1	0.44mi
2934 E Blackhawk Dr Phoenix, AZ	3.0	2.0	1467	$2,280	$1.55	2d	1	0.44mi
2636 E Tonto Ln Phoenix, AZ	3.0	2.0	1850	$2,800	$1.51	24d	1	0.46mi
3321 E Blackhawk Dr Phoenix, AZ	3.0	2.0	1564	$2,495	$1.60	3d	1	0.50mi
3214 E Siesta Ln Phoenix, AZ	2.0	2.0	1228	$2,200	$1.79	24d	1	0.50mi
3415 E Menadota Dr Phoenix, AZ	3.0	2.5	1814	$2,550	$1.41	15d	1	0.56mi
3301 E Wescott Dr Phoenix, AZ	3.0	2.0	1101	$1,995	$1.81	24d	1	0.58mi
18626 N 29th Pl Phoenix, AZ	4.0	2.0	1600	$2,995	$1.87	8d	1	0.64mi
19654 N 36th St Phoenix, AZ	3.0	2.0	1638	$2,600	$1.59	18d	1	0.66mi
19635 N Cave Creek Rd Phoenix, AZ	3.0	1.0–2.0	999	$1,933	$1.93	2d	22	0.69mi
2500 E Marco Polo Rd Phoenix, AZ	2.0	1.0–2.0	918	$2,390	$2.60	2d	16	0.71mi
18617 N 35th St Phoenix, AZ	3.0	2.5	1425	$2,400	$1.68	11d	1	0.84mi
2336 E Utopia Rd Phoenix, AZ	2.0–3.0	2.5	1327	$2,395	$1.80	5d	1	0.85mi
2335 E Utopia Rd Unit 16 Phoenix, AZ	3.0	2.5	1426	$2,550	$1.79	18d	1	0.86mi
3708 E Kerry Ln Phoenix, AZ	3.0	2.5	1819	$3,100	$1.70	24d	1	0.87mi
20050 N Cave Creek Rd Phoenix, AZ	1.0–2.0	1.0–2.0	909	$1,770	$1.95	1d	10	0.89mi
3745 E Kerry Ln Phoenix, AZ	3.0	2.5	1818	$2,250	$1.24	18d	1	0.93mi
3771 E Kristal Way Phoenix, AZ	4.0	2.5	1821	$2,995	$1.64	24d	1	0.95mi
2755 E Michigan Ave Phoenix, AZ	3.0	2.0	1316	$2,700	$2.05	17d	1	0.98mi
2239 E Morrow Dr Phoenix, AZ	3.0	3.0	1545	$2,199	$1.42	3d	1	1.03mi
2220 E Beardsley Rd Phoenix, AZ	4.0	1.0–2.0	855	$1,964	$2.30	3d	62	1.04mi
18660 N Cave Creek Rd Phoenix, AZ	1.0–3.0	1.0–2.0	961	$1,955	$2.03	2d	11	1.05mi
3706 E Potter Dr Phoenix, AZ	4.0	2.0	1782	$2,550	$1.43	24d	1	1.09mi
3706 E Potter Dr Phoenix, AZ	4.0	2.0	1782	$2,550	$1.43	22d	1	1.09mi
3626 E Potter Dr Phoenix, AZ	3.0	2.0	1519	$2,500	$1.65	24d	1	1.09mi
20729 N 37th Way Phoenix, AZ	3.0	2.0	1670	$3,000	$1.80	15d	1	1.11mi
20053 N 21st Pl Phoenix, AZ	4.0	2.0	1754	$3,300	$1.88	24d	1	1.12mi
2554 E Villa Rita Dr Phoenix, AZ	2.0	1.0	1118	$2,750	$2.46	24d	1	1.14mi
2719 E Charleston Ave Phoenix, AZ	3.0	1.5	1670	$1,891	$1.13	22d	1	1.14mi
18611 N 22nd St #72 Phoenix, AZ	3.0	2.5	1851	$2,200	$1.19	15d	1	1.14mi
18611 N 22nd St Phoenix, AZ	3.0	3.0	1851	$2,200	$1.19	13d	1	1.14mi

Listing history 16 events

1. 2026-06-18
   days on market $119,900 Active 59 DOM
2. 2026-06-18
   price $119,900 Active 58 DOM
3. 2026-06-17
   days on market $124,900 Active 58 DOM
4. 2026-06-16
   days on market $124,900 Active 57 DOM
5. 2026-06-15
   days on market $124,900 Active 56 DOM
6. 2026-06-13
   days on market $124,900 Active 54 DOM
7. 2026-06-13
   pricedays on market $124,900 Active 53 DOM
8. 2026-06-09
   days on market $129,900 Active 50 DOM
9. 2026-06-08
   days on market $129,900 Active 49 DOM
10. 2026-06-07
    pricedays on market $129,900 Active 48 DOM
11. 2026-06-04
    days on market $134,900 Active 45 DOM
12. 2026-06-03
    days on market $134,900 Active 44 DOM
13. 2026-06-02
    days on market $134,900 Active 43 DOM
14. 2026-06-01
    days on market $134,900 Active 42 DOM
15. 2026-05-31
    days on market $134,900 Active 41 DOM
16. 2026-04-20
    listed $139,900 Active 662-char remark

    Show marketing remark (662 chars)

    This well-maintained 3-bedroom, 2-bath home offers comfort and thoughtful upgrades throughout. Enjoy natural light from skylights in the kitchen and primary bathroom, creating a bright and inviting atmosphere. The kitchen was beautifully remodeled in 2023, complemented by newer flooring installed in 2018. A newer water heater adds peace of mind. Designed with accessibility in mind, the home features a convenient ramp for easy entry. Relax on the welcoming front porch or take advantage of the insulated Tuff Shed--complete with lighting and A/C--perfect for storage, a workshop, or hobby space. All ages community. You must get pre-approved by the community.

ⓘ 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 1/10 Low FEMA zone X (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 8/10 Severe 6 d/yr ≥111°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,124
• − Mortgage interest: −$6,716
• − Property taxes: −$1,798
• − Insurance: −$600
• − Repairs & maintenance: −$2,490
• − Management: −$2,490
• − Depreciation: −$3,488
• Taxable income: $13,542
• Est. tax owed @ 24.0%: −$3,250
• After-tax cash flow: $11,395/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 75/100 Cosmetic rehab

This well-maintained 3-bedroom, 2-bath home offers comfort and thoughtful upgrades throughout. The kitchen and bathrooms have been recently updated, and the home is in good condition with a good curb appeal. Minor updates to the exterior and interior can further enhance its value.

Value-add opportunities

• Resale Paint exterior siding — Enhances curb appeal and value.
• Both Replace curtains — Fresh curtains can improve aesthetics and natural light in the living spaces.
• Both Replace ceiling fans — Modernize the living spaces and improve air circulation.
• Both Install smart home devices — Enhances convenience and energy efficiency, attracting buyers and renters.
• Both Add outdoor lighting — Improves safety and curb appeal, especially at night.

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior siding — Enhances curb appeal and value. ↑
• Both Replace curtains — Fresh curtains can improve aesthetics and natural light in the living spaces. ↑
• Both Replace ceiling fans — Modernize the living spaces and improve air circulation. ↑
• Both Install smart home devices — Enhances convenience and energy efficiency, attracting buyers and renters. ↑
• Both Add outdoor lighting — Improves safety and curb appeal, especially at night. ↑

ⓘ 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): 33,118
• Household income: $139,836
• Rent vs Own: 20.9% rent · 79.1% own
• Severe rent burden: 432.0

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: Predominantly White (71%)
• Race & ethnicity: White 71% Hispanic / Latino 11% Two or more races 11% Asian 9% Black 2%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Romanian 5% Italian 4% Lithuanian 3%
• Foreign-born: 15% · Canada, China, Vietnam
• Languages at home: 82% English-only · Spanish 6% Other Indo-European 5% Other Asian/Pacific 2%

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: ▼ -86.38%
• Current HPI: 308.7483
• Rent YoY: ▲ 1.98%
• 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

1 event — show timeline

• 2026-04-20 Listed $139,900 ARMLS