19602 N 32nd St #23

Phoenix, AZ 85050

$83,000B+

3 bd · 2.0 ba · 1,008 sqft · Built 1986 · Manufactured · Active · 22 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,450/mo
• Mortgage (P&I): −$435
• Tax + insurance: −$138
• HOA: −$0
• Vac / Maint / Mgmt: −$515
• Net cashflow: $1,362/mo
• Annual: $16,343/yr
• Cap rate: 25.98%
• Cash-on-cash: 70.32%
• DSCR: 4.13
• 1% rule: 2.95%
• Cash to close: $23,240

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $83k. Condition is rated good.
• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $83k).
• It's been on market 22 days — a 2% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $82k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $574 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• 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.
• Zoned schools: Fireside Elementary School (math 76% / reading 80%, grade A, #19 of 1,109 statewide, top 2%, 730 students, 5% FRL); Mountain Trail Middle School (math 33% / reading 41%, grade F, #57 of 218 statewide, top 27%, 680 students, 24% FRL); Pinnacle High School (math 49% / reading 54%, grade D+, #35 of 381 statewide, top 9%, 2,479 students, 8% FRL) — zoned schools average 12% FRL vs 29% district-wide (17 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 56% at this address vs 42% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the Paradise Valley Unified District (4241) average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+2.0%/yr); 218 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 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.
• At projected returns (-3.0% appreciation + 2.0% rent growth), your $23k cash investment doubles in ~2 years — after that, you're playing with house money.
• 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.
• Cap rate 26.0% 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.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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 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.