2200 N Delaware Dr #77 · Apache Junction, AZ 85120

$125,000

2 bd · 2.0 ba · 1,580 sqft · Manufactured · 169 Days on market

Built 2000 4,824 sqft lot Est $123k · at est. ↓ 17% since listing

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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 +9.5/10.0
• ARV discount +6.9/15.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Rent growth +1.6/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Family Friendly Community, no age restrictions. This 2 bedroom, 2 bath home also has a Den that can be used as a 3rd bedroom. Large master bathroom and walk in closet. Home has a fenced yard and 1 storage shed. No land will convey in the sale of this home. This community has a pool and play aera for you and your family.

Key facts

• Laminate flooring
• New exterior paint
• Trex porch

Tags

• NEW ROOF
• NEW EXTERIOR PAINT
• LAMINATE FLOORING
• REMODELED WALK-IN SHOWER
• TREX PORCH
• BBQ AREA

Property features AI

Finance

• Financial info: Current financing: Other
• HOA & community: Monthly land lease of $723; Association covers sewer, water, trash and street maintenance; Community pool and playground; No visible truck/trailer/RV/boat allowed

Exterior

• Parking: 2 covered parking spaces; 2 carport spaces
• Utilities: City water; Public sewer (connected)
• Home design: Manufactured/mobile home; Leasehold ownership
• Construction: Steel frame construction; Painted exterior; Composition roof
• Exterior features: Chain link fencing; Gravel/stone front

Interior

• Kitchen: Refrigerator
• Bedrooms: Up to 3 bedrooms
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Full bathroom in the master bedroom; Separate shower and tub; Refrigerator included
• Laundry & utility: Washer/dryer hookup only

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $125k.

Deal economics

• At list price, monthly cash flow is $566 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.7% vs local median 3.5% in Apache Junction — 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 66/100 on livability (#70 in AZ) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D+, amenities F, commute F.
• Apache Junction Unified District (4443) (suburban): math 15% / reading 20% proficiency, ranked #195 of 249 in AZ (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Desert Vista Elementary School (math 18% / reading 23%, grade F, #729 of 1,109 statewide, top 67%, 536 students, 50% FRL); Cactus Canyon Junior High (math 14% / reading 19%, grade F, #151 of 218 statewide, top 70%, 702 students, 50% FRL); Apache Junction High School (math 12% / reading 17%, grade F, #267 of 381 statewide, top 72%, 999 students, 48% FRL) — zoned schools at 49% FRL track the district average.
• Market conditions: Rents falling (-3.5%/yr); 468 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 9,504 units permitted in Pinal County in 2024 (776 in 5+ unit buildings).
• This rent runs 38% of the median local income ($58k/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 $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $35k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 169 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y ago; this cycle's ask has dropped $25k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $110,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 169 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.45% ✓
• Cap rate: 11.72%
• Cash-on-cash: 19.40%
• DSCR: 1.86
• GRM: 5.8

CMA / ARV

• ARV (on-the-fly): $123,240
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2378 N Desert View Dr	0.12mi	3/1.5 (+1)	1,456 (-8%)	7mo	$430,000	$295	69
2157 N Delaware Dr	0.14mi	3/2.0 (+1)	1,456 (-8%)	10mo	$320,000	$220	67
2685 W Foothill St	0.28mi	3/2.0 (+1)	1,378 (-13%)	0mo	$305,000	$221	60
2200 N Delaware Dr #71	0.00mi	3/2.0 (+1)	1,344 (-15%)	12mo	$105,000	$78	60
2292 N Ironwood Dr #18	0.52mi	2/2.0	1,620 (+2%)	15mo	$75,000	$46	59
2762 W Smoketree St	0.37mi	3/2.0 (+1)	1,680 (+6%)	12mo	$324,000	$193	57
1943 N Main Dr	0.39mi	3/2.0 (+1)	1,729 (+9%)	5mo	$327,500	$189	57
2625 W Manzanita St	0.68mi	3/2.0 (+1)	1,537 (-3%)	3mo	$104,000	$68	56
2292 N Ironwood Dr #22	0.52mi	3/2.0 (+1)	1,456 (-8%)	17mo	$70,000	$48	44
2292 N Ironwood Dr #129	0.52mi	3/2.0 (+1)	1,344 (-15%)	9mo	$83,000	$62	38
2292 N Ironwood Dr #20	0.52mi	3/2.0 (+1)	1,344 (-15%)	11mo	$78,000	$58	36
2292 N Ironwood Dr #21	0.52mi	3/2.0 (+1)	1,344 (-15%)	12mo	$88,000	$65	36

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: 7.9%
• Equity multiple: 1.30×
• Total profit: $10,503
• Equity at exit: $18,638

10-year hold

• IRR: 14.5%
• Equity multiple: 2.00×
• Total profit: $35,162
• Equity at exit: $10,808

Cash invested: $35,000 (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 85120

• Home prices YoY: -29.0%
• Rents YoY: -3.5%
• Active inventory: 468
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $1,810 medium
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,875/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$380
• Net cashflow: $566

Break-even live

Break-even rent $1,093

Max offer price $125,000

Occupancy floor 64%

Sensitivity live

Price	-10% $652	-5% $609	+0% $566	+5% $523	+10% $479
Rent	-10% $423	-5% $494	+0% $566	+5% $637	+10% $709
Rate	-1.0pp $629	-0.5pp $598	base $566	+0.5pp $533	+1.0pp $500

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2292 N Ironwood Dr Apache Junction, AZ	2.0	2.0	1152	$1,475	$1.28	26d	1	0.43mi
1877 W Overland St Apache Junction, AZ	3.0	2.0	1420	$1,999	$1.41	18d	1	0.85mi
455 N Delaware Dr Unit 7 Apache Junction, AZ	2.0	2.0	1060	$1,900	$1.79	26d	1	1.12mi
651 N Ironwood Dr Apache Junction, AZ	3.0	2.5	1748	$2,408	$1.38	7d	13	1.21mi

Listing history 25 events

1. 2026-06-21
   days on market $125,000 Active 169 DOM
2. 2026-06-18
   days on market $125,000 Active 166 DOM
3. 2026-06-17
   days on market $125,000 Active 165 DOM
4. 2026-06-16
   days on market $125,000 Active 164 DOM
5. 2026-06-15
   days on market $125,000 Active 163 DOM
6. 2026-06-13
   days on market $125,000 Active 161 DOM
7. 2026-06-09
   days on market $125,000 Active 157 DOM
8. 2026-06-08
   days on market $125,000 Active 156 DOM
9. 2026-06-07
   days on market $125,000 Active 155 DOM
10. 2026-06-04
    days on market $125,000 Active 152 DOM
11. 2026-06-03
    days on market $125,000 Active 151 DOM
12. 2026-06-02
    days on market $125,000 Active 150 DOM
13. 2026-06-01
    days on market $125,000 Active 149 DOM
14. 2026-05-31
    days on market $125,000 Active 148 DOM
15. 2026-05-12
    status Active
16. 2026-04-06
    historical Contract Contingent on Buyer Sale
17. 2026-02-18
    price $125,000
18. 2026-02-10
    price $139,500
19. 2026-01-20
    price $147,000
20. 2026-01-03
    listed $149,900 Active
21. 2022-09-06
    soldstatus $140,000 Closed 321-char remark

    Show marketing remark (321 chars)

    Family Friendly Community, no age restrictions. This 2 bedroom, 2 bath home also has a Den that can be used as a 3rd bedroom. Large master bathroom and walk in closet. Home has a fenced yard and 1 storage shed. No land will convey in the sale of this home. This community has a pool and play aera for you and your family.

22. 2022-08-03
    historical Under Contract Accepting Backups 321-char remark

    Show marketing remark (321 chars)

    Family Friendly Community, no age restrictions. This 2 bedroom, 2 bath home also has a Den that can be used as a 3rd bedroom. Large master bathroom and walk in closet. Home has a fenced yard and 1 storage shed. No land will convey in the sale of this home. This community has a pool and play aera for you and your family.

23. 2022-08-03
    status Active 321-char remark

    Show marketing remark (321 chars)

    Family Friendly Community, no age restrictions. This 2 bedroom, 2 bath home also has a Den that can be used as a 3rd bedroom. Large master bathroom and walk in closet. Home has a fenced yard and 1 storage shed. No land will convey in the sale of this home. This community has a pool and play aera for you and your family.

24. 2022-07-11
    status Pending 321-char remark

    Show marketing remark (321 chars)

    Family Friendly Community, no age restrictions. This 2 bedroom, 2 bath home also has a Den that can be used as a 3rd bedroom. Large master bathroom and walk in closet. Home has a fenced yard and 1 storage shed. No land will convey in the sale of this home. This community has a pool and play aera for you and your family.

25. 2022-06-28
    listed $150,000 Active 321-char remark

    Show marketing remark (321 chars)

    Family Friendly Community, no age restrictions. This 2 bedroom, 2 bath home also has a Den that can be used as a 3rd bedroom. Large master bathroom and walk in closet. Home has a fenced yard and 1 storage shed. No land will convey in the sale of this home. This community has a pool and play aera for you and your family.

ⓘ 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 6/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥111°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,716
• − Mortgage interest: −$7,002
• − Property taxes: −$1,875
• − Insurance: −$625
• − Repairs & maintenance: −$1,737
• − Management: −$1,737
• − Depreciation: −$3,636
• Taxable income: $5,103
• Est. tax owed @ 24.0%: −$1,225
• After-tax cash flow: $5,565/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: Apache Junction Unified District (4443)
• NCES district ID: 0400790
• Math proficiency: 15% ▼ -17.00%
• Reading proficiency: 20% ▼ -13.00%
• Median HH income: $44,930
• Composite: 15.34/100
• National rank: #9325
• State rank: #195 of 249 in AZ

Livability — Apache Junction

• Score: 66/100
• State rank: #70
• US rank: #11242

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Apache Junction, AZ
• County: Pinal County · 399,947 people
• City population: 56,611
• Metro: Phoenix-Mesa-Chandler, AZ
• Population (ZIP): 31,191
• Household income: $57,786
• Rent vs Own: 17.8% rent · 82.2% own
• Severe rent burden: 686.0

Population outlook (Pinal County) Hauer SSP2

• Today (2025): 437,574 people
• By 2030: 446,903 · +2.1%
• By 2040: 452,589 · +3.4%
• By 2050: 444,126 · +1.5%
• By 2075: 430,300 · -1.7%
• By 2100: 393,536 · -10.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Hispanic / Latino 16% Two or more races 10% Asian 1%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Romanian 3% Lithuanian 3% Portuguese 3%
• Foreign-born: 7% · Canada
• Languages at home: 89% English-only · Spanish 8% Tagalog/Filipino 1%

Political lean MEDSL · Pinal

• 2024 margin: Strong R (+22.1) · D 38.5% · R 60.6%
• 2008→2024 swing: -7.6pp toward R · 2008: -14.5pp · 2024: -22.1pp
• All cycles: 2024: R+22.1 2020: R+17.3 2016: R+19.3 2012: R+17.1 2008: R+14.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -128.31%
• Current HPI: 313.4666
• Rent YoY: ▼ -3.50%
• 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

-16.7% since first listed

11 events — show timeline

• 2026-05-12 Relisted — ARMLS
• 2026-04-06 Contingent — ARMLS
• 2026-02-18 Price Changed $125,000 ARMLS
• 2026-02-10 Price Changed $139,500 ARMLS
• 2026-01-20 Price Changed $147,000 ARMLS
• 2026-01-03 Listed $149,900 ARMLS
• 2022-09-06 Sold (MLS) $140,000 ARMLS
• 2022-08-03 Contingent — ARMLS
• 2022-08-03 Relisted — ARMLS
• 2022-07-11 Pending — ARMLS
• 2022-06-28 Listed $150,000 ARMLS