404 E Osage Ave · Apache Junction, AZ 85119

$465,000

None bd · None ba · — sqft · MultiFamily · 23 Days on market

Built 1980 Fair condition

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Why this score? — see what drove the D+ 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 +18.9/30.0
• ARV discount +7.5/15.0
• DSCR +5.9/10.0
• 1% rule +5.0/10.0
• Livability +3.3/5.0
• Rent growth +2.9/5.0
• Condition / age +2.2/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Now's your chance to own a solid triplex in a high demand area! Each unit has its own adorable honeycomb fireplace, W/ D hookup, and spacious yards. Roof is newer (installed in 2022) and A/C's are newer. Two units are 2 bed, 1 bath, and one is 2 bed, 2 bath (occupied). This property offers a strong value-add opportunity through both interior and exterior renovations. Each unit is equipped with its own washer/dryer hookup, and the property is individually metered for electricity. Owner is also selling a similar Triplex next door (428 E. Osage, MLS 7016819) and would love to sell them together, if possible, but it's not a deal breaker. THIS PROPERTY HAS GREAT POTENTIAL. Come see it today!

Key facts

• Spacious yards
• Newer a c
• Newer roof

Tags

• HONEYCOMB FIREPLACE
• W D HOOKUP
• SPACIOUS YARDS
• NEWER ROOF
• NEWER A C

Property features AI

Exterior

• Parking: 3 total parking spaces; 3 open parking spaces; On‑street parking
• Utilities: SRP electric; Public sewer; City franchise water
• Home design: Fee simple ownership
• Construction: Board & batten siding; Wood frame with stone accents; Composition roof; 1 building
• Exterior features: Asphalt road frontage; No pool

Interior

• Kitchen: Refrigerator; Free‑standing electric oven
• Flooring: Tile
• Heating & cooling: Window/wall heating units; Central air; Ceiling fans; Electric cooling
• Interior features: Refrigerator; Free‑standing electric oven; Washer/dryer hookup; Tile floors
• Laundry & utility: Washer/dryer hookup

What this means for you Summary

Snapshot

• This is a 2×2bd/1ba + 1×2bd/2ba units multifamily listed at $465k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $474 ($6k/yr) — positive. Per door: $158/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $465k).
• Recommended offer: $458k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 3.5% in Apache Junction — 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 66/100 on livability (#70 in AZ) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D+, amenities F, commute F.
• Apache Junction Unified District (4443) (suburban): math 15% / reading 20% proficiency, ranked #195 of 249 in AZ (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Desert Vista Elementary School (math 18% / reading 23%, grade F, #729 of 1,109 statewide, top 67%, 536 students, 50% FRL); Cactus Canyon Junior High (math 14% / reading 19%, grade F, #151 of 218 statewide, top 70%, 702 students, 50% FRL); Apache Junction High School (math 12% / reading 17%, grade F, #267 of 381 statewide, top 72%, 999 students, 48% FRL) — zoned schools at 49% FRL track the district average.
• Market conditions: Rents rising (+1.6%/yr); 354 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 9,504 units permitted in Pinal County in 2024 (776 in 5+ unit buildings).
• At $4,668/mo this rent would consume 78% of the median local household income ($72k/yr) (locally 305% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($458k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $458,025 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 1.00% ✓
• Cap rate: 7.52%
• Cash-on-cash: 4.37%
• DSCR: 1.19
• GRM: 8.3

CMA / ARV

No comps found within radius.

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
404 E Osage Ave	0.00mi	—/—	—	0mo	$335,000	—	87
428 E Osage Ave	0.02mi	—/—	—	1mo	$335,000	—	86
442 E Linda Ave	0.22mi	8/4.0	—	2mo	$514,000	—	76
501 E Kachina Ave	0.25mi	2/1.0	—	11mo	$545,000	—	66
458 E Quail Ave	0.12mi	—/—	—	20mo	$560,000	—	65
1844 S Monterey Dr	0.68mi	8/4.0	—	2mo	$514,000	—	54
1461 E Southern Ave	0.68mi	—/—	—	8mo	$542,500	—	50

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 · 1.57% rent growth · sell at horizon

5-year hold

• IRR: -11.1%
• Equity multiple: 0.60×
• Total profit: $-51,699
• Equity at exit: $69,333

10-year hold

• IRR: -4.0%
• Equity multiple: 0.75×
• Total profit: $-32,246
• Equity at exit: $40,205

Cash invested: $130,200 (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 85119

• Home prices YoY: -33.5%
• Rents YoY: 1.6%
• Active inventory: 354
• Price-to-rent: 24.9×

Monthly cashflow live

• Estimated rent: $4,668 high
• Mortgage (P&I): −$2,439
• Tax est. 1.5%: −$581 /mo · $6,975/yr
• Insurance: −$194
• HOA: −$0
• Vacancy / Maint / Mgmt: −$980
• Net cashflow: $474

Break-even live

Break-even rent $4,068

Max offer price $465,000

Occupancy floor 85%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,112
1× unit	2	2	$1,556
Total (3 units)			$4,668

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: $116,250
• Closing costs: $13,950
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
501 E Quail Ave Apache Junction, AZ	2.0	1.0	720	$1,150	$1.60	5d	1	0.14mi
501 E Quail Ave Apache Junction, AZ	2.0	1.0	720	$1,150	$1.60	4d	1	0.14mi
403 E Quail Ave Apache Junction, AZ	2.0	1.0	800	$1,350	$1.69	5d	1	0.14mi
700 E Quail Ave Apache Junction, AZ	3.0	2.0	1168	$1,795	$1.54	5d	1	0.18mi
705 E Kachina Ave Apache Junction, AZ	3.0	2.0	1400	$2,655	$1.90	5d	1	0.29mi
2061 S Apache Dr Unit 1 Apache Junction, AZ	2.0	1.0	800	$1,095	$1.37	5d	1	0.44mi
452 E 10th Ave Unit 104 Apache Junction, AZ	2.0	1.0	783	$1,000	$1.28	22d	1	0.67mi
1540 E 25th Ave Apache Junction, AZ	2.0	1.0	850	$995	$1.17	13d	1	0.71mi
1510 E 26th Ln Unit 2 Apache Junction, AZ	2.0	1.5	4641	$1,550	$0.33	5d	1	0.74mi
975 S Royal Palm Rd Apache Junction, AZ	2.0–3.0	2.0	1000	$1,325	$1.32	2d	13	0.74mi
1446 E 29th Ave Unit 4 Apache Junction, AZ	2.0	1.0	—	$1,200	—	5d	1	0.79mi
1297 E Broadway Ave Apache Junction, AZ	1.0–3.0	1.0–2.0	954	$1,937	$2.03	1d	29	0.93mi
2043 S Thunderbird Dr Apache Junction, AZ	3.0	2.0	1348	$1,925	$1.43	24d	1	1.07mi
111 S Outpost Rd Unit 4 Apache Junction, AZ	2.0	1.0	775	$1,175	$1.52	24d	1	1.25mi
1807 E 36th Ave Apache Junction, AZ	3.0	2.5	2261	$3,175	$1.40	24d	1	1.26mi
3277 S Chaparral Rd Apache Junction, AZ	3.0	2.5	1614	$1,770	$1.10	4d	1	1.26mi
3478 S Chaparral Rd Apache Junction, AZ	3.0	2.5	1614	$1,850	$1.15	5d	1	1.30mi
3448 S Chaparral Rd Apache Junction, AZ	3.0	2.0	1186	$1,848	$1.56	11d	1	1.31mi
3333 S Conestoga Rd Apache Junction, AZ	3.0	2.0	1387	$2,900	$2.09	24d	1	1.41mi
2213 E 35th Ave Apache Junction, AZ	3.0	2.5	2332	$2,385	$1.02	3d	1	1.43mi
2217 E 35th Ave Apache Junction, AZ	3.0	2.5	2260	$2,010	$0.89	13d	1	1.43mi

Listing history 3 events

1. 2026-05-13
   status Pending
2. 2026-04-20
   price $465,000
3. 2026-04-20
   listed $46,500 Active

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥111°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $56,016
• − Mortgage interest: −$26,047
• − Property taxes: −$6,975
• − Insurance: −$2,325
• − Repairs & maintenance: −$4,481
• − Management: −$4,481
• − Depreciation: −$13,527
• Taxable loss: −$1,821
• Est. tax savings @ 24.0%: +$437
• After-tax cash flow: $6,128/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 · 13 photos

Fair 45/100 Moderate rehab

This triplex requires significant exterior and interior repairs, including repainting and replacing worn flooring. While the property has potential, the current condition is holding it back from achieving its full value.

Repairs flagged

• Major roof — Visible damage to the roof
• Major exterior siding — Weathered and in need of repainting
• Minor tile flooring — Worn but not damaged
• Minor paint — Chipped and worn in multiple areas

Value-add opportunities

• Both Painting exterior siding — Improves curb appeal and value
• Both Replacing worn tile flooring — Enhances interior aesthetics and value
• Both Painting interior walls — Enhances interior aesthetics and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Visible damage to the roof	Major	$15,000–50,000
exterior siding · Weathered and in need of repainting	Major	$15,000–50,000
tile flooring · Worn but not damaged	Minor	$500–3,000
paint · Chipped and worn in multiple areas	Minor	$500–3,000
Total estimated repair cost · 4 items		$31,000–106,000

Value-add ROI direction

• Both Painting exterior siding — Improves curb appeal and value ↑
• Both Replacing worn tile flooring — Enhances interior aesthetics and value ↑
• Both Painting interior walls — Enhances interior aesthetics and value ↑

ⓘ 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: Apache Junction Unified District (4443)
• NCES district ID: 0400790
• Math proficiency: 15% ▼ -17.00%
• Reading proficiency: 20% ▼ -13.00%
• Median HH income: $44,930
• Composite: 15.34/100
• National rank: #9325
• State rank: #195 of 249 in AZ

Livability — Apache Junction

• Score: 66/100
• State rank: #70
• US rank: #11242

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Apache Junction, AZ
• County: Pinal County · 399,947 people
• City population: 56,611
• Metro: Phoenix-Mesa-Chandler, AZ
• Population (ZIP): 25,420
• Household income: $71,585
• Rent vs Own: 20.1% rent · 79.9% own
• Severe rent burden: 305.0

Population outlook (Pinal County) Hauer SSP2

• Today (2025): 437,574 people
• By 2030: 446,903 · +2.1%
• By 2040: 452,589 · +3.4%
• By 2050: 444,126 · +1.5%
• By 2075: 430,300 · -1.7%
• By 2100: 393,536 · -10.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 19% Two or more races 12% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 17%
• Common ancestry: Slovak 5% Portuguese 3% Lithuanian 3%
• Foreign-born: 8% · Canada
• Languages at home: 87% English-only · Spanish 11%

Political lean MEDSL · Pinal

• 2024 margin: Strong R (+22.1) · D 38.5% · R 60.6%
• 2008→2024 swing: -7.6pp toward R · 2008: -14.5pp · 2024: -22.1pp
• All cycles: 2024: R+22.1 2020: R+17.3 2016: R+19.3 2012: R+17.1 2008: R+14.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -138.19%
• Current HPI: 274.3808
• Rent YoY: ▲ 1.57%
• 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

+900.0% since first listed

3 events — show timeline

• 2026-05-13 Pending — ARMLS
• 2026-04-20 Price Changed $465,000 ARMLS
• 2026-04-20 Listed $46,500 ARMLS