450 Via Lechuza · Rio Rico, AZ 85648

$359,000

6 bd · 3.0 ba · 2,679 sqft · MultiFamily public records · 31 Days on market

Built 1989 9,583 sqft lot $134/sqft · 14% above area Est $314k · 14% over

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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 +27.1/30.0
• Appreciation +10.0/10.0
• DSCR +9.4/10.0
• 1% rule +6.1/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• ARV discount +1.1/15.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Investment opportunity in a prime location! This well-maintained triplex features durable brick construction and is conveniently located near shopping, services, schools, and walking trails. Each unit offers 2 bedrooms and 1 bathroom, making it an attractive option for tenants. Live in one unit and generate rental income from the other two. Great potential for owner-occupants or investors looking to expand their portfolio.

Key facts

• Near schools
• Near shopping
• Near services

Tags

• DURABLE BRICK CONSTRUCTION
• CONVENIENTLY LOCATED
• NEAR SHOPPING
• NEAR SERVICES
• NEAR SCHOOLS
• NEAR WALKING TRAILS

Property features AI

Finance

• Other: Zoning: SCC - MFR
• Financial info: Three total units; Gross scheduled income: $2,775; Gross income: $2,950; Operating expenses: $419.98; Insurance expense: $150.08; Net operating income: $2,530.02; Water/sewer expense: $175
• HOA & community: Walking trail

Exterior

• Parking: On-property parking (total 3 spaces)
• Utilities: Sewer connected
• Home design: Triplex; Single-story units
• Construction: Brick construction; Built-up reflective roof
• Exterior features: East/West exposure; Paved road access (county)

Interior

• Kitchen: Gas range
• Bedrooms: Three 2-bedroom units (all on 1st floor)
• Flooring: Ceramic tile
• Bathrooms: Three full bathrooms (one per unit)
• Heating & cooling: Gas pack and propane heating; Evaporative cooling
• Interior features: Ceramic tile floors; Enclosed patio/porch
• Laundry & utility: Laundry closet

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1-bath units multifamily listed at $359k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $339/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $359k).
• Recommended offer: $348k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.7% vs local median 4.1% in Rio Rico — 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 63/100 on livability (#115 in AZ) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D+, crime F.
• Santa Cruz Valley Unified District (4458) (town): math 12% / reading 26% proficiency, ranked #184 of 249 in AZ (top 74%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Mountain View School (math 8% / reading 17%, grade F, #944 of 1,109 statewide, top 87%, 387 students, 83% FRL); Coatimundi Middle School (math 16% / reading 32%, grade F, #109 of 218 statewide, top 51%, 473 students, 69% FRL); Rio Rico High School (math 13% / reading 21%, grade F, #252 of 381 statewide, top 67%, 1,414 students, 72% FRL).
• Market conditions: 414 active listings in the ZIP; 340 units permitted in Santa Cruz County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $38k of equity ($2k loan paydown + $36k appreciation (10.0% local appreciation)).
• Santa Cruz County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $101k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$62k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($348k) is reasonable based on typical stale-listing flexibility.
• 3 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 $110k; list at $359k implies a 226% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $348,230 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 1.11% ✓
• Cap rate: 9.69%
• Cash-on-cash: 12.14%
• DSCR: 1.54
• GRM: 7.5

CMA / ARV

• ARV (median comp): $314,258
• List price: $359,000
• Delta: 14.24%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 33.2%
• Equity multiple: 3.59×
• Total profit: $260,142
• Equity at exit: $323,416

10-year hold

• IRR: 28.6%
• Equity multiple: 8.11×
• Total profit: $714,821
• Equity at exit: $697,458

Cash invested: $100,520 (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 85648

• Home prices YoY: 21.0%
• Active inventory: 414
• Price-to-rent: 22.6×

Monthly cashflow live

• Estimated rent: $3,980 high
• Mortgage (P&I): −$1,883
• Tax from tax record: −$95 /mo · $1,139/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$836
• Net cashflow: $1,017

Break-even live

Break-even rent $2,693

Max offer price $359,000

Occupancy floor 69%

Sensitivity live

Price	-10% $1,220	-5% $1,119	+0% $1,017	+5% $915	+10% $814
Rent	-10% $703	-5% $860	+0% $1,017	+5% $1,174	+10% $1,332
Rate	-1.0pp $1,198	-0.5pp $1,108	base $1,017	+0.5pp $924	+1.0pp $829

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$3,981
Total (3 units)			$3,980

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: $89,750
• Closing costs: $10,770
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-15
   status $359,000 Pending 31 DOM
2. 2026-06-15
   days on market $359,000 Active Contingent 31 DOM
3. 2026-06-13
   days on market $359,000 Active Contingent 29 DOM
4. 2026-06-10
   days on market $359,000 Active Contingent 26 DOM
5. 2026-06-09
   days on market $359,000 Active Contingent 25 DOM
6. 2026-06-08
   days on market $359,000 Active Contingent 24 DOM
7. 2026-06-07
   days on market $359,000 Active Contingent 23 DOM
8. 2026-06-05
   days on market $359,000 Active Contingent 20 DOM
9. 2026-06-03
   days on market $359,000 Active Contingent 19 DOM
10. 2026-06-02
    days on market $359,000 Active Contingent 18 DOM
11. 2026-06-01
    days on market $359,000 Active Contingent 17 DOM
12. 2026-05-31
    days on market $359,000 Active Contingent 16 DOM
13. 2026-05-10
    listed $359,000 Active 426-char remark
14. 2025-11-15
    historical $925
15. 2025-11-12
    price $925
16. 2025-11-01
    listed $950
17. 2025-08-26
    historical $925
18. 2025-08-18
    listed $925
19. 2002-07-18
    soldstatus $110,000

ⓘ 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: $1,139 · $95/mo
• Projected year-2 tax: $2,369 · $197/mo
• Expected delta: +$1,231/yr (+$103/mo · 108.1%)

ⓘ 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 7/10 Severe
• 🌡 Heat 7/10 Severe 7 d/yr ≥100°F today · 21 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: $47,760
• − Mortgage interest: −$20,110
• − Property taxes: −$1,139
• − Insurance: −$1,795
• − Repairs & maintenance: −$3,821
• − Management: −$3,821
• − Depreciation: −$10,444
• Taxable income: $6,631
• Est. tax owed @ 24.0%: −$1,592
• After-tax cash flow: $10,613/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: Santa Cruz Valley Unified District (4458)
• NCES district ID: 0407520
• Math proficiency: 12% ▼ -19.00%
• Reading proficiency: 26% ▼ -9.00%
• Median HH income: $48,019
• Composite: 16.84/100
• National rank: #9147
• State rank: #184 of 249 in AZ

Livability — Rio Rico

• Score: 63/100
• State rank: #115
• US rank: #15321

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rio Rico, AZ
• County: Santa Cruz County · 22,118 people
• City population: 22,118
• Metro: Nogales, AZ
• Population (ZIP): 22,118
• Household income: $61,519
• Rent vs Own: 14.9% rent · 85.1% own
• Severe rent burden: 407.0

Population outlook (Santa Cruz County) Hauer SSP2

• Today (2025): 43,796 people
• By 2030: 42,097 · -3.9%
• By 2040: 38,235 · -12.7%
• By 2050: 34,224 · -21.9%
• By 2075: 26,014 · -40.6%
• By 2100: 18,165 · -58.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (86%)
• Race & ethnicity: Hispanic / Latino 86% Two or more races 48% White 12%
• Hispanic origin (detail): Mexican 83%
• Common ancestry: Lithuanian 1% Slovak 1% Iranian 1%
• Foreign-born: 30% · Canada
• Languages at home: 21% English-only · Spanish 79%

Political lean MEDSL · Santa Cruz

• 2024 margin: D (+18.6) · D 58.9% · R 40.3%
• 2008→2024 swing: -12.7pp toward R · 2008: 31.3pp · 2024: 18.6pp
• All cycles: 2024: D+18.6 2020: D+35.5 2016: D+47.1 2012: D+37.8 2008: D+31.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 72.18%
• Current HPI: 415.2167
• Rent YoY: —
• Metro: Nogales, 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

+226.4% since first listed

9 events — show timeline

• 2026-06-15 Pending — MLSSAZ
• 2026-05-22 Contingent — MLSSAZ
• 2026-05-10 Listed $359,000 MLSSAZ
• 2025-11-15 Rental Removed $925 IMANAGERENT
• 2025-11-12 Price Changed $925 IMANAGERENT
• 2025-11-01 Listed for Rent $950 IMANAGERENT
• 2025-08-26 Rental Removed $925 IMANAGERENT
• 2025-08-18 Listed for Rent $925 IMANAGERENT
• 2002-07-18 Sold (Public Records) $110,000 Public Records

Property tax history

-2.7%/yr

Latest (2025): $1,139 · +6.0% YoY. Source: county tax records.