3140 W Glendale Ave #14

Phoenix, AZ 85051

$28,000D

3 bd · 1.5 ba · 720 sqft · Built 1967 · Manufactured · Active · 43 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,265/mo
• Mortgage (P&I): −$147
• Tax + insurance: −$47
• HOA: −$0
• Vac / Maint / Mgmt: −$266
• Net cashflow: $806/mo
• Annual: $9,668/yr
• Cap rate: 40.82%
• Cash-on-cash: 123.32%
• DSCR: 6.49
• 1% rule: 4.52%
• Cash to close: $7,840

Investor read

• This is a 3-bed/1.5-bath manufactured listed at $28k. Condition is rated fair.
• At list price, monthly cash flow is $806 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $28k).
• It's been on market 43 days — a 3% lower offer ($27k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $27k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $194 of loan paydown is wiped out by about $840 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.
• Glendale Union High School District (4285) (urban): math 23% / reading 31% proficiency, ranked #130 of 249 in AZ (top 52%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Washington High School (math 21% / reading 26%, grade F, #206 of 381 statewide, top 54%, 1,756 students, 60% FRL).
• Market conditions: Rents falling (-3.0%/yr); 117 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 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 + 0.0% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 40.8% 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

• It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% 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?
• Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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)

• Major: roof — Exposed wooden beams and siding suggest potential water damage or wear.
• Major: exterior siding — Metal siding may need repainting or replacement.
• Minor: interior walls — Painted walls appear to be in good condition but may need touch-ups.
• Minor: kitchen cabinets — Wooden cabinets appear to be in good condition but may need cleaning.
• Minor: bathroom fixtures — Standard fixtures in the bathroom may need cleaning or minor repairs.
• Minor: HVAC system — Standard appliances and fixtures may need cleaning or minor repairs.