565 Graham Dr · Sierra Vista, AZ 85635

$200,000

None bd · None ba · 1,354 sqft · MultiFamily public records · 282 Days on market

Built 1941 Est $208k · 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 +21.6/30.0
• ARV discount +9.2/15.0
• DSCR +6.9/10.0
• 1% rule +4.5/10.0
• Livability +4.0/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Listed is a quaint and recently renovated duplex located in Sierra Vista, AZ that provides an investor with the opportunity to add to their investment portfolio. Each unit features 2 bedrooms and 1 bathroom, providing comfortable living spaces for tenants. The eat-in kitchens come equipped with a gas range and refrigerator. Additional amenities include evaporative cooling, wall furnaces, and fenced backyards, offering security and privacy. Don't miss out on this potential investment opportunity in Sierra Vista.

Key facts

• Eat-in kitchens
• Fenced backyards
• Refrigerator

Tags

• RECENTLY RENOVATED DUPLEX
• EAT-IN KITCHENS
• GAS RANGE
• REFRIGERATOR
• EVAPORATIVE COOLING
• FENCED BACKYARDS

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $304 ($4k/yr) — positive. Per door: $152/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $189k (5.5% below list).
• Recommended offer: $176k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 4.3% in Sierra Vista — 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 80/100 on livability (#5 in AZ, #1,805 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: amenities F.
• Sierra Vista Unified District (4175) (urban): math 27% / reading 39% proficiency, ranked #93 of 249 in AZ (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 176 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 78% of comp listings sitting > 30 days — soft ceiling on asking rent; 437 units permitted in Cochise County in 2024 (6 in 5+ unit buildings).
• This rent runs 37% of the median local income ($62k/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.
• Cochise County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 282 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y ago; this cycle's ask has dropped $19k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1941 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $176,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 282 days. Have you received any prior offers? Is the seller open to a 12% 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. Built in 1941 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 0.95% ✗
• Cap rate: 8.12%
• Cash-on-cash: 6.51%
• DSCR: 1.29
• GRM: 8.8

CMA / ARV

• ARV (median comp): $208,073
• List price: $200,000
• Delta: -3.88%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -9.4%
• Equity multiple: 0.67×
• Total profit: $-18,690
• Equity at exit: $29,821

10-year hold

• IRR: -4.0%
• Equity multiple: 0.77×
• Total profit: $-13,138
• Equity at exit: $17,292

Cash invested: $56,000 (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 85635

• Home prices YoY: -32.3%
• Rents YoY: 0.0%
• Active inventory: 176
• Price-to-rent: 17.6×

Monthly cashflow live

• Estimated rent: $1,891 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$58 /mo · $695/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$397
• Net cashflow: $304

Break-even live

Break-even rent $1,506

Max offer price $200,000

Occupancy floor 79%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,892
Total (2 units)			$1,891

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
604 Graham Dr Sierra Vista, AZ	3.0	2.0	1120	$995	$0.89	44d	1	0.04mi
270 W Tacoma St Sierra Vista, AZ	3.0	2.0	1120	$995	$0.89	44d	1	0.14mi
499 S Carmichael Ave Sierra Vista, AZ	3.0–4.0	2.0	1163	$1,675	$1.44	2d	5	0.71mi
420 Camino Mojado Sierra Vista, AZ	2.0	2.0	1120	$1,300	$1.16	44d	1	0.81mi
1125 N 7th St Sierra Vista, AZ	2.0–3.0	2.0	1000	$973	$0.97	3d	1	0.89mi
500 S 7th St Sierra Vista, AZ	3.0	2.0	924	$999	$1.08	44d	1	1.00mi
1205 Cottonwood Dr Sierra Vista, AZ	3.0	2.0	1051	$1,400	$1.33	44d	1	1.06mi
800 N Lenzner Ave Sierra Vista, AZ	3.0	2.0	1050	$1,070	$1.02	44d	1	1.27mi
409 S Lenzner Ave Sierra Vista, AZ	1.0–3.0	1.0–2.0	793	$1,372	$1.73	44d	23	1.49mi

Listing history 31 events

1. 2026-06-19
   days on market $200,000 Active 282 DOM
2. 2026-06-18
   days on market $200,000 Active 281 DOM
3. 2026-06-17
   days on market $200,000 Active 280 DOM
4. 2026-06-16
   days on market $200,000 Active 279 DOM
5. 2026-06-15
   days on market $200,000 Active 278 DOM
6. 2026-06-14
   days on market $200,000 Active 276 DOM
7. 2026-06-12
   days on market $200,000 Active 275 DOM
8. 2026-06-09
   days on market $200,000 Active 272 DOM
9. 2026-06-08
   days on market $200,000 Active 271 DOM
10. 2026-06-07
    days on market $200,000 Active 270 DOM
11. 2026-06-05
    days on market $200,000 Active 267 DOM
12. 2026-06-03
    days on market $200,000 Active 266 DOM
13. 2026-06-02
    days on market $200,000 Active 265 DOM
14. 2026-06-01
    days on market $200,000 Active 264 DOM
15. 2026-05-31
    days on market $200,000 Active 263 DOM
16. 2026-05-30
    days on market $200,000 Active 262 DOM
17. 2026-05-09
    price $200,000 516-char remark

    Show marketing remark (516 chars)

    Listed is a quaint and recently renovated duplex located in Sierra Vista, AZ that provides an investor with the opportunity to add to their investment portfolio. Each unit features 2 bedrooms and 1 bathroom, providing comfortable living spaces for tenants. The eat-in kitchens come equipped with a gas range and refrigerator. Additional amenities include evaporative cooling, wall furnaces, and fenced backyards, offering security and privacy. Don't miss out on this potential investment opportunity in Sierra Vista.

18. 2026-04-11
    price $209,000 516-char remark

    Show marketing remark (516 chars)

    Listed is a quaint and recently renovated duplex located in Sierra Vista, AZ that provides an investor with the opportunity to add to their investment portfolio. Each unit features 2 bedrooms and 1 bathroom, providing comfortable living spaces for tenants. The eat-in kitchens come equipped with a gas range and refrigerator. Additional amenities include evaporative cooling, wall furnaces, and fenced backyards, offering security and privacy. Don't miss out on this potential investment opportunity in Sierra Vista.

19. 2026-04-02
    status Active 516-char remark

    Show marketing remark (516 chars)

    Listed is a quaint and recently renovated duplex located in Sierra Vista, AZ that provides an investor with the opportunity to add to their investment portfolio. Each unit features 2 bedrooms and 1 bathroom, providing comfortable living spaces for tenants. The eat-in kitchens come equipped with a gas range and refrigerator. Additional amenities include evaporative cooling, wall furnaces, and fenced backyards, offering security and privacy. Don't miss out on this potential investment opportunity in Sierra Vista.

20. 2026-04-01
    historical 516-char remark

    Show marketing remark (516 chars)

    Listed is a quaint and recently renovated duplex located in Sierra Vista, AZ that provides an investor with the opportunity to add to their investment portfolio. Each unit features 2 bedrooms and 1 bathroom, providing comfortable living spaces for tenants. The eat-in kitchens come equipped with a gas range and refrigerator. Additional amenities include evaporative cooling, wall furnaces, and fenced backyards, offering security and privacy. Don't miss out on this potential investment opportunity in Sierra Vista.

21. 2026-02-11
    price $214,000 516-char remark

    Show marketing remark (516 chars)

    Listed is a quaint and recently renovated duplex located in Sierra Vista, AZ that provides an investor with the opportunity to add to their investment portfolio. Each unit features 2 bedrooms and 1 bathroom, providing comfortable living spaces for tenants. The eat-in kitchens come equipped with a gas range and refrigerator. Additional amenities include evaporative cooling, wall furnaces, and fenced backyards, offering security and privacy. Don't miss out on this potential investment opportunity in Sierra Vista.

22. 2026-01-08
    price $215,000 516-char remark

    Show marketing remark (516 chars)

    Listed is a quaint and recently renovated duplex located in Sierra Vista, AZ that provides an investor with the opportunity to add to their investment portfolio. Each unit features 2 bedrooms and 1 bathroom, providing comfortable living spaces for tenants. The eat-in kitchens come equipped with a gas range and refrigerator. Additional amenities include evaporative cooling, wall furnaces, and fenced backyards, offering security and privacy. Don't miss out on this potential investment opportunity in Sierra Vista.

23. 2025-09-09
    listed $219,000 Active 516-char remark

    Show marketing remark (516 chars)

    Listed is a quaint and recently renovated duplex located in Sierra Vista, AZ that provides an investor with the opportunity to add to their investment portfolio. Each unit features 2 bedrooms and 1 bathroom, providing comfortable living spaces for tenants. The eat-in kitchens come equipped with a gas range and refrigerator. Additional amenities include evaporative cooling, wall furnaces, and fenced backyards, offering security and privacy. Don't miss out on this potential investment opportunity in Sierra Vista.

24. 2023-07-22
    historical $900
25. 2023-07-16
    listed $900
26. 2023-07-15
    historical
27. 2021-02-17
    soldstatus $435,000 212-char remark

    Show marketing remark (212 chars)

    5 duplexes with 2 and 3 Bedroom Units Located in the center of town. Great opportunity for investors. 7 units rented, 3 units are vacant. Needs some TLC. Excellent opportunity and great value at $40,000 per door!

28. 2021-01-13
    listed $400,000 212-char remark

    Show marketing remark (212 chars)

    5 duplexes with 2 and 3 Bedroom Units Located in the center of town. Great opportunity for investors. 7 units rented, 3 units are vacant. Needs some TLC. Excellent opportunity and great value at $40,000 per door!

29. 2017-08-28
    soldstatus $240,000
30. 2007-01-10
    soldstatus $1,025,000
31. 2003-08-07
    soldstatus $595,000

ⓘ 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: $695 · $58/mo
• Projected year-2 tax: $1,320 · $110/mo
• Expected delta: +$625/yr (+$52/mo · 89.9%)

ⓘ 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 5/10 Major 7 d/yr ≥97°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: $22,692
• − Mortgage interest: −$11,203
• − Property taxes: −$695
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,815
• − Management: −$1,815
• − Depreciation: −$5,818
• Taxable income: $345
• Est. tax owed @ 24.0%: −$83
• After-tax cash flow: $3,563/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: Sierra Vista Unified District (4175)
• NCES district ID: 0401460
• Math proficiency: 27% ▼ -19.00%
• Reading proficiency: 39% ▼ -10.00%
• Median HH income: $55,463
• Composite: 29.17/100
• National rank: #6573
• State rank: #93 of 249 in AZ

Livability — Sierra Vista

• Score: 80/100
• State rank: #5
• US rank: #1805

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sierra Vista, AZ
• County: Cochise County · 49,069 people
• City population: 49,069
• Metro: Sierra Vista-Douglas, AZ
• Population (ZIP): 34,193
• Household income: $61,580
• Rent vs Own: 38.4% rent · 61.6% own
• Severe rent burden: 1129.0

Population outlook (Cochise County) Hauer SSP2

• Today (2025): 113,402 people
• By 2030: 106,197 · -6.4%
• By 2040: 92,166 · -18.7%
• By 2050: 79,805 · -29.6%
• By 2075: 56,831 · -49.9%
• By 2100: 35,103 · -69.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 58% Hispanic / Latino 25% Two or more races 17% Black 6% Asian 4%
• Hispanic origin (detail): Mexican 19% Puerto Rican 1%
• Common ancestry: Romanian 3% Lithuanian 3% Italian 2%
• Foreign-born: 11% · Canada, South Korea
• Languages at home: 80% English-only · Spanish 14% Korean 2% German/W. Germanic 1%

Political lean MEDSL · Cochise

• 2024 margin: Strong R (+23.1) · D 37.8% · R 61.0% · Other 1.2%
• 2008→2024 swing: -2.5pp toward R · 2008: -20.7pp · 2024: -23.1pp
• All cycles: 2024: R+23.1 2020: R+19.6 2016: R+22.6 2012: R+24.0 2008: R+20.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -83.93%
• Current HPI: 175.5821
• Rent YoY: ▬ 0.00%
• Metro: Sierra Vista-Douglas, 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

-66.4% since first listed

15 events — show timeline

• 2026-05-09 Price Changed $200,000 ARMLS
• 2026-04-11 Price Changed $209,000 ARMLS
• 2026-04-02 Relisted — ARMLS
• 2026-04-01 Listing Removed — ARMLS
• 2026-02-11 Price Changed $214,000 ARMLS
• 2026-01-08 Price Changed $215,000 ARMLS
• 2025-09-09 Listed $219,000 ARMLS
• 2023-07-22 Rental Removed $900 APPFOLIO
• 2023-07-16 Listed for Rent $900 APPFOLIO
• 2023-07-15 Rental Removed — ARMLS
• 2021-02-17 Sold (MLS) $435,000 ARMLS
• 2021-01-13 Listed $400,000 ARMLS
• 2017-08-28 Sold (Public Records) $240,000 Public Records
• 2007-01-10 Sold (Public Records) $1,025,000 Public Records
• 2003-08-07 Sold (Public Records) $595,000 Public Records

Property tax history

+1.7%/yr

Latest (2017): $695 · +6.3% YoY. Source: county tax records.