2140 E Michigan Ave #27 · Phoenix, AZ 85022

$79,900

2 bd · 2.0 ba · 980 sqft · Manufactured · 66 Days on market

Built 1979 Good condition $82/sqft · 47% above area Est $54k · 47% over ↓ 2% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Move-in ready with modern upgrades throughout! This 2-bed, 2-bath home offers a desirable split floor plan, spacious rooms, and updated bathrooms. The primary suite features a garden tub and a separate shower; the guest bedroom includes bay windows and a remodeled shower. Upgrades include new plumbing, updated electrical switches, a new water heater, and wood laminate flooring throughout. Bright white kitchen with stainless steel refrigerator and indoor laundry. Enjoy outdoor living with a covered front porch with views and a security screen, plus a covered side porch, carport, and storage shed. Remodeled deck opens to the backyard with new steps, railing, and low-maintenance artificial grass--perfect for entertaining! Park amenities: pool, club room, playground & basketball court. Well maintained Park.

Key facts

• Modern upgrades
• Split floor plan
• Updated bathrooms

Tags

• MODERN UPGRADES
• SPLIT FLOOR PLAN
• UPDATED BATHROOMS
• GARDEN TUB
• SEPARATE SHOWER
• BAY WINDOWS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $80k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $602 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $75k (6.0% below list) — sets the bar for market timing.
• Cap rate 15.3% 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); 285 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 9d on market — plan ~1-2 weeks tenant-placement turnaround); 36,011 units permitted in Maricopa County in 2024 (12,801 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $552 of loan paydown is wiped out by about $2k 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 $22k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($75k) is reasonable based on typical stale-listing flexibility.

Recommended offer $75,106 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — 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: 1.83% ✓
• Cap rate: 15.33%
• Cash-on-cash: 32.28%
• DSCR: 2.44
• GRM: 4.6

CMA / ARV

• ARV (median comp): $54,392
• List price: $79,900
• Delta: 46.90%
• 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
2140 E Michigan Ave #35	0.00mi	3/2.0 (+1)	990 (+1%)	1mo	$98,000	$99	92
18026 N Cave Creek Rd #125	0.17mi	2/1.0	960 (-2%)	1mo	$35,000	$36	84
18026 N Cave Creek Rd #16	0.24mi	2/1.0	952 (-3%)	3mo	$49,000	$51	77
18240 N 21st Dr #86	0.14mi	2/2.0	1,024 (+4%)	15mo	$75,000	$73	74
1939 E Libby St	0.35mi	2/2.0	980 (0%)	13mo	$175,000	$179	73
1926 E Grovers Ave	0.40mi	2/2.0	924 (-6%)	11mo	$260,000	$281	63
1633 E Villa Rita Dr	0.61mi	2/2.0	1,026 (+5%)	18mo	$145,000	$141	48
17827 N 19th St	0.38mi	3/2.0 (+1)	1,096 (+12%)	12mo	$130,000	$119	47
1701 E Villa Rita Dr	0.59mi	2/2.0	1,056 (+8%)	15mo	$132,000	$125	47
2523 E Contention Mine Rd #27	0.55mi	2/2.0	840 (-14%)	8mo	$58,000	$69	44
1919 E Libby St	0.39mi	3/2.0 (+1)	898 (-8%)	23mo	$110,000	$122	44
1606 E Michelle Dr #138	0.68mi	2/2.0	896 (-9%)	21mo	$52,000	$58	37

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: 23.9%
• Equity multiple: 1.94×
• Total profit: $21,121
• Equity at exit: $11,913

10-year hold

• IRR: 29.8%
• Equity multiple: 3.29×
• Total profit: $51,291
• Equity at exit: $6,908

Cash invested: $22,372 (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: 285
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,461 high
• Mortgage (P&I): −$419
• Tax est. 1.5%: −$100 /mo · $1,198/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$307
• Net cashflow: $602

Break-even live

Break-even rent $699

Max offer price $79,900

Occupancy floor 54%

Sensitivity live

Price	-10% $657	-5% $629	+0% $602	+5% $574	+10% $547
Rent	-10% $486	-5% $544	+0% $602	+5% $659	+10% $717
Rate	-1.0pp $642	-0.5pp $622	base $602	+0.5pp $581	+1.0pp $560

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2311 E Union Hills Dr Phoenix, AZ	1.0–2.0	1.0–2.0	835	$1,681	$2.01	0d	11	0.20mi
2077 E Charleston Ave Phoenix, AZ	2.0	1.0	720	$1,295	$1.80	25d	1	0.21mi
2067 E Charleston Ave Phoenix, AZ	2.0	2.0	840	$1,395	$1.66	25d	1	0.21mi
18202 N Cave Creek Rd Phoenix, AZ	1.0–3.0	1.0–2.0	722	$1,148	$1.59	5d	7	0.26mi
18416 N Cave Creek Rd Unit 6 Phoenix, AZ	1.0	1.0	748	$1,250	$1.67	8d	1	0.26mi
18416 N Cave Creek Rd Phoenix, AZ	2.0	1.0–2.0	786	$3,000	$3.81	0d	8	0.28mi
18416 N Cave Creek Rd Phoenix, AZ	2.0	1.0–2.0	786	$3,000	$3.81	5d	9	0.28mi
18660 N Cave Creek Rd Phoenix, AZ	1.0–3.0	1.0–2.0	961	$1,590	$1.65	0d	11	0.38mi
17602 N Cave Creek Rd Phoenix, AZ	2.0	1.0–2.0	650	$1,625	$2.50	0d	11	0.44mi
2554 E Villa Rita Dr Phoenix, AZ	2.0	1.0	1118	$2,750	$2.46	25d	1	0.56mi
1814 E Bell Rd Phoenix, AZ	1.0–2.0	1.0–2.0	987	$1,663	$1.68	0d	11	0.70mi
1750 E Bell Rd Phoenix, AZ	1.0–2.0	1.0	700	$1,349	$1.93	25d	1	0.88mi
19635 N Cave Creek Rd Phoenix, AZ	3.0	1.0–2.0	999	$1,643	$1.64	0d	20	1.04mi
16801 N 26th St Apt 17 Phoenix, AZ	2.0	1.0	800	$1,195	$1.49	25d	1	1.07mi
1450 E Bell Rd Phoenix, AZ	1.0–3.0	1.0–2.0	957	$1,558	$1.63	0d	93	1.08mi
16627 N 25th St Unit 23 Phoenix, AZ	2.0	1.0	765	$1,145	$1.50	25d	1	1.08mi
16621 N 25th St Phoenix, AZ	1.0	1.0	570	$899	$1.58	8d	1	1.09mi
20050 N Cave Creek Rd Phoenix, AZ	1.0–2.0	1.0–2.0	909	$1,770	$1.95	2d	10	1.13mi
2500 E Marco Polo Rd Phoenix, AZ	2.0	1.0–2.0	918	$2,390	$2.60	3d	16	1.15mi
2424 E Grandview Rd Phoenix, AZ	2.0	1.0	700	$942	$1.35	23d	1	1.18mi
2424 E Grandview Rd Phoenix, AZ	2.0	1.0	575	$942	$1.64	5d	6	1.18mi
2424 E Grandview Rd Phoenix, AZ	2.0	1.0	700	$1,159	$1.66	25d	1	1.18mi
2424 E Grandview Rd Unit 107 Phoenix, AZ	2.0	1.0	700	$829	$1.18	25d	1	1.18mi
2424 E Grandview Rd Unit 312 Phoenix, AZ	1.0	1.0	550	$856	$1.56	23d	1	1.18mi
2424 E Grandview Rd Unit 112 Phoenix, AZ	1.0	1.0	550	$856	$1.56	25d	1	1.18mi
2424 E Grandview Rd Apt 310 Phoenix, AZ	2.0	1.0	700	$942	$1.35	25d	1	1.18mi
16816 N 29th St Apt 202 Phoenix, AZ	2.0	2.0	800	$1,100	$1.38	8d	1	1.25mi
1130 E Grovers Ave Phoenix, AZ	2.0	2.0	934	$1,336	$1.43	3d	12	1.27mi
2220 E Beardsley Rd Phoenix, AZ	4.0	1.0–2.0	855	$1,669	$1.95	0d	64	1.27mi
16815 N 29th St Apt 146 Phoenix, AZ	2.0	1.0	850	$999	$1.18	25d	1	1.30mi
1032 E Villa Maria Dr Phoenix, AZ	2.0	2.0	1097	$1,850	$1.69	8d	1	1.31mi
1032 E Villa Maria Dr Phoenix, AZ	2.0	2.0	1097	$1,850	$1.69	21d	1	1.31mi
16815 N 29th St Phoenix, AZ	2.0	1.0	850	$1,199	$1.41	25d	1	1.32mi
16815 N 29th St Phoenix, AZ	2.0	1.0	850	$1,050	$1.23	17d	3	1.32mi
17617 N 9th St Phoenix, AZ	1.0–3.0	1.0–2.0	956	$1,513	$1.58	0d	36	1.38mi
17017 N 12th St Phoenix, AZ	1.0–2.0	1.0–2.0	1008	$2,500	$2.48	0d	10	1.42mi
1100 E Bell Rd Phoenix, AZ	1.0–3.0	1.0–2.0	987	$1,824	$1.85	0d	23	1.43mi
16033 N 25th St Unit 102 Phoenix, AZ	3.0	2.0	1050	$1,350	$1.29	8d	1	1.44mi
16601 N 12th St Phoenix, AZ	1.0–3.0	1.0–2.0	1242	$1,697	$1.37	3d	21	1.45mi
3301 E Wescott Dr Phoenix, AZ	3.0	2.0	1101	$1,995	$1.81	25d	1	1.47mi

Listing history 17 events

1. 2026-06-21
   days on market $79,900 Active 66 DOM
2. 2026-06-18
   days on market $79,900 Active 63 DOM
3. 2026-06-17
   days on market $79,900 Active 62 DOM
4. 2026-06-16
   days on market $79,900 Active 61 DOM
5. 2026-06-15
   days on market $79,900 Active 60 DOM
6. 2026-06-13
   days on market $79,900 Active 58 DOM
7. 2026-06-13
   pricedays on market $79,900 Active 57 DOM
8. 2026-06-09
   days on market $85,000 Active 54 DOM
9. 2026-06-08
   days on market $85,000 Active 53 DOM
10. 2026-06-07
    days on market $85,000 Active 52 DOM
11. 2026-06-04
    days on market $85,000 Active 49 DOM
12. 2026-06-03
    days on market $85,000 Active 48 DOM
13. 2026-06-02
    days on market $85,000 Active 47 DOM
14. 2026-06-01
    days on market $85,000 Active 46 DOM
15. 2026-05-31
    days on market $85,000 Active 45 DOM
16. 2026-04-29
    price $85,000 822-char remark

    Show marketing remark (822 chars)

    Move-in ready with modern upgrades throughout! This 2-bed, 2-bath home offers a desirable split floor plan, spacious rooms, and updated bathrooms. The primary suite features a garden tub and a separate shower; the guest bedroom includes bay windows and a remodeled shower. Upgrades include new plumbing, updated electrical switches, a new water heater, and wood laminate flooring throughout. Bright white kitchen with stainless steel refrigerator and indoor laundry. Enjoy outdoor living with a covered front porch with views and a security screen, plus a covered side porch, carport, and storage shed. Remodeled deck opens to the backyard with new steps, railing, and low-maintenance artificial grass--perfect for entertaining! Park amenities: pool, club room, playground & basketball court. Well maintained Park.

17. 2026-04-15
    listed $87,000 Active 822-char remark

    Show marketing remark (822 chars)

    Move-in ready with modern upgrades throughout! This 2-bed, 2-bath home offers a desirable split floor plan, spacious rooms, and updated bathrooms. The primary suite features a garden tub and a separate shower; the guest bedroom includes bay windows and a remodeled shower. Upgrades include new plumbing, updated electrical switches, a new water heater, and wood laminate flooring throughout. Bright white kitchen with stainless steel refrigerator and indoor laundry. Enjoy outdoor living with a covered front porch with views and a security screen, plus a covered side porch, carport, and storage shed. Remodeled deck opens to the backyard with new steps, railing, and low-maintenance artificial grass--perfect for entertaining! Park amenities: pool, club room, playground & basketball court. Well maintained Park.

ⓘ 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: $17,528
• − Mortgage interest: −$4,476
• − Property taxes: −$1,198
• − Insurance: −$400
• − Repairs & maintenance: −$1,402
• − Management: −$1,402
• − Depreciation: −$2,324
• Taxable income: $6,326
• Est. tax owed @ 24.0%: −$1,518
• After-tax cash flow: $5,703/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 move-in ready manufactured home offers modern upgrades throughout, including updated bathrooms and wood laminate flooring. It is in good condition with minor cosmetic improvements needed for optimal resale and rental value.

Value-add opportunities

• Both Paint the exterior siding — Enhances curb appeal and resale value.
• Both Replace the ceiling fan in the living room — Improves comfort and aesthetics in the living space.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior siding — Enhances curb appeal and resale value. ↑
• Both Replace the ceiling fan in the living room — Improves comfort and aesthetics in the living space. ↑

ⓘ 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

-2.3% since first listed

2 events — show timeline

• 2026-04-29 Price Changed $85,000 ARMLS
• 2026-04-15 Listed $87,000 ARMLS