22320 W Scotty Ln

Wittmann, AZ 85361

$89,000A-

2 bd · 2.0 ba · 840 sqft · Built 1982 · Manufactured · Active · 288 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,150/mo
• Mortgage (P&I): −$467
• Tax + insurance: −$68
• HOA: −$0
• Vac / Maint / Mgmt: −$242
• Net cashflow: $374/mo
• Annual: $4,485/yr
• Cap rate: 11.33%
• Cash-on-cash: 18.00%
• DSCR: 1.80
• 1% rule: 1.29%
• Cash to close: $24,920

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $89k.
• At list price, monthly cash flow is $374 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $89k).
• It's been on market 288 days — a 12% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $78k (12.0% below list) — sets the bar for market timing.
• In year one you build about $10k of equity ($615 loan paydown + $9k appreciation (10.0% local appreciation)).
• Location reads 50/100 on livability (#326 in AZ) — a working-class tenant base; expect higher turnover. Strengths: health & safety A+; Watch: employment C-, housing C-, amenities F.
• Morristown Elementary District (4251) (rural): math 30% / reading 25% proficiency, ranked #315 of 501 in AZ (top 63%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Morristown Elementary School (math 42% / reading 37%, grade F, #398 of 1,109 statewide, top 37%, 147 students, 71% FRL) — zoned schools average 71% FRL vs 35% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 40% at this address vs 28% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Morristown Elementary District (4251) average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 373 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• 8 sale attempts since 23y ago; this cycle's ask has dropped $104k (54%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major 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 11.3% vs local median 3.5% in Wittmann — 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 288 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.
• 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.