2140 E Michigan Ave #8 · Phoenix, AZ 85022

$150,000

4 bd · 2.0 ba · 1,568 sqft · Manufactured · 92 Days on market

Built 2017 Good condition $96/sqft · 47% above area Est $102k · 48% 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• Condition / age +4.0/5.0
• Schools +3.8/10.0
• Livability +3.8/5.0
• Rent growth +2.2/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

MOTIVATED SELLERS!! Step into your new home in Buffalo Rideg! This property offers a fantastic layout along with a great community and amenities!

Key facts

• 4 parking spots
• Community pool
• Built 2017

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $150k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $699 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $136k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.9% vs local median 3.3% in Phoenix — 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 75/100 on livability (#16 in AZ, #3,924 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: health & safety C-, crime F.
• Paradise Valley Unified District (4241) (urban): math 39% / reading 46% proficiency, ranked #56 of 249 in AZ (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-1.2%/yr); 282 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 36,011 units permitted in Maricopa County in 2024 (12,801 in 5+ unit buildings).
• This rent runs 38% of the median local income ($70k/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 $4k of value loss. Plan a longer hold.
• Maricopa County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $42k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 92 days — a 9% lower offer ($136k) is reasonable based on typical stale-listing flexibility.

Recommended offer $136,500 (9.0% below list)

Questions for the listing agent

1. It's been on market 92 days. Have you received any prior offers? Is the seller open to a 9% 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 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?
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 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: 1.46% ✓
• Cap rate: 11.88%
• Cash-on-cash: 19.97%
• DSCR: 1.89
• GRM: 5.7

CMA / ARV

• ARV (median comp): $101,694
• List price: $150,000
• Delta: 47.50%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
18240 N 21st St #100	0.07mi	3/2.0 (-1)	1,568 (0%)	7mo	$145,000	$92	86
2087 E Michelle Dr	0.13mi	3/2.0 (-1)	1,643 (+5%)	0mo	$302,000	$184	80
1955 E Grovers Ave #10	0.38mi	3/2.0 (-1)	1,568 (0%)	4mo	$55,500	$35	74
2140 E Michigan Ave #5	0.09mi	3/2.0 (-1)	1,456 (-7%)	9mo	$111,200	$76	72
2120 E Bluefield Ave #123	0.22mi	4/2.0	1,664 (+6%)	12mo	$135,000	$81	70
18223 N 21st Pl #52	0.04mi	3/2.0 (-1)	1,344 (-14%)	1mo	$93,000	$69	68
1634 E Michelle Dr	0.63mi	3/2.0 (-1)	1,568 (0%)	1mo	$75,000	$48	65
2140 E Michigan Ave #42	0.00mi	3/2.0 (-1)	1,344 (-14%)	9mo	$100,000	$74	64
18221 N 21st St #75	0.07mi	3/2.0 (-1)	1,344 (-14%)	10mo	$135,000	$100	60
1820 E Grovers Ave	0.46mi	3/2.0 (-1)	1,440 (-8%)	3mo	$284,000	$197	57
1955 E Grovers Ave #8	0.40mi	3/2.0 (-1)	1,456 (-7%)	12mo	$124,000	$85	55
1955 E Grovers Ave #18	0.40mi	3/2.0 (-1)	1,344 (-14%)	9mo	$69,900	$52	45

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: 8.7%
• Equity multiple: 1.33×
• Total profit: $13,795
• Equity at exit: $22,365

10-year hold

• IRR: 15.2%
• Equity multiple: 2.06×
• Total profit: $44,576
• Equity at exit: $12,969

Cash invested: $42,000 (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 85022

• Rents YoY: -1.2%
• Active inventory: 282
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $2,197 high
• Mortgage (P&I): −$787
• Tax est. 1.5%: −$188 /mo · $2,250/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$461
• Net cashflow: $699

Break-even live

Break-even rent $1,312

Max offer price $150,000

Occupancy floor 63%

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2221 E Union Hills Dr #158 Phoenix, AZ	3.0	2.0	1332	$2,100	$1.58	18d	1	0.14mi
18611 N 22nd St #72 Phoenix, AZ	3.0	2.5	1851	$2,200	$1.19	14d	1	0.32mi
18611 N 22nd St Phoenix, AZ	3.0	3.0	1851	$2,200	$1.19	12d	1	0.32mi
18660 N Cave Creek Rd Phoenix, AZ	1.0–3.0	1.0–2.0	961	$1,955	$2.03	1d	11	0.38mi
2239 E Morrow Dr Phoenix, AZ	3.0	3.0	1545	$2,199	$1.42	2d	1	0.43mi
1717 E Union Hills Dr Phoenix, AZ	2.0–3.0	2.0	1245	$4,000	$3.21	21d	4	0.44mi
1717 E Union Hills Dr Phoenix, AZ	2.0–3.0	2.0	1169	$4,000	$3.42	2d	3	0.44mi
17833 N 26th St Phoenix, AZ	4.0	2.0	1220	$2,397	$1.96	1d	1	0.60mi
1935 E Campo Bello Dr Phoenix, AZ	5.0	2.0	1904	$2,395	$1.26	24d	1	0.61mi
2602 E Charleston Ave Phoenix, AZ	3.0	2.0	1426	$2,100	$1.47	24d	1	0.62mi
17606 N 17th Pl Phoenix, AZ	2.0–3.0	2.5	1472	$2,300	$1.56	12d	3	0.66mi
17606 N 17th Pl Phoenix, AZ	2.0–3.0	2.0–2.5	1463	$2,300	$1.57	2d	3	0.66mi
2150 E Bell Rd #1102 Phoenix, AZ	3.0	2.5	1462	$1,945	$1.33	14d	1	0.68mi
17365 N Cave Creek Rd #124 Phoenix, AZ	3.0	2.5	1468	$2,299	$1.57	14d	1	0.71mi
17223 N Cave Creek Rd #7 Phoenix, AZ	3.0	3.0	1550	$1,745	$1.13	24d	1	0.72mi
17223 N Cave Creek Rd #7 Phoenix, AZ	3.0	3.0	1550	$1,645	$1.06	21d	1	0.72mi
2719 E Charleston Ave Phoenix, AZ	3.0	1.5	1670	$1,891	$1.13	21d	1	0.74mi
2335 E Utopia Rd Unit 16 Phoenix, AZ	3.0	2.5	1426	$2,550	$1.79	18d	1	0.77mi
2755 E Michigan Ave Phoenix, AZ	3.0	2.0	1316	$2,700	$2.05	17d	1	0.77mi
17435 N 16th Pl Phoenix, AZ	3.0	2.5	1614	$2,280	$1.41	20d	1	0.80mi
2336 E Utopia Rd Phoenix, AZ	2.0–3.0	2.5	1327	$2,395	$1.80	5d	1	0.80mi
1920 E Bell Rd Phoenix, AZ	2.0–3.0	2.0–2.5	1391	$2,149	$1.54	13d	5	0.84mi
1920 E Bell Rd Phoenix, AZ	2.0–3.0	2.0–2.5	1391	$2,039	$1.47	2d	3	0.84mi
1920 E Bell Rd Phoenix, AZ	2.0–3.0	2.0–2.5	1391	$2,089	$1.50	7d	4	0.84mi
18633 N 15th St Phoenix, AZ	3.0	2.0	1240	$2,249	$1.81	7d	1	0.84mi
1506 E Wescott Dr Phoenix, AZ	3.0	2.0	1136	$2,045	$1.80	5d	1	0.90mi
1440 E Renee Dr Phoenix, AZ	3.0	2.0	1632	$2,200	$1.35	24d	1	0.90mi
1510 E Taro Ln Phoenix, AZ	3.0	2.0	1136	$2,149	$1.89	24d	1	0.93mi
1702 E Bell Rd #180 Phoenix, AZ	3.0	2.5	1358	$2,000	$1.47	24d	1	0.94mi
2104 E Behrend Dr Phoenix, AZ	4.0	2.5	2070	$2,975	$1.44	2d	1	0.97mi
2737 E Hartford Ave Phoenix, AZ	3.0	2.0	1875	$2,885	$1.54	24d	1	0.99mi
18626 N 29th Pl Phoenix, AZ	4.0	2.0	1600	$2,995	$1.87	7d	1	0.99mi
2214 E Aire Libre Ave Phoenix, AZ	3.0	2.0	1284	$2,080	$1.62	5d	1	1.01mi
16631 N 23rd Pl Phoenix, AZ	3.0	2.0	1621	$2,275	$1.40	24d	1	1.01mi
16631 N 23rd Pl Phoenix, AZ	3.0	2.0	1621	$2,195	$1.35	1d	1	1.01mi
1337 E Charleston Ave Phoenix, AZ	3.0	2.5	1860	$2,600	$1.40	18d	1	1.02mi
1302 E Aire Libre Ave Unit 104 Phoenix, AZ	3.0	2.0	1254	$1,850	$1.48	24d	1	1.02mi
1420 E Topeka Dr Phoenix, AZ	3.0	2.5	1464	$2,215	$1.51	7d	1	1.03mi
19635 N Cave Creek Rd Phoenix, AZ	3.0	1.0–2.0	999	$1,933	$1.93	1d	22	1.04mi
2022 E Wahalla Ln Phoenix, AZ	5.0	3.0	2178	$3,500	$1.61	24d	1	1.04mi

Listing history 15 events

1. 2026-06-18
   days on market $150,000 Active 92 DOM
2. 2026-06-17
   days on market $150,000 Active 91 DOM
3. 2026-06-16
   days on market $150,000 Active 90 DOM
4. 2026-06-15
   days on market $150,000 Active 89 DOM
5. 2026-06-13
   days on market $150,000 Active 87 DOM
6. 2026-06-13
   days on market $150,000 Active 86 DOM
7. 2026-06-09
   days on market $150,000 Active 83 DOM
8. 2026-06-08
   days on market $150,000 Active 82 DOM
9. 2026-06-07
   days on market $150,000 Active 81 DOM
10. 2026-06-04
    days on market $150,000 Active 78 DOM
11. 2026-06-03
    days on market $150,000 Active 77 DOM
12. 2026-06-02
    days on market $150,000 Active 76 DOM
13. 2026-06-01
    days on market $150,000 Active 75 DOM
14. 2026-05-31
    days on market $150,000 Active 74 DOM
15. 2026-03-17
    listed $150,000 Active 145-char remark

    Show marketing remark (145 chars)

    MOTIVATED SELLERS!! Step into your new home in Buffalo Rideg! This property offers a fantastic layout along with a great community and amenities!

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

Taxation est. · year 1

• Rental income: $26,361
• − Mortgage interest: −$8,402
• − Property taxes: −$2,250
• − Insurance: −$750
• − Repairs & maintenance: −$2,109
• − Management: −$2,109
• − Depreciation: −$4,364
• Taxable income: $6,377
• Est. tax owed @ 24.0%: −$1,530
• After-tax cash flow: $6,855/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

Good 80/100 Cosmetic rehab

This home is in good condition with a good layout and a great community. It has potential for further updates to increase its value.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance the curb appeal and interior aesthetics.
• Both Updating the flooring — New flooring can improve the overall look and feel of the home.
• Both Upgrading the kitchen appliances — Modern appliances can increase the home's appeal and value.
• Both Updating the bathrooms — Fresh bathrooms can improve the home's overall appeal and value.
• Both Landscaping improvements — A well-maintained landscape can enhance the home's curb appeal and value.
• Both HVAC system maintenance — A well-maintained HVAC system can improve comfort and energy efficiency, increasing the home's value.
• Both Interior lighting upgrades — Upgrading the lighting can improve the home's ambiance and value.
• Both Exterior lighting upgrades — Upgrading the exterior lighting can improve the home's curb appeal and safety.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint can enhance the curb appeal and interior aesthetics. ↑
• Both Updating the flooring — New flooring can improve the overall look and feel of the home. ↑
• Both Upgrading the kitchen appliances — Modern appliances can increase the home's appeal and value. ↑
• Both Updating the bathrooms — Fresh bathrooms can improve the home's overall appeal and value. ↑
• Both Landscaping improvements — A well-maintained landscape can enhance the home's curb appeal and value. ↑
• Both HVAC system maintenance — A well-maintained HVAC system can improve comfort and energy efficiency, increasing the home's value. ↑
• Both Interior lighting upgrades — Upgrading the lighting can improve the home's ambiance and value. ↑
• Both Exterior lighting upgrades — Upgrading the exterior lighting can improve the home's curb appeal and safety. ↑

ⓘ 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: Paradise Valley Unified District (4241)
• NCES district ID: 0405930
• Math proficiency: 39% ▼ -11.00%
• Reading proficiency: 46% ▼ -7.00%
• Median HH income: $64,106
• Composite: 37.89/100
• National rank: #4316
• State rank: #56 of 249 in AZ

Livability — Phoenix

• Score: 75/100
• State rank: #16
• US rank: #3924

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Phoenix, AZ
• County: Maricopa County · 4,537,380 people
• City population: 1,500,198
• Metro: Phoenix-Mesa-Chandler, AZ
• Population (ZIP): 53,811
• Household income: $69,927
• Rent vs Own: 47.7% rent · 52.3% own
• Severe rent burden: 2976.0

Population outlook (Maricopa County) Hauer SSP2

• Today (2025): 4,979,203 people
• By 2030: 5,378,229 · +8.0%
• By 2040: 6,156,598 · +23.6%
• By 2050: 6,872,376 · +38.0%
• By 2075: 8,401,270 · +68.7%
• By 2100: 9,247,439 · +85.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 59% Hispanic / Latino 22% Two or more races 11% Black 10% Asian 3% Native American 3%
• Hispanic origin (detail): Mexican 18%
• Common ancestry: Romanian 3% Lithuanian 2% Italian 1%
• Foreign-born: 14% · Canada, China, Vietnam
• Languages at home: 79% English-only · Spanish 13% Other Indo-European 2% Russian/Polish/Slavic 1%

Political lean MEDSL · Maricopa

• 2024 margin: Toss-up / Even · D 47.7% · R 51.2% · Other 1.1%
• 2008→2024 swing: +7.1pp toward D · 2008: -10.6pp · 2024: -3.5pp
• All cycles: 2024: R+3.5 2020: D+2.2 2016: R+3.5 2012: R+12.0 2008: R+10.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -329.75%
• Current HPI: 313.5085
• Rent YoY: ▼ -1.21%
• 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

1 event — show timeline

• 2026-03-17 Listed $150,000 ARMLS