4833 E 23rd St · Tucson, AZ 85711

$139,900

3 bd · 2.0 ba · 1,081 sqft · SingleFamily public records · 69 Days on market

Built 1959 6,752 sqft lot $129/sqft · 42% below area Est $243k · 42% under

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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 +23.2/30.0
• ARV discount +15.0/15.0
• DSCR +7.4/10.0
• 1% rule +5.4/10.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Gutted 2 bed, 2 bath opportunity with a flexible layout that easily converts to a 3 bed, 2 bath. Ideal for investors seeking a value-add project with clear upside. Open floor plan, blank canvas interior, and strong potential to reconfigure for increased ARV and rental returns..Seller will not entertain wholesale offers. Please do not submit wholesale proposals.

Key facts

• 6,752 sq ft lot
• Garage
• Built 1959

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $252 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $140k).
• Recommended offer: $132k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 3.7% in Tucson — 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 74/100 on livability (#17 in AZ, #4,502 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: health & safety C-, schools D+, crime F.
• Tucson Unified District (4403) (urban): math 14% / reading 23% proficiency, ranked #190 of 249 in AZ (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+2.6%/yr); 153 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; 5,268 units permitted in Pima County in 2024 (996 in 5+ unit buildings).
• This rent runs 31% of the median local income ($56k/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 $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Pima County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($132k) 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 $111k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $131,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
7. 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.
8. 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.
9. 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: 1.04% ✓
• Cap rate: 8.46%
• Cash-on-cash: 7.73%
• DSCR: 1.34
• GRM: 8.0

CMA / ARV

• ARV (median comp): $242,669
• List price: $139,900
• Delta: -42.35%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4818 E 25th St	0.14mi	3/2.0	1,070 (-1%)	3mo	$238,000	$222	89
4809 E 26th St	0.22mi	3/2.0	1,160 (+7%)	1mo	$273,000	$235	77
4626 E 26th St	0.39mi	3/1.5	984 (-9%)	1mo	$220,000	$224	64
4774 E Andrew St	0.21mi	2/1.0 (-1)	943 (-13%)	0mo	$220,000	$233	60
5202 E 24th St	0.41mi	3/2.0	1,200 (+11%)	5mo	$280,000	$233	58
5018 E 18th St	0.46mi	2/1.0 (-1)	995 (-8%)	1mo	$150,000	$151	56
5150 E 23rd St	0.37mi	2/1.0 (-1)	940 (-13%)	6mo	$215,000	$229	47
4541 E 31st St	0.71mi	3/1.5	972 (-10%)	3mo	$250,000	$257	46
909 S Catalina Ave	0.66mi	3/1.0	1,193 (+10%)	5mo	$272,000	$228	44
824 S Catalina Ave	0.70mi	3/1.0	1,195 (+10%)	6mo	$225,000	$188	41
2018 S Cloverland Ave	0.72mi	3/1.0	936 (-13%)	3mo	$229,900	$246	38
5402 E 28th St	0.74mi	3/1.0	920 (-15%)	5mo	$265,000	$288	32

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 · 2.61% rent growth · sell at horizon

5-year hold

• IRR: -4.9%
• Equity multiple: 0.82×
• Total profit: $-7,194
• Equity at exit: $20,860

10-year hold

• IRR: 4.3%
• Equity multiple: 1.31×
• Total profit: $12,022
• Equity at exit: $12,096

Cash invested: $39,172 (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 85711

• Rents YoY: 2.6%
• Active inventory: 153
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,453 high
• Mortgage (P&I): −$734
• Tax from tax record: −$103 /mo · $1,240/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$305
• Net cashflow: $252

Break-even live

Break-even rent $1,133

Max offer price $139,900

Occupancy floor 78%

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4910 E 25th St Tucson, AZ	3.0	2.0	960	$1,550	$1.61	16d	1	0.15mi
4725 E 25th St Tucson, AZ	3.0	2.0	1400	$1,700	$1.21	43d	1	0.23mi
4825 E 18th St Tucson, AZ	2.0	1.0	964	$1,800	$1.87	43d	1	0.42mi
4633 E 19th St Tucson, AZ	3.0	1.0	1000	$1,300	$1.30	43d	1	0.44mi
5237 E 20th St Tucson, AZ	3.0	1.0	1100	$1,850	$1.68	43d	1	0.48mi
5121 E 29th St Tucson, AZ	1.0–2.0	1.0	600	$939	$1.56	43d	1	0.51mi
4511 E 26th St Tucson, AZ	3.0	2.0	984	$1,800	$1.83	14d	1	0.51mi
4634 E Montecito St Tucson, AZ	3.0	1.0	1000	$1,375	$1.38	3d	1	0.55mi
4431 E 22nd St Tucson, AZ	1.0–2.0	1.0	770	$1,081	$1.40	43d	2	0.58mi
4557 E 18th St Tucson, AZ	2.0	1.0	731	$900	$1.23	23d	1	0.59mi
525 S Rosemont Ave Tucson, AZ	4.0	2.0	1410	$1,795	$1.27	15d	1	0.60mi
4502 E 18th St Tucson, AZ	2.0	1.0	750	$1,050	$1.40	23d	1	0.64mi
4525 E Montecito St Tucson, AZ	2.0	1.0	750	$975	$1.30	11d	1	0.67mi
1828 S Math Quiz Dr Tucson, AZ	2.0	2.0	1041	$1,595	$1.53	43d	1	0.69mi
1401 S Woodland Ave Unit 1401 Tucson, AZ	2.0	1.0	830	$700	$0.84	23d	1	0.70mi
1505 S Woodland Ave Unit B Tucson, AZ	2.0	1.0	757	$995	$1.31	43d	1	0.72mi
1503 S Woodland Ave Unit B Tucson, AZ	2.0	1.0	737	$1,050	$1.42	43d	1	0.73mi
1501 S Woodland Ave Tucson, AZ	2.0	1.0	608	$949	$1.56	43d	4	0.73mi
1501 S Woodland Ave Unit B Tucson, AZ	2.0	1.0	737	$949	$1.29	23d	1	0.73mi
1507 S Woodland Ave Unit A Tucson, AZ	2.0	1.0	737	$995	$1.35	43d	1	0.73mi
5237 E Calle Vista de Colores Tucson, AZ	2.0	2.5	1452	$1,995	$1.37	16d	1	0.75mi
5050 E Julia St Tucson, AZ	2.0	2.0	1410	$2,295	$1.63	23d	1	0.78mi
5304 E Calle Vista de Colores Tucson, AZ	2.0	2.5	1452	$1,695	$1.17	16d	1	0.78mi
4649 E 14th St Tucson, AZ	3.0	1.0	1192	$1,545	$1.30	11d	1	0.87mi
1704 S Jefferson Ave Unit WI1710-6 Tucson, AZ	2.0	1.0	750	$995	$1.33	43d	1	0.89mi
5402 E 30th St Unit B03 Tucson, AZ	3.0	1.5	1178	$1,250	$1.06	43d	1	0.89mi
5402 E 30th St Apt E1 Tucson, AZ	4.0	1.5	1400	$1,530	$1.09	43d	1	0.89mi
5402 E 30th St Apt J11 Tucson, AZ	2.0	1.5	941	$950	$1.01	43d	1	0.89mi
4255 E 29th St Tucson, AZ	2.0	1.0	585	$999	$1.71	3d	7	0.89mi
4641 E 13th St Tucson, AZ	3.0	2.0	1403	$1,650	$1.18	43d	1	0.92mi
5547 E 29th St Unit 1 Tucson, AZ	3.0	1.5	1175	$995	$0.85	10d	1	0.93mi
5402 E 30th St Unit F06 Tucson, AZ	3.0	1.5	1178	$1,250	$1.06	23d	1	0.94mi
5400 E Williams Blvd Tucson, AZ	1.0–2.0	1.0–2.0	915	$1,800	$1.97	3d	1	0.94mi
5624 E 18th St Tucson, AZ	3.0	2.0	1458	$2,300	$1.58	19d	1	0.95mi
601 S Bryant Ave Tucson, AZ	2.0	1.0	1004	$1,300	$1.29	11d	1	0.99mi
5674 E Eastland St Tucson, AZ	3.0	2.0	1431	$1,645	$1.15	43d	1	1.01mi
5723 E 19th St Tucson, AZ	3.0	2.0	1211	$2,350	$1.94	43d	1	1.05mi
5706 E 24th St Tucson, AZ	2.0	1.0	784	$1,250	$1.59	11d	1	1.05mi
1841 S Irving Ave Unit 13 Tucson, AZ	2.0	1.0	900	$675	$0.75	16d	1	1.05mi
460 S Bryant Ave Tucson, AZ	2.0	2.0	800	$995	$1.24	23d	1	1.07mi

Listing history 20 events

1. 2026-06-18
   days on market $139,900 Active 69 DOM
2. 2026-06-17
   days on market $139,900 Active 68 DOM
3. 2026-06-16
   days on market $139,900 Active 67 DOM
4. 2026-06-15
   days on market $139,900 Active 66 DOM
5. 2026-06-13
   days on market $139,900 Active 64 DOM
6. 2026-06-10
   days on market $139,900 Active 61 DOM
7. 2026-06-09
   days on market $139,900 Active 60 DOM
8. 2026-06-08
   days on market $139,900 Active 59 DOM
9. 2026-06-07
   days on market $139,900 Active 58 DOM
10. 2026-06-05
    days on market $139,900 Active 55 DOM
11. 2026-06-03
    days on market $139,900 Active 54 DOM
12. 2026-06-02
    days on market $139,900 Active 53 DOM
13. 2026-06-01
    days on market $139,900 Active 52 DOM
14. 2026-05-31
    days on market $139,900 Active 51 DOM
15. 2026-04-10
    listed $139,900 Active 363-char remark

    Show marketing remark (363 chars)

    Gutted 2 bed, 2 bath opportunity with a flexible layout that easily converts to a 3 bed, 2 bath. Ideal for investors seeking a value-add project with clear upside. Open floor plan, blank canvas interior, and strong potential to reconfigure for increased ARV and rental returns..Seller will not entertain wholesale offers. Please do not submit wholesale proposals.

16. 2026-03-13
    historical
17. 2026-02-20
    listed $154,900 Active
18. 2026-02-05
    soldstatus $111,299
19. 1987-09-30
    soldstatus $36,000
20. 1987-09-01
    soldstatus $36,000

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

Tax reassessment forecast AZ · Resets to sale price

• Current annual tax: $1,240 · $103/mo
• Projected year-2 tax: $1,240 · $103/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥105°F today · 18 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: $17,431
• − Mortgage interest: −$7,837
• − Property taxes: −$1,240
• − Insurance: −$700
• − Repairs & maintenance: −$1,394
• − Management: −$1,394
• − Depreciation: −$4,070
• Taxable income: $796
• Est. tax owed @ 24.0%: −$191
• After-tax cash flow: $2,836/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: Tucson Unified District (4403)
• NCES district ID: 0408800
• Math proficiency: 14% ▼ -17.00%
• Reading proficiency: 23% ▼ -11.00%
• Median HH income: $40,962
• Composite: 15.78/100
• National rank: #9270
• State rank: #190 of 249 in AZ

Livability — Tucson

• Score: 74/100
• State rank: #17
• US rank: #4502

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Tucson, AZ
• County: Pima County · 1,012,107 people
• City population: 839,336
• Metro: Tucson, AZ
• Population (ZIP): 42,558
• Household income: $56,121
• Rent vs Own: 50.9% rent · 49.1% own
• Severe rent burden: 2616.0

Population outlook (Pima County) Hauer SSP2

• Today (2025): 1,066,056 people
• By 2030: 1,086,684 · +1.9%
• By 2040: 1,117,160 · +4.8%
• By 2050: 1,149,778 · +7.9%
• By 2075: 1,271,480 · +19.3%
• By 2100: 1,321,160 · +23.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 45% Hispanic / Latino 39% Two or more races 21% Black 6% Asian 3% Native American 3%
• Hispanic origin (detail): Mexican 36%
• Common ancestry: Lithuanian 2% Romanian 2% Italian 2%
• Foreign-born: 12% · Canada, China, Vietnam
• Languages at home: 75% English-only · Spanish 19% Other Indo-European 1% Other Asian/Pacific 1%

Political lean MEDSL · Pima

• 2024 margin: D (+15.2) · D 57.0% · R 41.8% · Other 1.2%
• 2008→2024 swing: +9.1pp toward D · 2008: 6.1pp · 2024: 15.2pp
• All cycles: 2024: D+15.2 2020: D+18.7 2016: D+13.5 2012: D+5.8 2008: D+6.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -368.96%
• Current HPI: 285.6805
• Rent YoY: ▲ 2.61%
• Metro: Tucson, 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

+288.6% since first listed

6 events — show timeline

• 2026-04-10 Listed $139,900 MLSSAZ
• 2026-03-13 Listing Removed — MLSSAZ
• 2026-02-20 Listed $154,900 MLSSAZ
• 2026-02-05 Sold (Public Records) $111,299 Public Records
• 1987-09-30 Sold (Public Records) $36,000 Public Records
• 1987-09-01 Sold (Public Records) $36,000 Public Records

Property tax history

+1.6%/yr

Latest (2025): $1,240 · +4.4% YoY. Source: county tax records.