3240 E Southern Ave #75 · Phoenix, AZ 85040

$35,000

2 bd · 1.0 ba · 750 sqft · Manufactured · 52 Days on market

Built 1974 Fair condition ↓ 12% since listing

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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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.2/5.0
• Condition / age +2.2/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Key facts

• Garage
• Built 1974
• Listed 51 days

Property features AI

Finance

• Other: Tax amount listed (not included per instructions)
• Financial info: Current financing: FHA
• HOA & community: Land lease community with a monthly land lease of $890; Association fees include other items (see remarks)

Exterior

• Parking: 1 garage space; 3 carport spaces; 4 covered parking spaces; 3 open parking spaces
• Utilities: Public sewer; City water
• Home design: Manufactured/mobile home; Leasehold ownership
• Construction: Construction materials: Painted (see remarks); Metal roof; Building area reported by owner
• Exterior features: Painted construction noted (see remarks for details); No fencing; Metal roof

Interior

• Bedrooms: 2 possible bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air; No heating
• Interior features: In-unit laundry listed as Other or none
• Laundry & utility: Laundry features listed as Other or none

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $35k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $35k).
• Recommended offer: $34k (3.0% below list) — sets the bar for market timing.
• Cap rate 45.1% vs local median 3.3% in Phoenix — 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 75/100 on livability (#16 in AZ, #3,924 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: health & safety C-, crime F.
• Roosevelt Elementary District (4279) (urban): math 8% / reading 14% proficiency, ranked #234 of 249 in AZ (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Maxine O Bush Elementary School (math 2% / reading 12%, grade F, #1,076 of 1,109 statewide, top 97%, 262 students, 81% FRL) — zoned schools average 81% FRL vs 36% district-wide (45 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-1.2%/yr); 131 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 36,011 units permitted in Maricopa County in 2024 (12,801 in 5+ unit buildings).
• This rent runs 34% of the median local income ($61k/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 $242 of loan paydown is wiped out by about $1k 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $10k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($34k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $33,950 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% 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. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 4.97% ✓
• Cap rate: 45.13%
• Cash-on-cash: 138.71%
• DSCR: 7.17
• GRM: 1.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 7.27×
• Total profit: $61,403
• Equity at exit: $5,219

10-year hold

• IRR: —
• Equity multiple: 13.94×
• Total profit: $126,770
• Equity at exit: $3,026

Cash invested: $9,800 (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 85040

• Home prices YoY: -28.4%
• Rents YoY: -1.2%
• Active inventory: 131
• Price-to-rent: 1.7×

Monthly cashflow live

• Estimated rent: $1,740 high
• Mortgage (P&I): −$184
• Tax est. 1.5%: −$44 /mo · $525/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$365
• Net cashflow: $1,133

Break-even live

Break-even rent $306

Max offer price $35,000

Occupancy floor 30%

Sensitivity live

Price	-10% $1,157	-5% $1,145	+0% $1,133	+5% $1,121	+10% $1,109
Rent	-10% $995	-5% $1,064	+0% $1,133	+5% $1,202	+10% $1,270
Rate	-1.0pp $1,150	-0.5pp $1,142	base $1,133	+0.5pp $1,124	+1.0pp $1,114

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3400 E Southern Ave Phoenix, AZ	1.0–3.0	1.0–2.0	985	$1,824	$1.85	1d	35	0.09mi
5611 S 32nd St Phoenix, AZ	1.0–3.0	1.0–2.0	976	$1,746	$1.79	1d	13	0.14mi
5885 S 32nd St Phoenix, AZ	1.0–3.0	1.0–2.0	1156	$1,972	$1.71	1d	11	0.16mi
2940 E Atlanta Ave Phoenix, AZ	2.0	1.0	725	$1,095	$1.51	20d	1	0.61mi
2822 E Mobile Ln Apt 2 Phoenix, AZ	2.0	1.0	800	$1,700	$2.12	11d	1	0.79mi
6250 S 40th St Phoenix, AZ	1.0–3.0	1.0–2.0	1041	$1,940	$1.86	1d	16	0.80mi
6219 S 25th Pl Phoenix, AZ	1.0	1.0	850	$1,600	$1.88	3d	1	0.97mi
3434 E Baseline Rd Phoenix, AZ	1.0–2.0	1.0–2.0	740	$1,500	$2.03	1d	2	1.06mi
3434 E Baseline Rd Phoenix, AZ	1.0–2.0	1.0–2.0	740	$1,500	$2.03	15d	2	1.06mi
3606 E Baseline Rd Phoenix, AZ	1.0–3.0	1.0–2.0	1065	$1,870	$1.76	1d	9	1.11mi
3802 E Baseline Rd Phoenix, AZ	1.0–3.0	1.0–2.0	833	$1,424	$1.71	1d	24	1.12mi
3511 E Baseline Rd Phoenix, AZ	2.0	1.5–2.0	858	$1,700	$1.98	2d	3	1.22mi
3511 E Baseline Rd Phoenix, AZ	2.0	1.5–2.0	858	$1,688	$1.97	1d	3	1.22mi
4312 E Burgess Ln Phoenix, AZ	3.0	2.0	1025	$1,675	$1.63	1d	1	1.23mi
2330 E Huntington Dr Phoenix, AZ	2.0	1.0	884	$1,589	$1.80	1d	1	1.26mi
3511 E Baseline Rd #1104 Phoenix, AZ	2.0	2.0	827	$2,175	$2.63	25d	1	1.28mi
6421 S 23rd St Unit B Phoenix, AZ	2.0	1.0	860	$1,495	$1.74	1d	1	1.30mi
2235 E Nancy Ln Phoenix, AZ	3.0	1.0	960	$1,655	$1.72	11d	1	1.34mi
2510 E Pueblo Ave Unit 3 Phoenix, AZ	2.0	1.0	621	$805	$1.30	1d	1	1.36mi
2457 E Pueblo Ave Unit 1 Phoenix, AZ	2.0	1.0	764	$1,200	$1.57	1d	1	1.36mi
2210 E Alta Vista Rd Phoenix, AZ	3.0	2.0	1007	$1,700	$1.69	11d	1	1.42mi
2210 E Alta Vista Rd Phoenix, AZ	3.0	2.0	1007	$1,700	$1.69	16d	1	1.42mi
2121 E Huntington Dr Phoenix, AZ	3.0	2.0	1100	$1,865	$1.70	1d	1	1.46mi
6602 S 22nd St Phoenix, AZ	2.0	1.0	688	$1,025	$1.49	1d	1	1.50mi

Listing history 16 events

1. 2026-06-18
   days on market $35,000 Active 52 DOM
2. 2026-06-17
   days on market $35,000 Active 51 DOM
3. 2026-06-16
   days on market $35,000 Active 50 DOM
4. 2026-06-15
   days on market $35,000 Active 49 DOM
5. 2026-06-13
   days on market $35,000 Active 47 DOM
6. 2026-06-13
   days on market $35,000 Active 46 DOM
7. 2026-06-09
   days on market $35,000 Active 43 DOM
8. 2026-06-08
   days on market $35,000 Active 42 DOM
9. 2026-06-07
   days on market $35,000 Active 41 DOM
10. 2026-06-04
    days on market $35,000 Active 38 DOM
11. 2026-06-03
    days on market $35,000 Active 37 DOM
12. 2026-06-02
    days on market $35,000 Active 36 DOM
13. 2026-06-01
    days on market $35,000 Active 35 DOM
14. 2026-05-31
    days on market $35,000 Active 34 DOM
15. 2026-05-07
    price $35,000
16. 2026-04-26
    listed $40,000 Active

ⓘ 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 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥111°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,881
• − Mortgage interest: −$1,961
• − Property taxes: −$525
• − Insurance: −$175
• − Repairs & maintenance: −$1,670
• − Management: −$1,670
• − Depreciation: −$1,018
• Taxable income: $13,861
• Est. tax owed @ 24.0%: −$3,327
• After-tax cash flow: $10,267/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 renovations, including new flooring, appliances, and landscaping, to improve its resale and rental value.

Repairs flagged

• Major Exterior framing — Exposed and unfinished
• Major Flooring — Worn-out and in need of replacement
• Major Appliances — Old and outdated

Value-add opportunities

• Both New flooring — Improves both resale and rental value
• Both New appliances — Enhances both resale and rental appeal
• Both Landscaping — Enhances curb appeal and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior framing · Exposed and unfinished	Major	$15,000–50,000
Flooring · Worn-out and in need of replacement	Major	$15,000–50,000
Appliances · Old and outdated	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both New flooring — Improves both resale and rental value ↑
• Both New appliances — Enhances both resale and rental appeal ↑
• Both Landscaping — Enhances curb appeal and rental 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: Roosevelt Elementary District (4279)
• NCES district ID: 0407080
• Math proficiency: 8% ▼ -13.00%
• Reading proficiency: 14% ▼ -8.00%
• Median HH income: $42,813
• Composite: 9.74/100
• National rank: #9829
• State rank: #234 of 249 in AZ

Livability — Phoenix

• Score: 75/100
• State rank: #16
• US rank: #3924

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Phoenix, AZ
• County: Maricopa County · 4,537,380 people
• City population: 1,500,198
• Metro: Phoenix-Mesa-Chandler, AZ
• Population (ZIP): 34,117
• Household income: $60,727
• Rent vs Own: 52.1% rent · 47.9% own
• Severe rent burden: 1460.0

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: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: Hispanic / Latino 64% Two or more races 28% Black 16% White 13% Native American 4% Asian 3%
• Hispanic origin (detail): Mexican 58% Puerto Rican 1%
• Common ancestry: Romanian 1% Italian 1% Lithuanian 1%
• Foreign-born: 23% · Canada, South Korea
• Languages at home: 51% English-only · Spanish 45% Other Indo-European 1% Tagalog/Filipino 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: ▼ -158.81%
• Current HPI: 401.3438
• Rent YoY: ▼ -1.21%
• 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

-12.5% since first listed

2 events — show timeline

• 2026-05-07 Price Changed $35,000 ARMLS
• 2026-04-26 Listed $40,000 ARMLS