17200 W Bell Rd

Surprise, AZ 85374

$155,500D+

1 bd · 0.5 ba · 586 sqft · Built 1988 · SingleFamily · Active · 149 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,317/mo
• Mortgage (P&I): −$815
• Tax + insurance: −$259
• HOA: −$0
• Vac / Maint / Mgmt: −$277
• Net cashflow: $-34/mo
• Annual: $-409/yr
• Cap rate: 6.03%
• Cash-on-cash: -0.94%
• DSCR: 0.96
• 1% rule: 0.85%
• Cash to close: $43,540

Investor read

• This is a 1-bed/0.5-bath single-family listed at $156k. Condition is rated fair.
• At list price, monthly cash flow is $-34 ($-409/yr) — negative.
• To cash-flow at today's rent, offer at most $151k (3.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $132k (15.3% below list).
• It's been on market 149 days — a 12% lower offer ($137k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $132k (15.3% below list) — sets the bar for 1% rule.
• 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.
• Location reads 74/100 on livability (#19 in AZ, #4,616 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A-; Watch: health & safety D+, amenities D-, commute F.
• Dysart Unified District (4243) (suburban): math 34% / reading 40% proficiency, ranked #73 of 249 in AZ (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Western Peaks Elementary (math 34% / reading 48%, grade F, #386 of 1,109 statewide, top 35%, 628 students, 41% FRL); Willow Canyon High School (math 36% / reading 44%, grade F, #70 of 381 statewide, top 18%, 1,787 students, 32% FRL) — zoned schools at 36% FRL track the district average.
• Market conditions: Rents flat; 491 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 36,011 units permitted in Maricopa County in 2024 (12,801 in 5+ unit buildings).
• Maricopa County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 40 sale attempts since 23y ago; this cycle's ask has dropped $80k (34%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $100k; list at $156k implies a 56% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 6→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.0% vs local median 3.3% in Surprise — 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

• 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 149 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Minor: kitchen cabinets — slight wear
• Minor: bathroom fixtures — slight wear
• Minor: landscaping — basic landscaping