Is 1110 N Henness Rd Unit 2317-02317 in Casa Grande, AZ a good investment?

CashFlowRE grades it D+ with a 6.5% cap rate and $26/mo modeled cash flow at a $154,995 list price. See the full underwriting and recommended offer on the page.

What is the cap rate for 1110 N Henness Rd Unit 2317-02317?

The modeled cap rate is 6.5% — annual NOI divided by price, using CashFlowRE's rent and expense estimates.

What would this property rent for?

Estimated market rent is $1,388/month, from CashFlowRE's rent model.

D+ Composite 49.64

Why this score? — see what drove the D+ 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).

ARV discount +15.0/15.0
Cash flow +14.6/30.0
Condition / age +4.8/5.0
DSCR +4.7/10.0
1% rule +4.5/10.0
Rent growth +3.7/5.0
Livability +2.9/5.0
Appreciation +2.5/10.0
Schools +1.4/10.0
Manufactured-home adj. -4.3

$154,995

1110 N Henness Rd Unit 2317-02317 · Casa Grande, AZ 85122

2 bd · 2.0 ba · 1,179 sqft · Manufactured · 201 Days on market

Manufactured home 55+ age-restricted Built 2026 Excellent condition $131/sqft · 33% below area Est $232k · 33% under

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Listing remarks

Welcome to your new oasis! Located at 2317 Granite Drive in the vibrant 55+ active adult community of Palm Creek Resort and Residences this charming 2 bedroom/2 bathroom 1170 sq ft home is the perfect blend of comfort and style. The kitchen is has stainless steel appliances, plenty of counter space and storage. The large utility room adds convenience, while the primary bedroom boasts a generous ensuite bathroom with a step-in shower and enormous walk in closet. Enjoy the outdoors with a lovely patio area, perfect for relaxation and entertaining.

Key facts

Patio area
Walk in closet
Ensuite bathroom

What this means for you Summary

Snapshot

This is a 2-bed/2.0-bath manufactured listed at $155k. Condition is rated excellent.

Deal economics

At list price, monthly cash flow is $26 ($306/yr) — positive.
The deal already cash-flows at list — no discount required.
To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $139k (10.4% below list).
Recommended offer: $136k (12.0% below list) — sets the bar for market timing.
Cap rate 6.5% vs local median 3.9% in Casa Grande — 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 58/100 on livability (#220 in AZ) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime D+, employment D+, amenities F.
Casa Grande Union High School District (4453) (suburban): math 14% / reading 21% proficiency, ranked #193 of 249 in AZ (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
Zoned schools: Mesquite Elementary School (math 12% / reading 17%, grade F, #898 of 1,109 statewide, top 83%, 467 students, 85% FRL); Cactus Middle School (math 11% / reading 19%, grade F, #156 of 218 statewide, top 72%, 779 students, 63% FRL); Vista Grande High School (math 10% / reading 16%, grade F, #279 of 381 statewide, top 73%, 1,790 students, 54% FRL).
Market conditions: Rents rising fast (+4.6%/yr); 901 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 47% of comp listings sitting > 30 days — soft ceiling on asking rent; 9,504 units permitted in Pinal County in 2024 (776 in 5+ unit buildings).

Forward outlook

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.

Negotiation context

It's been on market 201 days — a 12% lower offer ($136k) is reasonable based on typical stale-listing flexibility.

Recommended offer $136,395 (12.0% below list)

Questions for the listing agent

It's been on market 201 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
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?
Crime grade is D 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.
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: 0.90% ✗
Cap rate: 6.49%
Cash-on-cash: 0.71%
DSCR: 1.03
GRM: 9.3

CMA / ARV

ARV (median comp): $232,331
List price: $154,995
Delta: -33.29%
Verdict: UNDERPRICED
Comps: 1 within 2.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1873 E Birch St	0.41mi	2/2.0	1,237 (+5%)	2mo	$227,000	$184	71
1547 E 12th St	1.05mi	2/2.0	1,218 (+3%)	0mo	$266,900	$219	59
1829 E Sandalwood Rd	0.47mi	2/2.0	1,297 (+10%)	5mo	$255,000	$197	57
1647 E Krystal St	1.24mi	3/2.0 (+1)	1,198 (+2%)	1mo	$281,000	$235	56
1546 E 12th St	1.04mi	2/2.0	1,105 (-6%)	8mo	$239,900	$217	48
1547 E Melrose Dr	0.99mi	2/2.0	1,275 (+8%)	6mo	$228,000	$179	47
1570 E Earl Dr	0.96mi	2/2.0	1,275 (+8%)	6mo	$250,000	$196	47
1552 E Manor Dr	0.97mi	2/2.0	1,275 (+8%)	8mo	$235,500	$185	45
1553 E Prickly Pear Pl	1.38mi	3/2.0 (+1)	1,281 (+9%)	1mo	$285,000	$222	45
1718 E Birch St	0.66mi	2/2.0	1,013 (-14%)	4mo	$248,000	$245	43
1533 E Laurel Dr	1.05mi	2/2.0	1,458 (+24%)	3mo	$205,832	$141	38
1386 E 10th Pl	1.43mi	2/2.0	939 (-20%)	6mo	$249,900	$266	35

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 · 4.6% rent growth · sell at horizon

5-year hold

IRR: -13.4%
Equity multiple: 0.51×
Total profit: $-21,200
Equity at exit: $23,110

10-year hold

IRR: -2.1%
Equity multiple: 0.85×
Total profit: $-6,658
Equity at exit: $13,401

Cash invested: $43,399 (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 →

Active competition Active MLS

For sale now: 31 active · 1 under contract
Median asking: $159,995 ($137/sqft)
Median days on market: 118 d
This list price: lowest-priced of the active set
ARV vs active asking: +43.6% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 85122

Home prices YoY: -22.4%
Rents YoY: 4.6%
Active inventory: 901
Price-to-rent: 9.3×

Monthly cashflow live

Estimated rent: $1,388 high interval (Pro) →
Mortgage (P&I): −$813
Tax est. 1.5%: −$194 /mo · $2,325/yr
Insurance: −$65
HOA: −$0
Lot rent leased land?: −$0
Vacancy / Maint / Mgmt: −$292
Net cashflow: $26

Break-even live

Break-even rent $1,356

Max offer price $154,995

Occupancy floor 93%

Sensitivity live

Price	-10% $133	-5% $79	+0% $26	+5% $-28	+10% $-82
Rent	-10% $-84	-5% $-29	+0% $26	+5% $80	+10% $135
Rate	-1.0pp $104	-0.5pp $65	base $26	+0.5pp $-15	+1.0pp $-56

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: $38,749
Closing costs: $4,650
Club membership (one-time): —
Reserves months: —
Total cash needed: —

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Short-term bridge; refi at stabilization.

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1110 Henness Rd Casa Grande, AZ	2.0	2.0	1166	$1,649	$1.41	0d	1	0.39mi
1762 E Sycamore Rd Casa Grande, AZ	3.0	2.0	1273	$3,500	$2.75	74d	1	0.65mi
1727 E Birch St Casa Grande, AZ	3.0	2.0	1196	$1,595	$1.33	30d	1	0.66mi
1771 E McMurray Blvd Casa Grande, AZ	1.0–2.0	1.0	733	$1,395	$1.90	0d	1	0.73mi
1682 E Kielly Ln Casa Grande, AZ	3.0	2.0	1494	$2,400	$1.61	54d	1	0.75mi
1000 N Arizola Rd Casa Grande, AZ	2.0	1.0–2.0	621	$1,290	$2.08	0d	20	0.79mi
422 N Via Del Cielo Rd Casa Grande, AZ	1.0–3.0	1.0–2.5	1090	$2,172	$1.99	0d	27	0.97mi
1821 E Florence Blvd Casa Grande, AZ	1.0–3.0	1.0–2.0	1091	$1,604	$1.47	0d	1	1.05mi
1620 E Silver Reef Dr Casa Grande, AZ	3.0	2.0	1202	$1,575	$1.31	120d	1	1.11mi
1715 N Peart Rd Casa Grande, AZ	2.0–4.0	1.0–2.0	1221	$1,399	$1.15	0d	49	1.12mi
1450 E Cottonwood Ln Casa Grande, AZ	1.0–2.0	1.0–2.0	821	$1,845	$2.25	0d	64	1.24mi
1650 E Jardin Pl Casa Grande, AZ	3.0	2.0	1411	$1,695	$1.20	120d	1	1.28mi
1636 E Jardin Pl Casa Grande, AZ	3.0	2.0	1411	$1,799	$1.27	74d	1	1.30mi
1456 E 9th St #118 Casa Grande, AZ	2.0	2.0	1495	$1,325	$0.89	33d	1	1.34mi
2071 N St Bonita Ln Casa Grande, AZ	3.0	2.0	1300	$1,750	$1.35	4d	1	1.37mi
255 N Camino Mercado Casa Grande, AZ	1.0–3.0	1.0–2.0	1041	$1,660	$1.59	0d	64	1.40mi
1766 E Bishop Pl Casa Grande, AZ	3.0	2.0	1301	$1,840	$1.41	74d	1	1.44mi

Property features AI

Finance

Financial info: Listed as ActiveList price $189,995

Exterior

Home design: Spec homePlan: 1110 North Henness Rd 2317
Exterior features: Located at 1110 N Henness Rd, Casa Grande, AZ 85122

Interior

Bedrooms: 2 bedrooms
Bathrooms: 2 full bathrooms
Interior features: Living area of 1179

Listing history 50 events

2026-09-23

days on market $154,995 Active 201 DOM
2026-09-22

days on market $154,995 Active 200 DOM
2026-09-21

days on market $154,995 Active 199 DOM
2026-09-20

days on market $154,995 Active 198 DOM
2026-09-19

days on market $154,995 Active 197 DOM
2026-09-18

days on market $154,995 Active 196 DOM
2026-09-17

days on market $154,995 Active 195 DOM
2026-09-16

days on market $154,995 Active 194 DOM
2026-09-15

days on market $154,995 Active 193 DOM
2026-09-14

days on market $154,995 Active 192 DOM
2026-09-14

days on market $154,995 Active 191 DOM
2026-09-12

days on market $154,995 Active 190 DOM
2026-09-11

days on market $154,995 Active 189 DOM
2026-09-05

days on market $154,995 Active 183 DOM
2026-09-04

days on market $154,995 Active 182 DOM
2026-09-03

days on market $154,995 Active 181 DOM
2026-08-31

days on market $154,995 Active 178 DOM
2026-08-30

days on market $154,995 Active 177 DOM
2026-08-29

days on market $154,995 Active 176 DOM
2026-08-28

days on market $154,995 Active 175 DOM
2026-08-27

days on market $154,995 Active 174 DOM
2026-08-26

days on market $154,995 Active 173 DOM
2026-08-25

days on market $154,995 Active 172 DOM
2026-08-24

days on market $154,995 Active 171 DOM
2026-08-23

days on market $154,995 Active 170 DOM
2026-08-22

days on market $154,995 Active 169 DOM
2026-08-21

days on market $154,995 Active 168 DOM
2026-08-20

days on market $154,995 Active 167 DOM
2026-08-19

days on market $154,995 Active 166 DOM
2026-08-18

days on market $154,995 Active 165 DOM
2026-08-17

days on market $154,995 Active 164 DOM
2026-08-16

days on market $154,995 Active 163 DOM
2026-08-15

days on market $154,995 Active 162 DOM
2026-08-14

days on market $154,995 Active 161 DOM
2026-08-13

days on market $154,995 Active 160 DOM
2026-08-12

days on market $154,995 Active 159 DOM
2026-08-11

days on market $154,995 Active 158 DOM
2026-08-10

days on market $154,995 Active 157 DOM
2026-08-09

days on market $154,995 Active 156 DOM
2026-08-08

days on market $154,995 Active 155 DOM
2026-08-06

days on market $154,995 Active 153 DOM
2026-08-05

days on market $154,995 Active 152 DOM
2026-08-04

days on market $154,995 Active 151 DOM
2026-08-03

days on market $154,995 Active 150 DOM
2026-07-31

days on market $154,995 Active 147 DOM
2026-07-30

days on market $154,995 Active 146 DOM
2026-07-30

days on market $154,995 Active 145 DOM
2026-07-28

days on market $154,995 Active 144 DOM
2026-07-26

days on market $154,995 Active 142 DOM
2026-07-24

days on market $154,995 Active 140 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income: $16,658
− Mortgage interest: −$8,682
− Property taxes: −$2,325
− Insurance: −$775
− Repairs & maintenance: −$1,333
− Management: −$1,333
− Depreciation: −$4,509
Taxable loss: −$2,298

Your marginal tax rate % combined federal + state — saved on this device

Est. tax savings @ 24.0%: +$552
After-tax cash flow: $858/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 · 13 photos

Excellent 95/100 None rehab

This move-in-ready manufactured home in Palm Creek Resort and Residences is in excellent condition with no visible repairs or maintenance needed. It offers a great value with potential for minor updates to enhance its curb appeal and interior aesthetics.

Value-add opportunities

Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics, attracting more buyers and renters. ↑
Both Adding a small outdoor patio or seating area — An outdoor space can increase the home's appeal for both buyers and renters, especially in a community with amenities like golf and pickleball. ↑

F Composite school gradezoned avg 14/100

Zoned Schools

Elementary Mesquite Elementary School F AZ #898/1,109 Nat'l #36,758/41,679 Middle Cactus Middle School F AZ #156/218 Nat'l #12,634/14,009 High Vista Grande High School F AZ #279/381 Nat'l #15,688/17,239

Schools (NCES district)

District: Casa Grande Union High School District (4453)
NCES district ID: 0401740
Math proficiency: 14% ▼ -15.00%
Reading proficiency: 21% ▼ -10.00%
Median HH income: $45,373
Composite: 15.38/100
National rank: #9319
State rank: #193 of 249 in AZ

D Composite livability gradescore 58/100

Livability — Casa Grande

Score: 58/100
State rank: #220
US rank: #21534

Category grades

Amenities F Commute F Cost of living A+ Crime D+ Employment D+ Housing A+ Health & safety F User ratings B

Schools grade is shown separately in the Schools card above.

Census & demographics

Census place: Casa Grande, AZ
County: Pinal County · 437,574 people
City population: 69,701
Metro: Phoenix-Mesa-Chandler, AZ
Population (ZIP): 61,624
Household income: $68,443
Rent vs Own: 28.6% rent · 71.4% own
Severe rent burden: 15% of renters

Population outlook (Pinal County) Hauer SSP2

Today (2025): 437,574 people
By 2030: 446,903 · +2.1%
By 2040: 452,589 · +3.4%
By 2050: 444,126 · +1.5%
By 2075: 430,300 · -1.7%
By 2100: 393,536 · -10.1%

Race, ethnicity, and origin ACS 2023

Neighborhood character: Diverse neighborhood (Simpson 0.63)
Race & ethnicity: Hispanic / Latino 44% White 42% Two or more races 21% Black 4% Native American 4% Asian 1%
Hispanic origin (detail): Mexican 40%
Common ancestry: Lithuanian 1% Slovak 1% Portuguese 1%
Foreign-born: 12% · Canada
Languages at home: 75% English-only · Spanish 23% Tagalog/Filipino 1% Other Indo-European 1%

Political lean MEDSL · Pinal

2024 margin: Strong R (+22.1) · D 38.5% · R 60.6%
2008→2024 swing: -7.6pp toward R · 2008: -14.5pp · 2024: -22.1pp
All cycles: 2024: R+22.1 2020: R+17.3 2016: R+19.3 2012: R+17.1 2008: R+14.5

Not yet ingested

Civics: —

Market trends

HPI YoY: ▼ -67.32%
Current HPI: 233.148
Rent YoY: ▲ 4.60%
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
#417 ON Semiconductor Scottsdale $7.1B #467 Resideo Technologies Scottsdale $6.1B
Mining / Metals	1	$23B
#174 Freeport-McMoRan Phoenix $23.4B
Environmental Services	1	$16B
#209 Republic Services Phoenix $15.9B
Metals / Steel	1	$14B
#471 Reliance Steel & Aluminum Scottsdale $14.0B
Technology Distribution	1	$9B
#363 Insight Enterprises Chandler $9.4B
Homebuilding	1	$8B
#424 Taylor Morrison Scottsdale $7.7B

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

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