233 E Ash St

Miami, AZ 85545

$179,900C-

2 bd · 1.0 ba · 720 sqft · Built 1965 · Manufactured · Active · 339 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,650/mo
• Mortgage (P&I): −$943
• Tax + insurance: −$128
• HOA: −$0
• Vac / Maint / Mgmt: −$346
• Net cashflow: $232/mo
• Annual: $2,781/yr
• Cap rate: 7.84%
• Cash-on-cash: 5.52%
• DSCR: 1.25
• 1% rule: 0.92%
• Cash to close: $50,372

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $180k.
• At list price, monthly cash flow is $232 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $165k (8.3% below list).
• It's been on market 339 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $158k (12.0% below list) — sets the bar for market timing.
• In year one you build about $7k of equity ($1k loan paydown + $6k appreciation (3.2% local appreciation)).
• Location reads 53/100 on livability (#289 in AZ) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A, crime B+; Watch: amenities F, commute F, employment F.
• Miami Unified District (4211) (rural): math 8% / reading 19% proficiency, ranked #221 of 249 in AZ (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Dr. Charles A. Bejarano Elementary School (238 students, 66% FRL); Lee Kornegay Intermediate School (math 8% / reading 23%, grade F, #864 of 1,109 statewide, top 78%, 200 students, 62% FRL); Miami Junior Senior High School (math 7% / reading 8%, grade F, #358 of 381 statewide, top 94%, 495 students, 49% FRL).
• Market conditions: 9 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 217 units permitted in Gila County in 2024 (0 in 5+ unit buildings).
• Gila County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $89k; list at $180k implies a 102% gain — meaningful room to come down on a strong offer.
• At projected returns (3.2% appreciation + 3.0% rent growth), your $50k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 339 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.