1150 N Delaware Dr #24 · Apache Junction, AZ 85120

$40,000

2 bd · 2.0 ba · 896 sqft · Manufactured · 9 Days on market

Built 1977 Fair condition Est $54k · 26% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.3/5.0
• Condition / age +2.2/5.0
• Rent growth +1.6/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Come and discover this quiet and affordable 55+ living community in Apache Junction. This 2 bedroom/2 bathroom has a wonderful view of the Superstition Mountains. This park also has one of the lower lot rents in the area. If you enjoy hiking, biking and adventuring this is the area for you, all availavle in the immediate vicinity to enjoy at your leisure. Easy access to the 60 and the 202 freeways.

Key facts

• 2 parking spots
• Built 1977
• Listed 8 days

Property features AI

Finance

• Other: Lot size from assessor; Building area from assessor
• HOA & community: Land lease of $530 per month; No association fees

Exterior

• Parking: 1 covered parking space; 1 open parking space; 1 carport space
• Utilities: Private water company; Septic (in and connected)
• Home design: Manufactured/mobile home; Fee simple ownership
• Construction: Metal siding; Aluminum siding; Wood frame construction
• Exterior features: Gravel/stone front; Gravel/stone back; No fencing; Foam roof

Interior

• Kitchen: Laminate counters
• Bedrooms: 2 possible bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating (electric); Central air conditioning; Ceiling fans
• Interior features: Eat-in kitchen; Breakfast bar; Master bedroom with 3/4 bath; Laminate counters

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $40k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $961 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• Cap rate 35.1% 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); Apache Junction High School (math 12% / reading 17%, grade F, #267 of 381 statewide, top 72%, 999 students, 48% FRL).
• Market conditions: Rents falling (-3.5%/yr); 455 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 33% 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 $277 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 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 $28k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 5→12/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $40,000

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 3.91% ✓
• Cap rate: 35.11%
• Cash-on-cash: 102.92%
• DSCR: 5.58
• GRM: 2.1

CMA / ARV

• ARV (on-the-fly): $53,760
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1150 N Delaware Dr #24	0.00mi	2/2.0	896 (0%)	2mo	$28,000	$31	99
1030 N Delaware Dr #23	0.09mi	2/2.0	910 (+2%)	13mo	$60,000	$66	82
1325 N Delaware Dr	0.24mi	2/1.5	896 (0%)	12mo	$25,000	$28	77
1644 N Desert View Dr N	0.31mi	2/2.0	846 (-6%)	7mo	$271,500	$321	70
1030 N Delaware Dr #17	0.09mi	2/1.0	780 (-13%)	8mo	$16,000	$21	64
686 N Ocotillo Dr #20	0.35mi	2/1.0	910 (+2%)	17mo	$41,000	$45	63
1784 N Main Dr	0.53mi	2/1.0	833 (-7%)	4mo	$249,995	$300	56
980 N Ironwood Dr #15	0.51mi	2/1.0	975 (+9%)	2mo	$77,900	$80	56
2900 W Superstition Blvd #11	0.35mi	2/2.0	1,000 (+12%)	15mo	$60,000	$60	52
1454 N Delaware Dr	0.22mi	3/2.0 (+1)	1,000 (+12%)	16mo	$220,000	$220	52
1804 W Tepee St #34	0.59mi	2/1.5	840 (-6%)	16mo	$27,000	$32	47
1804 W Tepee St #64	0.59mi	2/1.5	784 (-12%)	16mo	$39,000	$50	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: —
• Equity multiple: 5.48×
• Total profit: $50,136
• Equity at exit: $5,964

10-year hold

• IRR: —
• Equity multiple: 10.36×
• Total profit: $104,802
• Equity at exit: $3,458

Cash invested: $11,200 (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: 455
• Price-to-rent: 2.1×

Monthly cashflow live

• Estimated rent: $1,566 high
• Mortgage (P&I): −$210
• Tax est. 1.5%: −$50 /mo · $600/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$329
• Net cashflow: $961

Break-even live

Break-even rent $350

Max offer price $40,000

Occupancy floor 34%

Sensitivity live

Price	-10% $988	-5% $974	+0% $961	+5% $947	+10% $933
Rent	-10% $837	-5% $899	+0% $961	+5% $1,022	+10% $1,084
Rate	-1.0pp $981	-0.5pp $971	base $961	+0.5pp $950	+1.0pp $940

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
455 N Delaware Dr Unit 7 Apache Junction, AZ	2.0	2.0	1060	$1,900	$1.79	25d	1	0.38mi
2185 W Ohio St Apache Junction, AZ	2.0	1.0	1000	$1,295	$1.29	5d	1	0.38mi
135 N Palo Verde Dr Unit 8 Apache Junction, AZ	1.0	1.0	750	$925	$1.23	24d	1	0.75mi
135 N Palo Verde Dr Apache Junction, AZ	1.0	1.0	750	$915	$1.22	20d	1	0.75mi
455 S Delaware Dr Unit 179 Apache Junction, AZ	2.0	2.0	1060	$2,395	$2.26	25d	1	1.00mi
455 S Delaware Dr Apache Junction, AZ	2.0	2.0	1060	$2,048	$1.93	21d	2	1.00mi
561 S Meridian Rd Unit 1 Apache Junction, AZ	2.0	1.0	700	$1,099	$1.57	25d	1	1.10mi
561 S Meridian Rd Unit 2 Apache Junction, AZ	3.0	2.0	1000	$1,395	$1.40	17d	1	1.10mi
960 S Mara Dr Unit 1 Apache Junction, AZ	2.0	1.0	682	$1,450	$2.13	13d	1	1.37mi

Listing history 5 events

1. 2026-05-20
   listed $40,000 Active
2. 2026-05-01
   soldstatus $28,000 Closed 405-char remark

   Show marketing remark (405 chars)

   Come and discover this quiet and affordable 55+ living community in Apache Junction. This 2 bedroom/2 bathroom has a wonderful view of the Superstition Mountains. This park also has one of the lower lot rents in the area. If you enjoy hiking, biking and adventuring this is the area for you, all availavle in the immediate vicinity to enjoy at your leisure. Easy access to the 60 and the 202 freeways.

3. 2026-04-28
   status Pending 405-char remark

   Show marketing remark (405 chars)

   Come and discover this quiet and affordable 55+ living community in Apache Junction. This 2 bedroom/2 bathroom has a wonderful view of the Superstition Mountains. This park also has one of the lower lot rents in the area. If you enjoy hiking, biking and adventuring this is the area for you, all availavle in the immediate vicinity to enjoy at your leisure. Easy access to the 60 and the 202 freeways.

4. 2026-04-23
   historical Under Contract Accepting Backups 405-char remark

   Show marketing remark (405 chars)

   Come and discover this quiet and affordable 55+ living community in Apache Junction. This 2 bedroom/2 bathroom has a wonderful view of the Superstition Mountains. This park also has one of the lower lot rents in the area. If you enjoy hiking, biking and adventuring this is the area for you, all availavle in the immediate vicinity to enjoy at your leisure. Easy access to the 60 and the 202 freeways.

5. 2026-03-06
   listed $29,900 Active 405-char remark

   Show marketing remark (405 chars)

   Come and discover this quiet and affordable 55+ living community in Apache Junction. This 2 bedroom/2 bathroom has a wonderful view of the Superstition Mountains. This park also has one of the lower lot rents in the area. If you enjoy hiking, biking and adventuring this is the area for you, all availavle in the immediate vicinity to enjoy at your leisure. Easy access to the 60 and the 202 freeways.

ⓘ 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 5/10 Major
• 🌡 Heat 8/10 Severe 5 d/yr ≥111°F today · 12 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: $18,791
• − Mortgage interest: −$2,241
• − Property taxes: −$600
• − Insurance: −$200
• − Repairs & maintenance: −$1,503
• − Management: −$1,503
• − Depreciation: −$1,164
• Taxable income: $11,580
• Est. tax owed @ 24.0%: −$2,779
• After-tax cash flow: $8,748/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 repairs and updates to improve its condition and increase its resale and rental value.

Repairs flagged

• Major roof panel — visible damage
• Major exterior siding — damaged
• Moderate kitchen cabinets — dated and worn
• Moderate kitchen countertops — dated and worn
• Moderate bathroom fixtures — basic and worn

Value-add opportunities

• Both new roof — major safety and aesthetic improvement
• Both new exterior siding — enhances curb appeal and value
• Both updated kitchen cabinets and countertops — modernizes and increases value
• Both updated bathroom fixtures — enhances functionality and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof panel · visible damage	Major	$15,000–50,000
exterior siding · damaged	Major	$15,000–50,000
kitchen cabinets · dated and worn	Moderate	$3,000–15,000
kitchen countertops · dated and worn	Moderate	$3,000–15,000
bathroom fixtures · basic and worn	Moderate	$3,000–15,000
Total estimated repair cost · 5 items		$39,000–145,000

Value-add ROI direction

• Both new roof — major safety and aesthetic improvement ↑
• Both new exterior siding — enhances curb appeal and value ↑
• Both updated kitchen cabinets and countertops — modernizes and increases value ↑
• Both updated bathroom fixtures — enhances functionality and 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: 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

+33.8% since first listed

5 events — show timeline

• 2026-05-20 Listed $40,000 ARMLS
• 2026-05-01 Sold (MLS) $28,000 ARMLS
• 2026-04-28 Pending — ARMLS
• 2026-04-23 Contingent — ARMLS
• 2026-03-06 Listed $29,900 ARMLS