2292 N Ironwood Dr #80 · Apache Junction, AZ 85120

$47,000

2 bd · 2.0 ba · 1,024 sqft · Manufactured · 89 Days on market

Built 1986 Fair condition Est $62k · 25% under ↓ 17% since listing

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Why this score? — see what drove the B 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).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.3/5.0
• Condition / age +2.2/5.0
• Rent growth +1.6/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to this spacious two bedroom home in the all ages community of Windsong! Each day you will be greeted by mountain views as you walk outside! This home boasts natural light, has new floors throughout, among many other upgrades! Upgrades include: new flooring, new baseboards, new sinks in both bathrooms, new blinds throughout, new (refurbished) kitchen appliances, fresh paint inside and out, and more!

Key facts

• Newly fenced patio
• Community pool
• Natural light

Tags

• NEWLY FENCED PATIO
• HARD FLOORS
• NATURAL LIGHT
• COMMUNITY POOL
• END LOT

Property features AI

Finance

• HOA & community: Community has a pool; Land lease: $715 monthly; No association fees listed

Exterior

• Parking: 1 covered parking space; 1 open parking space; 1 carport space
• Utilities: City water; Public sewer
• Home design: Manufactured/mobile home; Leasehold property
• Construction: Wood frame construction; Painted exterior; Composition roof
• Exterior features: Gravel/stone front and back; Wood fencing; Community pool

Interior

• Kitchen: Refrigerator; Dishwasher
• Bedrooms: 2 possible bedrooms
• Flooring: Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Central air; Ceiling fans
• Interior features: Eat-in kitchen; No interior steps; Full bath in primary bedroom
• Laundry & utility: Washer/dryer hookup only

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $47k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $923 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $47k).
• Recommended offer: $44k (6.0% below list) — sets the bar for market timing.
• Cap rate 29.9% vs local median 3.5% in Apache Junction — 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 66/100 on livability (#70 in AZ) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D+, amenities F, commute F.
• Apache Junction Unified District (4443) (suburban): math 15% / reading 20% proficiency, ranked #195 of 249 in AZ (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Four Peaks Elementary School (math 12% / reading 17%, grade F, #898 of 1,109 statewide, top 83%, 498 students, 73% FRL); Cactus Canyon Junior High (math 14% / reading 19%, grade F, #151 of 218 statewide, top 70%, 702 students, 50% FRL); Apache Junction High School (math 12% / reading 17%, grade F, #267 of 381 statewide, top 72%, 999 students, 48% FRL) — zoned schools at 57% FRL track the district average.
• Market conditions: Rents falling (-3.5%/yr); 468 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 9,504 units permitted in Pinal County in 2024 (776 in 5+ unit buildings).
• This rent runs 33% of the median local income ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $325 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 3y ago; this cycle's ask has dropped $8k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk; extreme-heat days projected 6→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $44,180 (6.0% below list)

Questions for the listing agent

1. It's been on market 89 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 3.36% ✓
• Cap rate: 29.87%
• Cash-on-cash: 84.20%
• DSCR: 4.75
• GRM: 2.5

CMA / ARV

• ARV (on-the-fly): $62,464
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2292 N Ironwood Dr #103	0.00mi	2/2.0	1,008 (-2%)	5mo	$18,000	$18	93
2292 N Ironwood Dr #84	0.12mi	2/2.0	1,024 (0%)	3mo	$25,000	$24	92
2292 N Ironwood Dr #34	0.00mi	3/2.0 (+1)	1,024 (0%)	5mo	$60,000	$59	91
2292 N Ironwood Dr #41	0.00mi	2/2.0	1,080 (+6%)	3mo	$16,000	$15	88
2292 N Ironwood Dr #55	0.12mi	2/2.0	960 (-6%)	3mo	$57,000	$59	81
2292 N Ironwood Dr #110	0.11mi	3/2.0 (+1)	960 (-6%)	0mo	$67,000	$70	79
2292 N Ironwood Dr #56	0.11mi	3/2.0 (+1)	960 (-6%)	2mo	$59,000	$61	78
2292 N Ironwood Dr #78	0.12mi	3/2.0 (+1)	960 (-6%)	4mo	$60,000	$63	76
1975 W Smoketree St	0.37mi	2/1.5	1,121 (+10%)	6mo	$315,000	$281	60
875 W Smoketree St	0.56mi	2/2.0	1,080 (+6%)	7mo	$337,000	$312	59
2200 N Delaware Dr #62	0.52mi	3/2.0 (+1)	1,100 (+7%)	2mo	$75,000	$68	57
1280 N Ironwood Dr #6	0.62mi	2/2.0	1,152 (+12%)	4mo	$45,600	$40	47

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 81.2%
• Equity multiple: 4.54×
• Total profit: $46,588
• Equity at exit: $7,008

10-year hold

• IRR: 83.8%
• Equity multiple: 8.48×
• Total profit: $98,499
• Equity at exit: $4,064

Cash invested: $13,160 (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 →

ZIP-level market 85120

• Home prices YoY: -29.0%
• Rents YoY: -3.5%
• Active inventory: 468
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,580 high
• Mortgage (P&I): −$246
• Tax est. 1.5%: −$59 /mo · $705/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$332
• Net cashflow: $923

Break-even live

Break-even rent $411

Max offer price $47,000

Occupancy floor 37%

Sensitivity live

Price	-10% $956	-5% $940	+0% $923	+5% $907	+10% $891
Rent	-10% $799	-5% $861	+0% $923	+5% $986	+10% $1,048
Rate	-1.0pp $947	-0.5pp $935	base $923	+0.5pp $911	+1.0pp $899

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: $11,750
• Closing costs: $1,410
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2292 N Ironwood Dr Apache Junction, AZ	2.0	2.0	1152	$1,475	$1.28	26d	1	0.11mi
1877 W Overland St Apache Junction, AZ	3.0	2.0	1420	$1,999	$1.41	18d	1	0.71mi
2185 W Ohio St Apache Junction, AZ	2.0	1.0	1000	$1,295	$1.29	5d	1	1.07mi
1440 N Idaho Rd Apache Junction, AZ	1.0–2.0	1.0–1.5	1010	$1,900	$1.88	26d	3	1.11mi
455 N Delaware Dr Unit 7 Apache Junction, AZ	2.0	2.0	1060	$1,900	$1.79	26d	1	1.14mi
135 N Palo Verde Dr Unit 8 Apache Junction, AZ	1.0	1.0	750	$925	$1.23	25d	1	1.30mi
135 N Palo Verde Dr Apache Junction, AZ	1.0	1.0	750	$915	$1.22	21d	1	1.30mi

Listing history 26 events

1. 2026-06-21
   days on market $47,000 Active 89 DOM
2. 2026-06-18
   days on market $47,000 Active 86 DOM
3. 2026-06-17
   days on market $47,000 Active 85 DOM
4. 2026-06-16
   days on market $47,000 Active 84 DOM
5. 2026-06-15
   days on market $47,000 Active 83 DOM
6. 2026-06-13
   days on market $47,000 Active 81 DOM
7. 2026-06-09
   days on market $47,000 Active 77 DOM
8. 2026-06-08
   days on market $47,000 Active 76 DOM
9. 2026-06-07
   days on market $47,000 Active 75 DOM
10. 2026-06-04
    days on market $47,000 Active 72 DOM
11. 2026-06-03
    days on market $47,000 Active 71 DOM
12. 2026-06-02
    days on market $47,000 Active 70 DOM
13. 2026-06-02
    price $47,000 Active 69 DOM
14. 2026-06-01
    days on market $50,000 Active 69 DOM
15. 2026-05-31
    days on market $50,000 Active 68 DOM
16. 2026-05-10
    status Active
17. 2026-04-30
    historical Under Contract Accepting Backups
18. 2026-04-03
    price $50,000
19. 2026-03-24
    listed $55,000 Active
20. 2025-07-21
    listed $55,000 Active
21. 2025-07-21
    historical
22. 2023-10-18
    soldstatus $52,000 Closed 415-char remark

    Show marketing remark (415 chars)

    Welcome home to this spacious two bedroom home in the all ages community of Windsong! Each day you will be greeted by mountain views as you walk outside! This home boasts natural light, has new floors throughout, among many other upgrades! Upgrades include: new flooring, new baseboards, new sinks in both bathrooms, new blinds throughout, new (refurbished) kitchen appliances, fresh paint inside and out, and more!

23. 2023-09-20
    historical Contract Contingent on Buyer Sale 415-char remark

    Show marketing remark (415 chars)

    Welcome home to this spacious two bedroom home in the all ages community of Windsong! Each day you will be greeted by mountain views as you walk outside! This home boasts natural light, has new floors throughout, among many other upgrades! Upgrades include: new flooring, new baseboards, new sinks in both bathrooms, new blinds throughout, new (refurbished) kitchen appliances, fresh paint inside and out, and more!

24. 2023-09-05
    status Active 415-char remark

    Show marketing remark (415 chars)

    Welcome home to this spacious two bedroom home in the all ages community of Windsong! Each day you will be greeted by mountain views as you walk outside! This home boasts natural light, has new floors throughout, among many other upgrades! Upgrades include: new flooring, new baseboards, new sinks in both bathrooms, new blinds throughout, new (refurbished) kitchen appliances, fresh paint inside and out, and more!

25. 2023-08-25
    historical Under Contract Accepting Backups 415-char remark

    Show marketing remark (415 chars)

    Welcome home to this spacious two bedroom home in the all ages community of Windsong! Each day you will be greeted by mountain views as you walk outside! This home boasts natural light, has new floors throughout, among many other upgrades! Upgrades include: new flooring, new baseboards, new sinks in both bathrooms, new blinds throughout, new (refurbished) kitchen appliances, fresh paint inside and out, and more!

26. 2023-07-15
    listed $60,000 Active 415-char remark

    Show marketing remark (415 chars)

    Welcome home to this spacious two bedroom home in the all ages community of Windsong! Each day you will be greeted by mountain views as you walk outside! This home boasts natural light, has new floors throughout, among many other upgrades! Upgrades include: new flooring, new baseboards, new sinks in both bathrooms, new blinds throughout, new (refurbished) kitchen appliances, fresh paint inside and out, and more!

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 8/10 Severe 6 d/yr ≥111°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,960
• − Mortgage interest: −$2,633
• − Property taxes: −$705
• − Insurance: −$235
• − Repairs & maintenance: −$1,517
• − Management: −$1,517
• − Depreciation: −$1,367
• Taxable income: $10,986
• Est. tax owed @ 24.0%: −$2,637
• After-tax cash flow: $8,444/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 · 12 photos

Fair 45/100 Moderate rehab

This manufactured home requires moderate repairs and maintenance to improve its condition and value. Painting, updating cabinets, and replacing fixtures would significantly enhance its appeal.

Repairs flagged

• Minor kitchen cabinets — slight wear
• Minor bathroom fixtures — slight wear
• Minor interior paint — slight wear

Value-add opportunities

• Both paint interior walls — enhances curb appeal and interior aesthetics
• Both replace kitchen cabinets — modernizes kitchen and adds value
• Both replace bathroom fixtures — modernizes bathrooms and adds value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · slight wear	Minor	$500–3,000
bathroom fixtures · slight wear	Minor	$500–3,000
interior paint · slight wear	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both paint interior walls — enhances curb appeal and interior aesthetics ↑
• Both replace kitchen cabinets — modernizes kitchen and adds value ↑
• Both replace bathroom fixtures — modernizes bathrooms and adds value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Apache Junction Unified District (4443)
• NCES district ID: 0400790
• Math proficiency: 15% ▼ -17.00%
• Reading proficiency: 20% ▼ -13.00%
• Median HH income: $44,930
• Composite: 15.34/100
• National rank: #9325
• State rank: #195 of 249 in AZ

Livability — Apache Junction

• Score: 66/100
• State rank: #70
• US rank: #11242

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Apache Junction, AZ
• County: Pinal County · 399,947 people
• City population: 56,611
• Metro: Phoenix-Mesa-Chandler, AZ
• Population (ZIP): 31,191
• Household income: $57,786
• Rent vs Own: 17.8% rent · 82.2% own
• Severe rent burden: 686.0

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: Predominantly White (77%)
• Race & ethnicity: White 77% Hispanic / Latino 16% Two or more races 10% Asian 1%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Romanian 3% Lithuanian 3% Portuguese 3%
• Foreign-born: 7% · Canada
• Languages at home: 89% English-only · Spanish 8% Tagalog/Filipino 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: ▼ -128.31%
• Current HPI: 313.4666
• Rent YoY: ▼ -3.50%
• 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
▸Mining / Metals	1	$23B
▸Environmental Services	1	$16B
▸Metals / Steel	1	$14B
▸Technology Distribution	1	$9B
▸Homebuilding	1	$8B

Price history

-16.7% since first listed

11 events — show timeline

• 2026-05-10 Relisted — ARMLS
• 2026-04-30 Contingent — ARMLS
• 2026-04-03 Price Changed $50,000 ARMLS
• 2026-03-24 Listed $55,000 ARMLS
• 2025-07-21 Listing Removed — ARMLS
• 2025-07-21 Listed $55,000 ARMLS
• 2023-10-18 Sold (MLS) $52,000 ARMLS
• 2023-09-20 Contingent — ARMLS
• 2023-09-05 Relisted — ARMLS
• 2023-08-25 Contingent — ARMLS
• 2023-07-15 Listed $60,000 ARMLS