18240 N 21st St #85 · Phoenix, AZ 85022

$139,000

3 bd · 2.0 ba · 1,064 sqft · Manufactured · 44 Days on market

Built 1987 Good condition $131/sqft · 72% above area ↓ 13% since listing

---

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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Condition / age +4.0/5.0
• Schools +3.8/10.0
• Livability +3.8/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Home, sweet home! This charming 3-bedroom, 2 bathroom mobile home greets you with an attached carport and a front patio that sets an inviting tone. Inside, you'll find a serene living room with vaulted ceilings, a soothing palette, blinds, a striking stone feature wall, wood-look flooring, and a cozy fireplace. The eat-in kitchen comes with crisp white cabinetry, a tile backsplash, a hanging pot rack, contemporary track lighting, and stainless steel appliances. The main bedroom includes a private bathroom and a walk-in closet. Enjoy peaceful afternoons in the backyard, complete with pristine artificial turf and a shed for additional storage. Don't miss out on this one!

Key facts

• Wood look flooring
• Front patio
• Attached carport

Tags

• ATTACHED CARPORT
• FRONT PATIO
• STONE FEATURE WALL
• WOOD LOOK FLOORING
• TILE BACKSPLASH
• HANGING POT RACK

Property features AI

Finance

• HOA & community: Land lease: $790 monthly; Association maintains grounds and streets; Community pool; Playground; Biking/walking path

Exterior

• Parking: 2 covered parking spaces; 2 carport spaces
• Utilities: City water; Public sewer
• Home design: Manufactured/mobile home; Leasehold ownership
• Construction: Wood siding and vertical siding; Wood and steel framing; Painted exterior; Composition roof
• Exterior features: Shed(s); Block fencing; Gravel/stone front yard; Gravel/stone backyard; Synthetic grass in backyard

Interior

• Kitchen: Laminate counters; Refrigerator; Disposal
• Bedrooms: 3 possible bedrooms
• Flooring: Laminate flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Central air conditioning; Programmable thermostat
• Interior features: High-speed internet; Breakfast bar; No interior steps; Vaulted ceilings; Full bath in primary bedroom; Storage
• Laundry & utility: Inside laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $139k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $773 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).
• Recommended offer: $135k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.0% 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.
• Zoned schools: Echo Mountain Primary School (math 22% / reading 22%, grade F, #687 of 1,109 statewide, top 65%, 530 students, 74% FRL); Vista Verde Middle School (math 13% / reading 26%, grade F, #134 of 218 statewide, top 63%, 544 students, 71% FRL); North Canyon High School (math 13% / reading 23%, grade F, #242 of 381 statewide, top 64%, 1,842 students, 55% FRL) — zoned schools average 66% FRL vs 29% district-wide (37 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 20% at this address vs 42% district-wide (-23 pts) — the specific schools serving this property underperform the Paradise Valley Unified District (4241) average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-1.2%/yr); 286 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 9d 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 38% of the median local income ($70k/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 $961 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 + 0.0% rent growth), your $39k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($135k) is reasonable based on typical stale-listing flexibility.

Recommended offer $134,830 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.58% ✓
• Cap rate: 12.96%
• Cash-on-cash: 23.83%
• DSCR: 2.06
• GRM: 5.3

CMA / ARV

• ARV (median comp): $80,951
• List price: $139,000
• Delta: 71.71%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2140 E Michigan Ave #35	0.15mi	3/2.0	990 (-7%)	1mo	$98,000	$99	80
18240 N 21st Dr #86	0.03mi	2/2.0 (-1)	1,024 (-4%)	15mo	$75,000	$73	75
17827 N 19th St	0.35mi	3/2.0	1,096 (+3%)	12mo	$130,000	$119	69
2034 E Charleston Ave	0.24mi	3/2.0	1,156 (+9%)	13mo	$276,000	$239	64
2131 E Union Hills Dr Unit M5	0.17mi	3/2.0	1,200 (+13%)	12mo	$72,000	$60	61
1701 E Villa Rita Dr	0.48mi	2/2.0 (-1)	1,056 (-1%)	15mo	$132,000	$125	59
18026 N Cave Creek Rd #125	0.33mi	2/1.0 (-1)	960 (-10%)	1mo	$35,000	$36	58
1939 E Libby St	0.34mi	2/2.0 (-1)	980 (-8%)	13mo	$175,000	$179	55
2027 E Michelle Dr	0.22mi	4/2.0 (+1)	1,200 (+13%)	12mo	$207,500	$173	54
18026 N Cave Creek Rd #16	0.39mi	2/1.0 (-1)	952 (-10%)	3mo	$49,000	$51	53
1633 E Villa Rita Dr	0.50mi	2/2.0 (-1)	1,026 (-4%)	19mo	$145,000	$141	50
1926 E Grovers Ave	0.38mi	2/2.0 (-1)	924 (-13%)	11mo	$260,000	$281	46

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 13.6%
• Equity multiple: 1.52×
• Total profit: $20,299
• Equity at exit: $20,725

10-year hold

• IRR: 20.0%
• Equity multiple: 2.45×
• Total profit: $56,338
• Equity at exit: $12,018

Cash invested: $38,920 (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 85022

• Rents YoY: -1.2%
• Active inventory: 286
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $2,194 high
• Mortgage (P&I): −$729
• Tax est. 1.5%: −$174 /mo · $2,085/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$461
• Net cashflow: $773

Break-even live

Break-even rent $1,216

Max offer price $139,000

Occupancy floor 60%

Sensitivity live

Price	-10% $869	-5% $821	+0% $773	+5% $725	+10% $677
Rent	-10% $599	-5% $686	+0% $773	+5% $859	+10% $946
Rate	-1.0pp $843	-0.5pp $808	base $773	+0.5pp $737	+1.0pp $700

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2221 E Union Hills Dr #158 Phoenix, AZ	3.0	2.0	1332	$2,100	$1.58	20d	1	0.19mi
2311 E Union Hills Dr Phoenix, AZ	1.0–2.0	1.0–2.0	835	$1,681	$2.01	0d	11	0.27mi
2067 E Charleston Ave Phoenix, AZ	2.0	2.0	840	$1,395	$1.66	25d	1	0.28mi
2077 E Charleston Ave Phoenix, AZ	2.0	1.0	720	$1,295	$1.80	25d	1	0.29mi
1717 E Union Hills Dr Phoenix, AZ	2.0–3.0	2.0	1169	$4,000	$3.42	4d	3	0.31mi
1717 E Union Hills Dr Phoenix, AZ	2.0–3.0	2.0	1245	$4,000	$3.21	23d	4	0.31mi
18416 N Cave Creek Rd Phoenix, AZ	2.0	1.0–2.0	786	$3,000	$3.81	5d	9	0.38mi
18416 N Cave Creek Rd Phoenix, AZ	2.0	1.0–2.0	786	$3,000	$3.81	0d	7	0.38mi
18202 N Cave Creek Rd Phoenix, AZ	1.0–3.0	1.0–2.0	722	$1,500	$2.08	5d	7	0.39mi
1717 E Union Hills Dr #1052 Phoenix, AZ	2.0	2.0	1160	$4,000	$3.45	45d	1	0.39mi
18660 N Cave Creek Rd Phoenix, AZ	1.0–3.0	1.0–2.0	961	$1,940	$2.02	0d	11	0.42mi
1702 E Michelle Dr Phoenix, AZ	2.0	2.0	1300	$2,200	$1.69	6d	1	0.50mi
17602 N Cave Creek Rd Phoenix, AZ	2.0	1.0–2.0	650	$1,625	$2.50	0d	10	0.56mi
17606 N 17th Pl Phoenix, AZ	2.0–3.0	2.5	1472	$2,300	$1.56	14d	3	0.63mi
17606 N 17th Pl Phoenix, AZ	2.0–3.0	2.0–2.5	1463	$2,300	$1.57	0d	3	0.63mi
2554 E Villa Rita Dr Phoenix, AZ	2.0	1.0	1118	$2,750	$2.46	25d	1	0.69mi
1814 E Bell Rd Phoenix, AZ	1.0–2.0	1.0–2.0	987	$1,663	$1.68	0d	11	0.70mi
18633 N 15th St Phoenix, AZ	3.0	2.0	1240	$2,249	$1.81	9d	1	0.71mi
17833 N 26th St Phoenix, AZ	4.0	2.0	1220	$2,397	$1.96	2d	1	0.73mi
18835 N 25th Way Unit A Phoenix, AZ	4.0	2.0	1282	$1,900	$1.48	0d	1	0.73mi
17150 N 23rd St #135 Phoenix, AZ	2.0	2.5	1186	$1,900	$1.60	16d	1	0.74mi
2602 E Charleston Ave Phoenix, AZ	3.0	2.0	1426	$2,100	$1.47	25d	1	0.75mi
2335 E Utopia Rd Unit 16 Phoenix, AZ	3.0	2.5	1426	$2,550	$1.79	20d	1	0.75mi
1506 E Wescott Dr Phoenix, AZ	3.0	2.0	1136	$2,045	$1.80	6d	1	0.77mi
2336 E Utopia Rd Phoenix, AZ	2.0–3.0	2.5	1327	$2,395	$1.80	6d	1	0.78mi
1510 E Taro Ln Phoenix, AZ	3.0	2.0	1136	$2,149	$1.89	25d	1	0.79mi
2150 E Bell Rd Phoenix, AZ	2.0–3.0	2.0–2.5	1310	$2,200	$1.68	0d	2	0.80mi
17150 N 23rd St Phoenix, AZ	2.0	2.0–2.5	1172	$1,712	$1.46	6d	2	0.82mi
17150 N 23rd St Phoenix, AZ	2.0	2.0–2.5	1172	$1,712	$1.46	5d	2	0.82mi
17365 N Cave Creek Rd #124 Phoenix, AZ	3.0	2.5	1468	$2,299	$1.57	16d	1	0.83mi
1920 E Bell Rd Phoenix, AZ	2.0–3.0	2.0–2.5	1391	$2,149	$1.54	15d	5	0.87mi
1920 E Bell Rd Phoenix, AZ	2.0–3.0	2.0–2.5	1391	$2,039	$1.47	4d	3	0.87mi
1920 E Bell Rd Phoenix, AZ	2.0–3.0	2.0–2.5	1391	$2,089	$1.50	9d	4	0.87mi
1750 E Bell Rd Phoenix, AZ	1.0–2.0	1.0	700	$1,349	$1.93	25d	1	0.88mi
2755 E Michigan Ave Phoenix, AZ	3.0	2.0	1316	$2,700	$2.05	19d	1	0.89mi
1420 E Topeka Dr Phoenix, AZ	3.0	2.5	1464	$2,215	$1.51	9d	1	0.90mi
1702 E Bell Rd #180 Phoenix, AZ	3.0	2.5	1358	$2,000	$1.47	25d	1	0.94mi
2030 E Wahalla Ln Phoenix, AZ	3.0	2.0	1400	$2,115	$1.51	4d	1	0.97mi
1450 E Bell Rd Phoenix, AZ	1.0–3.0	1.0–2.0	957	$2,088	$2.18	0d	93	1.03mi
20007 N 20th Way Phoenix, AZ	3.0	2.0	1251	$3,900	$3.12	45d	1	1.03mi

Listing history 16 events

1. 2026-06-21
   days on market $139,000 Active 44 DOM
2. 2026-06-18
   days on market $139,000 Active 41 DOM
3. 2026-06-17
   days on market $139,000 Active 40 DOM
4. 2026-06-16
   days on market $139,000 Active 39 DOM
5. 2026-06-15
   days on market $139,000 Active 38 DOM
6. 2026-06-13
   days on market $139,000 Active 36 DOM
7. 2026-06-13
   pricedays on market $139,000 Active 35 DOM
8. 2026-06-09
   days on market $159,900 Active 32 DOM
9. 2026-06-08
   days on market $159,900 Active 31 DOM
10. 2026-06-07
    days on market $159,900 Active 30 DOM
11. 2026-06-04
    days on market $159,900 Active 27 DOM
12. 2026-06-03
    days on market $159,900 Active 26 DOM
13. 2026-06-02
    days on market $159,900 Active 25 DOM
14. 2026-06-01
    days on market $159,900 Active 24 DOM
15. 2026-05-31
    days on market $159,900 Active 23 DOM
16. 2026-05-08
    listed $159,900 Active 677-char remark

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

Taxation est. · year 1

• Rental income: $26,330
• − Mortgage interest: −$7,786
• − Property taxes: −$2,085
• − Insurance: −$695
• − Repairs & maintenance: −$2,106
• − Management: −$2,106
• − Depreciation: −$4,044
• Taxable income: $7,507
• Est. tax owed @ 24.0%: −$1,802
• After-tax cash flow: $7,472/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 · 20 photos

Good 80/100 Cosmetic rehab

This charming 3-bedroom mobile home is in good condition with recent cosmetic updates, making it move-in ready for both resale and rental.

Value-add opportunities

• Both Paint exterior and interior — Enhances curb appeal and interior aesthetics
• Both Replace blinds with energy-efficient windows — Improves energy efficiency and natural light
• Both Install smart home devices — Enhances convenience and energy savings

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior and interior — Enhances curb appeal and interior aesthetics ↑
• Both Replace blinds with energy-efficient windows — Improves energy efficiency and natural light ↑
• Both Install smart home devices — Enhances convenience and energy savings ↑

ⓘ 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): 53,811
• Household income: $69,927
• Rent vs Own: 47.7% rent · 52.3% own
• Severe rent burden: 2976.0

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 0.59)
• Race & ethnicity: White 59% Hispanic / Latino 22% Two or more races 11% Black 10% Asian 3% Native American 3%
• Hispanic origin (detail): Mexican 18%
• Common ancestry: Romanian 3% Lithuanian 2% Italian 1%
• Foreign-born: 14% · Canada, China, Vietnam
• Languages at home: 79% English-only · Spanish 13% Other Indo-European 2% 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: ▼ -329.75%
• Current HPI: 313.5085
• 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

-13.1% since first listed

2 events — show timeline

• 2026-06-12 Price Changed $139,000 ARMLS
• 2026-05-08 Listed $159,900 ARMLS