2233 E Behrend Dr #92 · Phoenix, AZ 85024

$149,000

2 bd · 2.0 ba · 1,144 sqft · Manufactured · 20 Days on market

Built 1991 Good condition

---

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
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• ARV discount +7.5/15.0
• Condition / age +4.0/5.0
• Schools +3.8/10.0
• Livability +3.8/5.0
• Rent growth +2.9/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity Knocks! This 2 bed, 2 bath home is being SOLD AS-IS. A perfect chance to remodel and design to your own taste. Keep the current layout or open it up into a spacious kitchen/great room concept. Located in a desirable 55+ community with fantastic amenities including heated pools, spa, waterfalls, fitness center, clubhouse, pickleball, and more. Buyer must qualify with park management prior to submitting any written offers. Park requires minimum credit score of 750+, 3x the lot rent in verifiable monthly income, Proof of savings 6x the lot rent. and pass a background check. No rentals are allowed. Lot rent is $1010 per month.

Key facts

• Complete remodel
• Upgraded cabinetry
• All-new kitchen

Tags

• COMPLETE REMODEL
• OPEN-CONCEPT GREAT ROOM
• ALL-NEW KITCHEN
• GRANITE COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• UPGRADED CABINETRY

Property features AI

Finance

• HOA & community: Land lease (approximately $1,010 monthly); Association maintains grounds and streets; Community pool; Community spa (heated); Pickleball courts; Tennis courts; Community media room; Fitness center; Biking/walking path; Near bus stop

Exterior

• Parking: 2 covered parking spaces; 2 carport spaces
• Security: Gated community
• Utilities: City water; Private water company; Public sewer; Private sewer
• Home design: Manufactured/mobile home; Leasehold ownership; Mountain views; Composition roof
• Construction: Wood frame construction; Painted exterior
• Exterior features: Storage; Desert front yard; Gravel/stone backyard

Interior

• Kitchen: Refrigerator; Dishwasher; Built-in microwave
• Bedrooms: Space for 2 bedrooms
• Flooring: Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Central air; Ceiling fans
• Interior features: Granite counters; Breakfast bar; No interior steps; Vaulted ceilings; Full bathroom in primary bedroom; Skylights; Low-emissivity windows; Dual-pane windows; Tinted windows
• Laundry & utility: Laundry inside

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $149k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $644 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $149k).
• Recommended offer: $147k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.5% 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.
• Paradise Valley Unified District (4241) (urban): math 39% / reading 46% proficiency, ranked #56 of 249 in AZ (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+1.4%/yr); 201 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 13d 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 $4k 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 + 1.4% rent growth), your $42k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($147k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $20k; list at $149k implies a 645% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 5→13/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $146,765 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 1.42% ✓
• Cap rate: 11.48%
• Cash-on-cash: 18.52%
• DSCR: 1.82
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $57,200
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2233 E Behrend Dr #219	0.09mi	2/2.0	1,152 (+1%)	0mo	$90,000	$78	95
2233 E Behrend Dr #210	0.14mi	2/2.0	1,144 (0%)	7mo	$150,000	$131	87
2233 E Behrend Dr #81	0.00mi	2/2.0	1,040 (-9%)	2mo	$52,000	$50	83
2233 E Behrend Dr #92	0.00mi	2/2.0	1,056 (-8%)	5mo	$20,000	$19	83
2233 E Behrend Dr #78	0.00mi	3/2.0 (+1)	1,248 (+9%)	0mo	$69,900	$56	80
2233 E Behrend Dr #93	0.08mi	2/2.0	1,056 (-8%)	6mo	$47,000	$45	78
2233 E Behrend Dr #29	0.14mi	2/2.0	1,248 (+9%)	2mo	$131,000	$105	76
2233 E Behrend Dr #152	0.00mi	2/2.0	980 (-14%)	3mo	$42,500	$43	74
2233 E Behrend Dr #121	0.14mi	2/2.0	1,240 (+8%)	7mo	$54,900	$44	73
19809 N 26th St	0.60mi	3/2.0 (+1)	1,152 (+1%)	7mo	$125,000	$109	60
19225 N Cave Creek Rd #45	0.47mi	2/2.0	1,248 (+9%)	11mo	$47,900	$38	54
2701 E Utopia Rd #66	0.70mi	2/2.0	1,024 (-10%)	10mo	$50,000	$49	42

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 · 1.44% rent growth · sell at horizon

5-year hold

• IRR: 8.5%
• Equity multiple: 1.33×
• Total profit: $13,628
• Equity at exit: $22,216

10-year hold

• IRR: 16.3%
• Equity multiple: 2.24×
• Total profit: $51,788
• Equity at exit: $12,883

Cash invested: $41,720 (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 85024

• Home prices YoY: -21.0%
• Rents YoY: 1.4%
• Active inventory: 201
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $2,119 high
• Mortgage (P&I): −$781
• Tax est. 1.5%: −$186 /mo · $2,235/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$445
• Net cashflow: $644

Break-even live

Break-even rent $1,303

Max offer price $149,000

Occupancy floor 65%

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2030 E Wahalla Ln Phoenix, AZ	3.0	2.0	1400	$2,115	$1.51	3d	1	0.25mi
2336 E Utopia Rd Phoenix, AZ	2.0–3.0	2.5	1327	$2,395	$1.80	5d	1	0.27mi
2335 E Utopia Rd Unit 16 Phoenix, AZ	3.0	2.5	1426	$2,550	$1.79	18d	1	0.28mi
20007 N 20th Way Phoenix, AZ	3.0	2.0	1251	$3,900	$3.12	43d	1	0.28mi
20050 N Cave Creek Rd Phoenix, AZ	1.0–2.0	1.0–2.0	909	$1,770	$1.95	1d	10	0.37mi
19635 N Cave Creek Rd Phoenix, AZ	3.0	1.0–2.0	999	$1,643	$1.64	2d	22	0.43mi
2220 E Beardsley Rd Phoenix, AZ	4.0	1.0–2.0	855	$1,694	$1.98	3d	62	0.46mi
2500 E Marco Polo Rd Phoenix, AZ	2.0	1.0–2.0	918	$2,390	$2.60	2d	16	0.48mi
18660 N Cave Creek Rd Phoenix, AZ	1.0–3.0	1.0–2.0	961	$1,622	$1.69	2d	11	0.58mi
18416 N Cave Creek Rd Unit 6 Phoenix, AZ	1.0	1.0	748	$1,250	$1.67	7d	1	0.70mi
2221 E Union Hills Dr #158 Phoenix, AZ	3.0	2.0	1332	$2,100	$1.58	18d	1	0.71mi
18416 N Cave Creek Rd Phoenix, AZ	2.0	1.0–2.0	786	$3,000	$3.81	4d	9	0.77mi
1717 E Union Hills Dr Phoenix, AZ	2.0–3.0	2.0	1245	$1,775	$1.43	22d	4	0.80mi
1717 E Union Hills Dr Phoenix, AZ	2.0–3.0	2.0	1169	$1,675	$1.43	3d	3	0.80mi
1510 E Taro Ln Phoenix, AZ	3.0	2.0	1136	$2,149	$1.89	24d	1	0.82mi
1717 E Union Hills Dr #1052 Phoenix, AZ	2.0	2.0	1160	$4,000	$3.45	43d	1	0.85mi
1506 E Wescott Dr Phoenix, AZ	3.0	2.0	1136	$2,045	$1.80	5d	1	0.85mi
18202 N Cave Creek Rd Phoenix, AZ	1.0–3.0	1.0–2.0	722	$1,148	$1.59	4d	7	0.90mi
1420 E Topeka Dr Phoenix, AZ	3.0	2.5	1464	$2,215	$1.51	7d	1	0.94mi
18633 N 15th St Phoenix, AZ	3.0	2.0	1240	$2,249	$1.81	7d	1	0.95mi
2077 E Charleston Ave Phoenix, AZ	2.0	1.0	720	$1,295	$1.80	24d	1	1.03mi
2067 E Charleston Ave Phoenix, AZ	2.0	2.0	840	$1,395	$1.66	24d	1	1.03mi
2934 E Blackhawk Dr Phoenix, AZ	3.0	2.0	1467	$2,280	$1.55	2d	1	1.07mi
2554 E Villa Rita Dr Phoenix, AZ	2.0	1.0	1118	$2,750	$2.46	24d	1	1.09mi
1702 E Michelle Dr Phoenix, AZ	2.0	2.0	1300	$2,200	$1.69	5d	1	1.10mi
20223 N 30th St Phoenix, AZ	3.0	2.0	1467	$2,300	$1.57	1d	1	1.13mi
2755 E Michigan Ave Phoenix, AZ	3.0	2.0	1316	$2,700	$2.05	17d	1	1.15mi
2602 E Charleston Ave Phoenix, AZ	3.0	2.0	1426	$2,100	$1.47	24d	1	1.16mi
3056 E Siesta Ln Phoenix, AZ	3.0	2.0	1476	$2,375	$1.61	12d	1	1.22mi
17602 N Cave Creek Rd Phoenix, AZ	2.0	1.0–2.0	650	$1,625	$2.50	2d	13	1.23mi
3122 E Topeka Dr Phoenix, AZ	3.0	2.0	1272	$2,100	$1.65	22d	1	1.24mi
3220 E Kerry Ln Phoenix, AZ	3.0	2.0	1370	$2,299	$1.68	24d	1	1.35mi
3220 E Kerry Ln Phoenix, AZ	3.0	2.0	1370	$2,299	$1.68	15d	1	1.35mi
17606 N 17th Pl Phoenix, AZ	2.0–3.0	2.0–2.5	1463	$1,999	$1.37	2d	3	1.35mi
17606 N 17th Pl Phoenix, AZ	2.0–3.0	2.5	1472	$1,999	$1.36	12d	3	1.35mi
3214 E Siesta Ln Phoenix, AZ	2.0	2.0	1228	$2,200	$1.79	24d	1	1.40mi
1814 E Bell Rd Phoenix, AZ	1.0–2.0	1.0–2.0	1003	$1,637	$1.63	1d	12	1.45mi
17150 N 23rd St #135 Phoenix, AZ	2.0	2.5	1186	$1,900	$1.60	14d	1	1.46mi
17365 N Cave Creek Rd #124 Phoenix, AZ	3.0	2.5	1468	$2,299	$1.57	15d	1	1.46mi
3301 E Wescott Dr Phoenix, AZ	3.0	2.0	1101	$1,995	$1.81	24d	1	1.47mi

Listing history 14 events

1. 2026-06-18
   days on market $149,000 Active 20 DOM
2. 2026-06-17
   days on market $149,000 Active 19 DOM
3. 2026-06-16
   days on market $149,000 Active 18 DOM
4. 2026-06-15
   days on market $149,000 Active 17 DOM
5. 2026-06-13
   days on market $149,000 Active 15 DOM
6. 2026-06-13
   days on market $149,000 Active 14 DOM
7. 2026-06-09
   days on market $149,000 Active 11 DOM
8. 2026-06-08
   days on market $149,000 Active 10 DOM
9. 2026-06-07
   days on market $149,000 Active 9 DOM
10. 2026-06-04
    days on market $149,000 Active 6 DOM
11. 2026-06-03
    days on market $149,000 Active 5 DOM
12. 2026-06-02
    days on market $149,000 Active 4 DOM
13. 2026-06-01
    days on market $149,000 Active 3 DOM
14. 2026-05-31
    days on market $149,000 Active 2 DOM

ⓘ 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 4/10 Moderate
• 🌡 Heat 8/10 Severe 5 d/yr ≥110°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,423
• − Mortgage interest: −$8,346
• − Property taxes: −$2,235
• − Insurance: −$745
• − Repairs & maintenance: −$2,034
• − Management: −$2,034
• − Depreciation: −$4,335
• Taxable income: $5,694
• Est. tax owed @ 24.0%: −$1,367
• After-tax cash flow: $6,361/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

Good 80/100 Cosmetic rehab

This beautifully updated manufactured home is move-in ready with a fresh kitchen, remodeled bathrooms, and new waterproof flooring. The exterior is well-maintained, and the landscaping adds to its curb appeal.

Value-add opportunities

• Both Landscaping and curb appeal improvements — Enhances curb appeal and adds value for both resale and rental.
• Both Painting exterior and interior — Fresh paint can make the home look more inviting and maintain its value.
• Both Landscaping and curb appeal improvements — Enhances curb appeal and adds value for both resale and rental.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping and curb appeal improvements — Enhances curb appeal and adds value for both resale and rental. ↑
• Both Painting exterior and interior — Fresh paint can make the home look more inviting and maintain its value. ↑
• Both Landscaping and curb appeal improvements — Enhances curb appeal and adds value for both resale and rental. ↑

ⓘ 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: Paradise Valley Unified District (4241)
• NCES district ID: 0405930
• Math proficiency: 39% ▼ -11.00%
• Reading proficiency: 46% ▼ -7.00%
• Median HH income: $64,106
• Composite: 37.89/100
• National rank: #4316
• State rank: #56 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): 26,199
• Household income: $106,724
• Rent vs Own: 34.1% rent · 65.9% own
• Severe rent burden: 547.0

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: Predominantly White (71%)
• Race & ethnicity: White 71% Hispanic / Latino 16% Two or more races 12% Asian 6% Black 2%
• Hispanic origin (detail): Mexican 13% Puerto Rican 1%
• Common ancestry: Romanian 3% Italian 3% Portuguese 3%
• Foreign-born: 12% · Canada, China, South Korea
• Languages at home: 78% English-only · Spanish 10% Other Indo-European 4% Russian/Polish/Slavic 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: ▼ -82.95%
• Current HPI: 312.7238
• Rent YoY: ▲ 1.44%
• 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

+496.0% since first listed

4 events — show timeline

• 2026-05-29 Listed $149,000 ARMLS
• 2026-01-13 Sold (MLS) $20,000 ARMLS
• 2026-01-12 Pending — ARMLS
• 2025-09-26 Listed $25,000 ARMLS