16005 N 32nd St #33 · Phoenix, AZ 85032

$45,000

2 bd · 1.5 ba · 720 sqft · Manufactured · 207 Days on market

Manufactured home 55+ age-restricted Built 1974 Good condition $62/sqft · at area comps Est $46k · at est. ↓ 40% since listing

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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 +22.5/30.0
• ARV discount +8.1/15.0
• 1% rule +7.5/10.0
• DSCR +7.5/10.0
• Condition / age +4.0/5.0
• Livability +3.8/5.0
• Schools +2.6/10.0
• Appreciation +2.5/10.0
• Rent growth +2.1/5.0
• Manufactured-home adj. -4.9

Listing remarks MLS

This well-maintained home was fully remodeled in October 2021 with quality finishes throughout. Updates include central HVAC, 50-gallon hot water heater, remodeled kitchen with high-end appliances, stainless steel gas range with custom hood, tiled backsplash, microwave, dishwasher, washer and dryer, laminate flooring in living areas, carpet in both bedrooms, window coverings, entry stairs, ceiling fans, interior and exterior paint, and two coats of roof sealant. The second bedroom includes a private commode room and is plumbed for a vanity. Exterior features include a large covered canopy, carport, and storage shed. Located in the 55+ Paradise Valley Ranch community offering a heated pool, spa, clubhouse, recreation area, dog park. Park Approval Required.

Key facts

• Central hvac
• Fully remodeled
• High-end appliances

Tags

• FULLY REMODELED
• CENTRAL HVAC
• REMODELED KITCHEN
• HIGH-END APPLIANCES
• STAINLESS STEEL GAS RANGE
• TILED BACKSPLASH

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath manufactured listed at $45k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $477 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($997 rent vs $45k).
• Recommended offer: $40k (12.0% below list) — sets the bar for market timing.
• Cap rate 19.0% 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.
• Zoned schools: Greenway Middle School (math 6% / reading 18%, grade F, #178 of 218 statewide, top 82%, 419 students, 74% FRL); Paradise Valley High School (math 38% / reading 43%, grade F, #69 of 381 statewide, top 18%, 1,874 students, 30% FRL) — zoned schools average 52% FRL vs 29% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 26% at this address vs 42% district-wide (-16 pts) — the specific schools serving this property underperform the Paradise Valley Unified District (4241) average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-1.5%/yr); 428 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals lingering (median 32d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 55% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 36,011 units permitted in Maricopa County in 2024 (12,801 in 5+ unit buildings).
• This rent is only 15% of the median local income ($79k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $311 of loan paydown is wiped out by about $1k 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 $13k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 207 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $20k (31%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 6→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $39,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 207 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — 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. 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?
6. 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.
7. 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.
8. 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: 2.22% ✓
• Cap rate: 19.00%
• Cash-on-cash: 45.38%
• DSCR: 3.02
• GRM: 3.8

CMA / ARV

• ARV (median comp): $45,633
• List price: $45,000
• Delta: -1.39%
• Verdict: FAIR
• Comps: 4 within 2.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
16005 N 32nd St #8	0.00mi	2/1.0	712 (-1%)	20mo	$25,000	$35	80
16207 N 34th Way	0.22mi	2/1.0	801 (+11%)	8mo	$120,000	$150	63
16005 N 32nd St Unit 29B	0.08mi	2/1.0	624 (-13%)	20mo	$42,000	$67	55
16005 N 32nd St #121	0.04mi	1/1.0 (-1)	800 (+11%)	24mo	$15,000	$19	53
16225 N Cave Creek Rd #106	1.08mi	2/1.0	720 (0%)	13mo	$25,000	$35	52
16225 N Cave Creek Rd #9	1.08mi	2/1.0	720 (0%)	20mo	$9,000	$13	46
16225 N Cave Creek Rd #1	0.97mi	2/2.0	800 (+11%)	0mo	$7,000	$9	44
16225 N Cave Creek Rd #32	1.08mi	2/2.0	840 (+17%)	23mo	$79,900	$95	19
2618 E Sandra Ter	0.86mi	3/1.5 (+1)	820 (+14%)	22mo	$170,000	$207	18

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: 39.1%
• Equity multiple: 2.60×
• Total profit: $20,151
• Equity at exit: $6,710

10-year hold

• IRR: 44.0%
• Equity multiple: 4.60×
• Total profit: $45,398
• Equity at exit: $3,891

Cash invested: $12,600 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 4 active · 2 under contract
• Months of supply: 24.0 mo (4%/mo absorbed)
• Median asking: $54,000 ($61/sqft)
• Median days on market: 224 d
• This list price: 25% of active listings are priced below it
• ARV vs active asking: +3.4% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 85032

• Rents YoY: -1.5%
• Active inventory: 428
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $997 high
• Mortgage (P&I): −$236
• Tax est. 1.5%: −$56 /mo · $675/yr
• Insurance: −$19
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$209
• Net cashflow: $477

Break-even live

Break-even rent $394

Max offer price $45,000

Occupancy floor 47%

Sensitivity live

Price	-10% $508	-5% $492	+0% $477	+5% $461	+10% $445
Rent	-10% $398	-5% $437	+0% $477	+5% $516	+10% $555
Rate	-1.0pp $499	-0.5pp $488	base $477	+0.5pp $465	+1.0pp $453

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: $11,250
• Closing costs: $1,350
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15826 N 32nd St Phoenix, AZ	2.0	1.0–2.0	611	$1,436	$2.35	28d	25	0.24mi
16401 N 31st St Phoenix, AZ	2.0	1.0	725	$1,545	$2.13	32d	1	0.32mi
15434 N 32nd St Phoenix, AZ	1.0–2.0	1.0–2.0	770	$1,470	$1.91	0d	6	0.40mi
16645 N 31st St Phoenix, AZ	2.0	1.0	427	$1,375	$3.22	0d	4	0.46mi
3002 E Waltann Ln Unit 2 Phoenix, AZ	1.0	1.0	650	$849	$1.31	2d	1	0.47mi
3002 E Waltann Ln Unit 2 Phoenix, AZ	1.0	1.0	656	$849	$1.29	22d	1	0.47mi
2844 E Marconi Ave Unit 102 Phoenix, AZ	1.0	1.0	650	$1,000	$1.54	37d	1	0.54mi
2837 E Marconi Ave Unit 102 Phoenix, AZ	1.0	1.0	700	$950	$1.36	73d	1	0.56mi
2826 E Le Marche Ave Unit 102 Phoenix, AZ	1.0	1.0	725	$1,000	$1.38	54d	1	0.58mi
3420 E Bell Rd Phoenix, AZ	3.0	1.0–2.0	898	$2,200	$2.45	0d	28	0.59mi
2950 E Greenway Rd Phoenix, AZ	1.0–2.0	1.0	712	$1,399	$1.96	8d	4	0.59mi
2807 E Paradise Ln Unit 102 Phoenix, AZ	1.0	1.0	700	$975	$1.39	16d	1	0.62mi
2807 E Paradise Ln Unit 102 Phoenix, AZ	1.0	1.0	700	$975	$1.39	42d	1	0.62mi
2814 E Kathleen Rd #102 Phoenix, AZ	1.0	1.0	700	$950	$1.36	73d	1	0.62mi
15417 N 29th St Phoenix, AZ	1.0–2.0	1.0	704	$1,366	$1.94	0d	6	0.63mi
2848 E Greenway Rd Phoenix, AZ	2.0	1.0	750	$1,350	$1.80	73d	1	0.68mi
15651 N 27th St Phoenix, AZ	1.0–2.0	1.0–2.0	878	$1,300	$1.48	73d	1	0.74mi
14831 N 36th Pl Phoenix, AZ	1.0	1.0	500	$1,295	$2.59	64d	1	0.86mi
2601 E Monte Cristo Ave Apt 1 Phoenix, AZ	2.0	1.0	750	$1,050	$1.40	42d	1	0.89mi
2615 E Greenway Rd Phoenix, AZ	1.0–2.0	1.0	692	$1,275	$1.84	22d	4	0.98mi
2615 E Greenway Rd Apt 20 Phoenix, AZ	1.0	1.0	650	$1,200	$1.85	73d	1	0.98mi
2601 E Greenway Rd Unit ROADUNIT G Phoenix, AZ	2.0	1.0	600	$1,299	$2.17	0d	1	1.00mi
16621 N 25th St Phoenix, AZ	1.0	1.0	570	$899	$1.58	31d	1	1.01mi
15202 N 40th St Phoenix, AZ	2.0	1.0–2.0	745	$1,356	$1.82	0d	22	1.02mi
15425 N 25th St Phoenix, AZ	1.0–2.0	1.0	677	$1,595	$2.36	0d	6	1.06mi
2424 E Grandview Rd Phoenix, AZ	1.0–2.0	1.0	625	$942	$1.51	21d	6	1.10mi
2424 E Grandview Rd Phoenix, AZ	2.0	1.0	700	$942	$1.35	71d	1	1.10mi
2424 E Grandview Rd Phoenix, AZ	2.0	1.0	700	$1,159	$1.66	73d	1	1.10mi
2424 E Grandview Rd Unit 312 Phoenix, AZ	1.0	1.0	550	$856	$1.56	71d	1	1.10mi
2424 E Grandview Rd Unit 107 Phoenix, AZ	2.0	1.0	700	$829	$1.18	73d	1	1.10mi
2424 E Grandview Rd Apt 310 Phoenix, AZ	2.0	1.0	700	$942	$1.35	73d	1	1.10mi
2424 E Grandview Rd Unit 112 Phoenix, AZ	1.0	1.0	550	$856	$1.56	73d	1	1.10mi
14014 N 32nd St Phoenix, AZ	1.0–2.0	1.0–2.0	914	$1,337	$1.46	0d	5	1.34mi

Listing history 50 events

1. 2026-08-08
   days on market $45,000 Active 207 DOM
2. 2026-08-06
   days on market $45,000 Active 205 DOM
3. 2026-08-05
   days on market $45,000 Active 204 DOM
4. 2026-08-04
   days on market $45,000 Active 203 DOM
5. 2026-08-03
   days on market $45,000 Active 202 DOM
6. 2026-07-31
   days on market $45,000 Active 199 DOM
7. 2026-07-30
   days on market $45,000 Active 198 DOM
8. 2026-07-30
   days on market $45,000 Active 197 DOM
9. 2026-07-28
   days on market $45,000 Active 196 DOM
10. 2026-07-26
    days on market $45,000 Active 194 DOM
11. 2026-07-24
    days on market $45,000 Active 192 DOM
12. 2026-07-23
    days on market $45,000 Active 191 DOM
13. 2026-07-22
    days on market $45,000 Active 190 DOM
14. 2026-07-21
    days on market $45,000 Active 189 DOM
15. 2026-07-20
    days on market $45,000 Active 188 DOM
16. 2026-07-18
    days on market $45,000 Active 186 DOM
17. 2026-07-18
    days on market $45,000 Active 185 DOM
18. 2026-07-16
    days on market $45,000 Active 184 DOM
19. 2026-07-15
    days on market $45,000 Active 183 DOM
20. 2026-07-14
    days on market $45,000 Active 182 DOM
21. 2026-07-13
    days on market $45,000 Active 181 DOM
22. 2026-07-13
    days on market $45,000 Active 180 DOM
23. 2026-07-11
    days on market $45,000 Active 179 DOM
24. 2026-07-10
    days on market $45,000 Active 178 DOM
25. 2026-07-09
    days on market $45,000 Active 177 DOM
26. 2026-07-07
    days on market $45,000 Active 175 DOM
27. 2026-07-06
    days on market $45,000 Active 174 DOM
28. 2026-07-06
    days on market $45,000 Active 173 DOM
29. 2026-07-05
    days on market $45,000 Active 172 DOM
30. 2026-07-03
    days on market $45,000 Active 171 DOM
31. 2026-07-02
    days on market $45,000 Active 170 DOM
32. 2026-07-01
    days on market $45,000 Active 169 DOM
33. 2026-06-30
    days on market $45,000 Active 168 DOM
34. 2026-06-29
    days on market $45,000 Active 167 DOM
35. 2026-06-28
    days on market $45,000 Active 166 DOM
36. 2026-06-27
    days on market $45,000 Active 165 DOM
37. 2026-06-26
    days on market $45,000 Active 164 DOM
38. 2026-06-24
    days on market $45,000 Active 162 DOM
39. 2026-06-22
    days on market $45,000 Active 160 DOM
40. 2026-06-21
    days on market $45,000 Active 159 DOM
41. 2026-06-18
    days on market $45,000 Active 156 DOM
42. 2026-06-17
    days on market $45,000 Active 155 DOM
43. 2026-06-16
    days on market $45,000 Active 154 DOM
44. 2026-06-15
    days on market $45,000 Active 153 DOM
45. 2026-06-13
    days on market $45,000 Active 151 DOM
46. 2026-06-13
    days on market $45,000 Active 150 DOM
47. 2026-06-09
    days on market $45,000 Active 147 DOM
48. 2026-06-08
    days on market $45,000 Active 146 DOM
49. 2026-06-07
    days on market $45,000 Active 145 DOM
50. 2026-06-04
    days on market $45,000 Active 142 DOM

ⓘ 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 1/10 Low
• 🌡 Heat 8/10 Severe 6 d/yr ≥111°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,962
• − Mortgage interest: −$2,521
• − Property taxes: −$675
• − Insurance: −$225
• − Repairs & maintenance: −$957
• − Management: −$957
• − Depreciation: −$1,309
• Taxable income: $5,318
• Est. tax owed @ 24.0%: −$1,276
• After-tax cash flow: $4,442/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 None rehab

This well-maintained mobile home has been fully remodeled with quality finishes and is ready for immediate occupancy.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and resale value ↑
• Both Replace window coverings — Improves energy efficiency and aesthetics ↑
• Both Upgrade flooring in living areas — Enhances resale value and rental appeal ↑

F Composite school gradezoned avg 26/100

Zoned Schools

Middle Greenway Middle School F AZ #178/218 Nat'l #13,125/14,009 High Paradise Valley High School F AZ #69/381 Nat'l #8,052/17,239

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

B Composite livability gradescore 75/100

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 · 4,979,203 people
• City population: 1,500,198
• Metro: Phoenix-Mesa-Chandler, AZ
• Population (ZIP): 70,839
• Household income: $78,643
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 11% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 59% Hispanic / Latino 29% Two or more races 17% Asian 4% Black 3% Native American 2%
• Hispanic origin (detail): Mexican 25%
• Common ancestry: Romanian 2% Slovak 2% Portuguese 2%
• Foreign-born: 18% · Canada, China
• Languages at home: 71% English-only · Spanish 21% Russian/Polish/Slavic 2% Other Indo-European 1%

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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: ▼ -488.65%
• Current HPI: 339.4181
• Rent YoY: ▼ -1.46%
• Metro: Phoenix-Mesa-Chandler, AZ
• State GDP YoY: ▲ 4.54%
• F500 in state: 20

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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

-40.0% since first listed

8 events — show timeline

• 2026-04-21 Price Changed $45,000 ARMLS
• 2026-01-09 Listed $64,900 ARMLS
• 2026-01-01 Listing Removed — ARMLS
• 2025-11-24 Price Changed $64,900 ARMLS
• 2025-03-05 Price Changed $69,900 ARMLS
• 2024-12-18 Listed $75,000 ARMLS
• 2024-02-26 Listing Removed — ARMLS
• 2024-01-12 Listed $75,000 ARMLS