7300 N 51st Ave Unit F93

Glendale, AZ 85301

$25,500C+

1 bd · 1.0 ba · 700 sqft · Built 1971 · Manufactured · Active · 586 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $795/mo
• Mortgage (P&I): −$134
• Tax + insurance: −$42
• HOA: −$0
• Vac / Maint / Mgmt: −$167
• Net cashflow: $452/mo
• Annual: $5,426/yr
• Cap rate: 27.57%
• Cash-on-cash: 75.99%
• DSCR: 4.38
• 1% rule: 3.12%
• Cash to close: $7,140

Investor read

• This is a 1-bed/1.0-bath manufactured listed at $26k.
• At list price, monthly cash flow is $452 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($795 rent vs $26k).
• It's been on market 586 days — a 12% lower offer ($22k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $22k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $176 of loan paydown is wiped out by about $765 of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#12 in AZ, #3,235 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, amenities B; Watch: health & safety D+, 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: Glendale Landmark School (math 9% / reading 11%, grade F, #1,005 of 1,109 statewide, top 92%, 828 students, 93% FRL); Glendale High School (math 13% / reading 22%, grade F, #245 of 381 statewide, top 65%, 1,816 students, 76% FRL).
• Zoned-school proficiency averages 14% at this address vs 27% district-wide (-13 pts) — the specific schools serving this property underperform the Glendale Union High School District (4285) average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-3.0%/yr); 220 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 0d 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.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $9k (27%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $7k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 6→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 27.6% vs local median 3.5% in Glendale — 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.
• This rent is only 18% of the median local income ($54k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• It's been on market 586 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?
• 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.