11640 N 51st Ave #237 · Glendale, AZ 85304

$175,000

2 bd · 2.0 ba · 865 sqft · Condo public records · 75 Days on market

Built 1984 $202/sqft · 13% below area Est $202k · 13% under $325/mo HOA · 21% of rent

---

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 +13.5/15.0
• Cash flow +10.1/30.0
• 1% rule +4.0/10.0
• Livability +3.8/5.0
• Schools +3.5/10.0
• DSCR +2.9/10.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to this updated 2BR/2BA second-story condo in the desirable Cactus Flats community! This bright, move-in-ready home features modern wood-look flooring and a stunning contemporary fireplace. The upgraded kitchen boasts faux granite countertops and stainless steel appliances. Enjoy the Arizona weather on one of two private balconies or take advantage of the resort-style community amenities, including a sparkling pool, heated spa, and workout facility. Prime location near ASU West, I-17, and local dining/shopping. Features in-unit laundry with full-sized washer/dryer and one assigned covered parking spot. Perfectly blending style and convenience--don't miss out!

Key facts

• Private balconies
• Upgraded kitchen
• $325 HOA

Tags

• MODERN WOOD-LOOK FLOORING
• CONTEMPORARY FIREPLACE
• UPGRADED KITCHEN
• FAUX GRANITE COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• PRIVATE BALCONIES

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $175k.

Deal economics

• At list price, monthly cash flow is $-104 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $157k (10.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $158k (9.8% below list).
• Recommended offer: $157k (10.5% below list) — sets the bar for cash-flow.
• Cap rate 5.6% 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.

Location & tenants

• 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.
• Peoria Unified School District (4237) (suburban): math 36% / reading 42% proficiency, ranked #64 of 249 in AZ (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Desert Palms Elementary School (math 20% / reading 32%, grade F, #623 of 1,109 statewide, top 57%, 477 students, 59% FRL); Ironwood High School (math 33% / reading 38%, grade F, #92 of 381 statewide, top 24%, 1,922 students, 44% FRL) — zoned schools average 51% FRL vs 35% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-1.3%/yr); 129 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 36,011 units permitted in Maricopa County in 2024 (12,801 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.
• Maricopa County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 75 days — a 6% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 20y ago; this cycle's ask is 12535% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $37k; list at $175k implies a 376% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 21% of rent.
• Climate carrying-cost: extreme-heat days projected 6→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $156,654 (10.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 75 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.90% ✗
• Cap rate: 5.58%
• Cash-on-cash: -2.54%
• DSCR: 0.89
• GRM: 9.2

CMA / ARV

• ARV (median comp): $202,024
• List price: $175,000
• Delta: -13.38%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -24.3%
• Equity multiple: 0.19×
• Total profit: $-39,489
• Equity at exit: $26,093

10-year hold

• IRR: -33.8%
• Equity multiple: -0.23×
• Total profit: $-60,336
• Equity at exit: $15,131

Cash invested: $49,000 (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 85304

• Rents YoY: -1.3%
• Active inventory: 129
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,579 high
• Mortgage (P&I): −$918
• Tax from tax record: −$36 /mo · $429/yr
• Insurance: −$73
• HOA: −$325
• Vacancy / Maint / Mgmt: −$332
• Net cashflow: $-104

Break-even live

Break-even rent $1,711

Max offer price $156,654

Occupancy floor —

Sensitivity live

Price	-10% $-5	-5% $-54	+0% $-104	+5% $-153	+10% $-203
Rent	-10% $-229	-5% $-166	+0% $-104	+5% $-41	+10% $21
Rate	-1.0pp $-16	-0.5pp $-59	base $-104	+0.5pp $-149	+1.0pp $-195

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11640 N 51st Ave Glendale, AZ	2.0	2.0	865	$1,400	$1.62	7d	2	0.03mi
11640 N 51st Ave Glendale, AZ	2.0	2.0	865	$1,422	$1.64	45d	3	0.03mi
11640 N 51st Ave Glendale, AZ	2.0	2.0	865	$1,422	$1.64	26d	2	0.03mi
5020 W Peoria Ave Glendale, AZ	1.0–2.0	1.0–2.0	705	$1,531	$2.17	0d	9	0.63mi
5236 W Peoria Ave #140 Glendale, AZ	2.0	1.0	891	$1,099	$1.23	14d	1	0.70mi
5326 W Peoria Ave Unit 111 Glendale, AZ	2.0	2.0	974	$1,500	$1.54	4d	1	0.73mi
5023 W Peoria Ave Glendale, AZ	1.0–3.0	1.0–2.0	977	$2,386	$2.44	0d	1	0.76mi
5215 W Peoria Ave Glendale, AZ	1.0	1.0	605	$1,038	$1.72	0d	10	0.78mi
5150 W Eugie Ave Glendale, AZ	1.0–2.0	1.0–2.0	700	$1,415	$2.02	0d	22	1.13mi
13610 N 51st Ave Glendale, AZ	1.0–2.0	1.0–2.0	770	$1,599	$2.08	0d	11	1.18mi
10851 N 43rd Ave Phoenix, AZ	1.0–2.0	1.0–2.0	780	$1,690	$2.17	0d	9	1.20mi
10201 N 44th Dr Glendale, AZ	2.0	1.0–2.0	670	$1,440	$2.15	0d	13	1.20mi
5205 W Thunderbird Rd Glendale, AZ	1.0–3.0	1.0–2.0	825	$1,489	$1.80	0d	27	1.23mi
10654 N 60th Ave Glendale, AZ	1.0–2.0	1.0–2.0	732	$1,475	$2.01	0d	29	1.33mi
5757 W Eugie Ave Glendale, AZ	1.0–2.0	1.0–2.0	767	$1,495	$1.95	17d	5	1.37mi
5757 W Eugie Ave Glendale, AZ	1.0–2.0	1.0–2.0	767	$1,395	$1.82	5d	6	1.37mi
5757 W Eugie Ave Glendale, AZ	1.0–2.0	1.0–2.0	774	$1,395	$1.80	5d	5	1.37mi
4040 W Peoria Ave Phoenix, AZ	1.0–2.0	1.0–2.0	715	$1,404	$1.96	0d	25	1.45mi

HOA detail condo

• Monthly dues: $325 · $3,900/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-21
   days on market $175,000 Active 75 DOM
2. 2026-06-18
   days on market $175,000 Active 72 DOM
3. 2026-06-18
   price $175,000 Active 71 DOM
4. 2026-06-17
   days on market $182,500 Active 71 DOM
5. 2026-06-16
   days on market $182,500 Active 70 DOM
6. 2026-06-15
   days on market $182,500 Active 69 DOM
7. 2026-06-13
   days on market $182,500 Active 67 DOM
8. 2026-06-13
   days on market $182,500 Active 66 DOM
9. 2026-06-09
   days on market $182,500 Active 63 DOM
10. 2026-06-08
    days on market $182,500 Active 62 DOM
11. 2026-06-07
    days on market $182,500 Active 61 DOM
12. 2026-06-04
    days on market $182,500 Active 58 DOM
13. 2026-06-03
    days on market $182,500 Active 57 DOM
14. 2026-06-02
    days on market $182,500 Active 56 DOM
15. 2026-06-01
    days on market $182,500 Active 55 DOM
16. 2026-05-31
    days on market $182,500 Active 54 DOM
17. 2026-05-06
    listed $1,385
18. 2026-04-07
    listed $182,500 Active 680-char remark

    Show marketing remark (680 chars)

    Welcome home to this updated 2BR/2BA second-story condo in the desirable Cactus Flats community! This bright, move-in-ready home features modern wood-look flooring and a stunning contemporary fireplace. The upgraded kitchen boasts faux granite countertops and stainless steel appliances. Enjoy the Arizona weather on one of two private balconies or take advantage of the resort-style community amenities, including a sparkling pool, heated spa, and workout facility. Prime location near ASU West, I-17, and local dining/shopping. Features in-unit laundry with full-sized washer/dryer and one assigned covered parking spot. Perfectly blending style and convenience--don't miss out!

19. 2012-04-06
    soldstatus $36,800 Closed 449-char remark

    Show marketing remark (449 chars)

    Location, location, location! Come check out this centrally located condo! It's close to shopping, dining, public transportation and more. Features include 2 large bedrooms, a greatroom with a cozy fireplace, and more. Enjoy the cool AZ nights from your private balcony too. This complex features a community pool and fitness room. this home is priced to sell!! Take a look today! All financed offers require Bank of America Prequalification.

20. 2012-02-20
    status Pending 449-char remark

    Show marketing remark (449 chars)

    Location, location, location! Come check out this centrally located condo! It's close to shopping, dining, public transportation and more. Features include 2 large bedrooms, a greatroom with a cozy fireplace, and more. Enjoy the cool AZ nights from your private balcony too. This complex features a community pool and fitness room. this home is priced to sell!! Take a look today! All financed offers require Bank of America Prequalification.

21. 2012-02-09
    listed $36,800 Active 449-char remark

    Show marketing remark (449 chars)

    Location, location, location! Come check out this centrally located condo! It's close to shopping, dining, public transportation and more. Features include 2 large bedrooms, a greatroom with a cozy fireplace, and more. Enjoy the cool AZ nights from your private balcony too. This complex features a community pool and fitness room. this home is priced to sell!! Take a look today! All financed offers require Bank of America Prequalification.

22. 2007-01-27
    soldstatus $137,220
23. 2006-12-19
    historical
24. 2006-12-06
    listed $135,900

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

Tax reassessment forecast AZ · Resets to sale price

• Current annual tax: $429 · $36/mo
• Projected year-2 tax: $1,155 · $96/mo
• Expected delta: +$726/yr (+$61/mo · 169.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 6 d/yr ≥112°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,949
• − Mortgage interest: −$9,803
• − Property taxes: −$429
• − Insurance: −$875
• − Repairs & maintenance: −$1,516
• − Management: −$1,516
• − HOA: −$3,900
• − Depreciation: −$5,091
• Taxable loss: −$4,180
• Est. tax savings @ 24.0%: +$1,003
• After-tax cash flow: $-243/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.

Schools (NCES district)

• District: Peoria Unified School District (4237)
• NCES district ID: 0406250
• Math proficiency: 36% ▼ -14.00%
• Reading proficiency: 42% ▼ -8.00%
• Median HH income: $60,171
• Composite: 34.62/100
• National rank: #5152
• State rank: #64 of 249 in AZ

Livability — Glendale

• Score: 76/100
• State rank: #12
• US rank: #3235

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Glendale, AZ
• County: Maricopa County · 4,537,380 people
• City population: 294,586
• Metro: Phoenix-Mesa-Chandler, AZ
• Population (ZIP): 29,861
• Household income: $86,927
• Rent vs Own: 18.9% rent · 81.1% own
• Severe rent burden: 640.0

Population outlook (Maricopa County) Hauer SSP2

• Today (2025): 4,979,203 people
• By 2030: 5,378,229 · +8.0%
• By 2040: 6,156,598 · +23.6%
• By 2050: 6,872,376 · +38.0%
• By 2075: 8,401,270 · +68.7%
• By 2100: 9,247,439 · +85.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (61%)
• Race & ethnicity: White 61% Hispanic / Latino 30% Two or more races 16% Black 2% Asian 2% Native American 2%
• Hispanic origin (detail): Mexican 24%
• Common ancestry: Lithuanian 3% Romanian 2% Portuguese 2%
• Foreign-born: 7% · Canada, Vietnam, China
• Languages at home: 83% English-only · Spanish 14% Other Indo-European 1% Vietnamese 1%

Political lean MEDSL · Maricopa

• 2024 margin: Toss-up / Even · D 47.7% · R 51.2% · Other 1.1%
• 2008→2024 swing: +7.1pp toward D · 2008: -10.6pp · 2024: -3.5pp
• All cycles: 2024: R+3.5 2020: D+2.2 2016: R+3.5 2012: R+12.0 2008: R+10.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -259.68%
• Current HPI: 310.0679
• Rent YoY: ▼ -1.30%
• 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

-99.0% since first listed

8 events — show timeline

• 2026-05-06 Listed for Rent $1,385 RentEngineListings
• 2026-04-07 Listed $182,500 ARMLS
• 2012-04-06 Sold (MLS) $36,800 ARMLS
• 2012-02-20 Pending — ARMLS
• 2012-02-09 Listed $36,800 ARMLS
• 2007-01-27 Sold (MLS) $137,220 ARMLS
• 2006-12-19 Listing Removed — ARMLS
• 2006-12-06 Listed $135,900 ARMLS

Property tax history

-3.9%/yr

Latest (2025): $429 · +2.4% YoY. Source: county tax records.