3609 N North Dakota Ave Unit A

Florence, AZ 85132

$165,000C-

2 bd · 2.0 ba · 1,397 sqft · Built 1985 · Manufactured · Active · 145 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,667/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$275
• HOA: −$50
• Vac / Maint / Mgmt: −$350
• Net cashflow: $127/mo
• Annual: $1,522/yr
• Cap rate: 7.22%
• Cash-on-cash: 3.29%
• DSCR: 1.15
• 1% rule: 1.01%
• Cash to close: $46,200

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $165k. Condition is rated fair.
• At list price, monthly cash flow is $127 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• It's been on market 145 days — a 12% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $145k (12.0% below list) — sets the bar for market timing.
• 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 60/100 on livability (#187 in AZ) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Florence Unified School District (4437) (rural): math 16% / reading 24% proficiency, ranked #178 of 249 in AZ (top 72%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+1.3%/yr); 714 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 9,504 units permitted in Pinal County in 2024 (776 in 5+ unit buildings).
• 4 sale attempts since 5y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $105k; list at $165k implies a 57% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 5→13/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.2% vs local median 4.2% in Florence — 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 145 days. Have you received any prior offers? Is the seller open to a 12% 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 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?
• 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)

• Major: paint — paint appears faded and needs touch-up
• Minor: kitchen cabinets — slight wear
• Minor: bathroom vanity — slight wear