206 N Sunshine Blvd

Eloy, AZ 85131

$795,000B-

None bd · None ba · — sqft · Built 1952 · MultiFamily · Active · 41 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $13,421/mo
• Mortgage (P&I): −$4,169
• Tax + insurance: −$1,325
• HOA: −$0
• Vac / Maint / Mgmt: −$2,818
• Net cashflow: $5,109/mo
• Annual: $61,302/yr
• Cap rate: 14.00%
• Cash-on-cash: 27.54%
• DSCR: 2.23
• 1% rule: 1.69%
• Cash to close: $222,600

Investor read

• This is a 8×1bd/1ba + 5×?bd/?ba units multifamily listed at $795k.
• At list price, monthly cash flow is $5k ($61k/yr) — positive. Per door: $393/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $795k).
• It's been on market 41 days — a 3% lower offer ($771k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $771k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $24k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#78 in AZ) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D+, amenities D-, commute F.
• Santa Cruz Valley Union High School District (4454) (town): math 11% / reading 30% proficiency, ranked #382 of 501 in AZ (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Santa Cruz Valley Union High School (math 15% / reading 24%, grade F, #230 of 381 statewide, top 61%, 340 students, 78% FRL).
• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 440 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 9,504 units permitted in Pinal County in 2024 (776 in 5+ unit buildings).
• 11 sale attempts since 10y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $520k; list at $795k implies a 53% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $223k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 14.0% vs local median 1.3% in Eloy — 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.
• At $13,421/mo this rent would consume 285% of the median local household income ($57k/yr) (locally 301% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.