1411 N Fourth St #20 · Flagstaff, AZ 86004

$208,000

2 bd · 1.0 ba · 640 sqft · MultiFamily · 74 Days on market

Built 2023 Good condition 2,400 sqft lot $325/sqft · at area comps Est $203k · at est.

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Why this score? — see what drove the C 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 +25.2/30.0
• DSCR +8.3/10.0
• 1% rule +6.6/10.0
• ARV discount +6.5/15.0
• Condition / age +4.0/5.0
• Livability +3.1/5.0
• Rent growth +2.9/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Welcome to Tiny House Village Flagstaff! Located in the center of Flagstaff is a first of its kind: residents can embrace the peace downsizing brings without sacrificing a sense of community. Neighborhood, residents can enjoy the convenience of small home living while still having the luxury of a yard. Cost savings meets freedom. This 2 bedroom 1 bathroom home has stainless appliances, upgraded cabinets & countertops, blinds, AIR CONDITIONING and fenced yard. Also includes upgraded insulation, 2x6 exterior walls, high efficiency dual pane windows and paved driveway. Land lease includes water, sewer, trash, snow removal and clubhouse use @ 1,311.26/month. Homes are not for rent. Owner is a licensed Realtor in Arizona.

Key facts

• Fenced yard
• Stainless appliances
• Paved driveway

Tags

• FENCED YARD
• STAINLESS APPLIANCES
• UPGRADED CABINETS
• UPGRADED INSULATION
• PAVED DRIVEWAY

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $208k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $468 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $208k).
• Recommended offer: $196k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 2.1% in Flagstaff — 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 61/100 on livability (#167 in AZ) — a middle-class / working-renter tenant base. Strengths: housing B; Watch: schools C-, employment C-, crime D-.
• Flagstaff Unified District (4192) (urban): math 18% / reading 29% proficiency, ranked #158 of 249 in AZ (top 64%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+1.6%/yr); 311 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 698 units permitted in Coconino County in 2024 (354 in 5+ unit buildings).
• This rent runs 36% of the median local income ($81k/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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Coconino County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 74 days — a 6% lower offer ($196k) is reasonable based on typical stale-listing flexibility.
• 4 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.

Risks & watch-outs

• Climate carrying-cost: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $195,520 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 days. Have you received any prior offers? Is the seller open to a 6% 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. 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?
5. 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.
6. 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.
7. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.16% ✓
• Cap rate: 8.99%
• Cash-on-cash: 9.64%
• DSCR: 1.43
• GRM: 7.2

CMA / ARV

• ARV (median comp): $203,472
• List price: $208,000
• Delta: 2.23%
• Verdict: FAIR
• Comps: 4 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.59% rent growth · sell at horizon

5-year hold

• IRR: -3.4%
• Equity multiple: 0.88×
• Total profit: $-7,252
• Equity at exit: $31,013

10-year hold

• IRR: 4.7%
• Equity multiple: 1.32×
• Total profit: $18,735
• Equity at exit: $17,984

Cash invested: $58,240 (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 86004

• Rents YoY: 1.6%
• Active inventory: 311
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $2,412 high
• Mortgage (P&I): −$1,091
• Tax est. 1.5%: −$260 /mo · $3,120/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$506
• Net cashflow: $468

Break-even live

Break-even rent $1,820

Max offer price $208,000

Occupancy floor 76%

Sensitivity live

Price	-10% $611	-5% $540	+0% $468	+5% $396	+10% $324
Rent	-10% $277	-5% $372	+0% $468	+5% $563	+10% $658
Rate	-1.0pp $572	-0.5pp $521	base $468	+0.5pp $414	+1.0pp $359

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: $52,000
• Closing costs: $6,240
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1002 N 4th St Flagstaff, AZ	2.0	1.0–2.0	944	$3,332	$3.53	45d	35	0.34mi
1965 E Mountain View Ave Flagstaff, AZ	1.0–2.0	1.0–2.0	879	$2,300	$2.62	45d	13	0.67mi
2410 N West St Unit B Flagstaff, AZ	1.0	1.0	650	$1,600	$2.46	45d	1	1.06mi
4015 E Soliere Ave Flagstaff, AZ	2.0	1.0–2.0	800	$3,505	$4.38	45d	1	1.14mi
4255 E Soliere Ave Flagstaff, AZ	1.0–3.0	1.0–2.0	967	$2,258	$2.33	45d	24	1.22mi
1201 E Ponderosa Pkwy Flagstaff, AZ	1.0	1.0	585	$1,650	$2.82	45d	8	1.35mi
1105 E Ponderosa Pkwy Flagstaff, AZ	1.0–2.0	1.0–2.0	738	$1,875	$2.54	45d	11	1.43mi

Listing history 25 events

1. 2026-06-21
   days on market $208,000 Active 74 DOM
2. 2026-06-19
   days on market $208,000 Active 72 DOM
3. 2026-06-18
   days on market $208,000 Active 71 DOM
4. 2026-06-17
   days on market $208,000 Active 70 DOM
5. 2026-06-16
   days on market $208,000 Active 69 DOM
6. 2026-06-15
   days on market $208,000 Active 68 DOM
7. 2026-06-14
   days on market $208,000 Active 66 DOM
8. 2026-06-13
   days on market $208,000 Active 65 DOM
9. 2026-06-10
   days on market $208,000 Active 63 DOM
10. 2026-06-09
    days on market $208,000 Active 62 DOM
11. 2026-06-08
    days on market $208,000 Active 61 DOM
12. 2026-06-07
    days on market $208,000 Active 60 DOM
13. 2026-06-05
    days on market $208,000 Active 57 DOM
14. 2026-06-03
    days on market $208,000 Active 56 DOM
15. 2026-06-02
    days on market $208,000 Active 55 DOM
16. 2026-06-01
    days on market $208,000 Active 54 DOM
17. 2026-05-31
    days on market $208,000 Active 53 DOM
18. 2026-05-30
    days on market $208,000 Active 52 DOM
19. 2026-04-08
    listed $208,000 Active 731-char remark

    Show marketing remark (731 chars)

    Welcome to Tiny House Village Flagstaff! Located in the center of Flagstaff is a first of its kind: residents can embrace the peace downsizing brings without sacrificing a sense of community. Neighborhood, residents can enjoy the convenience of small home living while still having the luxury of a yard. Cost savings meets freedom. This 2 bedroom 1 bathroom home has stainless appliances, upgraded cabinets & countertops, blinds, AIR CONDITIONING and fenced yard. Also includes upgraded insulation, 2x6 exterior walls, high efficiency dual pane windows and paved driveway. Land lease includes water, sewer, trash, snow removal and clubhouse use @ 1,311.26/month. Homes are not for rent. Owner is a licensed Realtor in Arizona.

20. 2026-01-01
    historical
21. 2025-10-24
    listed $208,000 Active
22. 2025-07-11
    soldstatus $204,105 Closed
23. 2025-07-07
    listed $204,105 Active
24. 2025-05-12
    historical $2,100
25. 2025-05-06
    listed $2,100

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 8/10 Severe
• 🌡 Heat 2/10 Low 7 d/yr ≥87°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,939
• − Mortgage interest: −$11,651
• − Property taxes: −$3,120
• − Insurance: −$1,040
• − Repairs & maintenance: −$2,315
• − Management: −$2,315
• − Depreciation: −$6,051
• Taxable income: $2,447
• Est. tax owed @ 24.0%: −$587
• After-tax cash flow: $5,026/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 · 6 photos

Good 80/100 Cosmetic rehab

This 2-bedroom, 1-bathroom home in Tiny House Village Flagstaff is in good condition with minimal repairs needed. It offers a good balance of modern amenities and a peaceful, downsized living experience. Consider enhancing the curb appeal and adding small outdoor spaces for increased value.

Value-add opportunities

• Both Landscaping and curb appeal improvements — Enhances curb appeal and could attract more buyers or renters.
• Both Painting exterior and interior walls — Fresh paint can make the home look more inviting and maintain its value.
• Both Land lease upgrade — Upgrading the land lease could increase the property's value and rental income.
• Both Addition of a small garden or patio area — Could increase the home's appeal and value for both resale and rental purposes.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping and curb appeal improvements — Enhances curb appeal and could attract more buyers or renters. ↑
• Both Painting exterior and interior walls — Fresh paint can make the home look more inviting and maintain its value. ↑
• Both Land lease upgrade — Upgrading the land lease could increase the property's value and rental income. ↑
• Both Addition of a small garden or patio area — Could increase the home's appeal and value for both resale and rental purposes. ↑

ⓘ 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: Flagstaff Unified District (4192)
• NCES district ID: 0402860
• Math proficiency: 18% ▼ -16.00%
• Reading proficiency: 29% ▼ -10.00%
• Median HH income: $53,510
• Composite: 21.11/100
• National rank: #8437
• State rank: #158 of 249 in AZ

Livability — Flagstaff

• Score: 61/100
• State rank: #167
• US rank: #18308

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Flagstaff, AZ
• County: Coconino County · 91,667 people
• City population: 91,667
• Metro: Flagstaff, AZ
• Population (ZIP): 36,394
• Household income: $81,172
• Rent vs Own: 37.2% rent · 62.8% own
• Severe rent burden: 1475.0

Population outlook (Coconino County) Hauer SSP2

• Today (2025): 150,645 people
• By 2030: 156,857 · +4.1%
• By 2040: 168,714 · +12.0%
• By 2050: 181,082 · +20.2%
• By 2075: 218,399 · +45.0%
• By 2100: 238,853 · +58.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 59% Hispanic / Latino 21% Two or more races 13% Native American 12% Asian 1% Black 1%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Italian 4% Romanian 3% Slovak 2%
• Foreign-born: 7% · Canada
• Languages at home: 80% English-only · Spanish 12% German/W. Germanic 1% Other Asian/Pacific 1%

Political lean MEDSL · Coconino

• 2024 margin: D (+19.9) · D 59.2% · R 39.4% · Other 1.4%
• 2008→2024 swing: +2.9pp toward D · 2008: 17.0pp · 2024: 19.9pp
• All cycles: 2024: D+19.9 2020: D+24.1 2016: D+19.4 2012: D+14.9 2008: D+17.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -454.67%
• Current HPI: 411.8577
• Rent YoY: ▲ 1.59%
• Metro: Flagstaff, 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

+9804.8% since first listed

7 events — show timeline

• 2026-04-08 Listed $208,000 NAZMLS
• 2026-01-01 Listing Removed — NAZMLS
• 2025-10-24 Listed $208,000 NAZMLS
• 2025-07-11 Sold (MLS) $204,105 NAZMLS
• 2025-07-07 Listed $204,105 NAZMLS
• 2025-05-12 Rental Removed $2,100 APPFOLIO
• 2025-05-06 Listed for Rent $2,100 APPFOLIO